We cannot consider the current state of banking and central banking without the formation of money and the development of monetary policy without the discussions and ideas in this historical process. For this reason, this study examined the path of money from a historical perspective with the development of central banking and monetary policy. This period also revealed two different views on the effectiveness of monetary policy under the concepts of endogeneity and exogeneity. This study evaluates the effectiveness of monetary policies from a two-way perspective and the change in the historical period.