A monad on consists of an endofunctor and natural transformations , satisfying the unit and multiplication of a monad laws
An algebra for a monad is an object equipped with such that
A morphism of algebras for a monad is a morphism satisfying . Identities and composition obey this equation, giving the Eilenberg-Moore category and its forgetful functor .
For an adjunction with induced monad , the Eilenberg-Moore comparison functor is
The functor is monadic when it has such a left adjoint and this comparison is an equivalence of categories; a stricter convention requires an isomorphism of categories over . We will identify which limit-lifting conclusion each convention supports in part (iii).
For with unit of an adjunction and counit of an adjunction , put
The triangle identities for an adjunction give
For associativity, naturality of at says
Apply to obtain . Thus this is the monad induced by an adjunction.
Conversely, start with a monad . The free algebra functor sends to and to . The monad laws ensure that these are algebras for a monad and morphisms of algebras for a monad. For an algebra , there are inverse bijections
The inverse really is an algebra map because
For a free-algebra map , its algebra equation and the monad unit law give
For a base map , naturality and the algebra unit law give . The formulas are natural, establishing the free-forgetful Eilenberg-Moore adjunction . Its unit is , and its counit at is . Hence its induced multiplication is , and every monad arises from an adjunction.
First prove the exact lifting statement for the forgetful functor . Take any diagram in a category of algebras for a monad whose underlying diagram has a chosen categorical limit . The arrows form a categorical cone, since every diagram arrow is a morphism of algebras for a monad. Thus the universal property gives a unique arrow satisfying
The projections are jointly monic: two arrows into with the same composites with every are equal. Therefore the algebra identities can be checked after these projections. For the unit,
For multiplication,
The algebra law for makes the right-hand sides equal. Thus is an algebra for a monad, and each is a morphism of algebras for a monad. Its action is unique with this property.
Given an algebra cone , let be its unique underlying mediating map. Then
so by joint monicity. Hence is an algebra map, proving the lifted cone is limiting. This establishes that the monad algebra forgetful functor creates limits, without any assumption that preserves limits.
For a monadic adjunction, the comparison satisfies . If is an isomorphism of categories over the base, the preceding unique lift transports back literally, so is a limit-creating functor. If monadic means that is only an equivalence of categories, the precise conclusion is creation of limits up to isomorphism: the lifted algebra is isomorphic to an object , and its limiting cone transports along that isomorphism. Full faithfulness supplies the arrows and their uniqueness.
This distinction concerns prescribed underlying objects, not existence of limits. Literal creation does not follow from an arbitrary equivalence alone. For example, the inclusion of the one-object category into the two-object indiscrete category, choosing one of its objects, is an equivalence of categories and is monadic under the equivalence convention. Either object of the target is terminal, but the other chosen terminal object has no literal object preimage. Thus the strict reading of the requested assertion needs the strict comparison convention; the equivalence-invariant statement is proved above.

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