tradition
Monetarist
A school holding that money supply is the primary driver of nominal output and inflation, and that discretionary stabilisation policy is more likely to amplify the business cycle than dampen it.
Stub entry. Admission rationale, canonical texts, and full prose pending.
Monetarism crystallised in the 1950s and 1960s in the work of Milton Friedman and the Chicago money-and-banking workshop. Its claims about the long-run neutrality of money, the natural rate of unemployment, and the dangers of activist policy reshaped the macroeconomic mainstream by the late 1970s and supplied the intellectual frame for the Volcker disinflation of 1979–1982.
This page will fill in as primary-source readings produce Testimony entries.