Title: Monetarism
Content: and then criticise Keynes's theory of fighting economic downturns using fiscal policy (government spending). Friedman and Anna Schwartz wrote an influential book, "A Monetary History of the United States, 1867–1960", and argued "inflation is always and everywhere a monetary phenomenon." <nowiki> </nowiki>Though he opposed the existence of the Federal Reserve, Friedman advocated, given its existence, a central bank policy aimed at keeping the growth of the money supply at a rate commensurate with the growth in productivity and demand for goods. Monetarism is an economic theory that focuses on the macroeconomic effects of the supply of money and central banking.

Title: Milton Friedman
Content: Friedman was best known for reviving interest in the money supply as a determinant of the nominal value of output, that is, the quantity theory of money. Monetarism is the set of views associated with modern quantity theory. Its origins can be traced back to the 16th-century School of Salamanca or even further; however, Friedman's contribution is largely responsible for its modern popularization. He co-authored, with Anna Schwartz, "A Monetary History of the United States, 1867–1960" (1963), which was an examination of the role of the money supply and economic activity in the U.S. history. A striking conclusion of their

Title: Monetarism
Content: Formulated by Milton Friedman, it argues that excessive expansion of the money supply is inherently inflationary, and that monetary authorities should focus solely on maintaining price stability. This theory draws its roots from two historically antagonistic schools of thought: the hard money policies that dominated monetary thinking in the late 19th century, and the monetary theories of John Maynard Keynes, who, working in the inter-war period during the failure of the restored gold standard, proposed a demand-driven model for money. While Keynes had focused on the stability of a currency’s value, with panics based on an insufficient money supply leading

Title: Market monetarism
Content: a "compensated dollar plan." Bruce Bartlett, former adviser to U.S. President Ronald Reagan, and Treasury official under President George H. W. Bush, first noticed in 2010 the emergence of Scott Sumner, and the movement of economic debates to the blogosphere. Bartlett credited Sumner with bringing the concept of market monetarism into the national debate about economics. "The Economist" later noted that Tyler Cowen, professor of economics at George Mason University, and Nobel laureate Paul Krugman had linked to Sumner's blog within a month of its inception, Cowen approving of Sumner's proposals, but Krugman more skeptical. By 2011, market monetarism's recommendation

Title: Monetarism
Content: certain degree of "irrational exuberance" in the investment sector on the other. There are also arguments that monetarism is a special case of Keynesian theory. The central test case over the validity of these theories would be the possibility of a liquidity trap, like that experienced by Japan. Ben Bernanke, Princeton professor and another former chairman of the U.S. Federal Reserve, argued that monetary policy could respond to zero interest rate conditions by direct expansion of the money supply. In his words, "We have the keys to the printing press, and we are not afraid to use them." Progressive economist

Question: Which American economist is the foremost advocate of monetarism?
Answer: Milton Friedman