Статьи

DOI: https://doi.org/10.31713/ve2202615

Abstract

The article is devoted to the study of the origins and formation of monetarism as one of the leading trends in economic thought of the mid-20th century. The evolution of monetarist ideas from the classical quantity theory of money to the formation of the modern concept of monetary regulation of the economy is analyzed. Particular attention is paid to the scientific views of Milton Friedman and representatives of the Chicago School, who substantiated the decisive role of the money supply in ensuring macroeconomic stability. The contribution of Henry Simon, Lloyd Mintz, Karl Brunner and Allan Meltzer to the development of monetarist theory and practice of monetary policy is revealed. The results of empirical research by M. Friedman and A. Schwartz, which proved the existence of a stable relationship between changes in the money supply and cyclical fluctuations in economic activity, are highlighted. The monetarist interpretation of the demand for money, the mechanisms of the influence of money supply on aggregate spending, the price level and inflationary processes are analyzed. The critical attitude of monetarists towards the Keynesian concept of the "liquidity trap" is shown and the thesis about the stability of the demand for money in the long run is substantiated. The role of monetarism in the transformation of macroeconomic theory of the second half of the twentieth century and the restoration of the importance of monetary policy as a key instrument of state economic regulation is determined.

Author Biography