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1、PartIMonetarismisatendencyineconomicthoughtthatemphasizestheroleofgovernmentsincontrollingtheamountofmoneyincirculation.Itistheviewwithinmonetaryeconomicsthatvariationinthemoneysupplyhasmajorinfluencesonnationaloutputintheshortrunandthepriceleveloverlong
2、erperiodsandthatobjectivesofmonetarypolicyarebestmetbytargetingthegrowthrateofthemoneysupply.MonetarismtodayismainlyassociatedwiththeworkofMiltonFriedman,whowasamongthegenerationofeconomiststoacceptKeynesianeconomicsandthencriticizeitonitsownterms.Friedm
3、anandAnnaSchwartzwroteaninfluentialbook,AMonetaryHistoryoftheUnitedStates,1867-1960,andarguedthat"inflationisalwaysandeverywhereamonetaryphenomenon."ThoughheopposedtheexistenceoftheFederalReserve,Friedmanadvocated,givenitsexistence,acentralbankpolicyaime
4、datkeepingthesupplyanddemandformoneyatequilibrium,asmeasuredbygrowthinproductivityanddemand.Monetarismisaneconomictheorywhichfocusesonthemacroeconomiceffectsofthesupplyofmoneyandcentralbanking.FormulatedbyMiltonFriedman,itarguesthatexcessiveexpansionofth
5、emoneysupplyisinherentlyinflationary,andthatmonetaryauthoritiesshouldfocussolelyonmaintainingpricestability.Thistheorydrawsitsrootsfromtwoalmostdiametricallyopposedideas:thehardmoneypoliciesthatdominatedmonetarythinkinginthelate19thcentury,andthemonetary
6、theoriesofJohnMaynardKeynes,who,workingintheinter-warperiodduringthefailureoftherestoredgoldstandard,proposedademand-drivenmodelformoneywhichwasthefoundationofmacroeconomics.WhileKeyneshadfocusedonthevaluestabilityofcurrency,withtheresultingpanicsbasedon
7、aninsufficientmoneysupplyleadingtoalternatecurrencyandcollapse,thenFriedmanfocusedonpricestability,whichistheequilibriumbetweensupplyanddemandformoney.Theresultwassummarizedinahistoricalanalysisofmonetarypolicy,MonetaryHistoryoftheUnitedStates1867-1960,w
8、hichFriedmancoauthoredwithAnnaSchwartz.Thebookattributedinflationtoexcessmoneysupplygeneratedbyacentralbank.Itattributeddeflationaryspiralstothereverseeffectofafailureofacentralbanktosupportthemoneysupplyduringaliquiditycr
