Definition

Noun: * An economist or policy advocate who believes that changes in the money supply are the primary cause of economic fluctuations, such as inflation, deflation, and business cycles. Monetarists typically emphasize the role of central banks in controlling the money supply to ensure stable economic growth.

Usage

• The term is used to describe a person or a school of economic thought.
• It is often used in contrast to other economic theories, such as Keynesianism.
• It can function as a noun or, less commonly, as an adjective (e.g., monetarist policies).

Examples

• As a noun:
  • The monetarist argued that the central bank should focus solely on controlling inflation by managing the money supply.
  • During the 1970s, many policymakers turned to monetarists for solutions to stagflation.
• As an adjective:
  • The government implemented a monetarist policy of tight control over currency growth.

Advanced Usage

• Monetarist theory or monetarism: The body of economic doctrine associated with monetarists, famously championed by economist Milton Friedman.
  • According to monetarist theory, inflation is always and everywhere a monetary phenomenon.

Variants and Related Words

• Monetarism (n): The economic theory and policy stance associated with monetarists.
• Monetary (adj): Relating to money or currency (e.g., monetary policy, monetary system).

Synonyms

• Quantity theorist (in a specific economic context)

Antonyms

• Keynesian (an advocate of a different economic theory focusing on aggregate demand)
• Fiscalist (one who emphasizes government spending and taxation over monetary policy)

Noun

1. an advocate of the theory that economic fluctuations are caused by increases or decreases in the supply of money