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At the risk of oversimplification, we can say that the Austrian theory is a "credit expansion theory of the unsustainable boom" and that the monetarist theory is a "monetary contraction theory of recession or depression.
The fact that Germany was the least active of the old national central banks is again supportive of the predictions based on monetarist theory.
The North-East lost 40pc of its manufacturing jobs virtually overnight as the cold blast of monetarist theory laid waste the region's economy.
The monetarist theory of demand for money, as reflected in Friedman's work (Friedman 1971), posits that for wealth-holders, how much money they want to hold depends on their income, wealth, interest rates, rate of returns on financial assets, and rate of change in the prices of goods.
Francis's major contribution to the field of economics was his strong advocacy of monetarist theory During his career, he was one of the Fed's sharpest critics, and he often was at odds with the Fed's stance on monetary policy.