In A Monetary History of the United States, 1867-1960, Milton Friedman and Anna Schwartz argued that:

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Friedman and Schwartz argued that the monetary policy should play a key role in stabilizing the economy. They emphasized the importance of the Federal Reserve's actions in causing and worsening the Great Depression, but also recognized its potential to mitigate economic downturns through proper monetary policy.

In a Monetary History of the United States, 1867-1960, Milton