Real-business-cycle theorists have argued that changes in the money supply do not affect output.

Name: Real-business-cycle theorists have argued that changes in the money supply do not affect output.
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Real-business-cycle theorists believe that fluctuations in the economy (business cycles) are primarily caused by real (in contrast to nominal) shocks, such as changes in technology or productivity, rather than by changes in the money supply or demand.

Real-Business-Cycle Theorists Have Argued That Changes in the Money Supply