The causal link between money growth and inflation is most closely associated with

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Friedman and Schwartz argued that changes in the money supply directly impact inflation, as increased money growth leads to increased aggregate demand and therefore pushes up prices. They famously explored this link in their book "A Monetary History of the United States." Jevons was an early economist who wrote about the relationship between money and prices, but his theory was not as developed. Kiyotaki and Wright developed a model of money and credit that emphasized the role of banks, but their theory does not speak directly to the relationship between money growth and inflation. Diamond and Dybvig are known for their work on banking and liquidity, but again their contributions do not directly address the link between money growth and inflation.

The Causal Link Between Money Growth and Inflation Is Most