Milton Friedman is associated with the:
new classical economists.
Which of the following best summarizes
the view of the monetarists about how well the Federal
Reserve performed during the Great Recession of 1929 to
The policy makers understood what they
should do, but lacked the legal authority to implement
The Fed did all it could do, but the
problems of the Great Depression could not be solved
by monetary policy.
The Fed did not understand what they
should do and did not take the actions that would have
prevented the Great Depression.
The Federal Reserve was not in
existence during the Great Depression, but was
established as a result of it.