Milton Friedman is associated with the:

new Keynesians.
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 1933?

The policy makers understood what they should do, but lacked the legal authority to implement good policy.
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.

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