Monetary Economics

1. Notable Figures and Contributions in Monetary Economics
   1. Historical Economists and Their Contributions
      1. Adam Smith
         1. Early theories on money functions
         2. Influence of "The Wealth of Nations" on monetary policy
      2. David Ricardo
         1. Development of the quantity theory of money
         2. Insights into comparative advantage and trade affecting monetary systems
      3. John Stuart Mill
         1. Contributions to classical monetary theory
         2. Influence on later economic thought regarding money supply
   2. 20th Century Pioneers
      1. John Maynard Keynes
         1. Creation of Keynesian economics
         2. Influence of "The General Theory of Employment, Interest, and Money"
         3. Introduction of liquidity preference theory
         4. Impact on modern financial policy and central banking
      2. Milton Friedman
         1. Foundation of monetarism
         2. Insights into the natural rate of unemployment
         3. Advocacy for the rule-based monetary policy
      3. Irving Fisher
         1. Development of the Fisher equation linking inflation and interest rates
         2. Theory on the velocity of money and its impact on monetary policy
      4. Friedrich Hayek
         1. Contributions to the understanding of decentralized economies
         2. Critiques of central banking and its role in money supply
      5. Anna Schwartz
         1. Co-authorship of "A Monetary History of the United States"
         2. Research on monetary policy and its historical impact
   3. Modern Influencers
      1. Ben Bernanke
         1. Contributions to the understanding of the Great Depression
         2. Implementation of unconventional monetary policy measures post-2008 financial crisis
         3. Insights into the role of central banks in managing financial instability
      2. Paul Krugman
         1. Analysis of currency crises and trade theories
         2. Contributions to the understanding of liquidity traps in modern economies
      3. Joseph Stiglitz
         1. Work on asymmetric information in financial markets
         2. Contributions to the criticism of neoliberal financial policies
   4. Major Theoretical Advancements
      1. Quantity Theory of Money
         1. Overview of historical development
         2. Influence on later monetary theories
      2. Keynesian Revolution
         1. Shift from classical to Keynesian thought during the Great Depression
         2. Long-term impacts on fiscal and economic policies globally
      3. Monetarism
         1. Emergence and advocacy by Milton Friedman
         2. Long-term influence on central banking and inflation control
      4. Rational Expectations Theory
         1. Introduction by Robert Lucas and other economists
         2. Effects on modern monetary policy and market behaviors
   5. Influential Schools and Movements
      1. The Chicago School
         1. Emphasis on free-market monetary policies
         2. Notable figures and their contributions to monetarism
      2. Austrian School
         1. Promotion of limited government intervention in economics
         2. Critique of fiat money and central bank policies
      3. Post-Keynesian Economists
         1. Development of theories beyond the Keynesian mainstream
         2. Views on the role of government and monetary intervention