The monetarists: The making of the Chicago monetary tradition, 1927–1960.

This a book for specialists, especially those interested in the development of the monetary theories and policies that have emanated from economists at the University of Chicago since the late 1920s. Two core hypotheses or assumptions of the Chicago framework from the 1920s onwards were that (1) the business cycle was caused by autonomous shifts in velocity (or an unstable demand for money) and (2) that the banking system itself was inherently unstable. At this time Friedman assumed, as did other Chicago School economists, that velocity was unstable. [Extracted from the article]