Clark Warburton

Clark Warburton (27 January 1896, near Buffalo, New York – 18 September 1979, Fairfax, Virginia) was an American economist. He was described as the "first monetarist of the post-World War II period," the most uncompromising upholder of a strictly monetary theory of business fluctuations, and reviver of classic monetary-disequilibrium theory and the quantity theory of money.

Warburton received bachelor's and master's degrees from Cornell University after military service overseas during World War I. From the 1920s to the early 1930s, he held teaching positions in India and the United States. He received a Ph.D. degree at Columbia University in 1932. There his interest had shifted from history to economics while attending lectures of Wesley C. Mitchell. His dissertation was published as The Economic Results of Prohibition. From 1932 to 1934, he worked at the Brookings Institution. In 1934 he joined the newly formed Federal Deposit Insurance Corporation. He subsequently became chief economist there, retiring from that position in 1965. He continued to publish research on substantive and historical monetary economics thereafter.

In the period from 1945, Warburton was a critic of Keynesian theory when the latter was "crowding out interest in money." He made his case in a series of papers, most of them empirically oriented. He compiled and constructed quarterly data for the U.S. in the 1918–47 period, which showed that deviations in the money supply and bank reserves from trend preceded in the same direction business-cycle turning points of successively final output sold, output, prices, and the velocity of money. He extended such results to 1965 some 20 years later.

...
Wikipedia