structural:expansion, structural:summarization
Monetarism

Consequently, the monetarist application of the quantity-theory approach aimed at removing monetary policy as a source of macroeconomic instability by targeting a constant, low growth rate of the money supply. The zenith of monetarist influence came during the late 1970s and the 1980s, after inflation had risen in many countries during the 1970s caused by the 1970s energy crisis, and the fixed exchange rate system among major Western economies known as the Bretton Woods system had been dissolved. In that situation several central banks turned to a money supply target in an attempt to reduce inflation. For instance the U.S. Federal Reserve System led by chairman Paul Volcker announced a money growth target, starting from October 1979.