Brunner coined the term monetarism and created the Shadow Open Market Committee.

Evidence

Karl Brunner was among the most important contributors to the development of monetary economics in the second half of the twentieth century. Several of Brunner’s influential publications were co-authored with his former student and fellow MPS member Allan Meltzer (cf. Weller and Singleton 2006), with whom Brunner created the Shadow Open Market Committee in 1973 to appraise (often critically) the policies of the Federal Reserve’s Open Market Committee. Yet while he is best known for his contributions to monetary analysis and policy, having coined the term monetarism to describe the approach most closely associated with Milton Friedman and the Chicago School (Brunner 1968), Brunner was also keenly interested in questions of epistemology and philosophy of science. — Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin, 1762

Categorization

• XREF: Connects to Wapshott’s and other Milton Friedman literature and to Friedman’s monetarism debates.
• CANDY: The fact that monetarism was a coined term (by an Austrian-adjacent MPS member, not Friedman himself) is a fun cocktail fact.