Clark Warburton (27 January 1896, near Buffalo, New York – 18 September 1979, Fairfax, Virginia) was an American economist.
[3] Warburton received bachelor's and master's degrees from Cornell University after military service overseas during World War I.
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.
[6] In examining longer periods of time (decades) for 1799–1939 and annual data from 1909 to 1947, he found that velocity adjusted for trend and production capacity was relatively stable in peace time, despite extreme monetary volatility and that changes in the quantity of money were the "overwhelmingly dominant factor" responsible for changes in the price level, consistent with the quantity theory of money.
During the next decade Friedman became the leading advocate of the view that the Federal Reserve caused the Great Depression and he adopted a money supply growth rate rule as his main monetary policy platform.