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He was an American economist, statistician, a professor at the University of Chicago, and the recipient of the Nobel Prize in Economics.He was an economic advisor to U.S. President Ronald Reagan. The Economist described him as "the most influential economist of the second half of the 20th century…possibly of all of it".His monetary theory has had a large influence on economists such as Ben Bernankeand the Federal Reserve's response to the financial crisis of 2007–2010.