The Fed should simply increase the money supply at the same rate that the full employment?

"The Fed should simply increase the money supply at the same rate that the full employment economy grows, and the government should desist from any stabilizing urges." What school of thought would make this suggestion, and how do economists of that school justify that prescription?

The Fed should simply increase the money supply at the same rate that the full employment?
This is the policy of the monetarists. Their reasoning is that the amount of money in the economy in the long run does not effect the real economy but only the price level.
Reply:It is based on the idea the the velocity of money is constant. Monetarist advocated such a policy in the 1970's and Volcker tried it around 1980 and it a did not work so no one advocates it any more.