According to the monetarists, government intervention can stabilize the economy and minimize the effect of business cycles

The above statement is false.

The monetarist economists believe that the economy can be stabilized by controlling the money supply within the economy. They think and argue that government intervention within the economy will destabilize the economy and maximize business cycles' impacts. Thus, according to them, fiscal policies and monetary policies are irrelevant in improving the economy. Therefore, government intervention should be minimized based on the monetarism theory. This theory is different from the Keynesian idea that argues that government intervention can stabilize the economy.