If the monetary authorities follow policies that keep the annual rate of inflation steady and low (for example, 2 percent), which of the following is most likely to occur?
Why did many economists during the 1960s and 1970s believe that expansionary macroeconomic policy that resulted in inflation would reduce the rate of unemployment?
If monetary and fiscal policy are going to promote economic stability, they must _________ during a recession, and _________ during an economic boom. (Fill in the blank)