Evidence indicating that the wage and price adjustment process is extremely slow would strengthen the case for
If expectations matter to the wage-setting process, then
Monetarists emphasize the importance of a constant money growth rate rule more than the balanced- budget amendment or restrictions on union power because
Monetarists contend that a policy of shifting the aggregate demand curve will be costly because it produces more volatility in both the price level and output. Thus monetarists favor
Evidence indicating that an increase in money growth causes aggregate output to increase with long and variable lags would strengthen the case for
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