In his famous essay “The Role of Monetary Policy” Milton Fri…
Questions
In his fаmоus essаy "The Rоle оf Monetаry Policy" Milton Friedman says this: "... there is always a temporary trade-off between inflation and unemployment; there is no permanent trade-off. The temporary trade-off comes not from inflation per se, but from unanticipated inflation, which generally means from a rising rate of inflation. The widespread belief that there is a permanent trade-off is a sophisticated version of the confusion between 'high and rising' that we call recognize in simpler forms. A rising rate of inflation may reduce unemployment, a high rate will not." This means which of the following?
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