We have seen that monetarists hold the view that inflation is caused by excessive money supply growth and that attempts to reduce unemployment below the NUP will be futile in the long - run because the long - run Phillips curve is vertical.
We have seen that monetarists hold the view that inflation is caused by excessive money supply growth and that attempts to reduce unemployment below the NUP will be futile over a long period of time because the long - run Phillips curve is vertical.