Before the development of expectations theory,
A) monetary policy prescriptions were strictly passive.
B) monetary policy had no real effects in the short run.
C) monetary policy prescriptions were strictly activist.
D) monetary policy only had real effects in the long run.
E) economists did not understand the idea of sticky prices.

Question

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The Answer of Before the development of expectations theory,
A) monetary policy prescriptions were strictly passive.
B) monetary policy had no real effects in the short run.
C) monetary policy prescriptions were strictly activist.
D) monetary policy only had real effects in the long run.
E) economists did not understand the idea of sticky prices.

Before the Development of Expectations Theory