Select whether the following statements most closely reflect monetarist, rational expectations, or mainstream views. a. Anticipated changes in aggregate demand affect only the price level; they have no effect on real output. Rational expectations b. Downward wage inflexibility means that declines in aggregate demand can cause long-lasting recession. (Click to select) c. Changes in the money supply M increase PQ; at first only Q rises, because nominal wages are fixed, but once workers adapt their expectations to new realities, P rises and Q returns to its former level. (Click to select) d. Fiscal and monetary policies smooth out the business cycle. (Click to select) e. The Fed should increase the money supply at a fixed annual rate. (Click to select)
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