sections on "What Monetary Policy Can Do" and "What Monetary Policy Cannot
Do." Friedman argued that one thing monetary policy cannot do, other than for
only a short time,
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Phillips curve. At about the same time, another economist,
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766 PA R T T W E LV E S H O R T - R U N E C O N O M I C F L U C T U AT I O N S
a conveyor belt. The pay was OK for un- Trinity Packaging. "It's hard to find,
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IN THE NEWS skilled labor--a good $3 or so above the cially,
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federal minimum of $4.25 an hour--but From iron mines near Lake Superior
The Effects of
the new worker lasted only one shift. to retailers close to Puget Sound to con-