Wayne Angell, a former Fed governor, stated in an editorial, "The Federal Reserve should get back on track getting inflation rates so low that inflation would no longer be a determining factor in household and business investment decisions." Mr. Angell believes inflation lowers long-term growth. (Difficult)
a. Is Wayne Angell most likely a quantity theorist or institution a list? Explain your answer.
b. How does inflation affect household decisions and, consequently, growth?