1. “There are frequently years when the inflation rate is high and yet money growth is quite low. Therefore, the statement that inflation is a monetary phenomenon cannot be correct.” Comment. *2. Why...

1. “There are frequently years when the inflation rate is high and yet money growth is quite low. Therefore, the statement that inflation is a monetary phenomenon cannot be correct.” Comment. *2. Why do economists focus on historical episodes of hyperinflation to decide whether inflation is a monetary phenomenon?