At the end of the inflationary decade of the 1970s, the Federal Reserve is widely perceived to have moved to a much more restrictive monetary policy. How do you think Milton Friedman would use the...

At the end of the inflationary decade of the 1970s, the Federal Reserve is widely perceived to have moved to a much more restrictive monetary policy. How do you think Milton Friedman would use the Phillips curve framework of Figures 10-2 and 10-3 to analyze the effects of this policy shift on inflation and unemployment.