Explain why a Keynesian does not accept the noninterventionist policy position. At the end of the inflationary decade of the 1970s, the Federal Reserve is widely perceived to have moved to a much...

Explain why a Keynesian does not accept the noninterventionist policy position.

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.