Some people believe that monetary policy should be made by rule rather than by discretion. One belief is
a. setting a policy rule will limit the abuse of power of policy makers.
b. policy makers can better influence the political business cycle in their favor when following a policy rule.
c. a policy rule provides policymakers with the greatest flexibility to manage inflation.
d. if the fed was required to follow a low inflation policy, the economy would face a less favorable short run trade off between inflation and unemployment