Milton Friedman and Anna Schwartz Found in Their Study of Money

Multiple Choice

Milton Friedman and Anna Schwartz found in their study of money and business cycles from the Civil War to 1960 that

A) the growth rate of the money supply falls before output declines in every business cycle.
B) the growth rate of the money supply rises before output declines in every business cycle.
C) the growth rate of the money supply falls before output declines during some business cycles and rises before output declines during other business cycles.
D) there is no consistent relationship between money and output over the business cycle.