When Franco Modigliani Stated "We Are All Monetarists Now," He

Multiple Choice

When Franco Modigliani stated "we are all monetarists now," he was referring to the fact that most economists now believe that

A) inflation cannot be controlled unless monetary growth is controlled
B) monetary growth has a major effect on long-term economic growth
C) fiscal policy has no short-term effect on the level of output
D) discretionary monetary policy should never be undertaken
E) all of the above