1) For any given growth rate of aggregate spending, lower actual rates of price and wage inflation mean higher levels of output and employment;
2) For any given growth rate of aggregate spending, higher expected rates of price and wage inflation mean lower levels of output and employment;
3) An increase in the growth rate of aggregate spending is not the same as an increase in the equilibrium rate of inflation;
4) An increase in aggregate spending succeeds in raising the rate of inflation only in so far as it fails to increase output and employment.
I submit these old-fashioned monetarist heresies for the consideration of all those who think that an increased target rate of inflation will help us out of our present economic quagmire.