9 Given the economic complexities of properly timing macropolicy and the short- sighted bias of the collective decision-making process, monetarists are very pessimistic about the likelihood that macropolicy will be stabilizing. Thus, they favor a monetary rule that would require authorities to expand the money supply at a constant rate. They believe that this policy would reduce the magnitude of business fluctuations since it would eliminate what they perceive to be the major source of instability, namely, the stop-go policies of the monetary authorities.