Wayne Angell, a former Fed governor, stated in an editorial, "The Federal Reserve should get back on track getting inflation rates so low that inflation would no longer be a determining factor in household and business investment decisions." Mr. Angell believes inflation lowers long-term growth.

a. Is Wayne Angell most likely a quantity theorist or an institutionally focused economist? Explain your answer.

b. How does inflation affect household decisions and, consequently, growth?