Arthur Burns, who was _________ during the 1960s and 1970s is considered to be a dove. In the face of ______ interest rates, Burns chose to increase the money supply. Whether he intentionally meant to monetize the ______that arose as part of Johnson'sdecisions on the Vietnam War and welfare programs, or whether he was just trying to control interest rates, we may never know. But regardless of the intent, the outcome was that ________ rose to double-digits by the end of his tenure. Particularly during the 1970s, when the price of oil rose, many blamed this situation on unusual economic factors instead of the money supply. Milton Friedman was one of only a few critics of Burns who claimed that __________ was always and everywhere a monetary phenomenon. When Volcker later took over this job, he had to establish his reputation as a(n) ________. Volcker determined that the best way to solve the problems left to him

by Burns's policies was to target _________ instead of __________. In the short term, people did not believe his resolve, but over time __________ expectations fell as Volcker persisted in his policies. Some argue that Volcker could have made these changes more gradually and avoided two ________.