Thanks to delays in adjustment, the rapid rises in oil and food prices may have temporarily raised the rate of inflation somewhat. . . . [H]owever, . . . the basic source of inflation is the faster growth in the quantity of money than in output.
(Friedman 1974)21  Another area that came to draw attention during this period was the role of "expectations" in economics. Inflation expectations rather than exogenous cost-push factors contribute to sustained inflation. Reining in the Great Inflation called for subduing inflation expectations.