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lectures/unpleasant.md

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plot_path([80, 100], msm)
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```
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{numref}`fig:unpl1` summarizes outcomes of two experiments that convey messages of
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Sargent and Wallace's **unpleasant monetarist arithmetic** {cite}`sargent1981`.
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{numref}`fig:unpl1` summarizes outcomes of two experiments that convey messages of {cite}`sargent1981`.
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* An open market operation that reduces the supply of money at time $t=0$ reduces the price level at time $t=0$
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