Use the theory of the long run Philips Curve, and the potential for expansionary

Question

Use the theory of the long run Philips Curve, and the potential for expansionary monetary policy to provide short run stimulus, to explain why direct control of monetary policy is given to the Federal Reserve rather than elected politicians.

Can any please answer me? about a paragraph explanation would be really appreciated.
Use the theory of the long run Philips Curve, and the potential for expansionary monetary policy to provide short run stimulus, to explain why direct control of monetary policy is given to the Federal Reserve rather than elected politicians.

Can any please answer me? about a paragraph explanation would be really appreciated.

Explanation / Answer

A generation of economists following Keynes synthesized his theory with neoclassical microeconomics to form the neoclassical synthesis. Keynesian theory originally omitted a theory of price levels and inflation. Later Keynesians adopted the Phillips curve to model price level changes. Some Keynesian economists opposed the synthesis method of combining Keynes's theory with an equilibrium system and advocated using disequilibrium models instead. Monetarists, led by Milton Friedman, adopted some Keynesian ideas, such as the importance of the demand for money, but argued that Keynesians ignored the money supply's role in inflation.[5] Robert Lucas and other new classical macroeconomists criticized Keynesian models that did not work under rational expectations. Lucas also argued that Keynesian empirical models would not be as stable as models based on microeconomic theories.

The new classical school culminated in real business cycle theory (RBC). Like classical economic models, RBC models assumed that markets clear and business cycles are driven by changes in technology and supply, not demand. New Keynesians tried to address many of the criticisms. They built models with microfoundations of sticky prices that suggested recessions could still be explained by demand factors because price rigidities stop prices from falling to a market clearing level, leaving a surplus of goods and labor. The new neoclassical synthesis combined elements of both new classical and new Keynesian macroeconomics into a consensus. Other economists avoided the new classical and new Keynesian debate on short-term dynamics and developed the new growth theories of long-run economic growth.[6]

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