The Implementation Problem of Monetary Poliey
نویسنده
چکیده
During the last two decades, there has been considerable controversy regarding the appropriate method of implementing monetary policy. One approach emphasizes market interest rates; the other, nsonetary aggregates. This article sets forth the basic issues underlying this controversy. It demonstrates the manner in which the market interest rate approach can leach to perverse monetary actions; whereas the monetary aggregate approach reduces the hikehilsood of such a
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