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We look first at the aims of monetary policy in terms of balancing the control of inflation with limiting excessive unemployment. The next consideration is the interaction between the money supply and economic activity. Turning to the actual mechanics of monetary policy, we address the issue of how the money supply is measured, including the various definitions of money. The specific tools discussed include not merely the traditional emphasis on open-market operations, but also the emergency measures and quantitative easing that have turned out to be important in the post-2007 era. The appendix provides an example of an open-market operation.
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- Monetary Policy
- Chapter 12
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