The Limitations to the Role of Monetary Policy
Focuses on the limitations encountered by the monetary authorities when trying to control the economy. The argument builds on the previous chapters to show the problems with fiscal instruments such as the corset, the ineffectiveness of monetary base control, and a discussion on equilibrium analysis. It also examines limitations of the use of interest rates and the authority's control over exchange rates. The authors finish by offering some brief conclusions about monetary policy since the mid‐1970s.
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