Economics, Econometrics and Finance
8 years ago

Monetary Policy Key to Economic Stability Amid Uncertain Times

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Monetary Policy: Practice Ahead of Theory
Mervyn King

Paper Summary

This chapter discusses how monetary policy aims to keep prices stable. It explores the concept of inflation targeting, its success in the UK and other countries, and the challenges it may face in the future. The chapter also explains how monetary policy affects output and employment through market frictions. Research on monetary policy rules is highlighted as a significant area of study.

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