Monetary policy is associated with interest rates and availability of credit. Instruments of monetary policy have included short-term interest rates and bank reserves through the monetary base.
For many centuries there

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The main monetary policy instruments available to central banks are open market operation, bank reserve requirement, interest rate policy, re

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A nominal anchor for monetary policy is a single variable or device which the central bank uses to pin down expectations of private agents about the nominal price level or its path or about what the central bank might do with respect to achieving that path. Monetary

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The short-term effects of monetary policy can be influenced by the degree to which announcements of new policy are deemed credible. In particular, when an anti-inflation policy is announced by a central bank, in the absence of credibility in the eyes of the public

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Transparency
Beginning with New Zealand in 1990, central banks began adopting formal, public inflation targetswith the goal of making the outcomes, if

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• Forward guidance
• Interaction between monetary and fiscal policies
• Interest on excess reserves
• Macroeconomic model
• Monetary conditions index

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In international economics
Optimal monetary policy in international economics is concerned with the question of how monetary policy should be conducted in

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