The Role of Money in Economic Policy

TL;DRAbstract

There is no single answer to the question implied by the title of this session. The role of money in economic policy depends now, as it always has, on three closely related aspects of the environment within which policy operates. The three aspects are: the prevailing international arrangements, the domestic framework within which monetary policy operations are conducted, and the amount of information about the economic system that is reliably possessed.

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