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Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985

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BuyFindarrow_forward

Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985
Textbook Problem

Who is responsible for setting monetary policy in the United States? How is this group chosen?

To determine

Authority responsible for setting the monetary policy in the US.

Explanation

The monetary policy is the policy of the monetary authority of the economy, which is most probably the central bank of the economy. They are in charge of making relevant policies to control the money supply and the rate of interest in the economy. In the case of the US economy, the monetary policy is set by the Federal Open Market Committee (FOMC). They form the monetary policies for the US economy.

The FOMC consists of 7 members who study and analyze the economy, and form the most suitable policies for the economy to regulate it from the economic fluctuations, through controlling money supply and the interest rate...

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