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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

Give an example of a monetary policy rule. Why might your rule be better than discretionary policy? Why might it be worse?

To determine

Whethermonetary policy should be made by rule rather than by discretion.

Explanation

An example of monetary policy rule can be setting money growth at 3 percent per year. Advocates of rules for monetary policy argue that this rule might be better than the discretionary policy as it prevents problems of incompetence and time inconsistency. It also prevents a political business cycle...

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