Monetary Policy Free Essay, Term Paper and Book Report
As described in the 1977 amendment to the Federal Reserve Act, monetary policy has two basic goals: to promote maximum output and employment and to promote stable prices. The nations central bank, the Federal Reserve has an affect on aggregate demand or national spending. Monetary policy, in the short-run, can have an effect on aggregate demand and through it on real Gross Domestic Product (GDP), unemployment, real foreign exchange rates, real interest rates and the composition of output. Over the longer run, the major effect of monetary policy is on the rate of inflation. It is the Federal Reserve who executes monetary policy by setting a target for an overnight interest rate called the federal funds rate. Monetary policy broadly affects the supply of money, which can be created through a use of numerous tools.
Our history reveals that the loaning of gold from goldsmiths to customers created the invention of modern money. Long ago, the buying and selling of goods occurred through the exchange of commodities. Yet the value of commodities deteriorated and they were d......
Word Count: 1849
Page Count: 7.3 (250 words a page / double spaced)
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