Monetary Control

Monetary Control

Monetary Control

Monetary Control

Excerpt

FOR A GREAT many years governments have considered it desirable not only to provide an official money but, through their central banks, to moderate the extremes of monetary scarcity and plenty. In more recent years they have assumed much wider responsibilities for the operation of their economies and particularly for maintaining high levels of production and employment. While they have not been notably successful in maintaining reasonably stable price levels, price stability has at least come to be regarded as one of the proper aims of monetary policy. Actually, the general economic goals of governments are quite complicated, and although a degree of price stability and a high rate of employment may be regarded as the central core of their monetary aims, many collateral aims are often involved. In this country, price stability might be sacrificed to help the farmers--

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