Monetary Policy and the Supply Side
نویسنده
چکیده
To come from the Bank of England to speak to the Society of Business Economists is to be a nominal economist among real economists. Businesses like yours and those who work in them are the real economythe supply sidethe workings of which ultimately determine the paths of real economic variables such as output growth, employment and productivity. The Bank’s paramount monetary policy objective of price stability, on the other hand, concerns (the rate of inflation of) a nominal variablethe general price level or, inversely, the purchasing power of money. The MPC pursues that objective by determining the terms of supply for money itself.
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