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Monetary Policy
內容大綱
Money and Banking: An Intermediate Market-Based Approach is a six-chapter book published by Business Expert Press in 2017 and written by William D. Gerdes, Professor of Economics at Clarke University. This book is intended to give students a broad understanding of money and how the money we use today differs from money used in the past and money discovered in isolated subcultures. It examines money as a medium of exchange, a fundamental ingredient in credit markets, and an instrument of monetary policy. In Chapter 5, Gerdes discusses the differences between commodity money and fiduciary money. He outlines the effects of fiat money on monetary nationalism, inflation, services provided by money, and economic growth. The chapter also discusses discretionary monetary policy and its transmission mechanisms and targets. Gerdes then outlines the Federal Reserve's response to the Great Recession of 2008-2009, highlighting the unprecedented nature of this monetary policy.