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How does the central bank control the supply of money?Central banks conduct monetary policy by adjusting the supply of money, generally through open market operations. For instance, a central bank may reduce the amount of money by selling government bonds under a “sale and repurchase” agreement, thereby taking in money from commercial banks.
What happens to the rate of interest when the central bank increases the supply of money?A nation's money supply and interest rates have an inverse relationship. This means interest rates should be lower if there is a higher supply of money in a country's economy. Conversely, rates should be higher if the money supply is lower.
How does money supply affect interest rates?Thus expansionary monetary policy (i.e., an increase in the money supply) will cause a decrease in average interest rates in an economy. In contrast, contractionary monetary policy (a decrease in the money supply) will cause an increase in average interest rates in an economy.
What are the 3 monetary policy objectives of the central bank?The three objectives of monetary policy are controlling inflation, managing employment levels, and maintaining long-term interest rates. The Fed implements monetary policy through open market operations, reserve requirements, discount rates, the federal funds rate, and inflation targeting.
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