Monetary policy is the process by which the monetary authority of a country, typically the central bank or currency board, controls either the cost of very short-term borrowing or the money supply, often targeting an inflation rate or interest rate to ensure price stability and general trust in the currency.
What is Monetary policy?
The United States' monetary policy includes rules governing the creation and printing of money as well as the legal exchange of currencies, demand deposits, the money supply, and other topics. The monetary authority in the United States is indeed the central bank, This same Federal Reserve System, also referred to as "The Fed." It is important to note that the United States switched to a fiat currency in 1933, whereas a precious metal standard as well as gold standard was in use from 1873 to 1933. The main decision-makers for monetary policy in the USA are the board of governors of the Federal Reserve and the Open Market Committee, but the country is unique in that the Treasury Department of the United States also has a final say (US Treasury Securities).
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