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The Book I chose to discuss was Monetary Policy by Douglas Fisher Overall the book was mainly about the problems surrounding the formulation of an effective monetary policy and how government authorities such as the Federal Reserve try to control the flow of money into the economy The book explain the most obvious reason why this is so is that a policy which is made to influence the quantity of the medium of exchange affects the transaction in every marketable institution because money is the only thing that can be traded in markets Economists today tend to feel that over a the long run the policies of the Federal Reserve have had both positive and negative effects Federal Reserve policy decisions have occasionally increased rather than decreased economic instability minute adjustments of monetary instruments are not productive and may well be destabilizing over time Federal Reserve policies that slow down the growth of money supply will reduce the rate of inflation and some national problems facing the US in the 1980s such as an energy shortage are supply-related issues that central banks are not equipped to resolve Nevertheless in contrary to monetary policy fiscal policy also determines a lot in an economy Moreover whether passive or active they are both important in a number of ways when bound together The author states that to have a better view of monetary policy is to conduct an effective policy by which the authorities must have all the information about the economy The authors purpose for writing this book was to try and overcome the problems facing the macroeconomic system due to poor data entry inadequate models and exogenous interferences What do I mean by this In each state of the policy problem it is required that correct information be given about the economy and that it is used efficiently In addition an effective and appropriate model must be evident of the economy it must
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