Monetary policy in Britain after 1985 was focused on controlling the demand for money via the interest rate policy. The basic part of this policy was the emergence of the exchange rate as a target. The exchange rate was emerged after the collapse of the MTFS which role was to reduce inflation by reducing the growth rate of the broad money (M3) supply, while reducing the PSBR. This policy was not very successful since on most …
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showed last 75 words of 1439 total
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