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1.What are the main instruments of monetary policy? 2. Explain the effect of open-market operations on the economy. 3. Outline the limits of monetary policy

1.What are the main instruments of monetary policy?

2. Explain the effect of open-market operations on the economy.

3. Outline the limits of monetary policy effectiveness.

4. Explain the implications of adopting either a gradualist or a cold-turkey strategy for controlling inflation.

5. Explain the concept of the political business cycle.

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