Essay: Monetary Policy Effectiveness.

Specifically, you should address the following topic questions:

1. How effectively has the Federal Reserve used monetary policy over the past decade to achieve its goals of price stability and maximum employment?

2. What are some of the variables influencing price stability and employment that are largely beyond the Fed's control?

3. Would it be preferable for the Fed to operate with a single mandate of price stability and, if so, what are the implications for achieving full employment?