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how can a country who's currency is the global reserve currency used monetary policy for macroeconomic stabilization under system of globally fixed exchange rates in

how can a country who's currency is the global reserve currency used monetary policy for macroeconomic stabilization under system of globally fixed exchange rates in which the reserve currency was pegged to gold at some fixed rate. and were the limits to reserve the currency country using monetary policy for macroeconomic stabilization under such a system? Explain with words and a graph or two.

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