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What is the major role of the central bank, especially in a global context? What is Monetary Policy? And what is Inflation? please explain this

What is the major role of the central bank, especially in a global context?

What is Monetary Policy? And what is Inflation? please explain this relationship between the two.

please discuss the work of Paul Volcker, Chair of the U.S. Federal Reserve from 1979-87, on his work concerning Inflation. If possible, consider the global impacts of Volcker's work.

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