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Why have some economists advocated rule-based restrictions on monetary policy ? There are two rule-based restrictions on money policy: 1. Constant growth rate rule for

Why have some economists advocated rule-based restrictions on monetary policy? There are two rule-based restrictions on money policy:

1. Constant growth rate rule for money supply

2. Currency board with a fixed exchange rate

Explain how they work, and discuss the pros and cons of rule-based restrictions on monetary policy.

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