Question

Have monetary policymakers got [inflation] licked?Central bankers will tell you that they have not, and not just out of modesty. Although plenty of them have targets for inflation, none is sure precisely how, or how rapidly, changes in monetary policy affect the economy. So they cannot be certain that a sensible-looking interest-rate cut will not revive inflation—or that a cautious-looking rise will not tip the economy into a recession.Hence the search for...a simple rule for choosing [a] monetary policy that keeps inflation down without hitting the economy too hard.Source: The Economist, August 10, 1996.In the passage, central bankers are wrestling with what tradeoff?a.monetary versus fiscal policyb.inflation versus economic growthc.interest-rate cut versus recessiond.supply-side versus demand-side policies

Answer 1

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