Define monetary policy, and discuss the operation of monetary policy in the United States post-GFC.

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a)                                                     Define monetary policy, and discuss the operation of monetary policy in the United States post-GFC.

 

Or,

 

b)                                                     Given the rise of China relative to the United States post-GFC, to what extent do you think that the yuan should replace the US dollar as the dominant currency in the global financial system?

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