![]() ![]() The point is that monetary policy is much more complicated than we make it out to be. I think that’s pretty lyrical about monetary theory. Both have elements that can be enjoyed independently of the whole, yet attain their full realisation only as part of the whole.” ![]() Both can be fully appreciated only if examined from many different angles, only if studied laterally but in depth. It has aesthetic unity born of variety and a simplicity that conceals a sophisticated reality, a surface view that dissolves in ever deeper perspective. He says, “monetary theory is like a Japanese garden. It’s a good question and makes me reach for one of the books actually, because Milton Friedman, in Money Mischief, has a good discussion of this-not what monetary policy is, but what monetary theory is. Foreign Policy & International Relationsīefore we get on to the books, could you explain briefly what monetary policy is?. ![]()
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