A review of two articles examining US monetary policy: "U.S. Monetary Policy: An Introduction" published by the Federal Reserve Bank and "Allowing Himself a Smile" published by "The Economist".
Written in 2008; 884 words; 3 sources; APA; $ 31.95
Paper Summary:
This paper discusses two articles focusing on monetary policy, the role of the Federal Reserve, and inflation, which are all connected to scarcity, choices, tradeoffs, and opportunity cost. The paper relates that information from the two articles, "U.S. Monetary Policy: An Introduction" and "Allowing Himself a Smile", could be closely linked and analyzed using the macroeconomic tools but the connection with scarcity and opportunity cost presents the analysis in a microeconomic framework, since the articles focused on decision making for the government as an entity.
From the Paper:
"Scarcity within this context relates to the fact that as a society resources are scarce and choices have to be made, hence there is always an alternative that has to be forgone, the value of this forgone alternative is called the opportunity cost. Monetary policy highlights that when an economy does not have enough resources (scarcity), and demand is high the economy will self-regulate and increase prices (demand-pull inflation), or if the supply of a resource commodity is limited, this can cause cost push inflation (like the rise in oil prices leading to inflation). Correcting inflation via monetary policy highlights how an economy overall has to make choices, whether it be consumers or the government and the associated cost of these choices is indicative of how an economy maintains macroeconomic stability."
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