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| | Monetary Policy, by James Tobin: The Concise Encyclopedia of Economics: Library of Economics and Liberty |
 | | Monetary policy is the subject of a lively controversy between two schools of economics, monetarist and Keynesian. |
 | | Monetary and fiscal policies are distinct only in financially developed countries, where the government does not have to cover budget deficits by printing money but can sell obligations to pay money in the future, like U.S. Treasury bills, notes, and bonds. |
 | | Monetarist policies are premised on a tight linkage between the stock of money in dollars, say M1, and the flow of spending, GNP in dollars per year. |
| www.econlib.org /library/Enc/MonetaryPolicy.html (3330 words) |
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