Monetary Policy AV
Monetary Policy in an Open Economy World Richard A. Stanford Professor of Economics, Emeritus Furman University Greenville, SC 29613 Copyright 2026 by Richard A. Stanford All rights reserved. No part of this book may be reproduced, stored, or transmitted by any means—whether auditory, graphic, mechanical, or electronic—without written permission of the author, except in the case of brief excerpts used in critical articles and reviews. Brfore he retired from M.C.ing his late weeknight talk show, an economically-astute Johnny Carson might have said to his audience, The bond market is really powerful! To which his in-studio audience would have shouted in unison, How powerful is it? And Johnny's economically-astute reply might have been, It is so powerful that its yield rates shape the bond yield curve, control market lending rates, influence the rate of inflation, and encourage or dampen economic growth! This, o...