give the meaning of monetary policy discuss in brief any three monetary measures to control the situation of excess demand

Monetary policy is policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing or the money supply, often as an attempt to reduce .
Excess demand is a situation where quantity demanded is more than quantity supplied. The government will take measures to reduce the money supply in the market through monetary policies like increase in bank rate, sale of government securities, increase in cash reserve ratio.
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