Multiple Decision Makers
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The simple feedback framework includes a single decision maker like the pilot of an airplane or a spacecraft. However, the economy is influenced by the decisions of many. Not only the President and Congress but also the FRB determine policy for the economy. Moreover, it’s not only decisions in the public sector but also decisions in the private sector that determine the level of economic activity.
KeywordsInterest Rate Decision Maker Monetary Policy Fiscal Policy Federal Reserve
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