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The focus  of  monetary ,policy  has  shifted  markedly ,over  the  past  15  years  away from attempts  to  fine  tune  the  economy ,towards  the  longer-run  goal  of  attaining price stability  and  creating  the  necessary  conditions  for  sustainable  economic growth. In an attempt to minimise the costs of such a transition, central banks have become more independent and monetary policy more transparent, changes intended

Sacrifice Ratios and the Conduct of Monetary Policy in Conditions of Low Inflation