Moreover, monetary policy focus should be on long-run output expansion and short-run price-stability, rather than the converse.
This would have the benefit of moderating poverty and unemployment.
The relative importance of demand vis-à-vis supply factors as well as the cost and benefits of disinflation are thereafter determined.
These are analysed using both theoretical and empirical approaches.
The first essay reviews Ghana’s inflationary history from pre-independence to the current era and assesses the myriad of historical monetary policy frameworks and inflation management tools employed by successive political regimes.