Essay: Monetary Policy Effectiveness You are required to submit an essay on the Fed’s monetary policy effectiveness. Your essay should be a minimum of 1650 words, well-written and organized, using outside sources with appropriate citation, and having spelling and grammar checked before posting. It is expected that you will support your views with empirical data, particularly relating to inflation rates and unemployment levels over the past decade. Mere opinion on the efficacy of the Fed’s monetary policy initiatives will not be sufficient to earn full points. Specifically, you should address the following topic questions: 1. How effectively has the Federal Reserve used monetary policy over the past decade to achieve its goals of price stability and maximum employment? 2. What are some of the variables influencing price stability and employment that are largely beyond the Fed’s control? 3. Would it be preferable for the Fed to operate with a single mandate of price stability and, if so, what are the implications for achieving full employment?