Question: Please help me these questions with clear explaination and references if have: 1. Monetary policy a) Why do we need monetary policy and what is

Please help me these questions with clear explaination and references if have:

1. Monetary policy

a) Why do we need monetary policy and what is its purpose?

b) What are the main transmission channels by which monetary policy achieves its objectives?

2. Persistent low inflation and interest rates

a) What factors have contributed to persistently low inflation and interest rates?

b) What challenges have low inflation and interest rates presented for monetary policy?

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