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LORENZETTI, Ambrogio -- Allegory of the Good Government (detail) -- 1338-40 -- Siena As part of the series of lectures my colleagues and I give to our Master students on Contemporary Economic Challenges, I'm talking tomorrow about Monetary Policy. How do authorities conduct a monetary policy to achieve price stability? Ensuring economic growth, low unemployment and price stability are the three main objectives that monetary and fiscal authorities target with the help of macroeconomic theory. Controlling inflation is nowadays mostly in the hand of independent monetary authorities: their aim is to allow private agents to engage in economic activities and investments without fear for the