Reference no: EM132386387

Question

In 2008 a major economic downturn known as the "Great Recession" resulted from a financial crisis originally stemming from a multitude of bad mortgages. While there's much more to the background story of how this debacle occurred, our interest for this assignment focuses on how "loose" monetary policy was subsequently applied in a concerted effort to forestall an even greater rippling impact through the global financial system.

Briefly explaining in plain terms the concept of monetary policy, also indicate who in the United States oversees and implements monetary policy, and specifically discuss how monetary policy was applied to manage and alleviate the near-collapse of the financial system that began around 2008.