Evaluating Macroeconomic Policy Effectiveness in a Crisis

A developed economy is experiencing a period of stable economic growth and low unemployment. However, recent data indicates that inflation is beginning to rise persistently above the desired target. Within a macroeconomic management framework that assigns distinct and restricted roles to different policy tools, what is the most likely and appropriate initial policy response?

Match each policy concept to its primary role within the modern consensus framework, which assigns distinct and restricted functions to macroeconomic management tools.

Rationale for the Division of Macroeconomic Policy Roles