 Now, after discussing monetary theory, the next step is to introduce monetary policy. Monetary policy is at the first step, first of all, what monetary policy is, then how does it affect real economic variable? And thirdly, we are interested in discussing the issues related to monetary policy which I will introduce in the next lecture. So, first of all, let us focus on what is monetary policy, how monetary policy can be defined? So, first of all, I would like to give you introduction of Johnson's definition. According to Johnson's definition, monetary policy is the control of central bank on money supply or short-term interest rate. We see that the control or related decisions which affect monetary policy, now, on objectives which I will talk about the other economic variables like employment, GDP, such variables are related to monetary policy. So, how is the instrument or the money or related decisions related to interest rate affect economic variables? Similarly, according to another definition, it is a set of tools used by central bank to control money supply, that is, which tools are used to control money supply? And then why does money supply control money supply? So, as an attempt to achieve economic goals, some economic goals are taken to achieve monetary policy decisions. Then, on the website of our state bank, there is a definition of monetary policy, that is, monetary policy involves central bank's use of instruments, which I said that money, which is its basic instruments which we will discuss later, to influence interest rate or money. That is, what are the basic tools used for? To control money or to set interest rate, but again to achieve certain objectives, and what is that objective according to our state bank's website, for example, prices, control or financial stability. In monetary policy, we will discuss this cycle in great detail, where does monetary policy start? First of all, from the objective, if you want to make any policy, then first of all, you have to see what are the objectives of that policy. Then, the next point will be that if there are some variables related to that objective, then some targets should be achieved for those variables, which we have to achieve. Then, our forecasts are that where are we standing at this time? We do not take monetary policy decisions, if we do not change the policy, then in the future, in the next year, in the next quarter, in the next 6 months, where will this variable be? This forecast. Then there is some nominal anchor of our monetary policy, which we will read in great detail later, which we will call intermediate target. What is that? And in choosing it, what are the things that play a role in its selection? Then at the end, when all the things are done, then central bank has to take a decision, that decision is related to the instrument, and to achieve that instrument related to the objective, some tools are used, and ultimately, the effect of those tools is on those variables, which you include in your basic goals. Now, I had said about monetary policy, that we would like to discuss issues as well. Now, what are the issues that we discuss in monetary policy? There are one core issue of monetary policy. What are the core issues? That objectives can be of different types, for example, objectives can be that we have to end the unemployment, objectives can also be that we have to control the prices. Then in the same way, their targets. For example, we say that our objective is to control the prices. So, from the control of the prices, it means 2 percent inflation rate, or 10 percent inflation rate, or 5 percent inflation rate. So, the target debate will be, what are the things, how are the targets set? Then after that, how do intermediate targets be chosen? Different intermediate targets, or nominal anchors, which are in different countries, then how is the choice made? And then how is the choice of the instrument, whether central bank targets money or targets interest rate? And then there are some periphery issues, like related to monetary policy, transparency and accountability, that the decision central bank takes, does its information is available to us, transparency? And if central bank cannot achieve its stated objectives, then does it have any accountability? Then the decisions of central bank are based on rules, or on their discretion. Similarly, we would like to discuss, what is the autonomy of central bank? You must have heard a year ago, that on the autonomy of central bank, there was a lot of news paper and media issue. So, the question is what is autonomy? And whether autonomy should be or should not be? And we would also like to see, what is the decision making process? So, when we look at the decision making process, then this is our monetary policy topic, completed. Thank you.