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Really I dont know what it is the difference between a dual mandate or a hierarchical...

Really I dont know what it is the difference between a dual mandate or a hierarchical mandate ..

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Dual mandate and hierarchical mandate are two aspects of monetary policy that is implemented by the central bank for price stabilization in the economy .

Hierarchical mandate takes price stability as the first and foremost goal . Any other objective is only targeted as long as it does not interfere with price stability . Employment , economic growth are certain other policy objectives which are only dealt with as long as they do not harm price stability . Maintainance of price stability comes first , others are secondary .

In case of dual mandate both price stability and other policy objectives are simultaneously pursued . No such special importance is placed on one objective . In short run objectives may conflict . Both price stability and employment are maintained in short run side by side . There is no order of preference among these goals or no special favour towards a particular goal .

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