Of the Three Phases of a Disinflation,the First Phase Consists

Of the three phases of a disinflation,the first phase consists of the central bank

A) pursuing an expansionary monetary policy.
B) directing its monetary policy to achieve a stable exchange rate.
C) slowing the rate of monetary expansion.
D) directing its monetary policy to reduce the unemployment rate.
E) directing its monetary policy to reduce the overnight interest rate.