1a) Market participants, including financial institutions, fund managers and corporations, must understand monetary policy setting impacts on economic activity and business cycle. A central bank will...

1a) Market participants, including financial institutions, fund managers and corporations, must understand monetary policy setting impacts on economic activity and business cycle. A central bank will typically implement monetary policy settings in order to achieve certain economic outcomes over a business cycle. Briefly describe the intermediate target for monetary policy in
Singapore
and give examples of different economic indicators that may give an insight into the future stages of a business cycle.

1b) Once Jaleel understand the monetary policy framework in Singapore, he also would like to explore the monetary policy in Australia. Explain to Jaleel how the reserve bank of Australia implements the monetary policy.