Central Banks, such as the Reserve Bank of Australia (RBA), typically employ contractionary monetary policy to combat high levels of inflation in an economy. Which of the following describes what the RBA would actually do to implement this 'contractionary' policy?
a. Directly raise interest rates on mortgages and corporate loans.
b. Directly lower interest rates on mortgages and corporate loans.
c. Use open market operations to buy bonds and securities.
d. Use open market operations to increase the overnight cash rate.
e. Use open market operations to sell bonds and securities.