Policy is the action taken by the to influence the real gdp and the inflation rate in the economy

Monetary policy is the action taken by the Reserve Bank to influence the real GDP and the Inflation rate in the economy.

Some activities that are integrated with monetary policy are: management of money supply and interest rates in order to control inflation, consumption, growth, liquidity, etc.

Reserve Bank is an institution that implements Monetary Policies.

The British were in debt from fighting the French and Indian in the 7 years war so they imposed certain taxes on the colonists in America to pay for the debt.