medieval society economics-was it "regulated" ?

Question

was there a reserve bank that set interest rates etc. when did this system start ?
did the government use systems to control inflation & employment such as monetary & fiscal policy ?

Answer 1

no monetary policy in middle ages.
US Federal reserve system was started in early 20th century.

Fiscal policy was there, and was actively used - both taxes and spending by government (or royal court) were important instruments of policy.

Economic policy was not as important as it is now though, since king (or government) could also make money through wars or colonization.

Answer 2

Money was coins of gold or other metals, so the deflation was more common than inflation until American gold was brought to Spain by the conquistadors. It was not a capitalist economy so there were no business cycles, and unemployment was the product of people losing their land though enclosures of farm land for sheep.
The Bank of England was established about 1700 and the US did not create the fed until 1913, although there had been a national bank for short periods of time before then. Active monetary policy was only started late in the depression in the 1930's.