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The monetarist theory states that variations in the money supply have major influences on national output in the short run and on price levels over longer periods. Monetarists assert that the objectives of monetary policy are best met by targeting the growth rate of the money supply rather than by engaging in discretionary monetary policy. [1]
Monetary policy is the outcome of a complex interaction between monetary institutions, central banker preferences and policy rules, and hence human decision-making plays an important role. [100] It is more and more recognized that the standard rational approach does not provide an optimal foundation for monetary policy actions.
Conventional monetary policy transmission mechanisms, such as the interest rate channel, focus on direct effects of monetary policy actions. The interest rate channel, for example, suggests that monetary policy makers use their leverage over nominal, short-term interest rates, such as the federal funds rate , to influence the cost of capital ...
Economic sociology is the study of the social cause and effect of various economic phenomena. The field can be broadly divided into a classical period and a contemporary one, known as "new economic sociology".
Modern monetary theory or modern money theory (MMT) is a heterodox [1] macroeconomic theory that describes currency as a public monopoly and unemployment as evidence that a currency monopolist is overly restricting the supply of the financial assets needed to pay taxes and satisfy savings desires. [2]
A sociological theory is a supposition that intends to consider, analyze, and/or explain objects of social reality from a sociological perspective, [1]: 14 drawing connections between individual concepts in order to organize and substantiate sociological knowledge.
Monetary economics is the branch of economics that studies the different theories of money: it provides a framework for analyzing money and considers its functions ( as medium of exchange, store of value, and unit of account), and it considers how money can gain acceptance purely because of its convenience as a public good. [1]
A convention influences a set of agreed, stipulated, or generally accepted standards, social norms, or other criteria, often taking the form of a custom.. In physical sciences, numerical values (such as constants, quantities, or scales of measurement) are called conventional if they do not represent a measured property of nature, but originate in a convention, for example an average of many ...