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Modern Monetary Theory or Modern Money Theory (MMT) is a heterodox [1] macroeconomic theory that describes the nature of money [2] within a fiat, floating exchange rate system. [3] MMT synthesizes ideas from the state theory of money of Georg Friedrich Knapp (also known as chartalism) and the credit theory of money of Alfred Mitchell-Innes, the functional finance proposals of Abba Lerner ...
The Taylor rule is a monetary policy targeting rule. The rule was proposed in 1992 by American economist John B. Taylor [1] for central banks to use to stabilize economic activity by appropriately setting short-term interest rates. [2] The rule considers the federal funds rate, the price level and changes in real income. [3] The Taylor rule computes the optimal federal funds rate based on the ...
The 1968 New York City teachers' strike was a months-long confrontation between the new community-controlled school board in the largely black Ocean Hill – Brownsville neighborhoods of Brooklyn and New York City 's United Federation of Teachers.
An economic expansion is an upturn in the level of economic activity and of the goods and services available. It is a finite period of growth, often measured by a rise in real GDP, that marks a reversal from a previous period, for example, while recovering from a recession. [1][2] The explanation of fluctuations in aggregate economic activity between expansions and contractions ("booms" and ...
The Phillips curve is a representation of the relationship between unemployment and inflation in the macroeconomy, where a tradeoff between low unemployment and price stability exists. [1] Identified by economist Bill Phillips, the curve shows a relationship between lowering unemployment with increasing wages in an economy. [2] While Phillips did not directly link employment and inflation ...
The United Kingdom pension system has three main parts: a contributory State Pension, private pensions provided through the workplace or on a personal basis, and public service pension schemes established by statute. Most employees are brought into saving through automatic enrolment. Private provision includes defined benefit and defined contribution schemes, and there is a developing ...
Understandably, governments would like to utilize this capacity to meet other political ends like unemployment rate targeting, or relative size of various public services (military, education, health etc.), rather than any specific interest rate.
The White House Coronavirus Task Force briefing the media. President Donald Trump's administration communicated to the public in various ways during the COVID-19 pandemic in the United States, as seen on social media, in interviews, and press conferences with the White House Coronavirus Task Force. [1][2][3] Opinion polling conducted in mid-April 2020 indicated that less than half of Americans ...