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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 COVID-19 pandemic had a sudden and substantial impact on the arts and cultural heritage sector. The global health crisis and the uncertainty resulting from it profoundly affected organisations' operations as well as individuals—both employed and independent—across the sector. Arts and culture sector organisations attempted to uphold their (often publicly funded) mission to provide ...
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 ...
The Headquarters of the Federal Reserve System in Washington, D.C. The monetary policy of the United States is the set of policies that the Federal Reserve follows to achieve its twin objectives (or dual mandate) of high employment and stable inflation. [1] The US central bank, The Federal Reserve System, colloquially known as "The Fed", was created in 1913 by the Federal Reserve Act as the ...