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Monetarist Model definitions

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  • Monetarist Model
    An economic framework emphasizing the role of money supply in determining price levels and output, advocating minimal government intervention.
  • Keynesian Economics
    A theory highlighting economic instability and advocating active government intervention to manage inflation and recessions.
  • Money Supply
    The total amount of currency available in an economy, primarily regulated by the central bank to influence economic activity.
  • Federal Reserve
    The central banking system of the United States, responsible for controlling the nation's money supply and monetary policy.
  • Quantity Theory of Money
    A theory linking the amount of money in circulation to the overall price level and economic output using a specific formula.
  • Velocity of Money
    The frequency with which a unit of currency is spent on goods and services within a given period.
  • Price Level
    A measure reflecting the average prices of goods and services in an economy at a given time.
  • Real GDP
    The total value of all goods and services produced in an economy, adjusted for inflation, indicating actual economic output.
  • Competitive Markets
    Economic environments where numerous buyers and sellers interact, leading to efficient allocation of resources and stability.
  • Inflation
    A sustained increase in the general price level of goods and services, reducing purchasing power over time.
  • Monetary Policy
    Strategies and actions by a central bank to manage the money supply and interest rates to influence economic conditions.
  • Sticky Wages
    A situation where employee compensation does not adjust quickly to changes in economic conditions, affecting labor markets.
  • Milton Friedman
    A Nobel Prize-winning economist who developed the Monetarist Model, emphasizing the importance of money supply.
  • Government Intervention
    Actions by public authorities to influence or regulate economic activity, often to stabilize the economy.