Terminology areclassification of family activities into monetary and non monetary
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Monetary economics is the branch of economics that studies the different competing theories of money. It provides a framework for analyzing money in its functions as a medium of exchange, store of value, and unit of account. It considers how money, for example fiat currency, can gain acceptance purely because of its convenience as a public good.[1] It examines the effects of monetary systems, including regulation of money and associated financial institutions[2]and international aspects.[3]
The discipline has historically prefigured, and remains integrally linked to, macroeconomics.[4] Modern analysis has attempted to provide microfoundations for the demand for money[5] and to distinguish valid nominal and real monetary relationships for micro or macro uses, including their influence on the aggregate demand for output.[6] Its methods include deriving and testing the implications of money as a substitute for other assets[7] and as based on explicit frictions.
The discipline has historically prefigured, and remains integrally linked to, macroeconomics.[4] Modern analysis has attempted to provide microfoundations for the demand for money[5] and to distinguish valid nominal and real monetary relationships for micro or macro uses, including their influence on the aggregate demand for output.[6] Its methods include deriving and testing the implications of money as a substitute for other assets[7] and as based on explicit frictions.
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