control of money supply and interest rates by a central authority to influence economic activity
expansionary policy: increasing money supply, lowering interest rates to stimulate growth
contractionary policy: reducing money supply, raising interest rates to cool inflation
tools: open market operations, reserve requirements, discount rate, quantitative easing
transmission mechanism: policy changes propagate through banking system to credit conditions, asset prices, and real economy
in cybernomics: algorithmic monetary policy replaces central bank discretion with transparent, code-governed emission schedules
BOOT emission rate and HYDROGEN minting rules function as on-chain monetary policy, auditable by any participant
programmable monetary policy removes human discretion, enabling credible commitments about future supply