Search results for: modern-money-theory

Modern Money Theory

Author : L. Randall Wray
File Size : 53.2 MB
Format : PDF, Mobi
Download : 169
Read : 613
Download »
This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.

Soft Currency Economics II

Author : Warren Mosler
File Size : 60.20 MB
Format : PDF, ePub, Mobi
Download : 645
Read : 746
Download »
Soft Currency Economics is the little book that could logically, in both real and nominal terms, legitimately challenge many of the core held beliefs of the mainstream classical and neo-classical schools of economics. It is a corner stone publication for the new, widely popular fresh approach to economics that has come to be called Modern Monetary Theory (MMT). It explains with actual facts, not theory, and with non-technical language, the true operational realities of our monetary system (central banks and private banks). The author, a 40 year 'insider' in monetary operations, and a very successful fixed income hedge fund manager, wrote this book in 1993 after witnessing the markets drastically discount sovereign debt on the errant belief that market forces could force nations into default on debt payable in their own currency, and that austerity was the only solution. This was contrary to the author's understanding of what are called fiat currencies, where governments always have the ability to meet all obligations in a timely manner. As a result of this experience, the author took up the task of educating government officials on how the monetary system operated with the hope that with this understanding they would be free to ensure that the government acted for the public purpose and achieved their stated goals of full employment and price stability. Initially published in 1993, this book will utterly convince many readers that what they thought they knew about monetary policy is wrong. The book describes: what is money; why debt monetization and the money multiplier are myths; how fiscal and monetary policy can be used effectuate full employment; deficits do not cause countries to default on their debt unless that is the decision.

The Kansas City Approach to Modern Money Theory

Author : Larry Randall Wray
File Size : 32.1 MB
Format : PDF, ePub, Mobi
Download : 472
Read : 450
Download »
Modern money theory (MMT) synthesizes several traditions from heterodox economics. Its focus is on describing monetary and fiscal operations in nations that issue a sovereign currency. As such, it applies Georg Friedrich Knapp's state money approach (chartalism), also adopted by John Maynard Keynes in his Treatise on Money. MMT emphasizes the difference between a sovereign currency issuer and a sovereign currency user with respect to issues such as fiscal and monetary policy space, ability to make all payments as they come due, credit worthiness, and insolvency. Following A. Mitchell Innes, however, MMT acknowledges some similarities between sovereign and nonsovereign issues of liabilities, and hence integrates a credit theory of money (or, "endogenous money theory," as it is usually termed by post-Keynesians) with state money theory. MMT uses this integration in policy analysis to address issues such as exchange rate regimes, full employment policy, financial and economic stability, and the current challenges facing modern economies: rising inequality, climate change, aging of the population, tendency toward secular stagnation, and uneven development. This paper will focus on the development of the "Kansas City" approach to MMT at the University of Missouri-Kansas City (UMKC) and the Levy Economics Institute of Bard College.

What s Wrong with Modern Money Theory

Author : Gerald A. Epstein
File Size : 83.30 MB
Format : PDF, Docs
Download : 498
Read : 290
Download »
This Palgrave Pivot assesses the validity of Modern Money Theory’s approach to macroeconomic policy, specifically monetary and fiscal policy. Whereas other papers have focused primarily on theoretical and doctrinal issues, this book focuses primarily on an analysis of MMT’s policy approach. Though drawing on academic literature, this book’s approach is empirical and policy-based, making it accessible to scholars and the public alike. It addresses a burning question in the policy and politics of the US and elsewhere where MMT is gaining a policy foothold, especially among progressive activists and politicians: Is MMT, in fact, a good guide for progressive macroeconomic policy? The main focus of this book is to explain why the answer to this question is no.

The Job Guarantee and Modern Money Theory

Author : Michael J. Murray
File Size : 55.34 MB
Format : PDF, ePub, Docs
Download : 491
Read : 245
Download »
The contributors to this edited collection argue that a flexible Job Guarantee program able to react to an economy’s fluctuating need for work would stabilize the labor standard, the value of employment in relation to money. During economic downturns, the program would expand to provide more public sector jobs in response to private sector layoffs. It would then contract when economic growth offered private sector employment opportunities. This flexible full employment program would create a balanced, perpetually active labor force, providing the macroeconomic stability necessary to define a functioning labor standard. Just as the gold standard measured the worth of money against gold reserves, John Milton Keynes argued, so a labor standard ought to measure the value of money in terms of its labor equivalent. However, he failed to account for the fact that, unlike a gold standard, a labor standard does not have any kind of surety that money will continue to match its value in paid work over time. Together, the contributors argue that full employment would provide this missing security and allow authorities to define the value equivalencies of money and labor, the way that money once represented its exact equivalent in gold.

Instructor s Manual for Money Theory and Practice

Author : Jin Cao
File Size : 23.72 MB
Format : PDF, Kindle
Download : 528
Read : 1155
Download »
This instructor’s manual complements the textbook Money: Theory and Practice which provides an introduction to modern monetary economics for advanced undergraduates, highlighting the lessons learned from the recent financial crisis. The manual provides teachers with exercises and examples that reflect both the core New Keynesian model and recent advances, taking into account financial frictions, and discusses recent research on an intuitive level based on simple static and two-period models.

Monetary Theory

Author : George Nikolaus Halm
File Size : 86.9 MB
Format : PDF
Download : 961
Read : 953
Download »

Rethinking China s Local Government Debt in the Frame of Modern Money Theory

Author : Zengping He
File Size : 77.65 MB
Format : PDF, ePub
Download : 133
Read : 1238
Download »

Democratizing Money

Author : Beat Weber
File Size : 72.24 MB
Format : PDF, ePub, Mobi
Download : 747
Read : 299
Download »
Weber provides an economic analysis of current, post-crash monetary reform proposals, including Bitcoin, sovereign money, regional money and modern monetary theory. The book critically examines these reform concepts, exposing their flaws and fallacies, guiding the reader towards a contemporary understanding of what money is and how it works today.

The Monetary Theory of Production

Author : Augusto Graziani
File Size : 89.7 MB
Format : PDF, Mobi
Download : 622
Read : 165
Download »
In mainstream economic theory money functions as an instrument for the circulation of commodities or for keeping a stock of liquid wealth. In neither case is it considered fundamental to the production of goods or the distribution of income. Augusto Graziani challenges traditional theories of monetary production, arguing that a modern economy based on credit cannot be understood without a focus on the administration of credit flows. He argues that market asset configuration depends not upon consumer preferences and available technologies but on how money and credit are managed. A strong exponent of the circulation theory of monetary production, Graziani presents an original and perhaps controversial argument that will stimulate debate on the topic.

Modern Monetary Theory

Author : Hans Visser
File Size : 46.5 MB
Format : PDF, ePub
Download : 856
Read : 206
Download »
In the aftermath of the debates between Keynesians and monetarists, this book provides a lucid, concise overview of the most recent developments in monetary theory. Professor Visser has written an up-to-date survey which discusses major issues such as crowding out, the new classical macroeconomics, the breakdown of the stable money demand function, buffer stocks and currency substitution.Currency problems in general have come to the fore after the collapse of the Bretton-Woods system. The book addresses topical issues including Hayek's proposal to denationalize money as well as theoretical issues, such as the search for the microfoundations of monetary theory. This is an important, up-to-date survey of recent developments in monetary theory, and the economic reasoning which underlies it. The use of mathematics has been kept to a minimum.

Central Banks as Fiscal Players

Author : Willem Buiter
File Size : 32.8 MB
Format : PDF, ePub, Mobi
Download : 366
Read : 484
Download »
It is well known that the balance sheets of most major central banks significantly expanded in the aftermath of the financial crisis of 2007-2011, but the consequences of this expansion are not well understood. This book develops a unified framework to explain how and why central bank balance sheets have expanded and what this shift means for fiscal and monetary policy. Buiter addresses a number of key issues in monetary economics and public finance, including how helicopter money works, when modern monetary theory makes sense, why the Eurosystem has a potentially fatal design flaw, why the fiscal theory of the price level is a fallacy and how to escape from the zero lower bound.

Central Banking Monetary Theory and Practice

Author : Charles Albert Eric Goodhart
File Size : 71.73 MB
Format : PDF, ePub, Docs
Download : 619
Read : 1256
Download »
Commenting on the quality of the contributors when opening the conference on which these books are based, the former Governor of the Bank of England, Sir Edward George, said 'I cannot remember ever before having had such a galaxy of academic economist and central banking superstars gathered together under one roof!''Celebrating the contribution that Charles Goodhart has made to monetary economics and policy, this unique compendium of original papers draws together a highly respected group of international academics, central bankers and financial market regulators covering a broad range of issues in modern monetary economics. Topics discussed include:* central bank independence* credibility and transparency* the inflation forecast and the loss function* monetary policy experiences in the US and the UK* the implications of Goodhart's Law* the benefits of single versus multiple currencies* money, near monies and credit.Each chapter of the volume relates to subjects that have been research projects in Charles Goodhart's wide-ranging portfolio, and all are interconnected. Through these, the book offers a summary of current thinking and insights into monetary controversies.Covering recent thinking on monetary theory, central banking, financial regulation and international finance, academic and professional economists alike will find this book an invaluable source of information.The companion volume examines monetary history, exchange rates and financial markets.

Modern Money

Author : Henry Mond
File Size : 44.22 MB
Format : PDF, Kindle
Download : 367
Read : 437
Download »

Can Heterodox Economics Make a Difference

Author : Phil Armstrong
File Size : 42.81 MB
Format : PDF, ePub
Download : 173
Read : 400
Download »
In a series of in-depth interviews with leading economists and policy-makers from different schools including Austrian, Monetarist, New-Keynesian, Post-Keynesian, Modern Monetary Theory, Marxist and Institutionalist, this intriguing book sheds light upon the behaviour of economists and the sociology of the economics profession by enabling economists to express their views on a wide range of issues.

Collected Papers on Monetary Theory

Author : Robert E. Lucas, Jr.
File Size : 66.86 MB
Format : PDF
Download : 658
Read : 476
Download »
One of the outstanding monetary theorists of the past 100 years, Lucas revolutionized our understanding of how money interacts with the real economy of production, consumption, and exchange. These 21 papers, published 1972–2007, cover core monetary theory and public finance, asset pricing, and the real effects of monetary instability.

Monetary Theory in Retrospect

Author : Filippo Cesarano
File Size : 31.8 MB
Format : PDF, Kindle
Download : 374
Read : 995
Download »
An objective and perceptive account of the literature of monetary theory, this volume, by a central banker who has studied monetary theory over the last quarter of a century, clearly shows how its inherent complexity is much enriched by the study of its history. In three parts Filippo Cesarano: focuses on the innovative ideas of distinguished economists who anticipated modern theories, elaborating on them along lines that suggest original research programmes examines the impact of expectations on the effectiveness of monetary policy, illustrating how different assumptions within the classical paradigm lead to diverse hypotheses and policy design investigates the role of monetary theory in shaping monetary institutions. Deserving of a wide readership among both academic economists and monetary policy practitioners, this collection of essays is key reading for students and researchers engaged with monetary theory and the history of economics and policy makers seeking to weigh up the assumptions underlying different theories in order to select the models best suited to the problems they face.

Money Theory and Practice

Author : Jin Cao
File Size : 22.41 MB
Format : PDF, Mobi
Download : 826
Read : 1202
Download »
This textbook provides an introduction to modern monetary economics for advanced undergraduates, highlighting the lessons learned from the recent financial crisis. The book presents both the core New Keynesian model and recent advances, taking into account financial frictions, and discusses recent research on an intuitive level based on simple static and two-period models, but also prepares readers for an extension to a truly dynamic analysis. Further, it offers a systematic perspective on monetary policy, covering a wide range of models to help readers gain a better understanding of controversial issues. Part I examines the long-run perspective, addressing classical monetary policy issues such as determination of the price level and interaction between monetary and fiscal policy. Part II introduces the core New Keynesian model, characterizing optimal monetary policy to stabilize short-term shocks. It discusses rules vs. discretion and the challenges arising from control errors, imperfect information and robustness issues. It also analyzes optimal control in the presence of an effective lower bound. Part III focuses on modelling financial frictions. It identifies the transmission mechanisms of monetary policy via banking and introduces models with incomplete markets, principal-agent problems, maturity mismatch and leverage cycles, to show why investors' and intermediaries' own stakes play a key role in lending with pro-cyclical features. In addition, it presents a tractable model for handling liquidity management and demonstrates that the need to sell assets in crisis amplifies the volatility of the real economy. Lastly, the book discusses the relation between monetary policy and financial stability, addressing systemic risk and the role of macro-prudential regulation.

Money Interest and Capital

Author : Colin Rogers
File Size : 55.73 MB
Format : PDF, Docs
Download : 456
Read : 1033
Download »
The novel feature of this study is the application of Keynes' principle of effective demand to demonstrate the existence of a long-run unemployment equilibrium without the assumption of rigid wages.

The Demand for Money

Author : Apostolos Serletis
File Size : 78.5 MB
Format : PDF
Download : 238
Read : 216
Download »
"The Demand for Money: Theoretical and EmpiricalApproaches" provides an account of the existing literature on thedemand for money. It shows how the money demand function fits intostatic and dynamic macroeconomic analyses and discusses the problem ofthe definition (aggregation) of money. In doing so, it shows how thesuccessful use in recent years of the simple representative consumerparadigm in monetary economics has opened the door to the succeedingintroduction into monetary economics of the entire microfoundations, aggregation theory, and micro-econometrics literatures.It also compares and contrasts the theoretical and empirical aspectsof the microeconomic- and aggregation-theoretic approach to the demandfor money to those of other paradigms, presents empirical evidenceusing state-of-the-art econometric methodology, and recognizes theexistence of unsolved problems and the need for further developments.Finally, it suggests answers to a number of problems raised overprevious studies of the demand for money. Most important is the ideathat traditional measures of money and log-linear money demandfunctions are inappropriate in the recent volatile financialenvironment.