Modern Money Theory

Modern Money Theory Author L. Randall Wray
ISBN-10 9781137539922
Release 2015-09-22
Pages 306
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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.

Modern Monetary Theory and European Macroeconomics

Modern Monetary Theory and European Macroeconomics Author Dirk H. Ehnts
ISBN-10 9781317224792
Release 2016-10-14
Pages 222
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This book provides a new methodological approach to money and macroeconomics. Realizing that the abstract equilibrium models lacked descriptions of fundamental issues of a modern monetary economy, the focus of this book lies on the (stylized) balance sheets of the main actors. Money, after all, is born on the balance sheets of the central bank or commercial bank. While households and firms hold accounts at banks with deposits, banks hold an account at the central bank where deposits are called reserves. The book aims to explain how the two monetary circuits – central bank deposits and bank deposits – are intertwined. It is also shown how government spending injects money into the economy. Modern Monetary Theory and European Macroeconomics covers both the general case and then the Eurozone specifically. A very simple macroeconomic model follows which explains the major accounting identities of macroeconomics. Using this new methodology, the Eurozone crisis is examined from a fresh perspective. It turns out that not government debt but the stagnation of private sector debt was the major economic problem and that cuts in government spending worsened the economic situation. The concluding chapters discuss what a solution to the current problems of the Eurozone must look like, with scenarios that examine a future with and without a euro. This book provides a detailed balance sheet view of monetary and fiscal operations, with a focus on the Eurozone economy. Students, policy-makers and financial market actors will learn to assess the institutional processes that underpin a modern monetary economy, in times of boom and in times of bust.

The Job Guarantee and Modern Money Theory

The Job Guarantee and Modern Money Theory Author Michael J. Murray
ISBN-10 9783319464428
Release 2017-02-27
Pages 228
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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.

Modern Monetary Theory

Modern Monetary Theory Author M.L. Burstein
ISBN-10 9781349180707
Release 1986-01-28
Pages 211
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Innovations in financial markets and in financial management, together with dramatic innovations in the substance and technique of monetary theory, have made it necessary to restate the theory of money and the theory of monetary policy. In order to provide a new monetary theory, the author treats fully the following material: choice of currency and the theory of convertibility; interest on money; speculation and rational expectations; implications of electronic-transfer settlement procedures for monetary theory, as well as other matters. The theories of Tobin are developed and exposited in detail, as is the work of Friedman.

From the State Theory of Money to Modern Money Theory

From the State Theory of Money to Modern Money Theory Author L. Randall Wray
ISBN-10 OCLC:878414355
Release 2014
Pages 34
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From the State Theory of Money to Modern Money Theory has been writing in one form or another for most of life. You can find so many inspiration from From the State Theory of Money to Modern Money Theory also informative, and entertaining. Click DOWNLOAD or Read Online button to get full From the State Theory of Money to Modern Money Theory book for free.

Modern Monetary Theory and Practice an Introductory Text

Modern Monetary Theory and Practice  an Introductory Text Author W. Mitchell
ISBN-10 1530338794
Release 2016-03-10
Pages 394
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Modern Monetary Theory and Practice: An Introductory Text is an introductory textbook for university-level macroeconomics students. It is based on the principles of Modern Monetary Theory (MMT) and includes the following detailed chapters:Chapter 1: IntroductionChapter 2: How to Think and Do MacroeconomicsChapter 3: A Brief Overview of the Economic History and the Rise of CapitalismChapter 4: The System of National Income and Product AccountsChapter 5: Sectoral Accounting and the Flow of FundsChapter 6: Introduction to Sovereign Currency: The Government and its MoneyChapter 7: The Real Expenditure ModelChapter 8: Introduction to Aggregate SupplyChapter 9: Labour Market Concepts and MeasurementChapter 10: Money and BankingChapter 11: Unemployment and InflationChapter 12: Full Employment PolicyChapter 13: Introduction to Monetary and Fiscal Policy OperationsChapter 14: Fiscal Policy in Sovereign nationsChapter 15: Monetary Policy in Sovereign NationsIt is intended as an introductory course in macroeconomics and the narrative is accessible to students of all backgrounds. All mathematical and advanced material appears in separate Appendices.

Modern Money Theory and Ecological Tax Reform

Modern Money Theory and Ecological Tax Reform Author Scott L.B. McConnell
ISBN-10 OCLC:949906778
Release 2013
Pages 185
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This dissertation contributes to heterodox economics by developing a theoretical and policy-relevant link that will promote the conservation of energy while driving the value of the domestic currency. The analysis relies upon the theoretical foundation of modern money theory and functional finance, which states that “taxes-drive-money” where the value of a sovereign nation's currency is imputed through the acceptance by the sovereign nation of the currency in payment of taxation. This theoretical perspective lends itself to various public policy prescriptions, such as government employment policies or the employer of last resort (ELR), which has been discussed at length elsewhere (Wray 1998; Tcherneva 2007, Forstater 2003). This research contributes to this overall program by arguing that the basis for taxation under modern money theory allows public policy makers various alternatives regarding the make-up of the tax system in place. In particular, following functional finance, taxes do not have the sole purpose of paying for government spending, but rather drive the value of the currency and may be designed to perform other functions as well, such as penalizing socially undesirable behavior. The focus in this dissertation is on the amelioration of pollution and increasing energy conservation. The research question for this dissertation is this: what federally implemented tax would best serve the multiple criteria of 1) driving the value of the currency, 2) promoting energy conservation and 3) ameliorating income and wealth disparities inherent in a monetary production economy? This dissertation provides a suggestion for such a tax that would be part of a much larger overall policy program based upon the tenets of modern money theory and functional finance. Additionally, this research seeks to provide an important theoretical contribution to the emerging Post Keynesian and ecological economics dialog.

Seven Deadly Innocent Frauds of Economic Policy

Seven Deadly Innocent Frauds of Economic Policy Author Warren Mosler
ISBN-10 9780692009598
Release 2010
Pages 117
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"Here, Warren Mosler identifies and debunks seven entrenched ideas keeping the economy in a downward trajectory. In this ... book, he exposes commonly-held beliefs, such as 'deficits leave the debt burden to our children' and 'Social Security is broken,' to be economic myths. In addition to correcting these mindsets, Mosler promotes the restoration of the American economy with practical and feasible proposals. Along the way, he explains the operational realities of the monetary system in clear, down-to-earth language"--Book jacket.

Modern Monetary Theory

Modern Monetary Theory Author Hans Visser
ISBN-10 185278847X
Release 1993-01-01
Pages 199
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In the aftermath of the debates between Keynesians and monetarists, this book aims to provide a 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.

Modern Money Theory 101

Modern Money Theory 101 Author Eric Tymoigne
ISBN-10 OCLC:878069842
Release 2013
Pages 57
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Modern Money Theory 101 has been writing in one form or another for most of life. You can find so many inspiration from Modern Money Theory 101 also informative, and entertaining. Click DOWNLOAD or Read Online button to get full Modern Money Theory 101 book for free.

Understanding Modern Money

Understanding Modern Money Author L. Randall Wray
ISBN-10 UCSC:32106014102765
Release 1998
Pages 198
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'This is the best kind of book - one that coaxes you to see the world in a new light. Old assumptions and prejudices melt away and you find yourself thinking differently (and more hopefully) about vitally important but troublesome issues of economic and social policy.' - Philip Harvey, Rutgers University of Law, US ' In this innovative new work, Randy Wray has convinced at least one reader that full employment and price stability are fully compatible goals in today's world....Pivoting on his fresh rereading of the history and nature of money, Wray generates insight after insight, and will change forever the way in which we think about key macroeconomic variables and relationships.' - John Adams, Northeastern University, US In this innovative and very practical book, Randall Wray argues that full employment and price stability are not the incompatible goals that current economic theory and policy assume. Indeed, he advances a policy that would generate true, full employment while simultaneously ensuring an even greater degree of price stability than has been achieved in the 1990s.

Modern Theories of Money

Modern Theories of Money Author Louis-Philippe Rochon
ISBN-10 1781008418
Release 2003-01-01
Pages 588
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'This is a timely book. Being on modern theories of money - essentially the study of traditions of endogenous money - it is a welcome contribution to current thinking on monetary policy. The modern central bank view on money is that the rate of interest should be manipulated by central banks to achieve an inflation target with the money supply being the "residual". Although money is in effect endogenous, there is no theory that explains its behaviour. Modern Theories of Money is a serious attempt to sharpen existing views on the issue and fill gaps in an admirable manner.' - Philip Arestis, University of Cambridge, UK and Levy Economics Institute, US This book unites diverse heterodox traditions in the study of endogenous money - which until now have been confined to their own academic quarters - and explores their similarities and differences from both sides of the Atlantic. Bringing together perspectives from post-Keynesians, Circuitists and the Dijon School, the book continues the tradition of Keynes's and Kalecki's analysis of a monetary production economy, emphasising the similarities between the various approaches, and expanding the analytical breadth of the theory of endogenous money. The authors open new avenues for monetary research in order to fuel a renewed interest in the nature and role of money in capitalist economies, which is, the authors argue, one of the most controversial, and therefore fascinating, areas of economics.

A treatise on money

A treatise on money Author John Maynard Keynes
ISBN-10 UVA:X001138065
Release 1976
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A treatise on money has been writing in one form or another for most of life. You can find so many inspiration from A treatise on money also informative, and entertaining. Click DOWNLOAD or Read Online button to get full A treatise on money book for free.

The General Theory of Employment Interest and Money

The General Theory of Employment  Interest and Money Author John Maynard Keynes
ISBN-10 9781300122487
Release 2013-01-12
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The General Theory of Employment, Interest and Money was written by the English economist John Maynard Keynes. The book, generally considered to be his magnum opus, is largely credited with creating the terminology and shape of modern macroeconomics. It sought to bring about a revolution, commonly referred to as the "Keynesian Revolution", in the way economists thought – especially in relation to the proposition that a market economy tends naturally to restore itself to full employment after temporary shocks. Regarded widely as the cornerstone of Keynesian thought, the book challenged the established classical economics and introduced important concepts such as the consumption function, the multiplier, the marginal efficiency of capital, the principle of effective demand and liquidity preference. The central argument of The General Theory is that the level of employment is determined, not by the price of labour as in neoclassical economics, but by the spending of money.

Monetary Theory and Policy

Monetary Theory and Policy Author Carl E. Walsh
ISBN-10 9780262013772
Release 2010-02-12
Pages 613
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A new edition of the leading text in monetary economics, a comprehensive treatment revised and enhanced with new material reflecting recent advances in the field.

Interest and Prices

Interest and Prices Author Michael Woodford
ISBN-10 9781400830169
Release 2011-12-12
Pages 808
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With the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. Yet since the 1980s, most central banks have abandoned money-growth targets as practical guidelines for monetary policy as well. How then can pure "fiat" currencies be managed so as to create confidence in the stability of national units of account? Interest and Prices seeks to provide theoretical foundations for a rule-based approach to monetary policy suitable for a world of instant communications and ever more efficient financial markets. In such a world, effective monetary policy requires that central banks construct a conscious and articulate account of what they are doing. Michael Woodford reexamines the foundations of monetary economics, and shows how interest-rate policy can be used to achieve an inflation target in the absence of either commodity backing or control of a monetary aggregate. The book further shows how the tools of modern macroeconomic theory can be used to design an optimal inflation-targeting regime--one that balances stabilization goals with the pursuit of price stability in a way that is grounded in an explicit welfare analysis, and that takes account of the "New Classical" critique of traditional policy evaluation exercises. It thus argues that rule-based policymaking need not mean adherence to a rigid framework unrelated to stabilization objectives for the sake of credibility, while at the same time showing the advantages of rule-based over purely discretionary policymaking.

New Approaches to Monetary Theory

New Approaches to Monetary Theory Author Heiner Ganßmann
ISBN-10 9781136820120
Release 2012-03-12
Pages 304
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Everybody uses money every day, but we rarely stop to think about how money works. In this book, scholars from different disciplines seek to answer that question; from historians to economists, sociologists, a philosopher and a physicist. Money works as a social construction because we have mutual expectations that support its use – despite the seeming irrationality of trading valuable things or doing strenuous work for pieces of paper or numbers in accounts. Recently, there has been a revival of interest in monetary theory, not least because the impacts of globalizing markets and of new communication and information technologies have changed the forms of money. The deep crisis of the financial system has demonstrated the importance of a functioning monetary system and although renewed interest in this has led to significant contributions in various fields, it remains true that no social science discipline on its own is sufficiently equipped to explain the basic workings of monetary systems, their rapid innovation and their effects on social, economic and political structures. The contributors to this book report on their latest research on the origins of money, on the nature of monetary transactions, on money and the state, and on the role of money and finance in the recent global crisis. They show how established theories of money and the policies guided by these theories went wrong. This collection will be a valuable resource for students and researchers seeking a deeper understanding of money.