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89 publications found, searching for 'Money '
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One-PagerDecember 07, 2022
The Causes of Pandemic Inflation
AbstractWhile the trigger for the Covid recession was unusual—a collapse of the supply side that produced a drop in demand—the inflation the US economy is now facing is not atypical,…more
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Working Paper No. 996December 13, 2021
Seven Replies to the Critiques of Modern Money Theory
AbstractModern Money Theory (MMT) has generated considerable scrutiny and discussions over the past decade. While it has gained some acceptance in the financial sector and among some politicians, it has…more
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One-Pager No. 68November 01, 2021
Are Concerns over Growing Federal Government Debt Misplaced?
AbstractWith the US Treasury cutting checks totaling approximately $5 trillion to deal with the COVID-19 crisis, Senior Scholar L. Randall Wray argues that when it comes to the federal government,…more
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Working Paper No. 992August 31, 2021
Modeling Monopoly Money
AbstractMany of the claims put forth by Modern Monetary Theory (MMT) center around the state’s monopoly over its own currency. In this paper I interrogate the plausibility of two claims:…more
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Working Paper No. 985February 08, 2021
Has Japan Been Following Modern Money Theory Without Recognizing It?
AbstractModern Money Theory (MMT) economists have used Japan as an example of a country that demonstrates that high deficits and debt do not lead to insolvency, high interest rates, or…more
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Working Paper No. 982January 24, 2021
The Economic Problem: From Barter to Commodity Money to Electronic Money
AbstractThe success of alternative payment systems has led to discussion of various proposals to replace money with a new technology-based system, though many lack a clear idea of what exactly…more
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Working Paper No. 979November 20, 2020
Is It Time to Eliminate Federal Corporate Income Taxes?
AbstractAs the nation is experiencing the need for ever-increasing government expenditures to address COVID-19 disruptions, rebuild the nation’s infrastructure, and many other worthy causes, conventional thinking calls for restoring at…more
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Working Paper No. 977November 16, 2020
A Note Concerning Government Bond Yields
AbstractThis paper relates Keynes’s discussions of money, the state theory of money, financial markets, investors’ expectations, uncertainty, and liquidity preference to the dynamics of government bond yields for countries with…more
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Working Paper No. 973October 01, 2020
The Trade-off between Inflation and Unemployment in an MMT World
AbstractThis paper is focused on Modern Monetary Theory’s (MMT) treatment of inflation from an open economy perspective. It analyzes how the inflation process is explained within the MMT framework and…more
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Working Paper No. 961July 13, 2020
The "Kansas City" Approach to Modern Money Theory
AbstractModern 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…more
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Public Policy Brief No. 150June 03, 2020
The Impact of Technological Innovations on Money and Financial Markets
AbstractAccording to Senior Scholar Jan Kregel and Paolo Savona, attempting to maintain the status quo in the face of the introduction of some recent technological innovations—chiefly cryptocurrencies and associated instruments…more
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One-Pager No. 63April 10, 2020
Are We All MMTers Now? Not so Fast
AbstractAs governments around the world explore ambitious approaches to fiscal and monetary policy in their responses to the COVID-19 crisis, Modern Money Theory (MMT) has been thrust into the spotlight…more
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Public Policy Brief No. 148January 31, 2020
Can We Afford the Green New Deal?
AbstractIn this policy brief, Yeva Nersisyan and Senior Scholar L. Randall Wray argue that assessing the “affordability” of the Green New Deal is a question of whether there are suitable…more
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TestimonyNovember 20, 2019
Statement of Senior Scholar L. Randall Wray to the House Budget Committee, US House of Representatives
AbstractOn November 20, 2019, Senior Scholar L. Randall Wray testified before the House Committee on the Budget on the topic of reexamining the economic costs of debt: "In recent months…more
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Working Paper No. 936September 04, 2019
Fiscal Reform to Benefit State and Local Governments
AbstractThis paper will present the Modern Money Theory approach to government finance. In short, a national government that chooses its own money of account, imposes a tax in that money…more
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Working Paper No. 932June 26, 2019
Rethinking China’s Local Government Debt in the Frame of Modern Money Theory
AbstractLocal government debt in China is increasing and presents a great threat to China’s financial stability. In China’s fiscal system, the central government often prioritizes reducing its fiscal deficit and…more
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Working Paper No. 931May 30, 2019
How to Pay for the Green New Deal
AbstractThis paper follows the methodology developed by J. M. Keynes in his How to Pay for the War pamphlet to estimate the “costs” of the Green New Deal (GND) in…more
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Working Paper No. 928May 13, 2019
Democratizing Money
AbstractIn the Western interpretation of democracy, governments exist in order to manage relations of property, with absence of property ownership leading to exclusion from participation in governance and, in many…more
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Book SeriesFebruary 01, 2019
Macroeconomics
AbstractThis groundbreaking new core textbook encourages students to take a more critical approach to the prevalent assumptions around the subject of macroeconomics, by comparing and contrasting heterodox and orthodox approaches…more
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Working Paper No. 916October 02, 2018
Unconventional Monetary Policies and Central Bank Profits
AbstractThis study investigates the evolution of central bank profits as fiscal revenue (or: seigniorage) before and in the aftermath of the global financial crisis of 2008–9, focusing on a select…more
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Working Paper No. 900January 29, 2018
Functional Finance
AbstractThis paper examines the views of Hyman Minsky and Abba Lerner on the functional finance approach to fiscal policy. It argues that the main principles of functional finance were relatively…more
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Working Paper No. 890May 15, 2017
On the Centrality of Redemption
AbstractThe paper presents a financial approach to monetary analysis that links the credit and state theories of money. A premise of the functional approach to money is that “money is…more
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Working Paper No. 861March 01, 2016
Money, Power, and Monetary Regimes
AbstractMoney, in this paper, is defined as a power relationship of a specific kind, a stratified social debt relationship, measured in a unit of account determined by some authority. A…more
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Book SeriesSeptember 29, 2015
Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems, Second Edition
AbstractIn a completely revised second edition, Senior Scholar L. Randall Wray presents the key principles of Modern Money Theory, exploring macro accounting, monetary and fiscal policy, currency regimes, and exchange…more