Publications

94 publications found, searching for 'Money '

• Working Paper No. 1055
  September 18, 2024

  The Relation Between Budget Deficits and Growth: Complicated but Clear

  L. Randall Wray and Eric Lin
  Abstract

  This paper looks at the relationship between government budget deficits and the growth rate of GDP. While orthodox economic theory offers several reasons to believe that growing deficits might be…more

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• Working Paper No. 1052
  June 05, 2024

  Exchange-Rate Stability Causes Deterioration of the Productive Sphere and Destabilizes Developing Economies

  Arturo Huerta G.
  Abstract

  For Matías Vernengo and Esteban Pérez Caldentey (2020), the MMT literature overemphasizes the choice of the exchange rate regime and the relevance of a flexible exchange rate regime, as well…more

  Download Working Paper No. 1052 PDF (346.76 KB)
• Working Paper No. 1035
  January 04, 2024

  The Swedish Monetary System from a Balance Sheet Perspective

  Dirk Ehnts and Jussi Ora
  Abstract

  In this paper, we discuss the balance sheet mechanics of the Swedish government. We examine spending, government bond purchases, and tax payments. As long as the Swedish central bank, which…more

  Download Working Paper No. 1035 PDF (561.92 KB)
• Working Paper No. 1023
  July 14, 2023

  Climate Change and Fiscal Marksmanship

  Lekha S. Chakraborty, Amandeep Kaur, Ajay Narayan Jha, and Balamuraly B
  Abstract

  According to the theory of efficient markets, economic agents use all available information to form rational expectations. The rational expectations hypothesis asserts that information is scarce, the economic system generally…more

  Download Working Paper No. 1023 PDF (538.13 KB)
• Working Paper No. 1015
  February 20, 2023

  CBDC Next-Level: A New Architecture for Financial “Super-Stability” 

  Biagio Bossone and Michael Haines
  Abstract

  Fractional reserve regimes generate fragile banking, and full reserve regimes (e.g., narrow banking) remove fragility at the cost of suppressing the role of banks as lenders. A Central Bank Digital…more

  Download Working Paper No. 1015 PDF (640.94 KB)
• One-Pager
  December 07, 2022

  The Causes of Pandemic Inflation

  L. Randall Wray
  Abstract

  While 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

  Download One-Pager No. 70 PDF (128.13 KB)
• Working Paper No. 996
  December 13, 2021

  Seven Replies to the Critiques of Modern Money Theory

  Abstract

  Modern 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

  Download Working Paper No. 996 PDF (1.70 MB)
• One-Pager No. 68
  November 01, 2021

  Are Concerns over Growing Federal Government Debt Misplaced?

  L. Randall Wray
  Abstract

  With 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

  Download One-Pager No. 68 PDF (106.37 KB)
• Working Paper No. 992
  August 31, 2021

  Modeling Monopoly Money

  Sam Levey
  Abstract

  Many 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

  Download Working Paper No. 992 PDF (1.93 MB)
• Working Paper No. 985
  February 08, 2021

  Has Japan Been Following Modern Money Theory Without Recognizing It?

  L. Randall Wray and Yeva Nersisyan
  Abstract

  Modern 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

  Download Working Paper No. 985 PDF (289.71 KB)
• Working Paper No. 982
  January 24, 2021

  The Economic Problem: From Barter to Commodity Money to Electronic Money

  Jan Kregel
  Abstract

  The 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

  Download Working Paper No. 982 PDF (273.69 KB)
• Working Paper No. 979
  November 20, 2020

  Is It Time to Eliminate Federal Corporate Income Taxes?

  L. Randall Wray and Edward Lane
  Abstract

  As 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

  Download Working Paper No. 979 PDF (699.83 KB)
• Working Paper No. 977
  November 16, 2020

  A Note Concerning Government Bond Yields

  Tanweer Akram
  Abstract

  This 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

  Download Working Paper No. 977 PDF (263.56 KB)
• Working Paper No. 973
  October 01, 2020

  The Trade-off between Inflation and Unemployment in an MMT World

  Emilio Carnevali and Matteo Deleidi
  Abstract

  This 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

  Download Working Paper No. 973 PDF (1.01 MB)
• Working Paper No. 961
  July 13, 2020

  The "Kansas City" Approach to Modern Money Theory

  L. Randall Wray
  Abstract

  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…more

  Download Working Paper No. 961 PDF (351.33 KB)
• Public Policy Brief No. 150
  June 03, 2020

  The Impact of Technological Innovations on Money and Financial Markets

  Jan Kregel and Paolo Savona
  Abstract

  According 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

  Download Public Policy Brief No. 150, 2020 PDF (339.66 KB)
• One-Pager No. 63
  April 10, 2020

  Are We All MMTers Now? Not so Fast

  L. Randall Wray and Yeva Nersisyan
  Abstract

  As 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

  Download One-Pager No. 63 PDF (123.04 KB)
• Public Policy Brief No. 148
  January 31, 2020

  Can We Afford the Green New Deal?

  L. Randall Wray and Yeva Nersisyan
  Abstract

  In 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

  Download Public Policy Brief No. 148, 2020 PDF (234.15 KB)
• Testimony
  November 20, 2019

  Statement of Senior Scholar L. Randall Wray to the House Budget Committee, US House of Representatives

  L. Randall Wray and Yeva Nersisyan
  Abstract

  On 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

  Download Testimony, November 20, 2019 PDF (1.15 MB)
• Working Paper No. 936
  September 04, 2019

  Fiscal Reform to Benefit State and Local Governments

  L. Randall Wray
  Abstract

  This 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

  Download Working Paper No. 936 PDF (229.58 KB)
• Working Paper No. 932
  June 26, 2019

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

  Zengping He and Genliang Jia
  Abstract

  Local 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

  Download Working Paper No. 932 PDF (388.51 KB)
• Working Paper No. 931
  May 30, 2019

  How to Pay for the Green New Deal

  L. Randall Wray and Yeva Nersisyan
  Abstract

  This 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

  Download Working Paper No. 931 PDF (764.21 KB)
• Working Paper No. 928
  May 13, 2019

  Democratizing Money

  Jan Kregel
  Abstract

  In 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

  Download Working Paper No. 928 PDF (400.83 KB)
• Book Series
  February 01, 2019

  Macroeconomics

  L. Randall Wray, William Mitchell, and Martin Watts
  Abstract

  This 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