Publications

84 publications found, searching for 'Money '

• Working Paper No. 827 January 09, 2015

  Minsky on Banking

  L. Randall Wray
  Abstract

  In this paper, I examine whether Hyman P. Minsky adopted an endogenous money approach in his early work—at the time that he was first developing his financial instability approach. In an earlier piece (Wray 1992), I closely examined Minsky’s published writings to support the argument that, from his earliest articles in 1957 to his 1986 […]

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• Working Paper No. 827 January 09, 2015

  Η προσέγγιση του Minsky για το τραπεζικό σύστημα

  L. Randall Wray
  Abstract

  Στην παρούσα εργασία διερευνούμε αν στο πρώιμο έργο του ο Hyman Minsky υιοθέτησε μια προσέγγιση του χρήματος ως ενδογενής μεταβλητή την περίοδο που ξεκινούσε την επεξεργασία της υπόθεση της χρηματοπιστωτικής αστάθειας. Σε ένα προγενέστερο κείμενό μου (Wray 1992) εξέτασα αναλυτικά τα δημοσιευμένα κείμενα του Minsky για να στηρίξω το επιχείρημα ότι διατηρούσε με συνέπεια την […]

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• Working Paper No. 821 December 12, 2014

  Outside Money

  L. Randall Wray
  Abstract

  Over the past two decades there has been a revival of Georg Friedrich Knapp’s “state money” approach, also known as chartalism. The modern version has come to be called Modern Money Theory. Much of the recent research has delved into three main areas: mining previous work, applying the theory to analysis of current sovereign monetary […]

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• Working Paper No. 818 October 09, 2014

  The Determinants of Long-Term Japanese Government Bonds’ Low Nominal Yields

  Tanweer Akram, and Anupam Das
  Abstract

  During the past two decades of economic stagnation and persistent deflation in Japan, chronic fiscal deficits have led to elevated and rising ratios of government debt to nominal GDP. Nevertheless, long-term Japanese government bonds’ (JGBs) nominal yields initially declined and have stayed remarkably low and stable since then. This is contrary to the received wisdom […]

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• Working Paper No. 818 October 09, 2014

  Οι προσδιοριστικοί παράγοντες των χαμηλών ονομαστικών αποδόσεων στα μακροπρόθεσμα κρατικά ομόλογα της Ιαπωνίας

  Tanweer Akram, and Anupam Das
  Abstract

  Κατά τη διάρκεια των τελευταίων δύο δεκαετιών οικονομικής στασιμότητας και επίμονου αποπληθωρισμού στην Ιαπωνία, τα χρόνια δημοσιονομικά ελλείμματα έχουν οδηγήσει σε υψηλά και συνεχώς αυξανόμενα επίπεδα την αναλογία του δημόσιου χρέους προς το ονομαστικό ΑΕΠ. Παρ\’ όλα αυτά, οι ονομαστικές αποδόσεις των μακροπρόθεσμων κρατικών ομολόγων της Ιαπωνίας μειώθηκαν αρχικά και έκτοτε έχουν μείνει σε εξαιρετικά […]

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• Working Paper No. 817 September 30, 2014

  Endogenous Money and the Natural Rate of Interest

  Philip Pilkington
  Abstract

  Since the beginning of the fall of monetarism in the mid-1980s, mainstream macroeconomics has incorporated many of the principles of post-Keynesian endogenous money theory. This paper argues that the most important critical component of post-Keynesian monetary theory today is its rejection of the “natural rate of interest.” By examining the hidden assumptions of the loanable […]

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• Public Policy Brief No. 134 June 03, 2014

  A Sustainable Monetary Framework for an Independent Scotland

  Philip Pilkington
  Abstract

  This September, voters in Scotland will decide whether to break away from the United Kingdom. If supporters of independence carry the day, pivotal choices that affect the scope of Scotland’s economic sovereignty and its future relationship to the UK will need to be made, particularly with respect to the question of its currency. As the […]

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• Public Policy Brief No. 134 June 03, 2014

  Ένα βιώσιμο νομισματικό πλαίσιο μιας ανεξάρτητης Σκωτίας

  Philip Pilkington
  Abstract

  Οι ψηφοφόροι στη Σκωτία θα αποφασίσουν το Σεπτέμβριο αν θα παραμείνουν στο Ηνωμένο Βασίλειο. Αν ψηφίσουν υπέρ της ανεξαρτησίας, θα πρέπει να γίνουν στρατηγικής σημασίας επιλογές που αφορούν την έκταση της οικονομικής κυριαρχίας της Σκωτίας και τη μελλοντική της σχέση με το Ηνωμένο Βασίλειο. Με φόντο την καταστροφή στην ευρωζώνη, είναι σημαντικό να γίνουν οι […]

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• Working Paper No. 799 May 06, 2014

  Νομισματική μηχανική

  Abstract

  Η παρούσα εργασία αναπτύσσει το πλαίσιο της ανάλυσης των νομισματικών συστημάτων που διαμορφώθηκε από οικονομολόγους όπως ο Macleod, ο Keynes, ο Innes και ο Knapp. Το συγκεκριμένο πλαίσιο δεν εστιάζει στις λειτουργίες που επιτελούνται από ένα αντικείμενο, αλλά στα χρηματοοικονομικά χαρακτηριστικά του. Οτιδήποτε έχει εκδοθεί από οποιονδήποτε μπορεί να αποτελέσει ένα νομισματικό μέσο και κάθε […]

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• Working Paper No. 799 May 06, 2014

  Monetary Mechanics

  Abstract

  This paper develops the framework of analysis of monetary systems put together by authors such as Macleod, Keynes, Innes, and Knapp. This framework does not focus on the functions performed by an object but rather on its financial characteristics. Anything issued by anybody can be a monetary instrument and any type of material can be […]

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• Working Paper No. 792 March 05, 2014

  From the State Theory of Money to Modern Money Theory

  L. Randall Wray
  Abstract

  This paper explores the intellectual history of the state, or chartalist, approach to money, from the early developers (Georg Friedrich Knapp and A. Mitchell Innes) through Joseph Schumpeter, John Maynard Keynes, and Abba Lerner, and on to modern exponents Hyman Minsky, Charles Goodhart, and Geoffrey Ingham. This literature became the foundation for Modern Money Theory […]

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• Working Paper No. 791 March 05, 2014

  Central Bank Independence

  L. Randall Wray
  Abstract

  It is commonplace to speak of central bank “independence” as if it were both a reality and a necessity. While the Federal Reserve is subject to the “dual mandate,” it has substantial discretion in its interpretation of the vague call for high employment and low inflation. Most important, the Fed’s independence is supposed to insulate it […]

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• Working Paper No. 788 March 03, 2014

  Modern Money Theory and Interrelations between the Treasury and the Central Bank

  Abstract

  One of the main contributions of Modern Money Theory (MMT) has been to explain why monetarily sovereign governments have a very flexible policy space that is unconstrained by hard financial limits. Not only can they issue their own currency to pay public debt denominated in their own currency, but they can also easily bypass any […]

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• Working Paper No. 783 January 10, 2014

  Options for China in a Dollar Standard World

  L. Randall Wray, and Xinhua Liu
  Abstract

  This paper examines the fiscal and monetary policy options available to China as a sovereign currency-issuing nation operating in a dollar standard world. We first summarize a number of issues facing China, including the possibility of slower growth, global imbalances, and a number of domestic imbalances. We then analyze current monetary and fiscal policy formation […]

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• One-Pager No. 44 December 19, 2013

  Επιλογές οικονομικής πολιτικής για την Κίνα

  L. Randall Wray
  Abstract

  Με την εφαρμογή της πολιτικής του ανοίγματος της οικονομίας, πριν από περίπου 35 χρόνια, η Κίνα απολαμβάνει υψηλά επίπεδα οικονομικής ανάπτυξης και άνοδο του βιοτικού επιπέδου για μεγάλο μέρος του πληθυσμού της. Ωστόσο, κάποιοι αναλυτές υποστηρίζουν ότι η Κίνα ενδέχεται να μην εξελιχθεί σε χώρα υψηλού εισοδήματος, υποτιμώντας με αυτόν τον τρόπο την ικανότητα της […]

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• One-Pager No. 44 December 19, 2013

  Policy Options for China

  L. Randall Wray
  Abstract

  Since adopting a policy of gradually opening its economy more than three decades ago, China has enjoyed rapid economic growth and rising living standards for much of its population. While some argue that China might fall into the middle-income “trap,” they are underestimating the country’s ability to continue to grow at a rapid pace. It […]

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• Working Paper No. 778 November 01, 2013

  Modern Money Theory 101

  L. Randall Wray
  Abstract

  One of the main contributions of Modern Money Theory (MMT) has been to explain why monetarily sovereign governments have a very flexible policy space that is unencumbered by hard financial constraints. Through a detailed analysis of the institutions and practices surrounding the fiscal and monetary operations of the treasury and central bank of many nations, […]

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• Working Paper No. 745 January 03, 2013

  Stock-flow Consistent Modeling through the Ages

  Antoine Godin, and Eugenio Caverzasi
  Abstract

  The aim of the paper is to provide an overview of the current stock-flow consistent (SFC) literature. Indeed, we feel the SFC approach has recently led to a blossoming literature, requiring a new summary after the work of Dos Santos (2006) and, above all, after the publication of the main reference work on the methodology, […]

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• Working Paper No. 741 December 13, 2012

  Primary and Secondary Markets

  Egmont Kakarot-Handtke
  Abstract

  The analytical starting point determines the course of a theoretical investigation and, ultimately, the productiveness of an approach. The classics took production and accumulation as their point of departure; the neoclassics, exchange. Exchange implies behavioral assumptions and notions like rationality, optimization, and equilibrium. It is widely recognized that this approach has led into a cul-de-sac. […]

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• Working Paper No. 740 December 07, 2012

  Conflicting Claims in the Eurozone?

  Alberto Botta
  Abstract

  In this paper, we analyze the role of the current institutional setup of the eurozone in fostering the ongoing peripheral euro countries’ sovereign debt crisis. In line with Modern Money Theory, we stress that the lack of a federal European government running anticyclical fiscal policy, the loss of euro member-states’ monetary sovereignty, and the lack […]

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• Working Paper No. 736 November 21, 2012

  A Meme for Money

  L. Randall Wray
  Abstract

  This paper argues that the usual framing of discussions of money, monetary policy, and fiscal policy plays into the hands of conservatives.That framing is also largely consistent with the conventional view of the economy and of society more generally. To put it the way that economists usually do, money “lubricates” the market mechanism—a good thing, […]

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• Public Policy Brief No. 127 November 07, 2012

  Δημοσιονομικές παγίδες και μακροπολιτική μετά την κρίση στην ευρωζώνη

  Dimitri B. Papadimitriou
  Abstract

  Τους επόμενους μήνες, οι Ηνωμένες Πολιτείες πρέπει να κάνουν μια βασική επιλογή στην οικονομική τους πολιτική, μια επιλογή που θα διαμορφώσει την οικονομία των ΗΠΑ για τα επόμενα χρόνια. Οι αυθεντίες και οι φορείς χάραξης πολιτικής διαφωνούν για το πώς πρέπει να αντιμετωπιστεί αυτό που ευρέως αναφέρεται ως «ο δημοσιονομικός γκρεμός», ένας συνδυασμός περικοπής δαπανών […]

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• Public Policy Brief No. 127 November 07, 2012

  Fiscal Traps and Macro Policy after the Eurozone Crisis

  Dimitri B. Papadimitriou
  Abstract

  The United States must make a fundamental choice in its economic policy in the next few months, a choice that will shape the US economy for years to come. Pundits and policymakers are divided over how to address what is widely referred to as the “fiscal cliff,” a combination of tax increases and spending cuts […]

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• Working Paper No. 717 May 03, 2012

  Μια εισαγωγή στην εναλλακτική ιστορία του χρήματος

  L. Randall Wray
  Abstract

  Η εργασία αυτή ενσωματώνει τις διάφορες συνιστώσες μιας εναλλακτικής, ετερόδοξης άποψης αναφορικά με την προέλευση του χρήματος και την ανάπτυξη του σύγχρονου χρηματοπιστωτικού συστήματος με τρόπο που να συνάδει με τα ευρήματα των ιστορικών και των ανθρωπολόγων. Όπως είναι γνωστό, η ορθόδοξη ερμηνεία της προέλευσης και της εξέλιξης του χρήματος ξεκινά με τη δημιουργία ενός […]

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