Publications

89 publications found, searching for 'Money '

• Working Paper No. 843
  July 27, 2015

  Is a Very High Public Debt a Problem?

  Pedro Leao
  Abstract

  This paper has two main objectives. The first is to propose a policy architecture that can prevent a very high public debt from resulting in a high tax burden, a…more

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• Working Paper No. 841
  July 24, 2015

  Marx’s Theory of Money and 21st-century Macrodynamics

  Tai Young-Taft
  Abstract

  Marx’s theory of money is critiqued relative to the advent of fiat and electronic currencies and the development of financial markets. Specific topics of concern include (1) today’s identity of…more

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• Working Paper No. 839
  June 01, 2015

  Inside Money in a Kaldor-Kalecki-Steindl Fiscal Policy Model

  Tai Young-Taft
  Abstract

  We hope to model financial fragility and money in a way that captures much of what is crucial in Hyman Minsky’s financial fragility hypothesis. This approach to modeling Minsky may…more

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• Working Paper No. 832
  February 11, 2015

  The Rise of Money and Class Society

  L. Randall Wray and Alla Semenova
  Abstract

  This paper explores the rise of money and class society in ancient Greece, drawing historical and theoretical parallels to the case of ancient Egypt. In doing so, the paper examines…more

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• Working Paper No. 832
  February 11, 2015

  Η άνοδος του χρήματος και της ταξικής κοινωνίας

  L. Randall Wray and Alla Semenova
  Abstract

  Η παρούσα εργασία διερευνά την άνοδο του χρήματος και της ταξικής κοινωνίας στην αρχαία Ελλάδα, αντλώντας ιστορικούς και θεωρητικούς παραλληλισμούς από την περίπτωση της αρχαίας Αιγύπτου. Με τον τρόπο αυτό,…more

  Download Επιστημονική εργασία υπό εξέλιξη (Working Paper) No. 832 PDF (509.38 KB)
• 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…more

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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…more

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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…more

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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…more

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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,…more

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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…more

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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…more

  Download Public Policy Brief No. 134, 2014 PDF (547.26 KB)
• 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…more

  Download Κείμενο Δημόσιας Πολιτικής No. 134 PDF (782.35 KB)
• 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…more

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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…more

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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…more

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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…more

  Download Working Paper No. 791 PDF (1.14 MB)
• 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…more

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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…more

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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…more

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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…more

  Download One-Pager No. 44 PDF (67.56 KB)
• 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…more

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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,…more

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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…more

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