Publications

84 publications found, searching for 'Money '

• 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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• Working Paper No. 705 February 03, 2012

  What Do Poor Women Want? Public Employment or Cash Transfers?

  Pavlina R. Tcherneva
  Abstract

  The literature on public employment policies such as the job guarantee (JG) and the employer of last resort (ELR) often emphasizes their macroeconomic stabilization effects. But carefully designed and implemented policies like these can also have profound social transformative effects. In particular, they can help address enduring economic problems such as poverty and gender disparity. […]

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• Working Paper No. 704 January 27, 2012

  Imbalances? What Imbalances?

  L. Randall Wray
  Abstract

  It is commonplace to link neoclassical economics to 18th- or 19th-century physics and its notion of equilibrium, of a pendulum once disturbed eventually coming to rest. Likewise, an economy subjected to an exogenous shock seeks equilibrium through the stabilizing market forces unleashed by the invisible hand. The metaphor can be applied to virtually every sphere […]

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• Working Paper No. 704 January 27, 2012

  Ανισορροπίες; Ποιές ανισορροπίες;

  L. Randall Wray
  Abstract

  Είναι κοινός τόπος να συνδέει κανείς τα νεοκλασικά οικονομικά με τη φυσική του 18ου ή του 19ου και την έννοια της ισορροπίας, με την ιδέα της συμπεριφοράς του εκκρεμούς, που αν το μετακινήσουμε από το σημείο ηρεμίας, αυτό τελικά θα επιστρέψει πάλι σε αυτό. Ομοίως, ο στόχος μιας οικονομίας που υποβάλλεται σε εξωγενή σοκ είναι […]

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• Working Paper No. 700 December 22, 2011

  Is There Room for Bulls, Bears, and States in the Circuit?

  L. Randall Wray
  Abstract

  This paper takes off from Jan Kregel’s paper “Shylock and Hamlet, or Are There Bulls and Bears in the Circuit?” (1986), which aimed to remedy shortcomings in most expositions of the “circuit approach.” While some “circuitistes” have rejected John Maynard Keynes’s liquidity preference theory, Kregel argued that such rejection leaves the relation between money and […]

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• Working Paper No. 681 August 12, 2011

  Lessons We Should Have Learned from the Global Financial Crisis but Didn’t

  L. Randall Wray
  Abstract

  This paper begins by recounting the causes and consequences of the global financial crisis (GFC). The triggering event, of course, was the unfolding of the subprime crisis; however, the paper argues that the financial system was already so fragile that just about anything could have caused the collapse. It then moves on to an assessment […]

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• Working Paper No. 681 August 12, 2011

  Μαθήματα που θα έπρεπε να παίρναμε από την παγκόσμια χρηματοοικονομική κρίση αλλά δεν το κάναμε

  L. Randall Wray
  Abstract

  Η εργασία αυτή ξεκινάει μετρώντας ξανά τα αίτια και τις συνέπειες της παγκόσμιας χρηματοοικονομικής κρίσης (ΠΧΚ). Το γεγονός που πυροδότησε την κρίση ήταν, φυσικά, το ξεδίπλωμα της κρίσης στα στεγαστικά δάνεια υψηλού κινδύνου (subprimes). Εντούτοις, το άρθρο υποστηρίζει ότι το χρηματοοικονομικό σύστημα ήταν ήδη τόσο εύθραυστο που σχεδόν οτιδή̟ποτε θα μπορούσε να είχε προκαλέσει την […]

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• Working Paper No. 662 March 28, 2011

  The Financial Crisis Viewed from the Perspective of the “Social Costs” Theory

  L. Randall Wray
  Abstract

  This paper examines the causes and consequences of the current global financial crisis. It largely relies on the work of Hyman Minsky, although analyses by John Kenneth Galbraith and Thorstein Veblen of the causes of the 1930s collapse are used to show similarities between the two crises. K.W. Kapp’s “social costs” theory is contrasted with […]

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• Working Paper No. 658 March 15, 2011

  Keynes after 75 Years

  L. Randall Wray
  Abstract

  In this paper I first provide an overview of alternative approaches to money, contrasting the orthodox approach, in which money is neutral, at least in the long run; and the Marx-Veblen-Keynes approach, or the monetary theory of production. I then focus in more detail on two main categories: the orthodox approach that views money as […]

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• Working Paper No. 656 March 05, 2011

  Money in Finance

  L. Randall Wray
  Abstract

  This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of financing spending. We next examine the role played by financial institutions (e.g., banks) in the provision of finance. The role of government as both regulator of private institutions and provider of finance is also discussed, and related topics such […]

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• Working Paper No. 647 December 24, 2010

  Money

  L. Randall Wray
  Abstract

  This paper advances three fundamental propositions regarding money: (1) As R. W. Clower (1965) famously put it, money buys goods and goods buy money, but goods do not buy goods. (2) Money is always debt; it cannot be a commodity from the first proposition because, if it were, that would mean that a particular good […]

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• Working Paper No. 603 June 18, 2010

  Does Excessive Sovereign Debt Really Hurt Growth?

  L. Randall Wray, and Yeva Nersisyan
  Abstract

  The worst global downturn since the Great Depression has caused ballooning budget deficits in most nations, as tax revenues collapse and governments bail out financial institutions and attempt countercyclical fiscal policy. With notable exceptions, most economists accept the desirability of expansion of deficits over the short term but fear possible long-term effects. There are a […]

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