Modern money theory: a primer on macroeconomics for sovereign monetary systems
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Basingstoke [u.a.]
Palgrave Macmillan
2012
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| Edition: | 1. publ. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Hier auch später erschienene, unveränderte Nachdrucke |
| Physical Description: | XVI, 294 S. graph. Darst. |
| ISBN: | 9780230368880 9780230368897 |
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Record in the Search Index
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| adam_text | Titel: Modern money theory
Autor: Wray, Larry Randall
Jahr: 2012
Contents
List oflllustrations viii
Preface ix
Box: Defmitions xv
1 The Basics of Macroeconomlc Accounting 1
1.1 The basics of accounting for Stocks and flows 1
1.2 MMT, sectoral balances, and behavior 6
1.3 Government budget deficits are largely
nondiscretionary: the case of the Great
Recession of 2007 15
1.4 Accounting for real versus financial 21
1.5 Recent US sectoral balances: Goldilocks
and the global crash 27
1.6 Stocks, flows, and balance sheet: a bathtub analogy 30
2 Spending by Issuer of Domestic Currency 39
2.1 What is a sovereign currency? 39
2.2 What backs up currency and why would
anyone accept it? 44
2.3 Taxes drive money 47
2.4 What if the population refuses to accept
the domestic currency? 52
2.5 Keeping track of Stocks and flows:
the money of account 58
2.6 Returning to real versus nominal Stocks and flows 62
2.7 Sustainability conditions 65
3 The Domestic Monetary System: Banking
and Central Banking 76
3.1 IOUs denominated in the national currency:
government and private 76
3.2 Clearing and the pyramid of liabilities 83
3.3 Central bank Operations in crisis: lender of last resort 89
3.4 Balance sheets of banks, monetary creation by banks,
and interbank settlement 92
3.5 Exogenous interest rates and quantitative easing 97
3.6 The technical details of central bank and
treasury coordination: the case of the Fed 98
3.7 Treasury debt Operations 105
Fiscal Operations in a Nation That Issues Its Own Currency 110
4.1 Introductory principles 110
4.2 Effects of sovereign government budget deficits
on saving, reserves, and interest rates 114
4.3 Government budget deficits and the two-step
process of saving 120
4.4 What if foreigners hold government bonds? 126
4.5 Currency solvency and the special
case of the US Dollar 133
4.6 Sovereign currency and government policy in
the open economy 138
4.7 What about a country that adopts a foreign currency? 144
Modern Money Theory and Alternative
Exchange Rate Regimes 148
5.1 The gold Standard and fixed exchange rates 149
5.2 Floating exchange rates 150
5.3 Commodity money coins? metalism versus
nominalism, from Mesopotamia to Rome 153
5.4 Commodity money coins? metalism versus
nominalism, after Rome 159
5.5 Exchange rate regimes and sovereign defaults 164
5.6 The Euro: the set-up of a nonsovereign currency 169
5.7 The crisis of the Euro 173
5.8 Endgame for the Euro? 181
5.9 Currency regimes and policy Space: conclusion 185
Monetary and Fiscal Policy for Sovereign Currencies:
What Should Government Do? 187
6.1 Just because government can afford to spend
does not mean government ought to spend 187
6.2 The free market and the public purpose 190
6.3 Functional finance 193
6.4 Functional finance versus the government
budget constraint 198
6.5 The debate about debt limits (US case) 203
6.6 A budget stance for economic stability and growth 208
6.7 Functional finance and exchange rate regimes 211
6.8 Functional finance and developing nations 216
6.9 Exports are a cost, imports are a benefit:
a functional finance approach 217
7 Policy for Füll Employment and Price Stability 221
7.1 Functional finance and füll employment 221
7.2 The JG/ELR for a developing nation 227
7.3 Program manageability 230
7.4 The JG/ELR and real world experience 233
7.5 Conclusions on füll employment policy 236
7.6 MMT for Austrians: can a libertarian support the JG? 238
7.7 Inflation and the consumer price index 241
7.8 Alternative explanations of hyperinflation 246
7.9 Real-world hyperinflations 252
7.10 Conclusions on hyperinflation 256
7.11 Conclusion: MMT and policy 258
8 What Is Money? Conclusions on the Nature of Money 261
8.1 Is money a physical thing? 262
8.2 Propositions on the nature of money 264
8.3 Money is debt 269
8.4 Liquidity and default risks on money IOUs 274
8.5 Why are banks special? 279
Conclusions 282
Notes 283
Bibliography 284
Index 289
|
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| dewey-ones | 339 - Macroeconomics and related topics |
| dewey-raw | 339.5/3 |
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| discipline | Wirtschaftswissenschaften |
| edition | 1. publ. |
| format | Book |
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| id | DE-604.BV040484253 |
| illustrated | Illustrated |
| indexdate | 2024-07-10T00:24:44Z |
| institution | BVB |
| isbn | 9780230368880 9780230368897 |
| language | English |
| lccn | 2012023574 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-025331411 |
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| physical | XVI, 294 S. graph. Darst. |
| publishDate | 2012 |
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| publisher | Palgrave Macmillan |
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| spelling | Wray, L. Randall 1953- Verfasser (DE-588)142136832 aut Modern money theory a primer on macroeconomics for sovereign monetary systems L. Randall Wray 1. publ. Basingstoke [u.a.] Palgrave Macmillan 2012 XVI, 294 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Hier auch später erschienene, unveränderte Nachdrucke Monetary policy Fiscal policy Macroeconomics Makroökonomie (DE-588)4037174-8 gnd rswk-swf Geldpolitik (DE-588)4019902-2 gnd rswk-swf Finanzpolitik (DE-588)4127795-8 gnd rswk-swf Geldtheorie (DE-588)4121333-6 gnd rswk-swf Makroökonomie (DE-588)4037174-8 s Geldtheorie (DE-588)4121333-6 s Geldpolitik (DE-588)4019902-2 s Finanzpolitik (DE-588)4127795-8 s b DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025331411&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Wray, L. Randall 1953- Modern money theory a primer on macroeconomics for sovereign monetary systems Monetary policy Fiscal policy Macroeconomics Makroökonomie (DE-588)4037174-8 gnd Geldpolitik (DE-588)4019902-2 gnd Finanzpolitik (DE-588)4127795-8 gnd Geldtheorie (DE-588)4121333-6 gnd |
| subject_GND | (DE-588)4037174-8 (DE-588)4019902-2 (DE-588)4127795-8 (DE-588)4121333-6 |
| title | Modern money theory a primer on macroeconomics for sovereign monetary systems |
| title_auth | Modern money theory a primer on macroeconomics for sovereign monetary systems |
| title_exact_search | Modern money theory a primer on macroeconomics for sovereign monetary systems |
| title_full | Modern money theory a primer on macroeconomics for sovereign monetary systems L. Randall Wray |
| title_fullStr | Modern money theory a primer on macroeconomics for sovereign monetary systems L. Randall Wray |
| title_full_unstemmed | Modern money theory a primer on macroeconomics for sovereign monetary systems L. Randall Wray |
| title_short | Modern money theory |
| title_sort | modern money theory a primer on macroeconomics for sovereign monetary systems |
| title_sub | a primer on macroeconomics for sovereign monetary systems |
| topic | Monetary policy Fiscal policy Macroeconomics Makroökonomie (DE-588)4037174-8 gnd Geldpolitik (DE-588)4019902-2 gnd Finanzpolitik (DE-588)4127795-8 gnd Geldtheorie (DE-588)4121333-6 gnd |
| topic_facet | Monetary policy Fiscal policy Macroeconomics Makroökonomie Geldpolitik Finanzpolitik Geldtheorie |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025331411&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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