Modern Money Theory A Primer on Macroeconomics for Sovereign Monetary Systems

ISBN-10: 0230368891
ISBN-13: 9780230368897
Edition: 2012
Authors: L. Randall Wray
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Book details

Copyright year: 2012
Publisher: Palgrave Macmillan Limited
Publication date: 8/7/2012
Binding: Paperback
Pages: 294
Size: 5.25" wide x 8.25" long x 0.75" tall
Weight: 1.166
Language: English

Mathew Forstater is the Director and L. Randall Wray is the Research Director at the Center for Full Employment and Price Stability, University of Missouri at Kansas City.

List of Illustrations
Preface
Box: Definitions
The Basics of Macroeconomic Accounting
The basics of accounting for stocks and flows
MMT, sectoral balances, and behavior
Government budget deficits are largely nondiscretionary: the case of the Great Recession of 2007
Accounting for real versus financial
Recent US sectoral balances: Goldilocks and the global crash
Stocks, flows, and balance sheet: a bathtub analogy
Spending by Issuer of Domestic Currency
What is a sovereign currency?
What backs up currency and why would anyone accept it?
Taxes drive money
What if the population refuses to accept the domestic currency?
Keeping track of stocks and flows: the money of account
Returning to real versus nominal stocks and flows
Sustainability conditions
The Domestic Monetary System: Banking and Central Banking
IOUs denominated in the national currency: government and private
Clearing and the pyramid of liabilities
Central bank operations in crisis: lender of last resort
Balance sheets of banks, monetary creation by banks, and interbank settlement
Exogenous interest rates and quantitative easing
The technical details of central bank and treasury coordination: the case of the Fed
Treasury debt operations
Fiscal Operations in a Nation That Issues Its Own Currency
Introductory principles
Effects of sovereign government budget deficits on saving, reserves, and interest rates
Government budget deficits and the "two-step" process of saving
What if foreigners hold government bonds?
Currency solvency and the special case of the US Dollar
Sovereign currency and government policy in the open economy
What about a country that adopts a foreign currency?
Modern Money Theory and Alternative Exchange Rate Regimes
The gold standard and fixed exchange rates
Floating exchange rates
Commodity money coins? metalism versus nominalism, from Mesopotamia to Rome
Commodity money coins? metalism versus nominalism, after Rome
Exchange rate regimes and sovereign defaults
The Euro: the set-up of a nonsovereign currency
The crisis of the Euro
Endgame for the Euro?
Currency regimes and policy space: conclusion
Monetary and Fiscal Policy for Sovereign Currencies: What Should Government Do?
Just because government can afford to spend does not mean government ought to spend
The "free" market and the public purpose
Functional finance
Functional finance versus the government budget constraint
The debate about debt limits (US case)
A budget stance for economic stability and growth
Functional finance and exchange rate regimes
Functional finance and developing nations
Exports are a cost, imports are a benefit: a functional finance approach
Policy for Full Employment and Price Stability
Functional finance and full employment
The JG/ELR for a developing nation
Program manageability
The JG/ELR and real world experience
Conclusions on full employment policy
MMT for Austrians: can a libertarian support the JG?
Inflation and the consumer price index
Alternative explanations of hyperinflation
Real-world hyperinflations
Conclusions on hyperinflation
Conclusion: MMT and policy
What Is Money? Conclusions on the Nature of Money
Is money a physical thing?
Propositions on the nature of money
Money is debt
Liquidity and default risks on money IOUs
Why are banks special?
Conclusions
Notes
Bibliography
Index

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