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The current discussion about the future of the financial system draws heavily on a set of theories known as the ‘New Monetary Economics’. The New Monetary Economics predicts that deregulation and financial innovation will lead to a moneyless world. This paper uses a market microstructure...
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The New Neoclassical Synthesis (NNS) epitomized by Michael Woodford's Interest and Prices (2003) is based on a system of three equations that determines the short-run dynamics of output, inflation and interest-rates. Using a feedback-rule of the interest rate to change in inflation and output...
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In this paper, we study in?nitely repeated games with imperfect public monitoring and the possibility of monetary transfers. We develop an effcient algorithm to compute the set of pure strategy public perfect equilibrium payoffs for each discount factor. We also show how all equilibrium payoffs...
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of money via the use of money for public purpose, following the principles of Modern Money Theory (MMT). When used …This paper explores the rise of money and class society in ancient Greece, drawing historical and theoretical parallels … metallist theories of money. It will be shown that the origins and the evolution of money were closely intertwined with the rise …
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