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This paper evaluates the relationship between monetary and fiscal policy and the relative effectiveness of macroeconomic stabilization through the lens of Modern Money Theory (MMT). We articulate previously-neglected aspects of monetary sovereignty to offer a new interpretation of the Bernanke...
Persistent link: https://www.econbiz.de/10015152656
In this paper, a unique event is studied: the opening of Bank of Canada in 1935, the central bank note issuance monopoly and its impact on the note issuing chartered banks. Between 1935-1950, Canadian chartered banks had to gradually withdraw their notes from circulation. In a...
Persistent link: https://www.econbiz.de/10013309970
world. The "once a century" global economic crisis of 2007-9 stands as a testament to the failure of this grand experiment …
Persistent link: https://www.econbiz.de/10013123974
Central banks have been considering the introduction of central bank digital currencies (CBDCs). The theoretical literature indicates that this may influence private banks' lending activity and their profitability with implications for financial stability. To provide empirical evidence on this...
Persistent link: https://www.econbiz.de/10014289254
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This working paper integrates the credit money approach (associated with Post Keynesian endogenous money theory) with the state money approach (associated with Modern Money Theory) by drawing on Wray's 1990 book (Money and Credit in Capitalist Economies: The Endogenous Money Approach, Edward...
Persistent link: https://www.econbiz.de/10015200189
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evade, as we found during World War II, when budget deficits ran up to a quarter of US GDP. If a central bank stands ready …
Persistent link: https://www.econbiz.de/10010252188
The economic crisis that began in 2007 and still lingers has invited comparison with the Great Depression of the 1930s. It has also generated renewed interest in Milton Friedman and Anna Schwartz's explanation of the latter as mainly the consequence of the Fed's failure as a lender of last...
Persistent link: https://www.econbiz.de/10010191681
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