measures have also loomed over the global recession. This paper highlights the theoretical fallacies of monetarism and analyzes …

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 … possible. These three propositions are used to build a theory of money that is linked to common themes in the heterodox …

This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of …

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 an efficiency …

money and finance should not matter much, the alternative tradition-from Veblen and Keynes to Galbraith and Minsky …-provides the basis for developing an approach that puts money and finance front and center. Including the theory of social costs …

and 17 of the General Theory. It essentially reduced Keynes to sticky wages and prices, with nonneutral money only in the …

One of the main contributions of Modern Money Theory (MMT) has been to explain why monetarily sovereign governments … categories: views about the origins of money and the role of taxes in the acceptance of government currency, views about fiscal …

of income transfers to individuals and firms (in the form of unemployment insurance and investment subsidies … model presents a "price rule" for government spending that ensures that the ELR is not a source of inflation. Indeed, the …

Several explanations of the "great inflation moderation" (1982-2006) have been put forth, the most popular being that … inflation was tamed due to good monetary policy, good luck (exogenous shocks such as oil prices), or structural changes such as … inventory management techniques. Drawing from Post-Keynesian and structuralist theories of inflation, this paper uses a vector …