An alternative theoretical setting is presented to characterise the money demand and the monetary equilibrium. Two main hypotheses are stated that contradict the assumptions normally sustained by scholars and policy-makers: National output is assumed to be a random variable, and people are...

A graph representation of the financial relations in a given monetary structure is proposed. It is argued that the graph of debt-liability relations is naturally organized and simplified into a tree structure, around banks and a central bank. Indeed, this optimal graph allows to perform payments...

The theory of money supply is less developed than that of money demand, largely because 19th-century economists believed that money was unimportant and because they viewed the central bank as either an appendage to the economy or as a welfare-maximizing black box. The paper reviews each of these...

The relation between religion, economy and the country became a major topic in the development of public welfare systems. Humans are political creatures that have the potential to realise the level of moral conscience to meet the needs of a better life, but humans as spiritual beings must have a...

he purpose of this paper is to discuss some of the models used in New Monetarist Economics, which is our label for a body of recent work on money, banking, payments systems, asset markets, and related topics. A key principle in New Monetarism is that solid microfoundations are critical for...

This is a theoretical analysis of structural interdependence in monetary economics. Some recent attempts to integrate money and finance in the theory of income and expenditure are critically examined. The Sraffian dichotomic interpretation of classical political economy is refused. A version of...

Subject of the present study is the agent-based computer simulation of Agent Island. Agent Island is a macroeconomic model, which belongs to the field of monetary theory. Agent-based modeling is an innovative tool that made much progress in other scientific fields like medicine or logistics. In...

The conduct of the monetary policy could be view as a series of decisions in which the objectives and tools are chosen. This paper explores some aspects of the strategic decisions of the monetary policy such as the roles played by central banks and other public authorities, the main constraints...

The paper shows the advantages and handicaps of implementing an inflation target (IT) regime, from a Post-Keynesian and, thus, an institutional stance. It is Post-Keynesian as long as it does not perceive any benefit in the mainstream split between monetary and fiscal policies. And it is...

As an innovator in the financial system, China was the first to use paper currency. Eventually the form of currency was held responsible for devastating inflation and was abandoned during the Ming Dynasty. Going forward in time, uprisings and discontent have emphasized the importance of...