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Banking sector, distributive conflict, and monetary theory of distribution

Zolea, Riccardo - 2023

not analyze the links between the central bank and the banking sector. It therefore seems interesting to study what role …

Persistent link: https://www.econbiz.de/10014320885

Fiscal policy in a Stock-Flow Consistent (SFC) model

Godley, Wynne (contributor); Lavoie, Marc (contributor) - 2007

This paper deploys a simple stock-flow consistent (SFC) model in order to examine various contentions regarding fiscal and monetary policy. It follows from the model that if the fiscal stance is not set in the appropriate fashionthat is, at a well-defined level and growth ratethen full...

Persistent link: https://www.econbiz.de/10003726998

Money in finance

Wray, L. Randall - 2011

; State Money ; Chartalism ; Shadow Bank ; Hyman Minsky ; Securitization ; Robert Clower …

Persistent link: https://www.econbiz.de/10008906555

The "Keynesian moment" in policymaking, the perils ahead, and a flow-of-funds interpretation of fiscal policy

Terzi, Andrea - 2010

With the global crisis, the policy stance around the world has been shaken by massive government and central bank … financed by the monopoly supply of central bank credit. Fiscal deficits can thus be considered functional to the objective of … bank credit, thus introducing national solvency risks. This is a crucial flaw in the institutional structure of Euroland …

Persistent link: https://www.econbiz.de/10008657988

Effective demand in the recent evolution of the US economy

López Gallardo, Julio; Reyes-Ortiz, Luis - 2011

We present strong empirical evidence favoring the role of effective demand in the US economy, in the spirit of Keynes and Kalecki. Our inference comes from a statistically well-specified VAR model constructed on a quarterly basis from 1980 to 2008. US output is our variable of interest, and it...

Persistent link: https://www.econbiz.de/10009153006

The two approaches to money : debt, central banks, and functional finance

Mastromatteo, Giuseppe; Esposito, Lorenzo - 2015

The scientific reassessment of the economic role of the state after the crisis has renewed interest in Abba Lerner’s theory of functional finance (FF). A thorough discussion of this concept is helpful in reconsidering the debate on the nature of money and the origin of the business cycle and...

Persistent link: https://www.econbiz.de/10011392820

Is a very high public debt a problem?

Leão, Pedro - 2015

This paper has two main objectives. The first is to propose a policy architecture that can prevent a very high public debt from resulting in a high tax burden, a government default, or inflation. The second objective is to show that government deficits do not face a financing problem. After...

Persistent link: https://www.econbiz.de/10011309513

Options for China in a dollar standard world : a sovereign currency approach

Wray, L. Randall; Liu, Xinhua - 2014

This paper examines the fiscal and monetary policy options available to China as a sovereign currency-issuing nation operating in a dollar standard world. We first summarize a number of issues facing China, including the possibility of slower growth, global imbalances, and a number of domestic...

Persistent link: https://www.econbiz.de/10010228185

Economic policy in India : for economic stimulus, or for austerity and volatility?

Sen, Sunanda; DasGupta, Zico - 2014

The implementation of economic reforms under new economic policies in India was associated with a paradigmatic shift in monetary and fiscal policy. While monetary policies were solely aimed at "price stability" in the neoliberal regime, fiscal policies were characterized by the objective of...

Persistent link: https://www.econbiz.de/10010385761

Modern Money Theory 101 : a reply to critics

Tymoigne, Éric; Wray, L. Randall - 2013

institutions and practices surrounding the fiscal and monetary operations of the treasury and central bank of many nations, MMT has …

Persistent link: https://www.econbiz.de/10010197674