This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of … financing spending. We next examine the role played by financial institutions (e.g., banks) in the provision of finance. The …

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 …

can deny in the aftermath of the economy's collapse. While orthodox approaches lead to the conclusion that money and … basis for developing an approach that puts money and finance front and center. Including the theory of social costs also …

transforms existing financial claims against ultimate borrowers that have been originated by traditional banks. Based on … non-financial private sector had been originated by shadow banks. Consequently, dampening credit creation by the …

types of money are created and destructed: bank deposits, when banks grant loans to firms or to other banks, and central … bank money, when the central bank grants loans to private banks. We show that symmetric equilibria yield the first …We study money creation and destruction in today’s monetary architecture within a general equilibrium setting. Two …

Do negative policy rates hinder banks' transmission of monetary policy? To answer this question, we examine the … behaviour of Italian mortgage lenders using a novel loan-level dataset. When policy rates turn negative, banks with higher … structure of banks may matter for the transmission of negative policy rates, especially for long-maturity illiquid assets …

The current phase of low interest rates poses major challenges for banks. A continuous decline in the interest result …, which is so important for the profitability of banks, has been observed for years, as it is becoming in-creasingly difficult … for banks to generate sufficient income from the interest margin. This is partlydue to the European Central Bank …

perspective that money, credit and debt do not matter for the macroeconomy; (2) the neoclassical insistence that the economy …