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The goal of this paper is twofold. First, we wish to better explain the relationship between Sargent and Wallace's (1981) unpleasant monetarist arithmetic, the closely connected fiscal theory of the price level (FTPL), and the monetarist view of inflation. Second, we discuss how the recent...
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This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of …
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This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of … global financial crisis, which could be blamed on excessive financialization of the economy. -- Money ; Money of Account … ; State Money ; Chartalism ; Shadow Bank ; Hyman Minsky ; Securitization ; Robert Clower …
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money in the economy. Beneficiaries of government transfer program will consume a portion of it while the rest is saved and … and money supply. In the next step we provide a microfoundation for our intuitive reasoning using a simple endowment … analysis under structural panel VAR framework. Response of money supply to changes in government transfer uncovers a channel …
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