Das heutige Kreditgeldsystem wird von Kritikern zunehmend infrage gestellt. Vertreter von Vollgeld und Full Reserve Banking postulieren, dass die dezentrale Giralgeldschöpfung der Banken destruktive Boom-Bust-Zyklen, finanzielle Instabilitäten sowie strukturelle Verschuldungs- und...

I would like to address four interrelated topics, on which the central banking community has been known to pronounce: the one instrument, one-target story about money and inflation; the no-long-run tradeoff story that morphs into a no short-run tradeoff story; the problem of the exchange rate...

This book discusses contemporary banking and monetary policy issues from the perspective of the Austrian School of Economics. Based on the heritage of the Austrian school, leading scholars and practitioners offer a coherent diagnosis and analysis of the factors leading to Europe’s current...

1 -- Introduction: Strange Bedfellows and the Rise of Modern Money Theory -- 2. MMT Basics and the Sustainability of Money Financed Deficits -- 3. Institutional Specificity and the Limited Policy Relevance of Modern Money Theory -- 4. The Role of the Dollar as an International Currency and Its...

Money and Equilibrium in the Long Run: Long Run Growth – The Basic Framework -- Money and Long Run Growth -- Interaction Between Monetary and Fiscal Policy: Active and Passive Monetary Regimes -- Monetary Policy in the Short Run: New Keynesian Macroeconomics -- Optimal Monetary Policy --...

This textbook provides an introduction to modern monetary economics for advanced undergraduates, highlighting the lessons learned from the recent financial crisis. The book presents both the core New Keynesian model and recent advances, taking into account financial frictions, and discusses...