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There is not an overwhelming case to be made that the Federal Reserve System (FRS) should be analyzed as a bureau instead of as a firm or set of firms. Accordingly, I discuss the formation of the FRS in relation to the framework developed by William Gartner for describing the phenomenon of new...
Persistent link: https://www.econbiz.de/10012951704
the history of money. As a historical check on Fantacci's theory I will present various moments in Russian monetary …'s theory of division between the unit of account and the medium of exchange with those of Walther Eucken and the Austrian …
Persistent link: https://www.econbiz.de/10013157875
The aim of this paper is to combine the claim theory of money, and particularly chartalism, with institutionalism … within commodity theory, while it subsequently enjoys sounder ontological foundations. This framework of study can also …
Persistent link: https://www.econbiz.de/10014213124
John Maynard Keynes's liquidity preference theory, Kregel argued that such rejection leaves the relation between money and … capital asset prices, and thus investment theory, hanging. This paper extends Kregel's analysis to an examination of the role … requires an extension of the circuit theory of money, along the lines of the credit and state money approaches of modern …
Persistent link: https://www.econbiz.de/10009523597
This paper deals with the question of whether there is a relationship between Kondratieff cycles and changes in the global monetary system. We use the model of the well-known Kondratieff scientist Carlota Perez to examine this relationship. It has been observed that at the beginning of the...
Persistent link: https://www.econbiz.de/10012848055
The Guyana government, from 2015 to 2021, accumulated a large overdraft on its central bank account. It owed this overdraft to a binding debt ceiling limit and fractious political environment that prevented an increase in the ceiling, allowing for the auctioning of Treasury bills to create the...
Persistent link: https://www.econbiz.de/10014531238
Persistent link: https://www.econbiz.de/10003566293
Persistent link: https://www.econbiz.de/10001717900
Attempting to find the technically optimal monetary policy is futile if the Federal Reserve's independence is undermined by political influences. F. A. Hayek, Milton Friedman, and James Buchanan each sought ways to improve the performance of the Federal Reserve. They each ended up rejecting the...
Persistent link: https://www.econbiz.de/10012976265
Do politics matter for macroprudential policy? I show that changes to macroprudential regulation exhibit a predictable electoral cycle in the run-up to 221 elections across 58 countries from 2000 through 2014. Policies restricting mortgages and consumer credit are systematically less likely to...
Persistent link: https://www.econbiz.de/10012135983