Chapter 1: Introduction -- Chapter 2: Existing Literature: A Brief Tour -- Chapter 3: What is Money? -- Chapter 4: The Origin of Money as the Ability to Obtain Goods and Services -- Chapter 5: Money as the Ability Vis-à-Vis Other Concepts -- Chapter 6: Money as the Ability and Some Related...

The paper models the interaction between risk taking in the financial sector and central bank policy. It shows that in the absence of central bank intervention, the incentive of financial intermediaries to free ride on liquidity in good states may result in excessively low liquidity in bad...

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...

One of the main contributions of Modern Money Theory (MMT) has been to explain why monetarily sovereign governments have a very flexible policy space that is unconstrained by hard financial limits. Not only can they issue their own currency to pay public debt denominated in their own currency,...