with collateralized loans, trade in fiat money and production. Long-term nominal loans are backed by collateral, the value … collateral to face value of the loan. Default results in foreclosure, higher borrowing costs, inefficient investment and a … decrease in total output. We show that pre-crisis contractionary monetary policy interacts with Fisherian debt …

The world's major money printers are in trouble. The debt-based monetary architecture is going through serious stress …. The recent banking and sovereign debt crises are systemic symptoms indicating an upcoming and unavoidable change in money … new product/channel designed for money creation that does not require a commensurate debt or credit increase in the system …

buys goods and goods buy money, but goods do not buy goods. (2) Money is always debt; it cannot be a commodity from the … first proposition because, if it were, that would mean that a particular good is buying goods.(3) Default on debt is …

. A key innovation is to add investment spending to the analysis. In this environment, local real indeterminacy is much …