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...

We consider an environment where the general equilibrium assumption that every agent buys and sells simultaneously is relaxed. We show that fiat money can implement a Pareto optimal allocation only if taxes are type-specific. We then consider intermediated money by assuming that financial...

Bruun and Heyn-Johnsen (2009) state the paradox that economics has failed to provide a satisfactory explanation of how monetary profits are generated, even though the generation of a physical surplus is an established aspect of non-neoclassical economics. They emphasise that our ability to...

This paper asks why modern finance theory and the efficient market hypothesis have failed to explain long-term carry trades; persistent asset bubbles or zero lower bounds; and financial crises. It extends Godley and Lavoie (Monetary Economics: An Integrated Approach to Credit, Money, Income,...

Traditional monetary theory has largely ignored the role ofbank equity. Bank-centered accounts of how monetarypolicy affects the real economy usually focus on the role ofreserves and reserve requirements in determining the volumeof demand deposits and, in the case of the bank lendingchannel,...

[...]The first intellectual development challenging the use ofan activist monetary policy to stimulate output and reduceunemployment is the finding, most forcefully articulatedby Milton Friedman, that the effects of monetary policyhave long and variable lags.1 The uncertainty of the timingand...

[...]In the case studies that follow, we will see that thedesign choices for an inflation-targeting regime fall intofour basic categories: definition and measurement of thetarget, transparency, flexibility, and timing.[...]