Part I. Understanding the Monetary System and Debt Bubbles in Modern Economies -- Chapter 1. How Money is Created in a Modern Economy (Max Rangeley) -- Chapter 2. Business Cycles, Debt Bubbles and the Monetary System (Max Rangeley) -- Chapter 3. Analysis of the Formation of the Super Bubble (Max...

The goal of this paper is twofold. First, we wish to better explain the relationship between Sargent and Wallace's (1981) unpleasant monetarist arithmetic, the closely connected fiscal theory of the price level (FTPL), and the monetarist view of inflation. Second, we discuss how the recent...

The goal of this paper is twofold. First, we wish to better explain the relationship between Sargent and Wallace's (1981) unpleasant monetarist arithmetic, the closely connected fiscal theory of the price level (FTPL), and the monetarist view of inflation. Second, we discuss how the recent...