This paper advances three fundamental propositions regarding money: (1) As R. W. Clower (1965) famously put it, money … buys goods and goods buy money, but goods do not buy goods. (2) Money is always debt; it cannot be a commodity from the … possible. These three propositions are used to build a theory of money that is linked to common themes in the heterodox …

This paper advances three fundamental propositions regarding money: (1) As R. W. Clower (1965) famously put it, money … buys goods and goods buy money, but goods do not buy goods. (2) Money is always debt; it cannot be a commodity from the … possible. These three propositions are used to build a theory of money that is linked to common themes in the heterodox …

Monetary theory texts teach that governments create money and control monetary policy. Researchers at the Bank of … England, IMF and many others show that fractional reserve banking allows the private sector to create money. Most money … based debt is intimately connected to the process of money creation in the modern financial system. It should be obvious …

A wide range of heterodox theories claim that banks are special because they create money in the act of lending. Put …

A wide range of heterodox theories claim that banks are special because they create money in the act of lending. Put …

World financial crisis unveiled the precarious position of modern monetary system based on a centralized fiat money … supply and fractional-reserve banking. The scale of the crisis and the threat of major price inflation, which has already … particular of money. The paper is devoted to the issues of money with commodity backing and approaches of its introduction. Model …

World financial crisis unveiled the shaky state of modern monetary system, based on a centralized fiat money supply and … fractional-reserve banking. The scale of the crisis and the threat of major inflation, which has already become a reality on … possible solutions on how to remove them, it is necessary to revise the nature of its elements, first of all, money. The …

World financial crisis unveiled the shaky state of modern monetary system, based on a centralized fiat money supply and … fractional-reserve banking. The scale of the crisis and the threat of major inflation, which has already become a reality on … possible solutions on how to remove them, it is necessary to revise the nature of its elements, first of all, money. The …

inflation-output trade-off, the coexistence of money, credit, and higher return assets, settlement, and liquidity. After …In Money, Payments, and Liquidity, Ed Nosal and Guillaume Rocheteau provide a comprehensive investigation into the … economics of money and payments by explicitly modeling trading frictions between agents. Adopting the search-theoretic approach …