As the United States continues its slow recovery from the global financial crisis of 2008, politicians, policymakers and academics are increasingly turning to the lessons of history to gain insight into how we might address both current and future economic challenges. This volume offers...

Economics and finance typically analyze the exchange rate as the relative price of goods and assets, respectively. By contrast, this paper explores a “money view” which understands the exchange rate as the relative price of money, a price that is determined in dealer markets by the order...

This ambitious book seeks both to revive and revise the idea of ‘functional finance'. Followers of this doctrine believe that government budgets should concentrate solely on their macroeconomic impact on the economy, rather than reflecting a concern for sound finance and budgetary discipline....

During his lifetime Hyman Minsky made a seminal contribution to the development of financial Keynesianism. In this book, leading academics celebrate his work and explore his economic legacy. Special attention is paid to his work on contemporary economic method, the Great Depression, the European...

As usually understood, the significant debate over the founding of the Fed was between advocates of the real bills doctrine and advocates of the quantity theory of money. This understanding however conflates two different distinctions: one between the banking principle and the currency...

Once upon a time, macroeconomics was a field organized around money and the equation of exchange, as in Fisher 1911. Today, the field is organized instead around finance and the intertemporal Euler equation. This article tells the story of how we moved from then to now, a story that revolves...