Modern Money Theory PDF Download

Author: L. Randall Wray
Publisher: Springer
ISBN: 1137539925
Category : Business & Economics
Languages : en
Pages : 322

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Book Description
This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.

Author: Roger W Garrison
Publisher: Routledge
ISBN: 1134895909
Category : Business & Economics
Languages : en
Pages : 289

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Book Description
Time and Money argues persuasively that the troubles which characterise modern capital-intensive economies, particularly the episodes of boom and bust, may best be analysed with the aid of a capital-based macroeconomics. The primary focus of this text is the intertemporal structure of capital, an area that until now has been neglected in favour of labour and money-based macroeconomics.

Author: N. Gregory Mankiw
Publisher: Macmillan
ISBN: 1429253673
Category : Business & Economics
Languages : en
Pages : 642

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Book Description
Watch this video interview with Greg Mankiw and Larry Ball discussing the future of the intermediate macroeconomics course and their new text. Check out preview content for Macroeconomics and the Financial System here. The financial crisis and subsequent economic downturn of 2008 and 2009 was a dramatic reminder of what economists have long understood: developments in the overall economy and developments in the financial system are inextricably intertwined. Derived and updated from two widely acclaimed textbooks (Greg Mankiw’s Macroeconomics, Seventh Edition and Larry Ball’s Money, Banking, and the Financial System), this groundbreaking text is the first and only intermediate macroeconomics text that provides substantial coverage of the financial system.

Author: Dale K. Cline
Publisher: Routledge
ISBN: 100055256X
Category : Business & Economics
Languages : en
Pages : 191

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Book Description
This innovative text offers an introduction to money, banking, and financial markets, with a special emphasis on the importance of confidence and trust in the macroeconomic system. It also presents the theory of endogenous money creation, in contrast to the standard money multiplier and fractional reserve explanation found in other textbooks. The U.S. economy and financial institutions are used to explain the theoretical and practical framework, with international examples weaved in throughout the text. It covers key topics including monetary policy, fiscal policy, accounting principles, credit creation, central banks, and government treasuries. Additionally, the book considers the international economy, including exchange rates, the Eurozone, Chinese monetary policy, and reserve currencies. Taking a broad look at the financial system, it also looks at banking regulation, cryptocurrencies, real estate, and the oil and gold commodity markets. Students are supported with chapter objectives, key terms, and problems. A test bank is available for instructors. This is an accessible introductory textbook for courses on money and banking, macroeconomics, monetary policy, and financial markets.

Author: Basil J. Moore
Publisher:
ISBN: 9780521350792
Category : Business & Economics
Languages : en
Pages : 420

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Book Description
Challenging the validity of much of mainstream macroeconomics, Basil Moore argues that the money supply in modern economies is not under the control of central banks, but rather is determined by borrower demand for bank credit. He then explores the implications of this perception for conventional macroeconomic theory. Mainstream analysis takes the view that central banks have it in their power to initiate exogenous changes in the nominal supply of money. In contrast to this "verticalist" view, this book contends that the supply of credit money is endogenous, and responds to changes in the demand for bank credit. This new "horizontalist" view holds that cental banks have the ability to set the supply price of money through short term interest rates, but not the quantity of money. Concluding that a new macroeconomic paradigm must be developed, Moore attempts to initiate the larger task of theory reconstruction that lies ahead.

Author: Dirk H. Ehnts
Publisher: Routledge
ISBN: 1317224795
Category : Business & Economics
Languages : en
Pages : 239

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Book Description
This book provides a new methodological approach to money and macroeconomics. Realizing that the abstract equilibrium models lacked descriptions of fundamental issues of a modern monetary economy, the focus of this book lies on the (stylized) balance sheets of the main actors. Money, after all, is born on the balance sheets of the central bank or commercial bank. While households and firms hold accounts at banks with deposits, banks hold an account at the central bank where deposits are called reserves. The book aims to explain how the two monetary circuits – central bank deposits and bank deposits – are intertwined. It is also shown how government spending injects money into the economy. Modern Monetary Theory and European Macroeconomics covers both the general case and then the Eurozone specifically. A very simple macroeconomic model follows which explains the major accounting identities of macroeconomics. Using this new methodology, the Eurozone crisis is examined from a fresh perspective. It turns out that not government debt but the stagnation of private sector debt was the major economic problem and that cuts in government spending worsened the economic situation. The concluding chapters discuss what a solution to the current problems of the Eurozone must look like, with scenarios that examine a future with and without a euro. This book provides a detailed balance sheet view of monetary and fiscal operations, with a focus on the Eurozone economy. Students, policy-makers and financial market actors will learn to assess the institutional processes that underpin a modern monetary economy, in times of boom and in times of bust.

Author: Avi J. Cohen
Publisher: Springer
ISBN:
Category : Business & Economics
Languages : en
Pages : 378

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Book Description
These 18 papers from the April 1995 conference at York U., Toronto present comparative and international perspectives on recent research in monetary theory and its application to practical policy issues. Although the contributors tend to emphasize the importance of credit creation in the monetary process, some of the authors offer more mainstream approaches. Topics include the roles of interest rate determination and the endogeneity of money in the credit economy, and monetary policy in North America and Europe. Annotation copyrighted by Book News, Inc., Portland, OR

Author: Bruna Ingrao
Publisher: Edward Elgar Publishing
ISBN: 178643153X
Category : Banks and banking
Languages : en
Pages : 420

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Book Description
The world financial crisis of 2007–2008 dramatically showed the importance of credit and financial relations for the efficient working of the economy. For a long time mainstream macroeconomics ignored these aspects and concentrated only on the real sector or just took into account the most elementary picture of the financial side of the economy. This book aims at explaining why this happened through an historical excursion of 20th century mainstream macroeconomic theory.

Author: John Smithin
Publisher: Rowman & Littlefield
ISBN: 1498542824
Category : Business & Economics
Languages : en
Pages : 258

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Book Description
This book provides a comprehensive re-working of the basic principles of monetary macroeconomics in an alternative monetary model (AMM) of economic growth, the business cycle, inflation and income distribution. These principles differ considerably from those advanced in the standard macroeconomics literature and in textbooks. However, the latter have been demonstrably unsuccessful in the promotion of usable macroeconomic policy advice for the past several years, actually decades. A different approach is needed. In particular, the new approach takes seriously the vital role of credit creation and endogenous money in capitalism. It does not imagine that all of the difficult questions of economic policy-making may be resolved within a paradigm that conceptualizes economic activity as merely a question of barter exchange. The result is a blueprint for a set of growth-friendly macroeconomic policies which will promote full employment, financial stability and higher real wages – essentially for the benefit of the long-suffering middle and working classes rather for the chamber of commerce and financial interests.

Author: Apostolos Serletis
Publisher: World Scientific
ISBN: 9812568182
Category : Business & Economics
Languages : en
Pages : 352

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Book Description
This book provides a comprehensive and systematic introduction to the problem of the definition of money and investigates the gains that can be achieved by a rigorous use of microeconomic- and aggregation-theoretic foundations in the construction of monetary aggregates. It provides readers with key aspects of monetary economics and macroeconomics, including monetary aggregation, demand systems, flexible functional forms, long-run monetary neutrality, the welfare cost of inflation, and nonlinear chaotic dynamics.This book offers the following conclusions: the simple-sum approach to monetary aggregation and log-linear money demand functions, currently used by central banks, are inappropriate for monetary policy purposes; the choice of monetary aggregation procedure is crucial in evaluating the welfare cost of inflation; the inter-related problems of monetary aggregation and money demand will be successfully investigated in the context of flexible functional forms that satisfy theoretical regularity globally, pointing the way forward to useful and productive research.