Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems

Front Cover
Palgrave Macmillan, Aug 7, 2012 - Business & Economics - 294 pages

In a challenge to conventional views on modern monetary and fiscal policy, this book presents a coherent analysis of how money is created, how it functions in global exchange rate regimes, and how the mystification of the nature of money has constrained governments, and prevented states from acting in the public interest.

 

What people are saying - Write a review

We haven't found any reviews in the usual places.

Contents

1 The Basics of Macroeconomic Accounting
1
2 Spending by Issuer of Domestic Currency
39
Banking and Central Banking
76
4 Fiscal Operations in a Nation That Issues Its Own Currency
110
5 Modern Money Theory and Alternative Exchange Rate Regimes
148
What Should Government Do?
187
7 Policy for Full Employment and Price Stability
221
8 What Is Money? Conclusions on the Nature of Money
261
Conclusions
282
Notes
283
Bibliography
284
Index
289
Copyright

Other editions - View all

Common terms and phrases

About the author (2012)

L. RANDALL WRAY is a professor of Economics at the University of Missouri-Kansas City, USA, as well as Research Director, the Center for Full Employment and Price Stability, and Senior Scholar at the Levy Economics Institute of Bard College, New York. A student of Hyman P. Minsky while at Washington University in St. Louis, Wray has focused on monetary theory and policy, macroeconomics, financial instability, and employment policy. He has published widely in journals and is the author of Understanding Modern Money: The Key to Full Employment and Price Stability (Elgar, 1998) and Money and Credit in Capitalist Economies (Elgar 1990). He is the editor of Credit and State Theories of Money (Edward Elgar 2004) and the co-editor of Contemporary Post Keynesian Analysis (Edward Elgar 2005), Money, Financial Instability and Stabilization Policy (Edward Elgar 2006), and Keynes for the twenty-first century: The Continuing Relevance of The General Theory, Palgrave, 2008. Wray is also the author of numerous scholarly articles in edited books and academic journals, including the Journal of Economic Issues, Cambridge Journal of Economics, Review of Political Economy, Journal of Post Keynesian Economics, Economic and Labour Relations Review, Economie Appliquée, and the Eastern Economic Journal. Wray received a B.A. from the University of the Pacific and an M.A. and Ph.D. from Washington University in St. Louis. He has served as a visiting professor at the University of Rome, the University of Paris, and UNAM (Mexico City). He was the Bernardin-Haskell Professor, UMKC, Fall 1996, and joined the UMKC faculty as Professor of Economics, August 1999.