Modern money theory : a primer on macroeconomics for sovereign monetary systems /: a primer on macroeconomics for sovereign monetary systems. ([2015])

• Record Type: Book
• Further Information: Note: L. Randall Wray.
• Authors: Wray, L. Randall, 1953-
• Contents: Contents; List Of Illustrations; Preface; Box: Definitions; Introduction The Basics Of Modern Money Theory; 1. The Basics Of Macroeconomic Accounting; 1.1.The Basics Of Accounting For Stocks And Flows; 1.2.MMT, Sectoral Balances, And Behavior; 1.3. Stocks, Flows, And Balance Sheet: A Bathtub Analogy; 1.4. Government Budget Deficits Are Largely Nondiscretionary: The Case Of The Great Recession Of 2007; 1.5. Accounting For Real Versus Financial; 1.6. Recent US Sectoral Balances: Goldilocks And The Global Crash; 2. Spending By Issuer Of Domestic Currency; 2.1. What Is A Sovereign Currency?; 2.2. What Backs Up Currency And Why Would Anyone Accept It?; 2.3. Taxes Drive Money; 2.4. What If The Population Refuses To Accept The Domestic Currency?; 2.5. Record Keeping In The The Money Of Account; 2.6. Sovereign Currency And Monetizing Real Assets; 2.7. Sustainability Conditions; 3. The Domestic Monetary System: Banking And Central Banking; 3.1. Ious Denominated In The National Currency; 3.2. Clearing And The Pyramid Of Liabilities; 3.3. Central Bank Operations In Crisis: Lender Of Last Resort; 3.4. Balance Sheets Of Banks, Monetary Creation By Banks, And Interbank Settle-Ment; 3.5. Exogenous Interest Rates And Quantitative Easing; 3.6. The Technical Details Of Central Bank And Treasury Coordination: The Case Of The Fed; 3.7. Treasury Debt Operations; 3.8. Conclusions On Fed And Treasury Roles; 4. Fiscal Operations In A Nation That Issues Its Own Currency; 4.1. Introductory Principles; 4.2. Effects Of Sovereign Government Budget Deficits On Saving, Reserves, And In-Terest Rates; 4.3. Government Budget Deficits And The 'Two-Step' Process Of Saving; 4.4. What If Foreigners Hold Government Bonds?; 4.5. Currency Solvency And The Special Case Of The US Dollar; 4.6. Sovereign Currency And Government Policy In The Open Economy; 4.7. What About A Country That Adopts A Foreign Currency?; 5. Tax Policy For Sovereign Nations; 5.1. Why Do We Need Taxes? The MMT Perspective; 5.2. What Are Taxes For? The MMT Approach; 5.3. Taxes For Redistribution; 5.4. Taxes And The Public Purpose; 5.5. Tax Bads, Not Goods; 5.6. Bad Taxes; 6. Modern Money Theory And Alternative Exchange Rate Regimes; 6.1.The Gold Standard And Fixed Exchange Rates; 6.2. Floating Exchange Rates; 6.3. Commodity Money Coins? Metalism Versus Nominalism, From Mesopotamia To Rome; 6.4. Commodity Money Coins? Metalism Versus Nominalism, After Rome; 6.5. Exchange Rate Regimes And Sovereign Defaults; 6.6. The Euro: The Set-Up Of A Nonsovereign Currency; 6.7. The Crisis Of The Euro; 6.8. Endgame For The Euro?; 6.9. Currency Regimes And Policy Space: Conclusion; 7. Monetary And Fiscal Policy For Sovereign Currencies: What Should Government Do?; 7.1. Just Because Government Can Afford To Spend Does Not Mean Government Ought To Spend; 7.2. The 'Free' Market And The Public Purpose; 7.3. Functional Finance; 7.4. Functional Finance Versus The Government Budget Constraint; 7.5. The Debate About Debt Limits (US Case); 7.6. A Budget Stance For Economic Stability And Growth; 7.7. Functional Finance And Exchange Rate Regimes; 7.8. Functional Finance And Developing Nations; 7.9. Exports Are A Cost, Imports Are A Benefit: A Functional Finance Approach; 8. Policy For Full Employment And Price Stability; 8.1. Functional Finance And Full Employment; 8.2. The JG/ELR For A Developing Nation; 8.3. Program Manageability; 8.4. The JG/ELR And Real World Experience; 8.5. The JG And Inequality; 8.6. Conclusions On Full Employment Policy; 8.7. MMT For Austrians: Can A Libertarian Support The JG?; 9. Inflation And Sovereign Currencies; 9.1. Inflation And The Consumer Price Index; 9.2. Alternative Explanations Of Hyperinflation; 9.3. Real-World Hyperinflations; 9.4. Conclusions On Hyperinflation; 9.5. Conclusion: MMT And Policy; 10. Conclusions: Modern Money Theory For Sovereign Currencies; 10.1. MMT Got It Right: The Global Financial Crisis; 10.2. MMT Got It Right: The Euro Crisis; 10.3. Creastionism Versus Redemptionism: How A Money-Issuer Really Lends And Spends; 10.4. Growing Recognition Of The Need For A Job Guarantee; 10.5. MMT And External Constraints: To Fix Or To Float, That Is The Question; 10.6. A Meme For Money; Notes; Bibliography; Index
• Edition: 2nd edition
• Publisher Details: Basingstoke : Palgrave Macmillan
• Publication Date: 2015
• Extent: 1 online resource, illustrations
• Subjects: 339.53; Monetary policy; Fiscal policy; Macroeconomics; Economics/Theory; Money & Monetary Policy; Monetary economics; Economics; Macroeconomics; Economics, finance, business & management
• Languages: English
• ISBNs: 9781137539939; 1137539933
• Related ISBNs: 9781137539915; 9781137539908
• Notes: Note: Includes bibliographical references and index.
• Access Rights: Legal Deposit; Only available on premises controlled by the deposit library and to one user at any one time; The Legal Deposit Libraries (Non-Print Works) Regulations (UK).
• Access Usage: Restricted: Printing from this resource is governed by The Legal Deposit Libraries (Non-Print Works) Regulations (UK) and UK copyright law currently in force.