Understanding Modern Money: The Key to Full Employment and Price Stability
'This is the best kind of book - one that coaxes you to see the world in a new light. Old assumptions and prejudices melt away and you find yourself thinking differently (and more hopefully) about vitally important but troublesome issues of economic and social policy.' - Philip Harvey, Rutgers University of Law, US ' In this innovative new work, Randy Wray has convinced at least one reader that full employment and price stability are fully compatible goals in today's world....Pivoting on his fresh rereading of the history and nature of money, Wray generates insight after insight, and will change forever the way in which we think about key macroeconomic variables and relationships.' - John Adams, Northeastern University, US In this innovative and very practical book, Randall Wray argues that full employment and price stability are not the incompatible goals that current economic theory and policy assume. Indeed, he advances a policy that would generate true, full employment while simultaneously ensuring an even greater degree of price stability than has been achieved in the 1990s.
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The Chartalist Approach
An Introduction to a History of Money
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accepted in payment aggregate demand argued assets bank money bank reserves banking system banknotes bond sales borrowing BPSE BPSW buffer stock central bank Chapter Chartal Chartalist cheque circulation coins commodity money costs countercyclical create currency debt deficit spending deflationary deposits desired net nominal determined discussed dollars drain economists economy ELR pool ELR programme ELR workers example excess reserves exogenously fiat money fiscal policy full employment gold standard government bonds government deficit government spending govs Grierson hoards households ibid impose income increase inflation interest rate interest-earning issued Keynes legal tender loans million monetary policy money multiplier money of account money supply NAIRU nominal saving nominal value notes obtain offer operations paper money pay taxes payment of taxes population precious metal price stability private markets private sector production purchase quantity reduce required reserves sell surplus tallies target tax liability tax payments transactions Treasury twintopt unemployed valuta zero