Understanding Modern Money: The Key to Full Employment and Price StabilityIn this innovative and very practical book, L. 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. Wray's clearly written argument incorporates incisive historical analysis, modern monetary theory, and an examination of policy alternatives that rises above the doctrinal debates among monetarists, supply-siders and Keynesians over natural or non-inflationary rates of unemployment. Understanding Modern Money proclaims that a labor buffer stock program would guarantee full employment and increase labor productivity and economic growth, while reducing inflationary pressures. Wray's analysis shows that, contrary to popular belief, the dangers of a government budget deficit are largely imaginary. He outlines a program in which the government acts as employer of last resort, thereby providing employment and training to the otherwise unemployed, and stabilizing the wage scale which acts as a brake on inflation. This permits greater price stability without requiring conventional methods such as wage and price controls or countercyclical monetary policy. This ground-breaking book offers important new ways of thinking for policymakers, students, and general readers interested in economics, employment policies, and monetary theory. |
From inside the book
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... monetary policy is supposed to be divorced from fiscal policy , with a great degree of monetary policy independence in order to focus on the primary objective of price stability . Fiscal policy , in turn will be tightly constrained by ...
The Key to Full Employment and Price Stability L. Randall Wray. 5 Monetary Policy : Interest Rate Targets and the Non - Discretionary Nature of Reserves In this chapter , we will argue that monetary policy directly sets a narrow range ...
... money and banking ' textbooks , and until recently it formed the basis for monetary policy formation . Current monetary policy is in a quandary , however . There is no longer any consensus on the relation of the Fed's operating targets ...
Contents
The Chartalist Approach | 18 |
An Introduction to a History of Money | 39 |
Government Spending Deficits and Money | 74 |
Copyright | |
6 other sections not shown
Other editions - View all
Understanding Modern Money: The Key to Full Employment and Price Stability L. Randall Wray No preview available - 2006 |