Palgrave MacMillan
Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems
Key Metrics
- L Randall Wray
- Palgrave MacMillan
- Hardcover
- 9783031478833
- -
- -
- Business & Economics > Economics - Macroeconomics
- English
Secure TransactionBook Description
This book, a revised new edition, examines how money is created and how it functions within global exchange rate regimes to highlight how monetary policy can promote economic growth, full employment, and price stability. It provides an introduction to the basics of macroeconomic accounting and the domestic monetary system, as well as fiscal operations, tax policy for sovereign nations, alternative exchange rate regimes. New topics, including central bank clearing, responses to the COVID-19 pandemic, the rise of inflation, and how to finance a Green New Deal, are also discussed.
Modern Money Theory provides the reader with a framework for understanding real world economies. It will be relevant to students, researchers, and policymakers interested in monetary policy and modern money theory.
Author Bio
Senior Scholar L. Randall Wray is a professor of economics at Bard College. His current research focuses on providing a critique of orthodox monetary theory and policy, and the development of an alternative approach. He also publishes extensively in the areas of full employment policy and, more generally, fiscal policy. Wray’s most recent book is A Great Leap Forward: Heterodox Economic Policy for the 21st Century (Academic Press, 2020).
Wray is the author of Money and Credit in Capitalist Economies: The Endogenous Money Approach (Edward Elgar, 1990), Understanding Modern Money: The Key to Full Employment and Price Stability (Edward Elgar, 1998), The Rise and Fall of Money Manager Capitalism: Minsky’s Half Century from World War Two to the Great Recession (with É. Tymoigne; Routledge, 2013), Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems (Palgrave Macmillan, 2012; 2nd rev. ed., 2015), Why Minsky Matters: An Introduction to the Work of a Maverick Economist (Princeton University Press, 2016), and Macroeconomics (with W. Mitchell and M. Watts; Red Globe Press, 2019). He is also coeditor of, and a contributor to, Money, Financial Instability, and Stabilization Policy (Edward Elgar, 2006) and Keynes for the 21st Century: The Continuing Relevance of The General Theory (Palgrave Macmillan, 2008).
Wray taught at the University of Missouri–Kansas City from 1999 to 2016 and at the University of Denver from 1987 to 1999, and has been a visiting professor at the Universities of Paris and Rome (La Sapienza). He holds a BA from the University of the Pacific and an MA and a Ph.D. from Washington University, where he was a student of Minsky. He has recently completed a Fulbright Specialist Grant at the Tallinn University of Technology in Estonia.
Source: Levy Economics Institute of Bard College
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