Tag Archives: modern monetary theory

The Great Debate©: Is Fed Policy Too Tight?

The following is a proposition by Scott Sumner (professor of economics at Bentley University) that the QE programs by the U.S. Federal Reserve and other central bank actions have actually been “highly contractionary” and a rebuttal by L. Randall Wray … Continue reading

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Exchange Rate Policy and Full Employment

by Warren Mosler, Mosler Economics Editor’s note: This is the manuscript for a presentation made on either 03 December 1997 or 03 December 1999 (see discussion in comments) at a conference hosted by Prof. William Mitchell, University of Newcastle, New … Continue reading

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The Great Debate©: Who Saw it Coming? (Part 2)

by L. Randall Wray, New Economic Perspectives Editor’s note: This is a continuation of the discussion posted earlier, The Great Debate©:  Who Saw It Coming? A focal point of that discussion was Hyman Minsky who formulated theories about instability in … Continue reading

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Federal Reserve: Can We Run Out of Money?

Guest Author: Stephanie Kelton Federal Reserve Chairman Ben Bernanke gave his fourth lecture at George Washington University yesterday. Buried in the lecture, beginning at about 19:18 in the video (shown below), Bernanke explained where the Fed got the money to … Continue reading

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Abba Lerner: Functional Finance

Written by John Lounsbury Abba Lerner (1903-1982) was not considered a dominant figure in American economics for much of his career although he collaborated and exchanged ideas with many more famous economists of his time.  He studied under Friedrich Hayek … Continue reading

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