6,111
Views
51
CrossRef citations to date
0
Altmetric
Review Symposium

Money, Fiscal Policy, and Interest Rates: A Critique of Modern Monetary Theory

Pages 1-23 | Received 22 Jan 2014, Accepted 20 Jun 2014, Published online: 08 Dec 2014

References

  • Bell, S. (2000) Do taxes and bonds finance government spending?, Journal of Economic Issues, 34, pp. 357–364.
  • Blinder, A.S. & Solow, R.M. (1973) Does fiscal policy matter?, Journal of Public Economics, 2, pp. 319–337. doi: 10.1016/0047-2727(73)90023-6
  • Cagan, P. (1956) The monetary dynamics of hyperinflation, in: M. Friedman (Ed) Studies in the Quantity Theory of Money, Chicago: University of Chicago Press.
  • Christ, C.F. (1968) A simple macroeconomic model with a government budget restraint, Journal of Political Economy, 76, pp. 53–67. doi: 10.1086/259381
  • Cripps, T.F. & Godley, W. (1978) Control of imports as the means to full employment and the expansion of world trade: The U.K.’s case, Cambridge Journal of Economics, 2, pp. 327–334.
  • Fiebiger, B. (2012) Modern money and the real world of accounting: the U.S. Treasury does not spend as per a bank, in: Modern Monetary Theory: a debate, Working Paper No. 279, Political Economy Research Institute, University of Massachusetts, Amherst, MA.
  • Forstater, M. & Mosler, W. (2005) The natural rate of interest is zero, Journal of Economic Issues, 39, pp. 535–542.
  • Foster, J.B. & McChesney, R.W. (2010) Listen Keynesians, it's the system!, Monthly Review, 61, pp. 44–56. doi: 10.14452/MR-061-11-2010-04_3
  • Friedman, M. (1961) The lag in effects of monetary policy, Journal of Political Economy, 69, pp. 447–466. doi: 10.1086/258537
  • Godley, W. & Lavoie, M. (2007) Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth, London: Palgrave/Macmillan.
  • Greenspan, A. (1997) Opening remarks, in: Managing Financial Stability in a Global Economy, Kansas City: Federal Reserve Bank of Kansas City.
  • Haliossos, M. & Tobin, J. (1990) The macroeconomics of government finance, in: B.M. Friedman & F.H. Hahn (Eds) Handbook of Monetary Economics, Vol. 2, Amsterdam: North-Holland.
  • Hoexter, M. (2013) Our leaders are mistaking the modern money system for a fistful of dollars—Part 1, New Economic Perspectives. Available at: http://neweconomicperspectives.org/2013/01/our-leaders-are-mistaking-the-modern-money-system-for-a-fistful-of-dollars-part-1.html#comments (accessed 20 January 2013).
  • Keynes, J.M. (1930 [1976]) A Treatise on Money, Volumes I and II, New York: Harcourt-Brace-Jovanovich.
  • Keynes, J.M. (1936) The General Theory of Employment, Interest, and Money, London: Macmillan.
  • Knapp, G.F. (1924 [1973]) The State Theory of Money, Clifton, New Jersey: Augustus M. Kelley.
  • Krugman, P. & Taylor, L. (1978) Contractionary effects of devaluation, Journal of International Economics, 8, pp. 445–456. doi: 10.1016/0022-1996(78)90007-7
  • Lavoie, M. (2011) The neo-Chartalist view of money: a friendly critical look, unpublished paper, Department of Economics, University of Ottawa.
  • Magdoff, H. & Sweezy, P.M. (1983) Listen Keynesians, Monthly Review, 8, pp. 1–11.
  • Minsky, H.P. (1992 [1993]) The financial instability hypothesis, in: P. Arestis & M. Sawyer (Eds) Handbook of Radical Political Economy, Aldershot: Edward Elgar.
  • Mitchell, W. & Muysken, J. (2008) Full Employment Abandoned: Shifting Sands and Policy Failures, Cheltenham, UK: Edward Elgar.
  • Mosler, W. (1995) Soft Currency Economics, West Palm Beach, Florida: Finance III.
  • Mundell, R. (1962) The appropriate use of monetary and fiscal policy for a small open economy, IMF Staff Papers, 9, pp. 70–79. doi: 10.2307/3866082
  • Nordhaus, W.D. (1975) The political business cycle, Review of Economic Studies, 42, pp. 169–190. doi: 10.2307/2296528
  • Palley, T.I. (1998) Plenty of Nothing: The Downsizing of the American Dream and the Case for Structural Keynesianism, Princeton: Princeton University Press.
  • Palley, T.I. (2000) Stabilizing finance: the case for asset-based reserve requirements, Financial Markets and Society, Philomont, VA: The Financial Markets Center.
  • Palley, T.I. (2001) Government as employer of last resort: can it work?, Industrial Relations Research Association, 53rd Annual Proceedings, pp. 269–274.
  • Palley, T.I. (2003) Asset price bubbles and the case for asset-based reserve requirements, Challenge, 46, pp. 53–72.
  • Palley, T.I. (2004) Asset-based reserve requirements: reasserting domestic monetary control in an era of financial innovation and instability, Review of Political Economy, 16, pp. 43–58. doi: 10.1080/0953825032000145454
  • Palley, T.I. (2012a) From Financial Crisis to Stagnation: The Destruction of Shared Prosperity and the Role of Economics, Cambridge: Cambridge University Press.
  • Palley, T.I. (2012b) Monetary policy and central banking after the crisis: the implications of rethinking macroeconomic theory, in: G. Epstein & M. Wolfson (Eds) The Handbook on Political Economy of Financial Crises, Oxford: Oxford University Press.
  • Palley, T.I. (2013) A neo-Kaleckian--Goodwin model of capitalist economic growth: monopoly power, managerial pay, and labor market conflict, Cambridge Journal of Economics, doi: 10.1093/cje/bet001. Available at http://cje.oxfordjournals.org/content/early/2013/03/18/cje.bet001.abstract.
  • Peacock, A.T. & Wiseman, J. (1961) The Growth of Public Expenditure in the United Kingdom, Princeton: Princeton University Press.
  • Poole, W. (1970) Optimal choice of monetary policy instruments in a simple stochastic macro model, Quarterly Journal of Economics, 84, pp. 197–216. doi: 10.2307/1883009
  • Rochon, L.P. & Vernengo, M. (2003) State money and the real world: or Chartalism and its discontents, Journal of Post Keynesian Economics, 26, pp. 57–67.
  • Sawyer, M. (2003) Employer of last resort: could it deliver full employment and price stability?, Journal of Economic Issues, 37, pp. 881–907.
  • Seccarecia, M. (2004) What type of full employment? A critical evaluation of the government as employer of last resort policy proposal, Investigacion Economica, 63, pp. 15–43.
  • Tinbergen, J. (1952) On the Theory of Economic Policy, Amsterdam: North-Holland.
  • Tobin, J. (1961) Money, capital, and other stores of value, American Economic Review, 51, pp. 26–37.
  • Tobin, J. (1969) A general equilibrium approach to monetary theory, Journal of Money, Credit and Banking, 1, pp. 15–29. doi: 10.2307/1991374
  • Tobin, J. (1982) Money and finance in the macroeconomic process, Journal of Money, Credit and Banking, 14, pp. 171–204. doi: 10.2307/1991638
  • Tobin, J. & Buiter, W.H. (1976) Long-run effects of fiscal and monetary policy on aggregate demand, in: J.L. Stein (Ed) Monetarismm, Amsterdam: North Holland.
  • Tobin, J. & Golub, S. (1998) Money, Credit, and Capital, Boston, MA: Irwin McGraw-Hill.
  • Wray, L.R. (1998) Understanding Modern Money: The Key to Full Employment and Price Stability, Cheltenham, UK: Edward Elgar.
  • Wray, L.R. (2007) A post Keynesian view of central bank independence, policy targets, and the rules versus discretion debate, Journal of Post Keynesian Economics, 30, pp. 119–141. doi: 10.2753/PKE0160-3477300106
  • Wray, L.R. (2012a) A meme for money, Working Paper No. 736, Levy Economics Institute of Bard College, November.
  • Wray, L.R. (2012b) Modern Money Theory: A Primer on Macroeconomics for Sovereign Money Systems, Basingstoke, UK: Palgrave Macmillan.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.