The issuance of retail central bank digital currency (CBDC) involves a transfer of risk from commercial banks to the central bank. Mechanisms that limit the transfer of risk, such as an unattractive interest rate, a quantity ceiling or the non-convertibility of cash and reserves into CBDC, are...

Chapter 1. Introduction -- Chapter 2. Society -- Chapter 3. Value Theory -- Chapter 4. Exchange, Money, Society -- Chapter 5. Money -- Chapter 6. Money and "Socialism" -- Chapter 7. Summary: Or, What's New Here?.

The author reflects on the state of macroeconomic theory, and more specifically on how monetary economics is being taught in the aftermath of the global financial crisis. Whereas heterodox macroeconomic theory is very much alive due to the influx of a large number of contributions and...