Purpose: Zimbabwe has experienced a chronic inflationary crisis whose roots can be traced back to 1997. Various macroeconomic instruments have been suggested to stabilize the country's prices and foster economic growth but evidence on how they interplay to influence policy is lacking. This study...

The aim of the paper is to discuss one of the major topical and controversial issues in contemporary statistics, which is the separation of monetary and fiscal operations in national accounts. This issue revolves mainly around the operation of public financial institutions mandated to carry out...

Central banks define a monetary policy strategy in which they set out the instruments they use to achieve their monetary policy objectives as well as the incoming data they take into account when using these instruments. Independent central banks in particular are expected to provide a detailed...

In this paper, we show that the case law on the legality of bond purchases by Eurosystem central banks is partly based on the economic theory of monetarism and, in particular, on a 1981 paper by Thomas Sargent and Neil Wallace ("Some Unpleasant Monetarist Arithmetic"). However, monetarism,...

There is consensus that the Stability and Growth Pact (SGP) needs to evolve. In this paper, we put forward reform ideas aimed at reducing debt levels, enabling sustainable growth and strengthening Europe's sovereignty without a change in primary legislation. The current fiscal framework leads to...

The purpose of this study is to evaluate the impact of monetary policy on attracting foreign direct investment. We used data for typical countries in Southeast Asia for the period 1997 to 2020, using regression of least squares (OLS), fixed effects (FEM) and random effects (REM), as well as...

make several claims about the inadequacy and fallacy of modern money theory (MMT) and conclude that MMT is nothing more than a political manifesto; there is no theoretical and empirical foundation beneath it. The present paper addresses this last point by focusing on the fiscal and monetary...

This article examines the misconceptions about modern money theory (MMT) put forward by . The author divides her critique into three categories. First, the Drumetz/Pfister article erroneously indicates that MMT focuses exclusively on the means-of-payment function of money, that it considers...