1. Introduction -- 2. Legal nature of the irregular money deposit contract -- 3. Essential differences between irregular deposit and loan. 4. The Theory of Capital -- 5. The Theory of the Business Cycle -- 6. Criticism of Monetarist and Keynesian Theories -- 7. Reform to the Banking System -- 8....

The goal of this paper is twofold. First, we wish to better explain the relationship between Sargent and Wallace's (1981) unpleasant monetarist arithmetic, the closely connected fiscal theory of the price level (FTPL), and the monetarist view of inflation. Second, we discuss how the recent...

During the late-1940s and the early-1950s Milton Friedman favored a rule under which fiscal policy would be used to generate changes in the money supply with the aim of stabilizing output at full employment. He believed that the economy is inherently unstable because of endogenous movements in...

Chapter 1. Introduction -- Chapter 2. The Biden Administration and the Copernican Turn -- Chapter 3. The paper currency of Virginia (1760s) and its lessons -- Chapter 4. Modern Money Theory as Part of Economics -- Chapter 5. What is economic policy? -- Chapter 6. Economic policies based on MMT...

Spanish Abstract: La economía y las instituciones monetarias de la Argentina están experimentando, una vez más, una profunda crisis. En este documento nos proponemos plantear una reforma monetaria para Argentina que consiste en una dolarización flexible junto a un régimen de banca libre....