Search Results - subject_exact:"Geldtheorie"

Dollar colonisation : the destructive policy implications of modern monetary theory

Lysandrou, Photis - 2026

Modern monetary theory (MMT) argues that all governments that issue their own currency have the same fiscal and monetary policy space. This paper argues against this position. For MMT's assumptions to be valid, MMT must abstract from the gravitational force of the US dollar that stems from it...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015655151

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Dollar colonisation : the destructive policy implications of modern monetary theory

Lysandrou, Photis - 2025

Book / Working Paper

Innovations and the layering of money and payments

Bindseil, Ulrich - 2026

This paper analyses the role of layering in the architecture of money and payment systems and how recent technological innovations affect it. Layering in payments, whereby payment ledgers are hierarchical to each other, and senior ledgers allow for interoperability between junior ledgers, has...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015618783

Money demand by non-financial corporations

Nocciola, Luca - 2026

We document empirically the money demand by European non-financial corporations by exploiting a unique and brand-new survey on their cash usage in a stress period. We also assess: (i) the relation between cash held and firm size; and (ii) estimate point values of cash holdings and carry out...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015605058

Money in shadow banking and the crypto economy : a Chartalist perspective

Kim, Hongkil; Tymoigne, Éric - 2026

As instructors of Money and Banking, we regularly confront enduring questions: What is money? Is gold money? More recently, students ask whether shadow money, Bitcoin, or stablecoins qualify as money. These inquiries reflect a deeper puzzle: why do rational agents exchange valuable goods and...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015625475

Index of the cycle of money : the case of Cyprus

Challoumis, Constantinos; Eriotis, Nikolaos; Vasiliou, … - 2026

This research aims to evaluate the effectiveness of monetary circulation in Cyprus by applying the Index of the Cycle of Money, derived from the Theory of the Cycle of Money. The analysis focuses exclusively on the Cypriot economy over the period of 2012-2017, a timeframe marked by severe...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015643079

Inadequacy of revenues and endogenous economic cycles in a monetary economy of production

Cottin-Euziol, Edouard; Piluso, Nicolas - 2026

The recurring cycles of economic activity in a capitalist economy have prompted a variety of explanations. Some of these focus on the excessive indebtedness of economic agents during a growth phase, which may result from overly optimistic behavior or excessive risk-taking. From a post-Keynesian...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015650708

The Fed's fine-tune : coarse statements and predictive pressers

Byun, Ryan; Fees, Bennett; Jacobson, Margaret M.; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015653204

Cryptocurrencies : the network vs. the chain

Fahim, Samuel - 2026

This paper studies whether fast-settlement payment layers can replace secure baselayer blockchains in a search-theoretic monetary model. The Chain provides secure but costly and probabilistic settlement, while the Network provides instant, cost-free payments but exposes users to cyberattacks and...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015669634

On the Consistency of Money Illusion in New Keynesian Models

Nutahara, Kengo - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015676060

Programming money without programmable money

Lee, Michael Junho; Martin, Antoine - 2026

Programmability is at the heart of ongoing work on the future of money and payments by central banks around the world. Despite its potential, there is growing concern that programmability conflicts with the provision of "good" money. This paper overviews key principles of "good" money and argues...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015604654

Profit realisation and the necessity of credit expansion : a stock-flow consistent analysis of the monetary gap

Javidanrad, Farzad - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016062633

Yesterday's controversies for tomorrow's money

Baeriswyl, Romain - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016082169

The nature of money : Brazilian gold and the environmental foundations of historical capitalism

Capanema, Carolina Marotta; Marques, Leonardo - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015654550

Hayekian hurdles : challenges to cryptocurrency as a viable basis for a new monetary order

Freitas, Luís Pedro; Cerdeira, Jorge; Lourenço, Diogo - 2025

The rise of cryptocurrencies over the past decade has promised to challenge the dominance of fiat money systems and reshape monetary policy. However, recent developments, including market volatility and the collapse of key exchanges like FTX, have eroded public trust, raising skepticism of a...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015206916

Currencies come and go, but employment always takes root : rethinking external constraints and monetary sovereignty in the periphery

Cruz Hidalgo, Esteban; Medina-Miltimore, Stuart; Mario, … - 2025

This paper explores a development strategy for peripheral economies by advocating for a paradigm shift from traditional economic models that rely on accumulating foreign reserves. It proposes the job guarantee (JG) policy, an automatic stabilizer based on a reserve pool of employed individuals,...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015206930

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Currencies come and go, but employment always takes root : rethinking external constraints and monetary sovereignty in the periphery

Cruz Hidalgo, Esteban; Medina-Miltimore, Stuart; Mario, … - 2025

Book / Working Paper

International Currency Dominance

Abadi, Joseph; Fernández-Villaverde, Jesús; Sanches, … - 2026

We present a micro-founded monetary model of the world economy to study international currency competition. Our model features "unipolar'' equilibria, with a single dominant international currency, and "multipolar'' equilibria, in which multiple currencies circulate internationally. Long-run...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015611122

Dynamics of market power in monetary economies

Kala, Jyotsana; Lebeau, Lucie; Wang, Lu - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015207089

Populism and modern monetary theory : exploring the rise of Milei in Argentina

Cinar, Can - 2026

Centred on Javier Milei’s recent ascent, this book explores the cyclical nature of Argentina's economic crises and the corresponding rise of populist leaders. It argues that populism represents a revolutionary stance that should be reclaimed by progressive movements, examining the relationship...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015582127

Structural change in post Keynesian monetary theory : a Non-Compensatory Disequilibrium Framework

Túñez-Area, Narciso - 2025

Post Keynesian Economics has shifted away and even renegade from Keynes' original research program, i.e., the Unemployment Equilibrium thesis, endogenous money and liquidity preference determination of interest rate in which money and uncertainty play a fundamental part. This paper attempts to...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015549054

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Structural Change in Post Keynesian Monetary Theory : A Non-Compensatory Disequilibrium Framework

Túñez Area, Narciso - 2021

Book / Working Paper

Horizontalists and verticalists : the macroeconomics of credit money

Moore, Basil J. - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015582461

Banks are different : why bank-based versus market-based lending is a false dichotomy

Sissoko, Carolyn - 2025

This paper introduces modern readers to ‘banking theory’, that is, to the understanding of the banking system that was held by academics and practitioners in the early years of the twentieth century. This theory contrasts with the theoretic framework that views banks as intermediaries that...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015371905

An integration of Sraffa's price equations inside Marx's capitalist monetary circulation

Perri, Stefano; Oro, Gianmarco - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015652490

Can Modern Monetary Theory fit the post-Crisis US facts? : evidence from a full DSGE model

Liu, Chunping; Minford, Patrick; Ou, Zhirong - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015338034

Monetary theory of production : revolutionary or not microfounded?

Sousa, Felipe - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015652534

The impact of economic factors on environmental degradation : price instability, monetary growth and renewable energy investments

Aydin, Asli - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015574362

A game-theoretic analysis of the coexistence and competition between hard and fiat money

Hausken, Kjell; Wang, Guizhou - 2025

This article presents a game-theoretic model analyzing the strategic competition between hard and fiat money, involving a representative player and a consolidated bank (including the central bank). The findings reveal counterintuitive interactions between inflation, interest rates, and monetary...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015338840

The rise of the modern monetary system : an integration of the credit and state money approaches

Wray, L. Randall - 2025

This working paper integrates the credit money approach (associated with Post Keynesian endogenous money theory) with the state money approach (associated with Modern Money Theory) by drawing on Wray's 1990 book (Money and Credit in Capitalist Economies: The Endogenous Money Approach, Edward...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015200189

The macroeconomics of unemployment : causes and eradication

Schmitt, Bernard - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015582104

Against money

Mason, J. W.; Jayadev, Arjun - 2026

"A powerful deconstruction of humanity's most influential invention, from the acclaimed economists J. W. Mason and Arjun Jayadev. Money is unavoidably fundamental to our daily lives. It lurks behind the swipe of a card when buying groceries; in looming student-loan debts; in the prices of things...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015596228

The evolution of money

Boonstra, Wim W. - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015470940

Banking on payments?

Bibow, Jörg - 2025

For the past hundred years or more, payments have been primarily associated with banking, and banking as we know it today-being the result of many centuries of evolution-features a bundling of (at least) three main lines of business: lending, deposit-taking, and payment services. In the past 15...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015449402

12. Bitcoin in light of the Austrian theory of money

Peniaz, Olga; Kovalëv, Aleksandr - 2026

The rise of Bitcoin and similar digital means of payment poses important challenges to the fiat money system and sparks renewed debate on the nature of money itself. The representatives of the Austrian school of economics pay particular attention to the understanding of the essence of...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015674441

7. Hayek and Friedman: two counterrevolutions in monetary theory

Klausinger, Hansjörg - 2026

By the 1970s the experience of high and increasing inflation coupled with stagnation and rising rates of unemployment gave rise to mounting criticism of the prevailing Keynesian mainstream, eventually characterized as a “counterrevolution in monetary theory.” This contribution will identify...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015674446

2024 HES presidential address : was hume a mercantilist? : for Smith, yes: the friendly disagreement of Adam Smith and David Hume on money

Paganelli, Maria Pia - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015453142

Strategic debt in a monetary economy

Althanns, Markus; Buggenum, Hugo van - 2025

Producers can leverage their bargaining power vis-'a-vis consumers by entering bargaining with debt. We discover novel general-equilibrium effects of such strategic debt by developing a money-search framework featuring heterogeneous consumers. Debt distorts trade along two margins: it destroys...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015405465

The main stages in the history of money

Godeffroy, Jean-Michel - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016060800

Liquidity trap and optimal monetary policy : evaluations for U.S. monetary policy

Hasui, Kohei; Sugo, Tomohiro; Teranishi, Yuki - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015407180

Hayek's living legacy in economics, philosophy and policy : 50 years beyond his Nobel Prize

2026

"This fascinating book explores Nobel Prize winner Friedrich August von Hayek's lasting influence on economics and social thought. Expert authors reflect on his contributions and apply them to various challenges in contemporary society. By tracing the evolution of Hayek's achievements, this book...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015654083

Late Wittgenstein's money

Steininger, L. Eden - 2025

This essay examines the contemporary discourse on inflation through the lens of Wittgenstein's late work on language games. Using his concept of hinge propositions - beliefs upon which language games depend - I offer a novel perspective on the public good that is price stability. In particular,...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015413135

Currency and credit money : a comparative history of early monetary theories (1358-1918)

Greitens, Jan - 2026

Chapter 1. Introduction -- Chapter 2. Methodological Considerations -- Chapter 3. Fundamentals in Monetary History -- Chapter 4. Key Concepts in Monetary Theory -- Chapter 5. Scholastic Authors -- Chapter 6. Mercantilist Authors -- Chapter 7. Development of the Quantity Theory of Money: Parallel...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016069168

Central bank digital currency and monetary architecture

Niepelt, Dirk - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015619753

Do cryptocurrencies matter?

Biais, Bruno; Rochet, Jean-Charles; Villeneuve, Stéphane - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015436388

Finance for investment? : explaining macrofinancial slippage

Bezemer, Dirk Johan - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015436562

Money uniformity and retail CBDC

Milne, Alistair; Niepelt, Dirk; Skeie, David - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015639196

Central bank liquidity support, bank lending, and the end of currency competition

Grodecka-Messi, Anna; Zhang, Xin - 2025

Private money creation lies at the heart of currency competition due to seigniorage rents that are an important contributor to banks' franchise values. However, it undermines the role of central bank in money provision and has been historically a contentious issue. As shifting from private to...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015438050

Bank profitability and interest rates : an endogenous money theory perspective

Zolea, Riccardo - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015676926

Money, banking, financial markets, & institutions

Brandl, Michael W. - 2026 - Third edition

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015633228

Inflation and entry costs in a monetary search model

Hiraguchi, Ryōji; Kobayashi, Keiichirō - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015438316

Money, value and Marx's circuit of capital

2026 - First edition

The twelve papers collected in this volume of Research in Political Economy mark a new phase in the study of capitalism, centred on the reproduction of total social capital. They address the widely felt need to reconnect political economy with real-world phenomena, including financial crises,...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015627797

Special issue on digitalisation of money and finance

2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015457826