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://www.econbiz.de, 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://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015618783

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://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015604654

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://www.econbiz.de, 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://www.econbiz.de, 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://www.econbiz.de, 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://www.econbiz.de, 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://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015653204

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://www.econbiz.de, 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://www.econbiz.de, 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

Dynamics of market power in monetary economies

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

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015207089

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://www.econbiz.de, 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

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://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015371905

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://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015338034

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://www.econbiz.de, 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://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015200189

The evolution of money

Boonstra, Wim W. - 2025

Persistent link: https://www.econbiz.de, 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://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015449402

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://www.econbiz.de, 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://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015405465

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

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

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015407180

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://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015413135

Do cryptocurrencies matter?

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

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015436388

Finance for investment? : explaining macrofinancial slippage

Bezemer, Dirk Johan - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015436562

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://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015438050

Inflation and entry costs in a monetary search model

Hiraguchi, Ryōji; Kobayashi, Keiichirō - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015438316

Special issue on digitalisation of money and finance

2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015457826

Digital money and the implications for the monetary system in Trinidad and Tobago

Dhanessar, Alon; Thomas, Natalie - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015427570

BigTechs, credit, and digital money

Brunnermeier, Markus Konrad; Payne, Jonathan - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015635684

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Big techs, credit, and digital money

Brunnermeier, Markus Konrad; Payne, Jonathan - 2025

Book / Working Paper

A credit theory of anti-credit money : how the cryptocurrency sphere turned into a shadow banking system

Olk, Christopher; Miebs, Louis - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015550620

Introducing money into the framework of a general equilibrium model

Truong, Truong Phuoc - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015551653

Digital money : new forms and old contradictions

Lapabitsas, Kōstas - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015553617

The arduous path to moneyness : cryptocurrencies compared to mobile money

Lapabitsas, Kōstas - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015553621

Modeling monopoly money : the Neochartalist theory of the price level

Levey, Sam - 2025

This paper formalizes the theory of price level determination from Modern Monetary Theory by building two toy models of 'monopoly money'. Drawing inspiration from mainstream models of durable goods with monopoly producers, the government is modelled as the sole producer of its liabilities, which...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015553740

Could cryptocurrencies become monetary units of account?

Aguila, Nicolás - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015557710

Displacement and complementarity between cryptocurrencies and legacy money

Giordano, Matteo - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015557713

A spatial analysis of the use of Bitcoin as a medium of exchange

Corcoran, Padraig; Liu, Anqi; Chen, Jing; Spasić, Irena - 2025

We present a spatial analysis of Bitcoin-accepting merchants using BTC Map, a global crowdsourced dataset built on OpenStreetMap, to provide ground-level evidence on Bitcoin's payment ecosystem. While prior research emphasizes macroeconomic drivers, our analysis of approximately 11,000 merchants...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015557744

El plan de estabilización de Milei y Caputo : primeros doce meses

Ávila, Jorge C. - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015579059

The interest rate in loanable funds theory, Keynes, and Keynesian : how do they differ and why?

Lee, Keun H. - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015625847

Keynes, Graziani, and Non-Bank Financial Intermediaries : a stock-flow consistent analysis

Canelli, Rosa; Fontana, Giuseppe; Realfonzo, Riccardo; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015651339

Financialization and shadow banking in a monetary theory of production

Rossi, Sergio - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015651362

The Cambridge school of monetary theory : an empirical analysis for Italy

Montaruli, Francesco; Rinaldi, Roberto - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015481467

An analytical model of search and bargaining with divisible money

Kamiya, Kazuya; Kubota, So - 2025

We propose a standard search and bargaining model with divisible money, in which only the random matching market opens and the generalized Nash bargaining settles each trade. Assuming fixed production costs, we analytically characterize a tractable equilibrium, called a pay‐all equilibrium ,...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015415280