Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/110000
Authors: 
Wray, L. Randall
Year of Publication: 
2014
Series/Report no.: 
Working Paper, Levy Economics Institute 821
Abstract: 
Over the past two decades there has been a revival of Georg Friedrich Knapp's "state money" approach, also known as chartalism. The modern version has come to be called Modern Money Theory. Much of the recent research has delved into three main areas: mining previous work, applying the theory to analysis of current sovereign monetary operations, and exploring the policy space open to sovereign currency issuers. This paper focuses on "outside" money - the currency issued by the sovereign - and the advantages that accrue to nations that make full use of the policy space provided by outside money.
Subjects: 
Central Bank Independence
Chartalism
Fiat Money
Functional Finance
Innes
Keynes
Knapp
Modern Money Theory
Outside Money
Sovereign Currency
State Money
JEL: 
B1
B2
B3
B5
E5
E6
Document Type: 
Working Paper

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