Exploring Economics, an open-source e-learning platform, giving you the opportunity to discover & study a variety of economic theories, topics, and methods. 2020 Level: beginner Yes, Money is Endogenous. Who Cares? Cahal Moran Rethinking Economics In both economics textbooks and public perceptions central banks are a fact of life. On the wall of my A-level economics classroom there was the Will Rogers quote “there have been three great inventions since the beginning of time: fire, the wheel, and central banking”, summarising how many economists view the institution. There is a widespread belief that there is something different about money which calls for a central authority to manage its operation, a view shared even by staunch free marketeers such as Milton Friedman. This belief is not without justification, since money underpins every transaction in a way that apples do not, but we should always be careful not to take existing institutions for granted and central banking is no exception. In this post I will look at the idea of private or free banking, where banks compete (and cooperate) to issue their own currency. 2020 Level: beginner Whither Central Banks? Cahal Moran Rethinking Economics Nathan Tankus created this series to introduce people outside of the inner financial circles of professionals, journalists and policymakers to the basic mechanisms and dynamics of monetary policy. 2020 Level: advanced Monetary Policy 101 Nathan Tankus https://nathantankus.substack.com This paper investigates how the concept of public purpose is used in Modern Monetary Theory (MMT). As a common denominator among political scientists, the idea of public purpose is that economic actions should aim at benefiting the majority of the society. However, the concept is to be considered as an ideal of a vague nature, which is highly dependent on societal context and, hence, subject to change over time. MMT stresses that government spending plans should be designed to pursue a certain socio-economic mandate and not to meet any particular financial outcome. The concept of public purpose is heavily used in this theoretical body of thought and often referred to in the context of policy proposals as the ideas of universal job guarantee and banking reform proposals show. MMT scholars use the concept as a pragmatic benchmark against which policies can be assessed. With regards to the definition of public propose, MMT scholars agree that it is dependent on the social-cultural context. Nevertheless, MMT scholars view universal access to material means of survival as universally applicable and in that sense as the lowest possible common denominator. 2020 Level: advanced Modern Monetary Theory and the public purpose Dirk H. Ehnts, Maurice Höfgen Institute for International Political Economy Berlin The mandate of central banks has seemed clear for decades : keep inflation low. Nevertheless borders between monetary, financial and economic policy have been blurry even before the pandemic.. Faced with the challenges of the climate crisis, slow growth, unemployment and inequality, does the financial and monetary system need a new constitutional purpose. 2020 Level: beginner Beyond Price Stability Das Progressive Zentrum, Daniela Gabor, Christian Odendahl, Philippa Sigl-Glöckner & Adam Tooze www.innocracy.eu How did the coronavirus almost bring down the Global Financial System? What effects does monetary policy have on inequality? What role do Central Banks have in the social-ecological transformation? How could Central Banks tackle climate change? What is Central Bank Digital Currency? 2021 Level: advanced Next Generation Central Banking Finanzwende e.V. & Heinrich-Böll-Stiftung, various Transformative Responses, Heinrich-Böll-Foundation & Finanzwende This panel was part of the conference "Next Generation Gentral Banking - Climate Change, Inequality, Financial Instability" 03. - 05.02.2021. 2021 Level: advanced NextGen Central Banking: How the coronavirus almost brought down the global financial system Finanzwende e.V. & Heinrich-Böll-Stiftung, Adam Tooze, Annette Vissing-Jørgensen, Sven Giegold, Martin Hellwig Transformative Responses, Heinrich-Böll-Foundation & Finanzwende This panel was part of the conference "Next Generation Gentral Banking - Climate Change, Inequality, Financial Instability" 03. - 05.02.2021. 2021 Level: advanced NextGen Central Banking: Central Banking Beyond Inflation Finanzwende e.V. & Heinrich-Böll-Stiftung, Benjamin Braun, Michal Horváth Transformative Responses, Heinrich-Böll-Foundation & Finanzwende This is a new online course at bachelor level. It presents an introduction into macroeconomics with a specific focus on the euro area. The theoretical part provides a critical presentation of the two key macroeconomic models: the (neo)classical approach and the Keynesian approach. This allows a comparative analysis of important macroeconomic topics: unemployment inflation government debt and Modern Monetary Theory banks and financial crises. The policy-oriented part discusses the monetary policy of the ECB and the specific challenges for fiscal policy in the euro area. The course also presents other euro area specific topics: Optimum currency area, euro crises, Next Generation EU and Green New Deal. 2021 Level: advanced European Macroeconomics Peter Bofinger Exploring Economics There was a time when the world still seemed a good and above all simple place for monetary authorities Every few weeks they had to decide whether in view of the latest price developments it would be better to raise the key interest rates by a quarter point or not … 2021 Level: beginner On climate, jobs and financial stability: Towards a new mandate for central banks? Isabel Schnabel, Adam Tooze & Moritz Schularick Forum New Economy The world has seen the emergence of a rather different system of international lender of last resort organized as a network of central bank liquidity swap lines largely limited to the core countries of the Global North In this system central banks swap their own currency for dollars which they … 2021 Level: expert “Where’s My Swap Line?”: A Money View of International Lender of Last Resort Perry Mehrling Boston University Global Development Policy Center In March 2020, the Reserve Bank Board introduced a target for the yield on the three-year Australian Government bond which was discontinued in November 2021. This review examines the experience with the yield target and draws lessons from this experience. 2022 Level: expert The pitfalls of yield curve control Reserve Bank of Australia Reserve Bank of Australia This course is an introduction to macroeconomics with a specific focus on the euro area. The theoretical part provides a critical presentation of the two key macroeconomic models: the (neo)classical approach and the Keynesian approach. This allows a comparative analysis of important macroeconomic topics: - unemployment - inflation - government debt and Modern Monetary Theory - banks and financial crises. The policy-oriented part discusses the monetary policy of the ECB and the specific challenges for fiscal policy in the euro area. The course also presents other euro area specific topics: Optimum currency area, euro crises, Next Generation EU and Green New Deal. 2018 Level: beginner European Macroeconomics Prof. Peter Bofinger University of Würzburg This book is about history of monetary economic thought. From the 18th century with Hume and Smith to the early 20th, the author explains the different schools of thought regarding the monetary theories and policies and specially the central banking theory. 2012 Level: advanced Monetary Theory and Policy from Hume and Smith to Wicksell Arie Arnon Cambridge University Press