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CFEPS BOOKS |
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Money, Financial
Instability and Stabilization Policy
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Edited by L. Randall Wray and Mathew Forstater
This volume
presents the latest research into money, financial markets, and
financial stability—areas that have long been of interest to Post
Keynesians and to which they have made significant contributions.
The papers were presented at the 8th International Post
Keynesian Workshop in 2004 and illustrate the broad scope of Post
Keynesian interests and research. Topics include: the evolution of
the international financial system since the breakdown of Bretton
Woods; the deficiencies of macroeconomic models in their treatment
of money and the role of government; a critique of the standard
policy of raising interest rates to contain inflation; the
‘confidence’ strategy versus the ‘credibility’ strategy of post-war
monetary policy; the links between Post Keynesian research and the
original Institutional economics associated with Veblen; today’s
capitalist economy as a financial bubble, where much of savings and
debt is used to purchase financial assets rather than invest in
productive capacity; the existence of unit roots as supportive of
Keynesian theory; the oligopsonistic power possessed by Mexican
commercial banks in their domestic-deposit market; a critique of the
Washington Consensus approach to macroeconomic policy and
development; the role of equity finance in the ‘Tequila’ crisis
recovery of the 1990s; and the evolution of the financial system in
new EU member states such as the Czech Republic, Hungary, and the
Baltic states.
Hardback, 269 pages; published 2006 |
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Understanding Modern
Money: The Key to Full Employment and Price Stability |
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By L. Randall Wray
Professor Wray
explains why full employment and price stability are not mutually
exclusive goals—contrary to prevailing economic theory and
policy—and proposes a plan that would achieve both objectives: a
government employer-of-last-resort program that would employ the
otherwise unemployed, increase labor productivity and economic
growth, and, at the same time, stabilize the wage scale and thus act
as a brake on inflation.
The author brings powerful new ideas to a critical economic issue.
He demonstrates that, for policy makers who ordinarily are forced to
choose between unemployment and inflation, there is a very positive
alternative.
Paperback, 198 pages; published 1998, reprinted 2003
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Credit and State
Theories of Money: The Contributions of A. Mitchell Innes |
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Edited by L. Randall Wray
Innes was neither an economist nor a prolific writer, but his 1913
article in the Banking Law Journal can be considered a signpost on
the road not taken in monetary theory.
Innes argued that coins are tokens (their exchange value is
different from that of the precious metals comprising them) and that
money, by its very nature, is credit. Keynes agreed; ultimately, the
ideas of Innes showed up—along with those of Frederick Knapp’s state
money approach—in his Treatise on Money.
In the ensuing decades, this promising
integration was largely forgotten, as serious money research was
shoved to the fringes of economics. This book examines the early
contributions of Innes, the resulting debate, and the consequences
of economists’ adoption of an erroneous conception of money.
Hardback, 271 pages; published 2004
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El Papel del
Dinero Hoy
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Escrito por Dr. L. Randall Wray
En esta publicación, el Profesor Wray explica
porqué el empleo y la estabililidad de precios no son metas que se
excluyen mutuamente--- contrario a lo que indica la prevaleciente
teoría económica y política---y propone un plan que puede hacer
posible el alcance de dos objetivos: un gobierno que ofrezca empleos
a través de un programa de ‘ultimo recurso’ que pudiera emplear a
quienes de otra manera estuvieren desempleados; incrementar la
productividad en el trabajo y el crecimiento económico. Al mismo
tiempo, estabilizar la escala de salarios y por ende actuar como
freno a la inflación.
Wray aporta ideas innovadoras y poderosas orientadas a
un tema crítico para la economía. El autor demuestra a los tomadores
de decisiones políticas quien ordinariamente son forzados a escoger
entre el desempleo y la inflación, que existe una alternativa
positiva.
Papel; 499 paginas; publicado en 1998, re-impreso en 2003
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Full
Employment and Price Stability: The Macroeconomic Vision of William
S. Vickrey |
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Edited by Mathew Forstater and Pavlina R. Tcherneva
Bill Vickrey was an economist with a heart; for him,
economics provided a set of tools to make society better off. He is
best known for his work in microeconomics—indeed, he won a Nobel
Memorial Prize for it in 1996—yet his last years were dedicated to
macroeconomic policy issues, areas that he saw as necessary to
create a foundation of equity and efficiency.
This collection is primarily concerned with Vickrey’s
writings on macro policy issues, including his single-minded
commitment to full employment. The introduction summarizes his
solutions to the problems of unemployment and inflation and proposes
a policy for eradicating both simultaneously, a proposal inspired by
and based on Vickrey’s work in the final years of his life.
Hardback, 141 pages; published 2004
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The State,
the Market and the Euro: Chartalism versus Metallism in the Theory
of Money |
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Edited by Stephanie A. Bell and Edward J. Nell
The centerpiece of this book is an article by
Charles Goodhart that criticizes the theoretical basis for the
European Monetary Union. Goodhart characterizes the theory as
Metallism and presents an alternative theory—Chartalism—as a more
compelling and historically accurate view of money.
According to M theory, money is a ‘creature of
the market,’ where markets are made up of rational agents, making
optimal choices, subject to various constraints—an individualist
approach. According to C theory, money is a ‘creature of the state,’
and it emphasizes the relationship between the state’s power to tax
and the demand for money (to settle these obligations)—an
institutionalist approach. The former has dominated research and
policy formulation, but the latter leads to a radically different
interpretation of the ramifications of the euro’s introduction.
This book adds a historical perspective, expands the argument, and
comments on the central themes of the debate; it concludes with
Goodhart’s responses to the critique.
Hardback, 202 pages; published 2003
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Trabalho E Moeda
Hoje: : a Chave para o Pleno Emprego e a Estabilidade dos Preços |
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De L. Randall Wray
Professor Wray explica
por que o pleno emprego e a estabilidade de preços não são objetivos
incompatíveis - ao contrário do que afirmam as teoria e política
econômicas atuais - e propõe um plano capaz de obter os dois
objetivos: um programa em que o governo atua como
empregador-de-última-instânca e é responsável por empregar a
população desempregada, aumentando a produtividade do trabalho e o
crescimento econômico, além de, ao mesmo tempo, estabilizar o nível
dos salários e assim agir como um freio para a taxa de inflação.
O autor apresenta idéias novas
e poderosas a uma questão econômica crítica. Ele demonstra que, para
os formuladores de política que são forçados cotidianamente a
escolher entre o desemprego e a inflação, há uma alternativa muito
positiva.
Paperback, 198 páginas; publicado
1998, reimpresso 2003
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Reinventing
Functional Finance: Transformational Growth and Full Employment |
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Edited by Edward
J. Nell and Mathew Forstater
In the 1930s-40s, Abba Lerner and members
of the New School’s Graduate Faculty laid out functional-finance
principles that the government should implement to bring about full
employment. They contended that fiscal policy should be undertaken
and judged only according to its impact on the economy, and not
because of any established notions of sound policy and budgetary
discipline.
Decades later, there has been a renewed interest
in Lerner’s work; and a conference of eminent economists—including
Musgrave, Duesenberry, Eisner, Turgeon, Colander, and Heilbroner—met
in 1998 to re-examine functional-finance principles in a modern
context. The authors critique the standard thinking on NAIRU,
inflation, employment, budget deficits, and employer-of-last-resort
programs and arrive at some provocative conclusions.
Hardback, 347 pages; published 2003
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Contemporary Post
Keynesian Analysis |
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Edited by L.
Randall Wray and Mathew Forstater
This volume contains papers presented at the 7th
International Post Keynesian Summer School and Workshop in 2002. The
event was part of a series dating from the late 1970s, when the
conferences were initiated to expose graduate students around the
world to Keynes’s general theory and 60-plus years of critique and
development.
Leading Post Keynesian scholars examine
prevailing issues in the areas of: current economic policy; monetary
theory and policy; development, growth, and inflation; growth,
inflation, and distribution; methodology; and history of thought.
Topics include wage bargaining and monetary policy in the EMU,
electronic money and its effects, money as a social convention,
currency boards and unions, economic policy in transitioning
countries, inflation dynamics in Australia, ‘demi-regularities’ of
pricing behavior, and Allied, German, and Latin perspectives on
inflation.
Hardback, 356 pages; published 2004
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Post Keynesian Macroeconomics |
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Edited by Mathew Forstater, Gary Mongiovi and Steven Pressman
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