Journal ArticleDOI
The two concepts of money: implications for the analysis of optimal currency areas
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In this paper, the authors argue that there is a second, cartalist, or C theory alternative to the optimal currency area paradigm, which is empirically more compelling than the OCA model.About:
This article is published in European Journal of Political Economy.The article was published on 1998-08-01. It has received 465 citations till now. The article focuses on the topics: Currency & Modern Monetary Theory.read more
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Does Inflation Targeting Matter
TL;DR: In this article, the authors studied the inflation and interest rate performances for six former high-inflation countries that adopted inflation targeting (IT) in the early 1990's, using Germany, Switzerland and the US for comparison.
Journal ArticleDOI
Bitcoin, gold and the US dollar : a replication and extension
TL;DR: In this article, Dyhrberg et al. analyzed the relationship between Bitcoin, gold and the US dollar and showed that Bitcoin exhibits distinctively different return, volatility and correlation characteristics compared to other assets including gold and US dollar.
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The role of the state and the hierarchy of money
TL;DR: This article used Minsky's definition of money as a two-sided balance sheet phenomenon to challenge many common positions on the nature, evolution and role of money, and showed that the Chartalists (as opposed to the Metallists) developed a general theory of money that can be applied equally convincingly to the entire era of state money.
Posted Content
A Fiscal Union for the Euro: Some Lessons from History
TL;DR: In this article, the authors identify the characteristics of a robust common fiscal policy framework that could have alleviated the consequences of the recent crisis by using the political and fiscal history of five federal states; Argentina, Brazil, Canada, Germany and the United States.
The Chicago Plan Revisited
Michael Kumhof,Jaromir Benes +1 more
TL;DR: In this paper, a comprehensive and carefully calibrated model of the banking system in a DSGE model of U.S. economy is presented, and the authors find support for all four of Fisher's claims.
References
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A Theory of Optimum Currency Areas
TL;DR: A theory of optimum currency areas is proposed in this paper, where the authors argue that periodic balance-of-payments crises will remain an integral feature of the international economic system as long as fixed exchange rates and rigid wage and price levels prevent the terms of trade from fulfilling a natural role in the adjustment process.
Book
Two Treatises of Government
TL;DR: The Law of Nature for the beginning of Property, in what was before common, still takes place; and by vertue thereof, what Fish any one catches in the Ocean, that great and still remaining Common of Mankind; or what Ambergriese any one takes up here, is by the labour that removes it out of that common state Nature left it in, made his Property who takes that pains about it.
Book
A Treatise on Money
TL;DR: The applied theory of money and its fluctuation is discussed in detail in this paper, with a focus on the rate of investment and its changes over the last few decades, as well as the relation of central banks to one another.
Journal ArticleDOI
On Money as a Medium of Exchange
Nobuhiro Kiyotaki,Randall Wright +1 more
TL;DR: In this paper, the authors analyze economies in which individuals specialize in consumption and production and meet randomly over time in a way that implies that trade must be bilateral and quid pro quo Nash equilibria in trading strategies are characterized.
Journal ArticleDOI
Two Treatises of Government.
TL;DR: The authors showed that the version usually cited was not a representation of that 'text for posterity' Locke left behind, and exhaustive analysis of Lock's private papers and personal library caused Dr. Laslett radically to alter the received notion that the "Two Treatises" were in any sense a rationalization of the events of 1688: Locke's texts were rather a call for a revolution yet to come.