Modern Money Theory

1. Front Matter

   Pages i-xvi

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2. The Basics of Macroeconomic Accounting

   • L. Randall Wray

   Pages 1-38

3. Spending by Issuer of Domestic Currency

   • L. Randall Wray

   Pages 39-75

4. The Domestic Monetary System: Banking and Central Banking

   • L. Randall Wray

   Pages 76-109

5. Fiscal Operations in a Nation That Issues Its Own Currency

   • L. Randall Wray

   Pages 110-147

6. Modern Money Theory and Alternative Exchange Rate Regimes

   • L. Randall Wray

   Pages 148-186

7. Monetary and Fiscal Policy for Sovereign Currencies: What Should Government Do?

   • L. Randall Wray

   Pages 187-220

8. Policy for Full Employment and Price Stability

   • L. Randall Wray

   Pages 221-260

9. What Is Money? Conclusions on the Nature of Money

   • L. Randall Wray

   Pages 261-281

10. Conclusions

    • L. Randall Wray

    Pages 282-282

11. Back Matter

    Pages 283-294

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In a challenge to conventional views on modern monetary and fiscal policy, this book presents a coherent analysis of how money is created, how it functions in global exchange rate regimes, and how the mystification of the nature of money has constrained governments, and prevented states from acting in the public interest.

• accounting
• economics
• fiscal policy
• macroeconomics
• money
• banking

'This book paves the way for another revolution in macroeconomics. Building on the insights of the most important thinkers of the 20th Century, Wray shows us how an economy with modern money works and, more importantly, how it can be used to lift us to a more prosperous tomorrow.' - Stephanie Kelton, University of Missouri-Kansas City

• University of Missouri-Kansas City, USA

  L. Randall Wray

L. RANDALL WRAY is a professor of Economics at the University of Missouri-Kansas City, USA, as well as Research Director, the Center for Full Employment and Price Stability, and Senior Scholar at the Levy Economics Institute of Bard College, New York. A student of Hyman P. Minsky while at Washington University in St. Louis, Wray has focused on monetary theory and policy, macroeconomics, financial instability, and employment policy. He has published widely in journals and is the author of Understanding Modern Money: The Key to Full Employment and Price Stability (Elgar, 1998) and Money and Credit in Capitalist Economies (Elgar 1990). He is the editor of Credit and State Theories of Money (Edward Elgar 2004) and the co-editor of Contemporary Post Keynesian Analysis (Edward Elgar 2005), Money, Financial Instability and Stabilization Policy (Edward Elgar 2006), and Keynes for the twenty-first century: The Continuing Relevance of The GeneralTheory, Palgrave, 2008. Wray is also the author of numerous scholarly articles in edited books and academic journals, including the Journal of Economic Issues, Cambridge Journal of Economics, Review of Political Economy, Journal of Post Keynesian Economics, Economic and Labour Relations Review, Economie Appliquée, and the Eastern Economic Journal. Wray received a B.A. from the University of the Pacific and an M.A. and Ph.D. from Washington University in St. Louis. He has served as a visiting professor at the University of Rome, the University of Paris, and UNAM (Mexico City). He was the Bernardin-Haskell Professor, UMKC, Fall 1996, and joined the UMKC faculty as Professor of Economics, August 1999.

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