Two great resources have been made available to track the many policy responses of governments with regard to the economic impacts of the Covid-19 crisis. Click here for more information.
April 1, 2020
Saule T. Omarova, Cornell Law School
The COVID-19 crisis is unlike any other we’ve seen so far.
Dirk Niepelt, University of Bern
Central banks already issue digital money, but only to a select group of financial institutions.
March 31, 2020
Jens van ‘t Klooster, KU Leuven and University of Amsterdam
Commentators have raised various concerns over provisions in the $2 trillion US stimulus bill that assign $454
March 31, 2020
J.S. Nelson, Villanova University
What are cryptocurrencies: securities, commodities, or another form of established currency – a non-sovereign fiat currency?
In this Primer, we at Justmoney.org provide a user-friendly, step-by-step explanation of the Paycheck Protection Loan Program enacted last week as part of the CARES Act (Mar. 27, 2020).
Erik Gerding and Nadav Orian Peer
Financial Aspects of the COVID Crisis was a community teach-in in CU Law, held online on March 24, 2020.
March 27, 2020
Carolyn Sissoko, University of the West of England
A recurring theme in the papers that I have written is that asset price instability is endemic in a system of collateralized lending based on repurchase agreements
March 25, 2020
Robert Hockett, Cornell Law School
On March 23rd House Democrats did something I and many others have been advocating for some time
March 22, 2020
James McAndrews, TNB USA Inc. and Wharton Financial Institutions Center
One failure makes many, wrote Bagehot,
March 20, 2020
Katharina Pistor, Columbia Law School
Our money system revolves around debt.
Recall this Book Podcast Talks with Christine Desan
This is the first of several RTB episodes about the history of money.
March 19, 2020
Leah Downey, Edmond J. Safra Center for Ethics at Harvard University
In the wake of the Great Financial Crisis (GFC) the Federal Reserve got creative. The Fed employed
Adair Turner and Paul Tucker
As the coronavirus pandemic spreads, two economics heavyweights debate the proposition. Replies will be updated in real time.
March 18, 2020
Elham Saeidinezhad, Department of Economics at UCLA
The coronavirus crisis has sparked different policy responses from different countries. The common thread
March 17, 2020
Dan Awrey, Cornell Law School
The global pandemic unleashed by the coronavirus has inadvertently shone a spotlight on the design of some of our most important monetary institutions.
March 16, 2020
Nadav Orian Peer, Colorado Law
“It was inevitable: the scent of bitter [money markets] always reminded him of the fate of unrequited [convergence trades].”
March 16, 2020
Jamee K. Moudud, Professor of Economics, Sarah Lawrence College, and Board Member, Association for the Promotion of Political Economy and the Law (APPEAL)
In considering the recent stock market crash the casual observer cannot help but be struck by the way
March 15, 2020
James, McAndrews, TNB USA Inc. and Wharton Financial Institutions Center
What principles should guide our government’s responses to the economic fallout of the Covid-19 pandemic?
March 12, 2020
Christine Desan, Harvard Law School
An iconic article published by Douglass North and Barry Weingast in 1989 identified the growth of banking
March 11, 2020
Whenever I hear about “virtual currency,” I check my wallet, or sometimes reach for my revolver.
Edited by Andrés Bernal
This special issue of Liminalities invites cohosts of the Money on the Left Podcast
March 5, 2020
Sir Paul Tucker, Harvard Kennedy School
It has been orthodoxy for as long as I can remember that bank deposits are created by bank lending.
Authors: Nick Bernards & Malcolm Campbell-Verduyn
Amid escalating claims about the promises and perils of emergent financial technologies (fintech), critical investigation.
March 4, 2020
Lana Swartz, University of Virginia
In 2010, the satirical newspaper the Onion ran a story with the headline, “U.S. Economy Grinds to Halt as Nation Realizes Money Just a Symbolic,
Author: Katharina Pistor
In this testimony before Congress' Committee on Financial Services, Katharina Pistor examines Facebook’s proposed global cryptocurrency, Libra.
Author: Robert Hockett
Many national and subnational units of government see a need for more inclusive money, payment, and retail banking systems for the capture, storage, and transfer of spendable value among their constituents.
Author: Elham Saeidinezhad
It has long been tempting for economists to imagine “the economy” as a giant machine for producing and distributing “value.”
February 26, 2020
Stephen A. Marglin, Harvard University
This is a curious debate on which much seems to turn on “the stroke of a pen.”
February 26, 2020
Hilary J. Allen, American University Washington College of Law
Money serves three important functions. It acts as a unit of account (meaning that it can be used to measure the value of goods and services)
Author: Lev Menand
Administrative agencies typically operate at arm’s length from the institutions they regulate, making rules and then enforcing them after the fact.
Author: Dan Awrey
Money is, always and everywhere, a legal phenomenon. In the United States, the vast majority of the money supply consists of monetary liabilities
Author: Mehrsa Baradaran
In this testimony before the Senate Committee on Banking, Housing and Community Affairs, Mehrsa Baradaran provides perspective on the cryptocurrency industry’s ambitions with regard to financial inclusion for low income Americas as well as its place in the banking regulatory landscape.
February 18, 2020
Daniel K. Tarullo, Harvard Law School
To be honest, I have always been a bit bemused by the longstanding theoretical debate as to whether banks are best understood as money creators or financial intermediaries.
Authors: Sean Vanatta and Peter Conti-Brown
The banking crises of 1930-1933 created the Great Depression and with it the momentum that remade American politics
February 20, 2020
Bill Maurer, University of California, Irvine
I picked up a copy of the Financial Times in the Munich airport on my way home from keynoting the Bundesbank’s biannual International Cash Conference.
February 14, 2020
Lev Menand, Columbia Law School
Eleven years ago an unknown person—or group of people—going by the name Satoshi Nakamoto launched Bitcoin
February 13, 2020
Howell E. Jackson, Harvard Law School
It’s a pleasure to participate in the launch of the Just Money Blog and congratulations to my colleague Professor Christine Desan for undertaking this new initiative.
Authors: Mehdi El Herradi and Aurélien Leroy
This paper examines the distributional implications of monetary pol-icy from a long-run perspective with data spanning a century of modern economic history in 12 advanced economies between 1920 and 2015.
Author: Barry Eichengreen
The traditional way of starting an essay on the history of capitalism is by not defining the term.
Authors: Marco Gross and Christoph Siebenbrunner
To support the understanding that banks’ debt issuance means money creation, while centralized nonbank financial institutions’ and decentralized bond market intermediary lending does not, the paper aims to convey two related points
Author: Perry G. Mehrling
The analytical tension in post-Keynesian thought between the theory of endogenous (credit) money and the theory of liquidity preference, brought to our attention by Dow and Dow (1989), can be viewed through the lens of the money view
Author: Christopher Frank
Despite the dramatic expansion of consumer culture from the beginning of the eighteenth century onwards and the developments in retailing, advertising
February 5, 2020
Robert Hockett, Cornell Law School
Saule Omarova, Cornell Law School
Apparently there still are people who believe that the principal role of commercial banks is to ‘intermediate’ between depositors and borrowers – lending the funds of the former to the latter at a premium, conveying a portion of that premium to the former, and pocketing the remainder.
On this website, we approach money as a legal project. Created to meet demands both public and private, money depends on law for its definition, issue, and operation. That legal structure of money – its design – matters deeply. In the words attributed to an early banker, “those who create and issue money . . . direct the policies of government and hold in the hollow of their hands the destiny of the people.” Our aim is to encourage discussion, debate, and scholarship on money’s design and its reform towards a world that is as just as it is (economically) productive. (See more)
January 29, 2020
Michael Kumhof, Bank of England
Zoltan Jakab, International Monetary Fund
Financial sector problems played a critical role in triggering and prolonging both the Great Depression of 1929 and the Great Recession of 2008.
Author: Andrew Odlyzko
Walter Bagehot is remembered today primarily as a proponent of the doctrine of lender of last resort, in which central banks pump money into the economy to ameliorate the damage from a financial crisis.
Authors: Zoltan Jakab and Michael Kumhof
In the loanable funds model, banks are modelled as resource-trading intermediaries that receive deposits of physical resources from savers before lending them to borrowers. In the financing model, banks are modelled as financial intermediaries whose loans are funded by ex-nihilo creation of ledger-entry deposits that facilitate payments among nonbanks. The financing model predicts larger and faster changes in bank lending and greater real effects of financial shocks.
Author: David M. P. Freund
The U.S. government transformed American finance between 1913 and 1935 by assuming extraordinary new powers over the banking sector and the money supply. And the government’s actions were reliably controversial. Beginning soon after the Federal Reserve began operations and lasting through the reforms that restructured the institution during the New Deal, critics warned that federal overreach in financial markets posed an existential threat to the free-enterprise system.
16 October 2020 – Keynote speakers: Francois Velde (Federal Reserve Bank of Chicago)
Organisers: Dr Stefano Locatelli (History, UoM), Dr Nuno Palma (Economics, UoM)
Submission closes: 31st January 2020 Acceptance notification: 28th February 2020
Registration is free; there will be a limited number of accommodation and travel grants available. Priority will be given to speakers without a faculty position (PhDs and Postdocs). Please, indicate in your email if you need financial support.
To submit papers please email the organisers – include your title and an abstract. There is no need to submit a full paper at this stage, although priority may be given those sending a full text. This workshop will bring together researches interested in exploring different policies and strategies adopted by various actors such as rulers, governments and ordinary people in time of monetary ‘crisis’, as well as normal times, between the 16th and 19th centuries. To what extent did political changes of a territory affects its economy and monetary system and vice versa, and what effects did those ‘local’ changes have on the macro level, i.e. on the process of integration of economic and monetary markets? These are key questions of the proposed event, which also aims at providing a comprehensive discussion of monetary and financial ‘crisis’, taking into account different phenomena such as the provision of precious metals, minting policies, money supply, monetary fluctuations, and financial market integration.
This one-day workshop will be organised on 16th October 2020 and will host Francois Velde (Federal Reserve Bank of Chicago) with a contribution on the Neapolitan banks in the context of early modern public banks.… more