Governor Lael Brainard, Federal Reserve
Speech by Governor Lael Brainard of the Federal Reserve at The Future of Money in the Digital Age, Sponsored by the Peterson Institute for International Economics and Princeton University’s Bendheim Center for Finance, Washington, D.C.
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Digital Currencies, Stablecoins, and the Evolving Payments Landscape”
Bruno Meyerhof Salama, University of California, Berkeley - School of Law
In spite of its name, economic analysis of law is mostly unconcerned with money and markets. In a recently published book.
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Book Review: Law and Macroeconomics as Mainstream”
Saule T. Omarova, Cornell Law School
The COVID-19 crisis forcefully underscored the urgency of digitizing sovereign money and ensuring broad access to affordable banking services.
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The People’s Ledger: How to Democratize Money and Finance the Economy”
Roger Svensson, Research Institute of Industrial Economics, Andreas Westermark,Sveriges Riksbank
A monetary system called periodic re-coinage was used during almost 200 years in large part of medieval Europe.
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Seigniorage through Periodic Recoinage: When the Validity of Money Was Restricted in Time”
Jamee Moudud, Sarah Lawrence College
This paper contributes to the literature on racial capitalism by deploying a key insight of the Law and Political Economy tradition, which is that politics acting through the law plays a constitutive role in the monetary hardwiring of economies and their property rights.
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The Janus Faces of Money, Property, and Governance: Fiscal Finance, Empire, and Race”
Christine Desan, Harvard Law School
Neoclassical and credit approaches to money represent dramatically different theories of value.
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The Key to Value: The Debate over Commensurability in Neoclassical and Credit Approaches to Money”
Editors, Finance and Society
The editors of Finance and Society are pleased to announce the publication of vol. 6, no. 1 (2020).
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Just Published: Finance and Society, Vol. 6, No. 1”
Brian Gettler, University of Toronto
Money, often portrayed as a straightforward representation of market value, is also a political force, a technology for
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Colonialism’s Currency: Money, State and First Nations in Canada, 1820-1950”
Ayca Zayim, Mount Holyoke College
Despite the consensus that the power of finance constraints central banks under financial globalization, the variation in their autonomy from market forces at the micro level of monetary policymaking remains underexplored.
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Inside the Black Box: Credibility and Situational Power of Central Banks”
Francois R. Velde, Federal Reserve Bank of Chicago
A collection of texts printed in early seventeenth-century Naples exemplifies the intersection between economic history and the history of thought.
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The Money Doctors of Seventeenth Century Naples”
Corinne Zellweger-Gutknecht, University of Basel, Benjamin Geva, Osgoode Hall Law School, Seraina N. Gruenewald, Radbound University Nijmegen
The modern monetary system is controlled by the state and yet linked to private deposit banking. Monetary value held in deposits with commercial banks is known as ‘commercial bank money’ (CoBM).
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The ECB and € E-Banknotes”
L. Randall Wray, Bard College
Modern money theory (MMT) synthesizes several traditions from heterodox economics.
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The ‘Kansas City’ Approach to Modern Money Theory”
Vanessa Ogle, UC Berkeley
This article explores the question of what happened to European assets in the process of decolonization.
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‘Funk Money’: The End of Empires, The Expansion of Tax Havens, and Decolonization as an Economic and Financial Event”
Saule Omarova, Cornell Law School
This article examines fintech as a systemic force disrupting the currently dominant technocratic paradigm of financial regulation.
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Technology v Technocracy: Fintech as a Regulatory Challenge”
Perry G Mehrling, Pardee School of Global Studies, Boston University
Perry Mehrling talks to Boston Economic Club June 3, 2020 about the Coronavirus Crisis.
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Corona Crisis: Lessons of the Stress Test”
Mehrsa Baradaran, University of California Irvine
The New Deal created a separate and unequal credit market—high-interest, non-bank, installment lenders in black ghettos
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Jim Crow Credit”
Peter Conti-Brown and David A. Wishnick
The speed at which money moves between people and businesses in the United States lags well behind international standards.
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Private Markets, Public Options, and the Payment System”
Steffan Murau, Joe Rini & Armin Haas
Little has contributed more to the emergence of today's world of financial globalization than the setup of the international monetary system.
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The evolution of the Offshore US-Dollar System: past, present and four possible futures”
Gerald Epstein, University of Massachusetts Amherst
State and local finances, including for public education, have been hit hard by the COVID-19 crisis, leaving more than a $500 billion hole in their budgets.
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The Federal Reserve Public Education Emergency Finance Facility (PEEFF): A Proposal”
Why is this Happening?: Saving the Economy with Saule Omarova
Why is this Happening? Podcast Talks with Saule Omarova
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Why is this Happening? with Chris Hayes: Saving the Economy with Saule Omarova”
Yakov Feygin & Dominik A. Leusder
The global dollar system has few national winners.
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The Class Politics of the Dollar System”
Jamee K. Moudud, Sarah Lawrence College
At the heart of the constitutional theory of money is the argument that money is central to governance.
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Analyzing the Constitutional Theory of Money: Governance, Power, and Instability”
Aditya Bamzai, University of Virginia School of Law
The disputed scope of the President’s authority to remove subordinates in the executive branch, and to direct them in the performance of their functions
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Tenure of Office and the Treasury: The Constitution and Control over National Financial Policy, 1787 to 1867”
Alan M. White, CUNY School of Law
Banks are creatures of the market and creatures of the state.
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A. White, Banks as Utilities”
Jakob Feinig, Binghamton University
This paper proposes a novel approach for understanding money users’ relation to monetary governance institutions.
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J. Feinig, Toward a moral economy of money? Money as a creature of democracy”
Nadav Orian Peer, University of Colorado Law School
This Article explores the workings of Public Purpose Finance, and its role within the U.S. political economy.
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Public Purpose Finance: The Government’s Role as Lender”
Benjamin Geva, Osgoode Hall Law School of York University
An internal report submitted in March to the Committee on Payments and Market Infrastructures (CPMI) of the Bank for International Settlements (BIS), presents an initial analysis of Central Bank Digital Currency (CBDC).
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Central Bank Digital Currencies: The New Era of Modern-day Banking”
Dirk Niepelt, University of Bern
Central banks already issue digital money, but only to a select group of financial institutions.
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Digital money and central bank digital currency: An executive summary for policymakers”
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.
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Financial Aspects of the COVID Crisis”
Recall this Book Podcast Talks with Christine Desan
This is the first of several RTB episodes about the history of money.
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[Recall This Buck I]: Chris Desan on Making Money”
Adair Turner and Paul Tucker
As the coronavirus pandemic spreads, two economics heavyweights debate the proposition. Replies will be updated in real time.
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Are Central Banks Impotent?”
Edited by Andrés Bernal
This special issue of Liminalities invites cohosts of the Money on the Left Podcast
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Liminalities, Vol. 15, Issue 3: Money on the Left”
Authors: Nick Bernards & Malcolm Campbell-Verduyn
Amid escalating claims about the promises and perils of emergent financial technologies (fintech), critical investigation.
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Understanding technological change in global finance through infrastructures:”
Author: Katharina Pistor
In this testimony before Congress' Committee on Financial Services, Katharina Pistor examines Facebook’s proposed global cryptocurrency, Libra.
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Senate Testimony of Katharina Pistor, Examining Facebook’s Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System”
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.
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The Democratic Digital Dollar: A Digital Savings & Payments Platform for Fully Inclusive State, Local, and National Money & Banking Systems”
Author: Elham Saeidinezhad
It has long been tempting for economists to imagine “the economy” as a giant machine for producing and distributing “value.”
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Promises All the Way Down: A Primer on the Money View”
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.
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The Monetary Basis of Bank Supervision”
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
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Bad Money”
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.
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Senate Testimony of Mehrsa Baradaran on Cryptocurrency & Financial Inclusion”
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
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Bank Supervision, the Great Depression, and the Creation of the New Deal”
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.
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Monetary Policy and the Top One Percent: Evidence from a Century of Modern Economic History”
Author: Barry Eichengreen
The traditional way of starting an essay on the history of capitalism is by not defining the term.
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Financial History, Historical Analysis, and the New History of Finance Capital”
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
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Money Creation in Fiat and Digital Currency Systems”
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
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Payment vs. Funding: The Law of Reflux for Today”
Author: Christopher Frank
Despite the dramatic expansion of consumer culture from the beginning of the eighteenth century onwards and the developments in retailing, advertising
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Workers, Unions and Payment in Kind: The Fight for Real Wages in Britain, 1820–1914”
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.
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Bagehot’s Giant Bubble Failure”
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.
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Banks are not intermediaries of loanable funds – facts, theory and evidence”
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.
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State Building for a Free Market: The Great Depression and the Rise of Monetary Orthodoxy”
Author: Nuno Palma
Classic accounts of the English industrial revolution present a long period of stagnation followed by a fast take-off. However, recent findings of slow but steady per capita economic growth suggest that this is a historically inaccurate portrait of early modern England. This growth pattern was in part driven by specialization and structural change accompanied by an increase in market participation at both the intensive and extensive levels. These, I argue, were supported by the gradual increase in money supply made possible by the importation of precious metals from America. They enabled a substantial increase in the monetization and liquidity levels of the economy, hence decreasing transaction costs, increasing market thickness, changing the relative incentive for participating in the market and allowing agglomeration economies to arise. By making trade with Asia possible, precious metals also induced demand for new desirable goods, which in turn encouraged market participation. Finally, the increased monetization and market participation made tax collection easier. This helped the government to build up fiscal capacity and as a consequence to provide for public goods. The structural change and increased market participation that ensued paved the way for modernization.
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Money and modernization in early modern England”
