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. (read more)
Category: Featured-Post
Winter 2020
Banking: Intermediation or Money Creation
Contributors: Morgan Ricks, Marc Lavoie, Robert Hockett, Saule Omarova, Michael Kumhof, Zoltan Jakab, Paul Tucker, Charles Kahn, Daniel Tarullo, Stephen Marglin, Howell Jackson and Christine Desan, Sannoy Das
Current Scholarship
The Key to Value: The Debate over Commensurability in Neoclassical and Credit Approaches to Money
Christine Desan, Harvard Law School
Neoclassical and credit approaches to money represent dramatically different theories of value.
Current Scholarship
Just Published: Finance and Society, Vol. 6, No. 1
Editors, Finance and Society
The editors of Finance and Society are pleased to announce the publication of vol. 6, no. 1 (2020).
Current Scholarship
Colonialism’s Currency: Money, State and First Nations in Canada, 1820-1950
Brian Gettler, University of Toronto
Money, often portrayed as a straightforward representation of market value, is also a political force, a technology for
Current Scholarship
The Money Doctors of Seventeenth Century Naples
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.
Current Scholarship
Technology v Technocracy: Fintech as a Regulatory Challenge
Saule Omarova, Cornell Law School
This article examines fintech as a systemic force disrupting the currently dominant technocratic paradigm of financial regulation.
Current Scholarship
Corona Crisis: Lessons of the Stress Test
Perry G Mehrling, Pardee School of Global Studies, Boston University
Perry Mehrling talks to Boston Economic Club June 3, 2020 about the Coronavirus Crisis.
Current Scholarship
Jim Crow Credit
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
Current Scholarship
Private Markets, Public Options, and the Payment System
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.
Current Scholarship
The evolution of the Offshore US-Dollar System: past, present and four possible futures
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.
Money in the Time of Coronavirus
G. Epstein, Human Capital Bonds and Federal Reserve Support for Public Education: The Public Education Emergency Finance Facility (PEEFF)
May 21, 2020
Gerald Epstein, University of Massachusetts Amherts
Public education - K-12 and public higher education - have been hit hard financially by the Covid-19 Crisis.
Roundtable 3: Race and Money
M. Baradaran, How the Right Used Free Market Capitalism against the Civil Rights Movement
May 19, 2020
Mehrsa Baradaran, University of California Irvine
In order to achieve racial justice in America, we must confront and then thoroughly reject simplistic and ahistorical myths about markets and capitalism.
Current Scholarship
The Federal Reserve Public Education Emergency Finance Facility (PEEFF): A Proposal
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.
Money in the Time of Coronavirus
D. Kennedy, The Fed Should Bail Out Low-Income Tenants and Not Just Banks and Landlords
May 12, 2020
Duncan Kennedy, Harvard Law School
In the last financial crisis millions of American home owners lost their homes while low-income renters were evicted en masse.
Current Scholarship
Why is this Happening? with Chris Hayes: Saving the Economy with Saule Omarova
Why is this Happening?: Saving the Economy with Saule Omarova
Why is this Happening? Podcast Talks with Saule Omarova
Money in the Time of Coronavirus
O.P. Abello, Getting to Know a Brave New Fed
April 29, 2020
Oscar Perry Abello
For me, as a journalist covering the economies of cities across the United States, this journey started maybe four years ago.
Virtual Currencies and the State
F. Brunton, Virtual Money at the Edge-of-State
April 28, 2020
Finn Brunton, NYU Steinhardt School
Virtual Currencies and the State
B. Geva, Payment in Virtual Currency
April 22, 2020
Benjamin Geva, Osgoode Hall Law School of York University
Virtual Currencies and the State
M. de Castro Cunha Filho & S. Silbey, What lies behind the apparent trust in cryptocurrencies?
April 15, 2020
Marcelo de Castro Filho & Susan Silbey, Massachusetts Institute of Technology
At the core of Lev Menand’s and Bill Maurer’s contributions to this roundtable lie one important conclusion
Money in the Time of Coronavirus
C. Sissoko, The Problem with Shareholder Bailouts isn’t Moral Hazard, but Undermining State Capacity
April 10, 2020
Carolyn Sissoko, University of the West of England
Coronavirus and the immense economic costs associated with repressing its growth has provoked a debate over how to distribute those costs.
Virtual Currencies and the State
J. Haskell & N. Tankus, Virtual Currency (in the Shadows of the Money Markets)
April 9, 2020
John Haskell, The University of Manchester
Nathan Tankus, The Modern Money Network
Off the radar in academic, professional and public experience until the early to mid-2000s, virtual currencies are a hot topic
Virtual Currencies and the State
J.S. Nelson, The Case for Cryptocurrencies as a New Category of Regulated Non-Sovereign Fiat Currency
March 31, 2020
J.S. Nelson, Villanova University
What are cryptocurrencies: securities, commodities, or another form of established currency – a non-sovereign fiat currency?
Money in the Time of Coronavirus
S. Omarova, Crises, Bailouts, and the Case for a National Investment Authority
April 1, 2020
Saule T. Omarova, Cornell Law School
The COVID-19 crisis is unlike any other we’ve seen so far.
Current Scholarship
Central Bank Digital Currencies: The New Era of Modern-day Banking
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).
Current Scholarship
Digital money and central bank digital currency: An executive summary for policymakers
Dirk Niepelt, University of Bern
Central banks already issue digital money, but only to a select group of financial institutions.
Money in the Time of Coronavirus
J. van ‘t Klooster, Why the US Congress Gives Dollars to the Fed
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
Presentation
Primer on the CARES Act SBA Payment Protection Loan Program
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).
Video
Financial Aspects of the COVID Crisis
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.
Money in the Time of Coronavirus
C. Sissoko, A Fire Sale in the US Treasury Market: What the Coronavirus Crisis Teaches us About the Fundamental Instability of our Current Financial Structure
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
Money in the Time of Coronavirus
R. Hockett, The Democratic Digital Dollar: A ‘Treasury Direct’ Option
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
Money in the Time of Coronavirus
J. McAndrews, Derivative Failures
March 22, 2020
James McAndrews, TNB USA Inc. and Wharton Financial Institutions Center
One failure makes many, wrote Bagehot,
Money in the Time of Coronavirus
K. Pistor, The Case for Free Money (a real Libra)
March 20, 2020
Katharina Pistor, Columbia Law School
Our money system revolves around debt.
Current Scholarship
[Recall This Buck I]: Chris Desan on Making Money
Recall this Book Podcast Talks with Christine Desan
This is the first of several RTB episodes about the history of money.
Money in the Time of Coronavirus
L. Downey, The Monetary/Fiscal Divide is Still Getting in Our Way
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
Current Scholarship
Are Central Banks Impotent?
Adair Turner and Paul Tucker
As the coronavirus pandemic spreads, two economics heavyweights debate the proposition. Replies will be updated in real time.
Money in the Time of Coronavirus
E. Saeidinezhad, Is the Monetary System as Systemic and International as the Coronavirus?
March 18, 2020
Elham Saeidinezhad, Department of Economics at UCLA
The coronavirus crisis has sparked different policy responses from different countries. The common thread
Money in the Time of Coronavirus
D. Awrey, Here We Go Again? Not Really
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.
Money in the Time of Coronavirus
N. Orian Peer, Repo in the Time of Corona
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].”
Money in the Time of Coronavirus
J. K. Moudud, Beyond Pathogenic Politics
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
Money in the Time of Coronavirus
J. McAndrews, Economic and Financial Responses to the Coronavirus
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?
Banking: Intermediation or Money Creation
C. Desan, The Power of Paradigms in Histories of Economic Development
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
Virtual Currencies and the State
J. Sommer, How is Private Money Possible?
March 11, 2020
Joseph Sommer
Whenever I hear about “virtual currency,” I check my wallet, or sometimes reach for my revolver.
Current Scholarship
Liminalities, Vol. 15, Issue 3: Money on the Left
Edited by Andrés Bernal
This special issue of Liminalities invites cohosts of the Money on the Left Podcast
Banking: Intermediation or Money Creation
P. Tucker, Thinking about whether and why money matters is more important than debates about “views” on banking intermediation
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.
Current Scholarship
Understanding technological change in global finance through infrastructures:
Authors: Nick Bernards & Malcolm Campbell-Verduyn
Amid escalating claims about the promises and perils of emergent financial technologies (fintech), critical investigation.
Virtual Currencies and the State
L. Swartz, Starbucks, Libra, and the Boring Future of Money
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,
Current Scholarship
Senate Testimony of Katharina Pistor, Examining Facebook’s Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System
Author: Katharina Pistor
In this testimony before Congress' Committee on Financial Services, Katharina Pistor examines Facebook’s proposed global cryptocurrency, Libra.
Current Scholarship
The Democratic Digital Dollar: A Digital Savings & Payments Platform for Fully Inclusive State, Local, and National Money & Banking Systems
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.
Current Scholarship
Promises All the Way Down: A Primer on the Money View
Author: Elham Saeidinezhad
It has long been tempting for economists to imagine “the economy” as a giant machine for producing and distributing “value.”
Banking: Intermediation or Money Creation
S. Marglin, What Do Banks Do?
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.”