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About Us

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)

Current Scholarship
Histories of Bank Supervision

Sean Vanatta

In this essay, I make the case for the historical study of bank supervision—both that historical methods are necessary to understanding the shape and structure of supervision in the present and that the study of supervision will contribute to active and important historiographical debates.

Current Scholarship
The New Bailments

Danielle D'Onfro

The rise of cloud computing has dramatically changed how consumers and firms store their belongings. Property that owners once managed directly now exists primarily on infrastructure maintained by intermediaries.

Current Scholarship
Borrowing Equality

Abbye Atkinson

For the last fifty years, Congress has valorized the act of borrowing money as a catalyst for equality, embracing the proposition that equality can be bought with a loan.

Current Scholarship
Does the national debt matter?

L. Randall Wray & Yeva Nersisyan

In this paper, we use the Modern Money Theory framework to analyze whether government debt (and deficits) in a country with its own sovereign currency presents a problem.

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 ECB and € E-Banknotes

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).

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