Economic and financial crises induce permanent loss of output in the absence of monetary and fiscal intervention.

Banks amplify rather than cushion financial crises because their capital and provisioning regimes are procyclical. In good times, they...

MMT works best in jurisdictions where central bank money creation is exclusively government-backed, with the U.S. Fed being the clearest...

Parliaments should redefine the monetary scope. Central banks should be able to conduct income transfers without involving political decisio

Modern monetary theory argues that a government can self-fund itself to boost demand in a recession.

Over-leveraged borrowers imperil the financial system in economic downturns.

As macroprudential policy restrains private sector borrowing, authorities need to replace debt with income.

By means of the central bank digital currency, authorities can replace the surge in household debt with income transfers.

The starting point to exit a recession is boosting consumption through the implementation of most pass-through tools. As businesses are...

Monetary tools in practice seem to be too clunky to boost spending. Why do central banks not just type money and subsidize spending?