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Don’t banks extract seigniorage (as governments and central banks do) when they create money via lending?
The macroeconomic implications of digital cash would depend on the public‘s preferences for it.
For highly-indebted and poorly-credible economies, the exchange rate is a ‘veil.’
The recent CESifo report on Europe discusses Fiscal Money; unfortunately, it misses its whole point.
This commentary discusses heterodox fiscal policies that can be considered when use of conventional tools is precluded.
If affected by lack of credibility, there is not much an economy can attain in terms of insulation from shocks and...
Dear Ludwig, many thanks for your kind words and comment. And thanks for inviting us to reconsider the issue of money as…