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The State, the Market and the Euro

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The State, the Market and the Euro

Chartalism versus Metallism in the Theory of Money

9781843761563 Edward Elgar Publishing
Edited by Stephanie A. Bell, Assistant Professor of Economics, University of Missouri, Kansas City, US and Edward J. Nell, Malcolm B. Smith Professor of Economics, The New School for Social Research, US
Publication Date: 2003 ISBN: 978 1 84376 156 3 Extent: 224 pp
Is the theory of money that underlies most modern macroeconomics well-grounded? What determines the value of a currency, and how is the state’s power over its currency related to its ability to stabilize prices and employment? Charles Goodhart’s classic paper ‘The Two Concepts of Money: Implications for the Analysis of Optimal Currency Areas’ which first raised these questions is reprinted here, and the distinguished authors expand its line of argument and comment on its central themes. The issues discussed are of fundamental importance in contemporary monetary theory and policy.

The State, the Market and the Euro presents two sharply contrasting theories of money – Chartalist and Metallist – and the resulting equally sharply contrasting approaches to macroeconomic policy.

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Is the theory of money that underlies most modern macroeconomics well-grounded? What determines the value of a currency, and how is the state’s power over its currency related to its ability to stabilize prices and employment? Charles Goodhart’s classic paper ‘The Two Concepts of Money: Implications for the Analysis of Optimal Currency Areas’ which first raised these questions is reprinted here, and the distinguished authors expand its line of argument and comment on its central themes. The issues discussed are of fundamental importance in contemporary monetary theory and policy.

The State, the Market and the Euro presents two sharply contrasting theories of money – Chartalist and Metallist – and the resulting equally sharply contrasting approaches to macroeconomic policy.

Academic monetary, financial and political economists will find this book of great interest as will policymakers, financial analysts and journalists.
Critical Acclaim
‘. . . This book is a short, readable, and valuable contribution toward understanding money’s origin and the role that understanding can play in monetary policy analysis and monetary regime design. It raises some important issues with respect to the design and implementation of the Euro and Euro-related institutions. . .’
– The Economic Record

‘. . . very rich and enlightening. . . For everyone interested in monetary history, The State, the Market and the Euro represents without any doubt a reference to know and to study.’
– Ziet Ben Hmida, Oeconomicus
Contributors
Contributors: S.A. Bell, C.A.E. Goodhart, R. Guttman, E. Helleiner, M. Hudson, P. Mehrling, E.J. Nell, L.R. Wray
Contents
Contents: Preface 1. The Two Concepts of Money: Implications for the Analysis of Optimal Currency Areas 2. Mr Goodhart and the EMU 3. The Creditary / Monetarist Debate in Historical Perspective 4. Some Limitations of the Chartalist Perspective: A Comment on ‘The Two Concepts of Money’ 5. The Neo-Chartalist Approach to Money 6. Nominal Money, Real Money and Stabilization 7. Money as a Social Institution: A Heterodox View of the Euro 8. Neglected Costs of Monetary Union: The Loss of Sovereignty in the Sphere of Public Policy 9. A Reply to the Contributors Index

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