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Monetary and Fiscal Policy for Sovereign Currencies: What Should Government Do?

In: Modern Money Theory

Author

Listed:
  • L. Randall Wray

    (University of Missouri-Kansas City
    Levy Economics Institute of Bard College)

Abstract

In this chapter we will turn to what government ought to do. This chapter will specifically treat only the sovereign government that issues its own floating rate currency. From the chapters above, that will make it clear that we are addressing only a government that does not face an affordability constraint. The floating rate regime provides the greatest domestic policy space. Nations that peg or manage their exchange rates might have less policy space, depending on their own situation.

Suggested Citation

  • L. Randall Wray, 2015. "Monetary and Fiscal Policy for Sovereign Currencies: What Should Government Do?," Palgrave Macmillan Books, in: Modern Money Theory, edition 2, chapter 7, pages 193-220, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-1-137-53992-2_8
    DOI: 10.1057/9781137539922_8
    as

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