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Soft Currency Economics

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  • Warren Mosler

Abstract

This evolutionary paper traces the interaction of monetary and fiscal policy, assuming lag reserve accounting in a fiat monetary system. It illustrates: Sovereign debt functions as interest rate support. Taxes function to create a demand for federal spending. The myth of the money multiplier. Taxed advantaged savings plans create a need for deficit spending. Exports are the cost of imports.

Suggested Citation

  • Warren Mosler, 1995. "Soft Currency Economics," Macroeconomics 9502007, EconWPA.
  • Handle: RePEc:wpa:wuwpma:9502007 Note: ascii TEXT file
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    File URL: http://econwpa.repec.org/eps/mac/papers/9502/9502007.txt
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    References listed on IDEAS

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    1. Kwiatkowski, Denis & Phillips, Peter C. B. & Schmidt, Peter & Shin, Yongcheol, 1992. "Testing the null hypothesis of stationarity against the alternative of a unit root : How sure are we that economic time series have a unit root?," Journal of Econometrics, Elsevier, vol. 54(1-3), pages 159-178.
    2. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
    3. Stock, James H & Watson, Mark W, 1993. "A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems," Econometrica, Econometric Society, vol. 61(4), pages 783-820, July.
    4. Phillips, P C B, 1987. "Time Series Regression with a Unit Root," Econometrica, Econometric Society, pages 277-301.
    5. Ben S. Bernanke & John Y. Campbell, 1988. "Is There a Corporate Debt Crisis?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 19(1), pages 83-140.
    6. Engle, Robert & Granger, Clive, 2015. "Co-integration and error correction: Representation, estimation, and testing," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 39(3), pages 106-135.
    7. Estrella, Arturo & Hardouvelis, Gikas A, 1991. " The Term Structure as a Predictor of Real Economic Activity," Journal of Finance, American Finance Association, vol. 46(2), pages 555-576, June.
    8. Newey, Whitney & West, Kenneth, 2014. "A simple, positive semi-definite, heteroscedasticity and autocorrelation consistent covariance matrix," Applied Econometrics, Publishing House "SINERGIA PRESS", pages 125-132.
    9. Phillips, P C B, 1987. "Time Series Regression with a Unit Root," Econometrica, Econometric Society, pages 277-301.
    10. Barry Cozier & Greg Tkacz, "undated". "The Term Structure and Real Activity in Canada," Staff Working Papers 94-3, Bank of Canada.
    11. James G. MacKinnon, 1990. "Critical Values for Cointegration Tests," Working Papers 1227, Queen's University, Department of Economics.
    12. Freedman, Charles & Longworth, David, 1990. "Debt and credit: Recent Canadian developments," North American Review of Economics and Finance, Elsevier, pages 33-51.
    13. Robert A. Amano & Simon van Norden, 1995. "Unit Root Tests and the Burden of Proof," Econometrics 9502005, EconWPA.
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    Cited by:

    1. Mathew Forstater, 2013. "Time of production, time of circulation and turnover time: exploring the guts of Marx’s circuits of capital," Chapters,in: Monetary Economies of Production, chapter 4, pages 33-40 Edward Elgar Publishing.

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    JEL classification:

    • E - Macroeconomics and Monetary Economics

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