Money & Banking

    Modern macroeconomics and finance have both turned their backs on the study of money and banking but, after 2008, we need new economic thinking about money and banking more than ever. We must rediscover, rework and develop the study of banking and central banking, bringing both into the globalization age.

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    Real vs. Imagined Financial Markets The Regulatory Challenge

    We have grown accustomed to regulating financial markets based on imagined, not real markets. Real markets are shaped by and co-evolve with institutional arrangements within two fundamental constraints: Imperfect knowledge and the threat of illiquidity. Read more