dunnettreader + article + monetary_policy   12

Flores-Maciss
What determines when states adopt war taxes to finance the cost of conflict? We address this question with a study of war taxes in the United States between 1789 and 2010. Using logit estimation of the determinants of war taxes, an analysis of roll-call votes on war tax legislation, and a historical case study of the Civil War, we provide evidence that partisan fiscal differences account whether the United States finances its conflicts through war taxes or opts for alternatives such as borrowing or expanding the money supply. Because the fiscal policies implemented to raise the revenues for war have considerable and often enduring redistributive impacts, war finance—in particular, war taxation—becomes a high-stakes political opportunity to advance the fiscal interests of core constituencies. Insofar as the alternatives to taxation shroud the actual costs of war, the findings have important implications for democratic accountability and the conduct of conflict. - Downloaded via iphone
US_history  downloaded  politics-and-money  US_military  deficit_finance  sovereign_debt  business_cycles  international_finance  fiscal_policy  Congress  US_foreign_policy  capital_markets  fiscal-military_state  political_history  article  political_economy  monetary_policy  taxes  US_politics  accountability  financial_system  redistribution  business-and-politics 
july 2017 by dunnettreader
James Tobin - The Monetarist Counter-Revolution Today - An Appraisal (1981) | The Economic Journal on JSTOR
The Monetarist Counter-Revolution Today-An Appraisal
James Tobin
The Economic Journal
Vol. 91, No. 361 (Mar., 1981), pp. 29-42
Published by: Wiley on behalf of the Royal Economic Society
DOI: 10.2307/2231692
Stable URL: http://www.jstor.org/stable/2231692
Via Anne @ Thoma re Krugman returning to Tobin and seeing his counterblast as not the last feeble defense against the new kids on the block - Tobin was right!
Downloaded via iPhone to DBOX
RBC  20thC  downloaded  central_banks  Volker  article  social_sciences-post-WWII  wages  monetarism  Friedman_Milton  intellectual_history  economic_theory  monetary_policy  Tobin  inflation  interest_rates  oil_price  Fed  unemployment  post-WWII  Keynesianism 
september 2016 by dunnettreader
R Böhme, N Christin, B Edelman & T Moore - Bitcoin: Economics, Technology, and Governance (2015) | AEAweb: Journal of Economic Perspectives, 29(2): 213-38.
Bitcoin is an online communication protocol that facilitates the use of a virtual currency, including electronic payments. Bitcoin's rules were designed by engineers with no apparent influence from lawyers or regulators. Bitcoin is built on a transaction log that is distributed across a network of participating computers. It includes mechanisms to reward honest participation, to bootstrap acceptance by early adopters, and to guard against concentrations of power. Bitcoin's design allows for irreversible transactions, a prescribed path of money creation over time, and a public transaction history. Anyone can create a Bitcoin account, without charge and without any centralized vetting procedure—or even a requirement to provide a real name. Collectively, these rules yield a system that is understood to be more flexible, more private, and less amenable to regulatory oversight than other forms of payment—though as we discuss, all these benefits face important limits. Bitcoin is of interest to economists as a virtual currency with potential to disrupt existing payment systems and perhaps even monetary systems. This article presents the platform's design principles and properties for a nontechnical audience; reviews its past, present, and future uses; and points out risks and regulatory issues as Bitcoin interacts with the conventional financial system and the real economy. -- downloaded pdf to Note
article  Bitcoin  blockchain  payments_systems  financial_system  financial_regulation  monetary_policy  money  money_supply  asset_prices  financial_innovation  macroeconomic_policy  downloaded 
september 2015 by dunnettreader
Arthur Goldhammer - The Old Continent Creaks | Democracy Journal: Summer 2015
not so long ago (the EU) was praised by some as a model of ingenious institutional innovation and cooperative transnational governance, while simultaneously denounced by others as an insidious instrument for subjecting ostensibly democratic states to the imperious dictates of capitalism in its latest “neoliberal” form? For 2 generations after World War II, memories of the devastating consequences of nationalism trumped economic rivalries, giving technocrats maneuvering room to devise continental strategies for economic growth that nevertheless enabled member states to maintain sufficient control over social policy to satisfy voter demands. For decades, this arrangement held.By the mid-1980s, however, enormous changes in the global economy forced the European Community to reinvent itself in order to remain competitive. The original balance between national sovereignty and technocratic government at the European level was altered, limiting the ability of member states to set their own economic policy. But today’s convergent crises raise the question of whether the European Union that replaced the European Community needs to reinvent itself yet again. And if so, is reinvention possible at a time when many Europeans, and especially those for whom World War II is a distant memory, feel that the EU is exacerbating nationalist enmities rather than calming them? -- downloaded pdf to Note
article  Europe  20thC  21stC  EU  EU_governance  technocracy  nation-state  nationalism  regional_blocs  sovereignty  democracy_deficit  political_participation  opposition  globalization  competition-interstate  Eurozone  economic_policy  fiscal_policy  monetary_policy  sovereign_debt  downloaded 
july 2015 by dunnettreader
George Selgin - Steam, Hot Air, and Small Change: Matthew Boulton and the Reform of Britain's Coinage | JSTOR - The Economic History Review Vol. 56, No. 3 (Aug., 2003), pp. 478-509
This article challenges the claim that Great Britain solved its 'big problem of small change' (the problem of keeping decent low-denomination coins in circulation) by embracing Matthew Boulton's steam-based coining technology. Evidence from Great Britain's commercial token episode (1787-97) shows that a successful small change system depended, not on the motive power employed in coining, but on the quality and consistency of coin engravings and on having means for systematically withdrawing worn coins. The Tower Mint failed to solve Great Britain's small change problem, not because its equipment was old-fashioned, but because its policies and constitution were flawed. -- excellent bibliography -- challenges story in Sargeant and Velde "Big Problem of Small Change" - bookshelf -- downloaded pdf to Note
article  jstor  economic_history  Europe-Early_Modern  18thC  19thC  British_history  currency  commerce  Innovation  UK_Government  monetary_policy  gold_standard  Napoleonic_Wars  bookshelf  bibliography  downloaded  EF-add 
january 2015 by dunnettreader
Suzanne J. Konzelmann - The political economics of austerity | Cambridge Journal of Economics 2013
Birkbeck, University of London. -- The 2007/08 financial crisis has reignited the debate about economic austerity. With the aim of understanding why a government would pursue such a policy in the current context of persistent economic recession, this article traces the social, political and economic developments that have together shaped the evolution of ideas about austerity, from the earliest theorising by the classical political economists some 300 years ago. Throughout the historical narrative, important analytical themes revolve around the arguments used to justify austerity—notably appeals to ethics and morality (reinforced by misleading analogies drawn between government budgets and the accounts of firms and households). These include concerns about inflation and the observed relationship between inflation and unemployment; ‘Ricardian equivalence’ and ‘non-Keynesian’ effects of austerity; and the correlation between public debt levels and economic growth. The class analytics of austerity—who bears the burden of austerity and who benefits—and the process by which alternative ideas penetrate the mainstream and reconstitute the conventional wisdom are also important analytical themes. -- downloaded pdf to Note
article  intellectual_history  political_economy  economic_theory  economic_sociology  economic_policy  17thC  18thC  19thC  20thC  21stC  Great_Recession  austerity  business_cycles  business-and-politics  ideology  macroeconomics  fiscal_policy  monetary_policy  inflation  unemployment  moral_economy  historical_sociology  class_conflict  public_opinion  public_finance  sovereign_debt  economic_growth  debt  debtors  creditors  intermediation  Labor_markets  downloaded  EF-add 
september 2014 by dunnettreader
GEORGE GRANTHAM: The French cliometric revolution: A survey of cliometric contributions to French economic history (1997)
JSTOR: European Review of Economic History, Vol. 1, No. 3 (DECEMBER 1997), pp. 353-405 -- downloaded pdf to Note -- This article surveys cliometric research on the development of the French economy, with special emphasis on the fiscal and monetary history of the Revolution, the alleged retardation of the French economy in the nineteenth century, and the question of agricultural productivity in the early modern and industrial age.
article  jstor  economic_history  statistics  17thC  18thC  19thC  France  fiscal-military_state  fiscal_policy  monetary_policy  sovereign_debt  agriculture  demography  industrialization  modernization  lit_survey  bibliography  downloaded  EF-add 
september 2013 by dunnettreader
Carl Wennerlind: David Hume’s Monetary Theory Revisited: Was He Really a Quantity Theorist and an Inflationist? (2005)
JSTOR: Journal of Political Economy, Vol. 113, No. 1 (February 2005), pp. 223-237....Downloaded pdf to Note. ?...see bookshelf for 2011 Hume Political Economy collection. ?... David Hume’s monetary theory has been controversial since its formulation. Lately, the focus has been on Hume’s alleged misapplication of the quantity theory of money. While he appears to subscribe to a simple quantity theory with money neutrality, in a famously contested passage in the essay Of Money, he violates the neutrality condition by claiming that an increase in the money stock has favorable output effects. While most commentators argue about the persistence of the output effect, this paper suggests that we can derive an alternative understanding of Hume’s monetary thinking by recognizing that he made an analytical distinction between endogenous and exogenous money. Realization that only the former has a favorable output effect forces us to overturn the long‐standing consensus that Hume instructed the government to use monetary or trade policy to engineer a gradually increasing money stock.
article  jstor  bookshelf  economic_history  monetary_policy  18thC  economic_models  currency  money  FX  prices  inflation  trade  Hume  downloaded  EF-add 
august 2013 by dunnettreader
Matias Vernengo & Louis-Philippe Rochon : Kaldor and Robinson on money and growth | T & F Online
Volume 8, Issue 1, 2001, pages 75- 103
Available online: 25 Jan 2011
DOI: 10.1080/09672560010015422
Post-Keynesian theory was developed as an alternative to mainstream neoclassical economics. However, post-Keynesians have not succeeded in getting their message through, partly because of the difficult and controversial economic issues upon which they embarked, partly because they emphasized, both in their monetary and growth analysis, theories that do not radically depart from the mainstream of economics. This paper therefore argues that post-Keynesian economics got off on the wrong foot. Rather than having emphasized the works of Minsky and (the early) Kaldor in money, post-Keynesians should have considered the contributions of Robinson and Kahn. Also, rather than having emphasized the work of Robinson and Harrod on growth, they ought to have given greater emphasis to Kaldor's demand-oriented growth theory. Hence, as a simplification, post-Keynesians should have considered Robinson on money, not Kaldor; and Kaldor on growth, not Robinson.

Downloaded pdf to Note
article  20thC  economic_history  economic_models  economic_growth  monetary_policy  Keynesianism  intellectual_history  downloaded  EF-add 
august 2013 by dunnettreader
Yanis Varoufakis: From Contagion to Incoherence towards a Model of the Unfolding Eurozone Crisis | July 2013
Contrib Pol Economy (2013) 32 (1): 51-71. doi: 10.1093/cpe/bzt006
Downloaded pdf to Note

Abstract

Based on an account of the macroeconomic foundations and political economy underpinning European Monetary Union, this paper presents a simple dynamic model of the mutual reinforcement feedback between (i) the Eurozone's contagion dynamic and (ii) the policy responses of the European Union, including the creation of new institutions (e.g. the European Financial Stability Facility, EFSF, and European Stability Mechanism, ESM), the signing of new treaties (e.g. the Fiscal Past) and, of course, the novel' policies of existing institutions (e.g. the ECB).
article  economic_history  economic_models  political_economy  international_political_economy  international_finance  Eurozone  Great_Recession  central_banks  fiscal_policy  monetary_policy  EU  downloaded  EF-add 
july 2013 by dunnettreader

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