The bond vigilante debate survives because it confuses three fundamentally different constraints.

The bond vigilante debate survives because it confuses three fundamentally different constraints.

The bond vigilante debate survives because it confuses three fundamentally different constraints.

The bond vigilante debate survives because it confuses three fundamentally different constraints.

Why sovereign democracies must dismantle the mythology of ‘bond vigilantes’ to restore political agency

International monetary reform has pursued the same objective for a century: a settlement system that facilitates adjustment, treats surplus and deficit countries symmetrically, and leaves domestic mon...

economics of the Zohranmarket

Imagine a group of people decide to organize a Night Watchman State.

The previous prologue on “International Monetary System Reform” considered some common types of proposals (SDR-type supranational neutral currencies, multipolarity, or multipolarity via swap lines) an...

International monetary reform has pursued the same objective for a century: a settlement system that facilitates adjustment, treats surplus and deficit countries symmetrically, and leaves domestic mon...

The previous prologue on “International Monetary System Reform” considered some common types of proposals (SDR-type supranational neutral currencies, multipolarity, or multipolarity via swap lines) an...

The previous prologue on “International Monetary System Reform” considered some common types of proposals (SDR-type supranational neutral currencies, multipolarity, or multipolarity via swap lines) an...

The previous prologue on “International Monetary System Reform” considered some common types of proposals (SDR-type supranational neutral currencies, multipolarity, or multipolarity via swap lines) an...

Prologue: Some Useful Observations/Framing of Issues by Nathan Tankus & Discussion w Devika Dutt (2020)

Prologue: Some Useful Observations/Framing of Issues by Nathan Tankus & Discussion w Devika Dutt (2020)

The yen hit a 40-year low.

The yen hit a 40-year low.

The international monetary system performs contracting and clearing well, but final settlement functions differently than in domestic economies: instead of extinguishing liabilities it transfers them ...

It is a logical impossibility for Social Security to go bankrupt. We can voluntarily choose to suspend or eliminate the program, but it could never fail because it “ran out of money.” This belief is t...

Robert Mundell’s A Theory of Optimum Currency Areas (1961) established one of the defining questions of modern international macroeconomics: where should monetary policy be located?

Robert Mundell’s A Theory of Optimum Currency Areas (1961) established one of the defining questions of modern international macroeconomics: where should monetary policy be located?

The international monetary system performs contracting and clearing well, but final settlement functions differently than in domestic economies: instead of extinguishing liabilities it transfers them ...

The international monetary system performs contracting and clearing well, but final settlement functions differently than in domestic economies: instead of extinguishing liabilities it transfers them ...

The international monetary system performs contracting and clearing well, but final settlement functions differently than in domestic economies: instead of extinguishing liabilities it transfers them ...

The international monetary system performs contracting and clearing well, but final settlement functions differently than in domestic economies: instead of extinguishing liabilities it transfers them ...

The international monetary system performs contracting and clearing well, but final settlement functions differently than in domestic economies: instead of extinguishing liabilities it transfers them ...

On Pegs, Rates, Governance, and the Only International Monetary System That Avoids All Three

28 years ago, a Nobel laureate published — in the journal of record of American science — the operational refutation of fiscal-policy orthodoxy that MMT would later be called "heterodox" for restating