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"The conventional macroeconomic theory of the late twentieth and early twenty-first century, based on the assumption that the working of complex monetary economy could be analysed on the same principles as those of barter exchange, has demonstrably failed. This book provides a thorough rethinking of the nature of a monetary economy. It builds upon a complete theory of the domestic and international monetary macro-economy, and of macroeconomic policy for the modern age. Central to the analysis is the idea that a successful market economy requires an endogenous supply of money via the banking system. Therefore to achieve macroeconomic stability, the book proposes the targeting of real interest rates under a regime of flexible exchange rates or 'fixed but adjustable exchange rates' as the main goal of monetary policy, along with a range of innovative fiscal and trade policies to promote economic growth, and thereby achieve full employment and a fair distribution of income"--

Methodological problems in monetary macroeconomics -- The basic principles of monetary macroeconomics in an alternative monetary model -- The role of money and banking in capitalism -- The mystery of profit and the enigma of value -- Interest rates, liquidity preference, and endogenous money -- Interest, profit and wages -- Alternative approaches to the theory of economic growth -- Alternative views on inflation -- The balance of payments and exchange rates -- A realist approach to international currency and finance -- Towards a philosophy of money and finance?

Some Unsettled Questions in Monetary Macroeconomics /Steven Pressman and John Smithin --Should the Implementation of Monetary Policy Be subject to rules? /Martin Watts and George Pantelopoulos --Rules Are Meant to Be Broken: Arguments in Favour of Discretionary Monetary Policy /Sarah F. Small and Bhavya Sinha --How and When to Balance the Government Budget /Steven Pressman --The National Debt Is Irrelevant: Some Unsettling Questions Regarding Government Budget Deficits /David Barrows --What is the Sign of the Balanced Budget Multiplier? /John Smithin --Taxes Are Deflationary and Can Be Used as a Deflationary Tool /Joelle Leclaire --The Ambiguous Effects of Targeting Current Account Surpluses /Nina Eichacker --Does a Current-Account Deficit Indicate Bad Economic Policy? /William Scarth --The Case for Fixed Exchange Rate Regimes: What for and in What Form? /Adrien Faudot and Nikolay Nenovsky --In Defence of Flexible Exchange Rates in a Small Open Capitalist Economy /Eric Kam.

This influential volume, which has been revised and updated for the twenty-first century, includes both new material and more detailed expositions of existing arguments. Although so-called 'real' theories of business cycles and growth are prevalent in contemporary mainstream economics, Controversies in Monetary Economics suggests that those economists who have instinctively focused on monetary factors in explaining macroeconomic behaviour are more genuinely 'realistic.' The author combines an explanation of past and present monetary controversy with practical proposals for the conduct of monetary policy in the contemporary global economy. Several alternative approaches are discussed, ranging from the traditional quantity theory to post Keynesian theories of endogenous money