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Dirk Ehnts

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Modern Monetary Theory and European Macroeconomics (Routledge International Studies in Money and Banking) 1st Edition, Kindle Edition

by Dirk H. Ehnts (Author) Format: Kindle Edition

4.6 10 ratings

Part of: Routledge International Studies in Money and Banking (115 books)

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This book provides a new methodological approach to money and macroeconomics. Realizing that the abstract equilibrium models lacked descriptions of fundamental issues of a modern monetary economy, the focus of this book lies on the (stylized) balance sheets of the main actors. Money, after all, is born on the balance sheets of the central bank or commercial bank. While households and firms hold accounts at banks with deposits, banks hold an account at the central bank where deposits are called reserves. The book aims to explain how the two monetary circuits – central bank deposits and bank deposits – are intertwined. It is also shown how government spending injects money into the economy.

Modern Monetary Theory and European Macroeconomics covers both the general case and then the Eurozone specifically. A very simple macroeconomic model follows which explains the major accounting identities of macroeconomics. Using this new methodology, the Eurozone crisis is examined from a fresh perspective. It turns out that not government debt but the stagnation of private sector debt was the major economic problem and that cuts in government spending worsened the economic situation. The concluding chapters discuss what a solution to the current problems of the Eurozone must look like, with scenarios that examine a future with and without a euro.

This book provides a detailed balance sheet view of monetary and fiscal operations, with a focus on the Eurozone economy. Students, policy-makers and financial market actors will learn to assess the institutional processes that underpin a modern monetary economy, in times of boom and in times of bust.

About the Author

Dirk H. Ehnts works as a lecturer in Economics at Bard College, Berlin.

--This text refers to the hardcover edition.

ISBN-13

978-1138299924
Edition

1st
Sticky notes

On Kindle Scribe
Publisher

Routledge
Publication date

October 14, 2016
Part of series

Routledge International Studies in Money and Banking
Language

English
File size

3172 KB
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Product details

ASIN ‏ : ‎ B01M646N7V
Publisher ‏ : ‎ Routledge; 1st edition (October 14, 2016)
Publication date ‏ : ‎ October 14, 2016
Language ‏ : ‎ English
File size ‏ : ‎ 3172 KB
Simultaneous device usage ‏ : ‎ Up to 4 simultaneous devices, per publisher limits
Text-to-Speech ‏ : ‎ Enabled
Screen Reader ‏ : ‎ Supported
Enhanced typesetting ‏ : ‎ Enabled
X-Ray ‏ : ‎ Not Enabled
Word Wise ‏ : ‎ Enabled
Sticky notes ‏ : ‎ On Kindle Scribe
Print length ‏ : ‎ 219 pages
Page numbers source ISBN ‏ : ‎ 1138299928

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Dirk Ehnts

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Dirk Ehnts was born in Bremen and lives in Berlin, Germany. He studied at the universities of Göttingen (Germany), Valencia (Spain) and Oldenburg (Germany). He earned a diploma in economics and a PhD in state sciences (Dr. rer. pol.). He worked for University of Oldenburg, the Berlin School of Economics and Law, Free University Berlin, Technische Universität Chemnitz and Universität Flensburg. Dirk Ehnts is a member of the Institute for International Political Economy (IPE) Berlin and has published many articles in academic journals.

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bogey

currency union and dirty floats there is always a constant “jiggling and juggling” ...

Reviewed in the United States on November 26, 2016

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As a follower of MMT and Coming from the Caribbean where we have a combination of currency pegs, currency union and dirty floats there is always a constant “jiggling and juggling” of the thought processes re. policy options. This book goes a long way in smoothening out those processes. Avery easy read.

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Geoff Crocker

Assertive but inconclusive

Reviewed in the United States on February 15, 2019

Dirk Ehnts sets out the claims of Modern Monetary Theory (MMT). Much of the debate between the MMT community and neo-Keynesian economists has been extraordinarily ill-mannered (see for example blog correspondence between MMT economists and macroeconomists Simon Wren-Lewis and Thomas Palley). Ehnts presents his case politely, but still in an assertive dogmatic didactic style.

Ehnts focusses on the observation that commercial banks create money when they make loans to individuals and to firms. This is shown to contradict fundable loans and reserve ratio banking theories. Central banks are well aware of this, and the mechanism is clearly explained for example on the Bank of England’s web site.

Insisting also on the convention of double entry accounting, Ehnts then proceeds with a stream of simple didactic examples of financial transfers. By this means, by page 62 he claims to have shown that Paul Krugman is ‘wrong’, and by page 67 he has denounced Keynes!

The other mainstay of MMT thought follows Wynne Godley in stating that the financial balances of the private, government and overseas trade sectors must necessarily add to zero. This however is a simple post-hoc identity with no explanatory mechanism or power, like the post hoc identity of investment and saving.

MMT theories of money creation, double entry accounting, and zero-sum macroeconomic balances are correct descriptions of practice, but their observations are not necessarily so, and do not exhaust the set of possibilities. Debt free sovereign money could for example be created by governments simply crediting consumers’ bank accounts.

Whilst Ehnts rightly demonstrates the unnecessary pain of austerity policy, he doesn’t follow his thinking through to a consistent set of economic policies. He fails to answer the ‘so what?’ question. It’s not clear whether MMT economists are saying that government deficit is matched by surpluses elsewhere in the economy and therefore don’t matter and shouldn’t impose the constraint of austerity policy? This might be a credible conclusion, but can also be reached by a theory of debt free sovereign money credited as basic income. The two camps share objectives and should seek a synthesis of new economic theory.

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robert morgan

Brilliantly written book

Reviewed in the United Kingdom on March 3, 2018

Verified Purchase

Brilliantly written book.. shows the IMF, ECB and others on control are wrong...
The gold standard finished years ago but the mainstream still base policy on that old system .... read, learn & understand 😀

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