Macroeconomics A Modern Money Theory Perspective

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Tags: Macroeconomics , Banking

MMT will change your macroeconomic worldview

Last updated 2022-01-10 | 4.7

- Understand macroeconomic principles from a Modern Money Theory (MMT) perspective
- Understand how a modern money economy actually functions within the present institutional framework
- Articulate and engage with contemporary global macroeconomic debates

What you'll learn

Understand macroeconomic principles from a Modern Money Theory (MMT) perspective
Understand how a modern money economy actually functions within the present institutional framework
Articulate and engage with contemporary global macroeconomic debates
Question and challenge mainstream macroeconomic discourse that limits the role of the state

* Requirements

* Some familiarity with basic micro and macroeconomic principles will help

Description

Do you feel confident in engaging with contemporary macroeconomic issues? Try answering these questions: what is helicopter money? How is it different from quantitative easing (QE)? What is it that central banks promise to the pay the bearer of a currency note? How did the Fed expand its balance sheet by some US$ 7 trillion? Did it use tax payers’ money? Should the Indian government adhere to a fiscal deficit of 3% of GDP? Is Spain or Italy economically sovereign, like say, Australia or Japan? Will our grandchildren bear the burden on repayment of public debt?

Through a series of video lectures and links to resources, this course will help you in articulating contemporary macroeconomic issues that have come to dominate the media post-2008 and the 2020 pandemic crises. Unfortunately, orthodox macroeconomic analysis completely circumvents the notion of modern money and modern monetary institutions. It is no wonder then that students often find their (macro)economics “theoretical” and disjointed from the “real world”.

Based on the tenets of Modern Money Theory (MMT), this course will provide a clear lens through which you can understand the actual functioning of the modern monetary system and engage in contemporary macroeconomic debates … with a sense of confidence and a firm grasp over the subject. While orthodox academia is still to accept MMT, the debates in popular media and political discourse increasingly reveal that MMT has indeed brought about a disruptive change in how we perceive and tackle some of world’s most challenging macroeconomic issues.

Who this course is for:

  • Students of economics from undergraduate to doctoral level
  • Economics teachers
  • Business and economic journalists
  • Finance and banking professionals
  • Researchers in think-tanks and NGOs
  • Policymakers
  • Any one interested in current macroeconomic debates and issues

Course content

8 sections • 126 lectures

Introduction 1 lectures

Introduction Preview 07:41

Macroeconomics and Money (Part 1) 27 lectures

What is economics? Preview 08:08

What is microeconomics? Preview 04:25

What is macroeconomics? Preview 04:34

Schools of macroeconomic thought Preview 03:57

The classical school Preview 03:05

The Keynesian view Preview 06:54

Keynesian macroeconomic policies Preview 03:17

Classical Vs. Keynesian views Preview 04:10

The rise and fall of Keynesian economics Preview 05:56

The return of the classical view Preview 04:43

From stabilization to growth & development Preview 09:56

The neoliberal paradigm Preview 10:03

Essentials of modern money – 1 Preview 11:13

Essentials of modern money – 2 Preview 06:47

Essentials of modern money – 3 Preview 09:18

Essentials of modern money – 4 Preview 03:25

Essentials of modern money – 5 Preview 06:06

Essentials of modern money – 6 Preview 05:41

The hierarchy of money Preview 13:43

Hierarchy of monetary institutions Preview 10:45

A case illustrating monetary hierarchies Preview 04:54

Reading a balance sheet Preview 04:50

Liquidity issues Preview 07:13

T-accounts Preview 06:44

T-accounts example Preview 05:27

Comments on balance sheets & T-accounts Preview 06:59

Modern money in a 4-sector economy Preview 16:43

Fiscal Policy (Part 2) 21 lectures

The mainstream discourse on fiscal policy Preview 11:09

The Keynesian view of fiscal policy Preview 18:36

The MMT view of fiscal policy Preview 11:08

Media framing of fiscal policy Preview 06:20

Facts about fiscal deficits Preview 03:25

Framing of public debt Preview 11:44

Facts about public debt Preview 09:38

Self-imposed constraints on fiscal deficits Preview 23:59

Fiscal policy operations Preview 13:39

Fiscal policy operations – Case (1) Preview 21:35

Fiscal policy operations – Case (2) Preview 14:47

Fiscal policy operations – Case (2) – T-accounts Preview 14:32

Fiscal policy operations – Case (2) – Helicopter Money Preview 09:13

Fiscal policy operations – Case (3) Preview 08:24

Fiscal policy operations – Case (3) – Illustrated Preview 18:57

Fiscal policy operations – Case (3) – Flow chart Preview 04:44

Fiscal policy operations – Case (3) – T-accounts Preview 13:26

Fiscal policy operations – Case (3) – Summary Preview 11:35

The Primary Dealer (PD) system Preview 12:10

Repayment of public debt Preview 09:09

A summary of public debt from an MMT perspective Preview 09:47

Modern Banking & Credit (Part 3) 21 lectures

Orthodox view of banking Preview 16:33

The defunct money multiplier model Preview 19:01

Policy failure of the money multiplier model Preview 03:53

Endogenous money theory Preview 27:26

The elasticity of money creation by banks Preview 13:41

Vertical and horizontal money Preview 05:20

Bank operations Preview 10:36

Interbank money market Preview 08:18

Repo and reverse repo Preview 14:42

Repo and reverse repo – T-accounts Preview 04:15

Cash creation by central banks Preview 06:44

Orthodox vs. heterodox views of banking Preview 19:52

Banking and credit crises Preview 11:19

Bank bail-outs Preview 08:24

Capital adequacy issues Preview 11:08

Restoring capital adequacy – Option (1) Preview 05:37

Restoring capital adequacy – Option (2) Preview 07:16

Restoring capital adequacy – Option (3) Preview 09:10

Secular stagnation hypothesis Preview 11:00

Banks and other financial institutions Preview 06:21

“The use and abuse of MMT” Preview 11:10

Monetary Policy & Central Bank Operations (Part 4) 25 lectures

What is monetary policy? Preview 07:24

Monetary policy in theory and practice Preview 09:56

The MMT view on monetary policy Preview 11:13

Interest rate corridor Preview 14:46

Fiscal-monetary policy coordination Preview 06:25

Fiscal-monetary policy coordination (spending) Preview 13:38

Fiscal-monetary policy coordination (taxes) Preview 06:25

Unconventional monetary policy – QE Preview 05:53

QE in practice Preview 13:24

Unconventional monetary policy – NIRP – Theory Preview 19:13

Unconventional monetary policy – NIRP – Practice Preview 11:24

Central Bank independence – orthodox rationale Preview 17:05

Central Bank independence – rise and fall Preview 07:47

The Phillips curve – laid to rest? Preview 20:27

Growing opposition to inflation rate targeting and central bank independence Preview 14:39

Central bank profits Preview 14:45

Central bank operations – demonetization Preview 21:13

Foreign exchange markets Preview 13:27

Exchange rate volatility Preview 09:29

Forex operation of central banks – appreciation Preview 06:20

Forex operation of central banks – depreciation Preview 05:40

Holding dollar reserves in US bonds Preview 04:19

The impossible trilemma Preview 12:10

Deconstructing articles in the media – Case (1) Preview 08:19

Deconstructing articles in the media – Case (2) Preview 13:01

Inflation, Profits & Unemployment (Part 5) 13 lectures

Some general remarks on inflation Preview 20:19

Hyperinflation Preview 18:13

MMT and inflation – 1 Preview 13:10

MMT and inflation – 2 Preview 28:40

The profits view Preview 11:51

Kalecki-Levy profits equation Preview 09:20

Kalecki-Levy profits equation – illustrated Preview 04:22

The extended Kalecki-Levy profits equation Preview 04:57

Interpreting the profits equation Preview 19:21

Profits and the price level Preview 08:42

Universal job guarantee (UJG) Preview 19:59

The UJG program and the Phillips curve Preview 18:53

Universal basic income Preview 13:35

Macroeconomic Country Studies (Part 6) 17 lectures

Sectoral financial balances – closed economy Preview 13:17

Sectoral financial balances – open economy Preview 08:42

Sectoral financial Balances – illustrated Preview 12:50

Sectoral financial balances – template Preview 22:01

Sectoral financial balances – country studies Preview 10:47

Sectoral financial balances – Iran Preview 09:46

The Eurozone Preview 11:22

The Eurozone – SFB template Preview 15:48

The Eurozone – Germany and France Preview 11:53

The Eurozone – Ireland, Italy and Spain Preview 15:24

The Eurozone – Greek crisis Preview 05:44

The Eurozone – Greek crisis – SFB analysis Preview 13:38

A pure MMT view of the external sector Preview 14:30

A pure MMT view of the external sector – example Preview 11:38

A spectrum of monetary sovereignty Preview 16:56

Balance of payments constraints Preview 16:01

External sovereign debt and monetary sovereignty Preview 09:58

Summary & Conclusion 1 lectures

Summary and conclusion Preview 19:00