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Macroeconomics: A Modern Money Theory Perspective by Udemy
MMT will change your macroeconomic worldview
Course Highlights
- 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
Skills you will learn!
Curriculum
1 Topic
Introduction
27 Topics
What is economics?
What is microeconomics?
What is macroeconomics?
Schools of macroeconomic thought
The classical school
The Keynesian view
Keynesian macroeconomic policies
Classical Vs. Keynesian views
The rise and fall of Keynesian economics
The return of the classical view
From stabilization to growth & development
The neoliberal paradigm
Essentials of modern money – 1
Essentials of modern money – 2
Essentials of modern money – 3
Essentials of modern money – 4
Essentials of modern money – 5
Essentials of modern money – 6
The hierarchy of money
Hierarchy of monetary institutions
A case illustrating monetary hierarchies
Reading a balance sheet
Liquidity issues
T-accounts
T-accounts example
Comments on balance sheets & T-accounts
Modern money in a 4-sector economy
21 Topics
The mainstream discourse on fiscal policy
The Keynesian view of fiscal policy
The MMT view of fiscal policy
Media framing of fiscal policy
Facts about fiscal deficits
Framing of public debt
Facts about public debt
Self-imposed constraints on fiscal deficits
Fiscal policy operations
Fiscal policy operations – Case (1)
Fiscal policy operations – Case (2)
Fiscal policy operations – Case (2) – T-accounts
Fiscal policy operations – Case (2) – Helicopter Money
Fiscal policy operations – Case (3)
Fiscal policy operations – Case (3) – Illustrated
Fiscal policy operations – Case (3) – Flow chart
Fiscal policy operations – Case (3) – T-accounts
Fiscal policy operations – Case (3) – Summary
The Primary Dealer (PD) system
Repayment of public debt
A summary of public debt from an MMT perspective
21 Topics
Orthodox view of banking
The defunct money multiplier model
Policy failure of the money multiplier model
Endogenous money theory
The elasticity of money creation by banks
Vertical and horizontal money
Bank operations
Interbank money market
Repo and reverse repo
Repo and reverse repo – T-accounts
Cash creation by central banks
Orthodox vs. heterodox views of banking
Banking and credit crises
Bank bail-outs
Capital adequacy issues
Restoring capital adequacy – Option (1)
Restoring capital adequacy – Option (2)
Restoring capital adequacy – Option (3)
Secular stagnation hypothesis
Banks and other financial institutions
“The use and abuse of MMT”
25 Topics
What is monetary policy?
Monetary policy in theory and practice
The MMT view on monetary policy
Interest rate corridor
Fiscal-monetary policy coordination
Fiscal-monetary policy coordination (spending)
Fiscal-monetary policy coordination (taxes)
Unconventional monetary policy – QE
QE in practice
Unconventional monetary policy – NIRP – Theory
Unconventional monetary policy – NIRP – Practice
Central Bank independence – orthodox rationale
Central Bank independence – rise and fall
The Phillips curve – laid to rest?
Growing opposition to inflation rate targeting and central bank independence
Central bank profits
Central bank operations – demonetization
Foreign exchange markets
Exchange rate volatility
Forex operation of central banks – appreciation
Forex operation of central banks – depreciation
Holding dollar reserves in US bonds
The impossible trilemma
Deconstructing articles in the media – Case (1)
Deconstructing articles in the media – Case (2)
13 Topics
Some general remarks on inflation
Hyperinflation
MMT and inflation – 1
MMT and inflation – 2
The profits view
Kalecki-Levy profits equation
Kalecki-Levy profits equation – illustrated
The extended Kalecki-Levy profits equation
Interpreting the profits equation
Profits and the price level
Universal job guarantee (UJG)
The UJG program and the Phillips curve
Universal basic income
17 Topics
Sectoral financial balances – closed economy
Sectoral financial balances – open economy
Sectoral financial Balances – illustrated
Sectoral financial balances – template
Sectoral financial balances – country studies
Sectoral financial balances – Iran
The Eurozone
The Eurozone – SFB template
The Eurozone – Germany and France
The Eurozone – Ireland Italy and Spain
The Eurozone – Greek crisis
The Eurozone – Greek crisis – SFB analysis
A pure MMT view of the external sector
A pure MMT view of the external sector – example
A spectrum of monetary sovereignty
Balance of payments constraints
External sovereign debt and monetary sovereignty
1 Topic
Summary and conclusion
Macroeconomics: A Modern Money Theory Perspective
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