Links to articles, papers, videos and podcasts

Macroeconomics & Money (Part 1)

Bell (Kelton), Stephanie (1998), The hierarchy of money, The Jerome Levy Economics Institute,
Working Paper No. 231, link

Bivens, Josh and Lawrence Mishel (2015), Understanding the Historic Divergence Between
Productivity and a Typical Worker’s Pay: Why It Matters and Why It’s Real, Economic Policy
Institute, link

Coy, Peter, Katia Dmitrieva, Matthew Boesler (2019), Warren Buffet hates it, AOC is for it. A
beginner’s guide to modern monetary theory, Bloomberg Businessweek, link

James Buchanan and Paul Samuelson – The Balanced Budget, link

Kelton, Stephanie (2020), Debunking the deficit myth, link

Krugman, Paul (2009), How did economists get it so wrong, New York Times, link

Mayer, Chris (2014), Modern monetary theory (MMT): How fiat money works, Daily Reckoning, link

Mehrling, Perry (2012), The inherent hierarchy of money, link

Mitchell, Bill (2015), Demystifying Modern Monetary Theory, link

Mosler, Warren (2009), The seven deadly innocent frauds, link

Mosler, Warren (2019), How modern money theory (MMT) actually works, link

Sivramkrishna, Sashi (2020), The essence of modern money (2020), Moneycontrol, link

Sivramkrishna, Sashi (2019), Why modern money theory needs to be taken seriously, Livemint, link

Wray, Randall (1998), Modern money, Levy Economics Institute, Working Paper No. 252, link

Wray, Randall (2019), Everything you wanted to know about Modern Money Theory, link
 Fiscal Policy (Part 2)
Adhikari, Anand (2020), RBI Faces Herculean Task, link

Crawford, Dave (2013), The Fed, Primary Dealers, and the Ineffectiveness of Monetary Policy, Angry
Bear, link

Fullwiler, Scott (2011), Treasury Debt Operations, link

Heteconomist (2014), Exercising Currency Sovereignty Under Self-Imposed Constraints, link

Heteconomist (2020), The Unlimited Financial Capacity of Currency-Issuing Governments, link

Kelton, Stephanie (2019), Fiscal deficits, Fiscal deficits, link

Kelton, Stephanie (2020), link

Matthews, Dylan (2019), Modern Monetary Theory, Explained, Vox, link

Mehrling, Perry (2015), Hierarchy of Money, link

Mehrling, Perry (2015), Hierarchy of market makers, link

Podkaminer, Leon (2019), Permanent fiscal deficits are desirable for the high-income countries: a
note, Real-World Economics Review, Issue no. 88, link

RBI to auction G-Secs worth Rs. 30,000 crore on May 29, link

Shenoy, Deepak (2020), The RBI has bought Rs.163,000 crores of Government Bonds During Covid
#19, Capitalmind, link

Sivramkrishna, Sashi (2017), Modern Money and the Obsession over the Fiscal Deficit, The Wire, link

Sivramkrishna, Sashi (2015), Decentring the Fiscal Deficit Target Number, Economic & Political
Weekly, link

Sivramkrishna, Sashi (2020), The other side of fiscal deficits, link

Sivramkrishna, Sashi (2020), MMT and helicopter money: A contrived association, Moneycontrol,
link

Tymoigne, Eric (2016), Money and Banking – Part 1, New Economic Perspectives, link
 Modern Banking & Credit (Part 3)
Aldasoro, Iñaki, Wenqian Huang and Esti Kemp (2020), Cross-border links between banks and non-
bank financial institutions, Bank of International Settlements, link

Bank of England (2014), Money in a modern economy, link

Dalal, Sucheta (2019), FRDI Bill to come back as FSDR, link

Hudson, Michael, with Dirk Bezemer, Steve Keen and Sabri Öncü (2020), The Use and Abuse of MMT,
Prime, link

McLeay, Michael et al, Money creation in a modern economy, Bank of England Bulletin 2014, Q1,
link

Mehrling, Perry (2015), Endogenous Money – Dynamics, link

Pollitt, Hector (2018), E3ME, endogenous money and Modern Monetary Theory (MMT), Cambridge
Econometrics, link

Rendahl, Pontus & Lukas B. Freund (2019), Banks do not create money out of thin air, Vox, link

Roche, Cullen (2010), The concept of vertical and horizontal money creation, Seeking Alpha, link

Romanchuk, Brian (2019), Yes, banks do create money out of thin air, Bond Economics, link

Storm, Servaas (2017), What Mainstream Economists Get Wrong About Secular Stagnation, Institute
for New Economic Thinking, link

Sivramkrishna, Sashi (2018), Do Bank Bailouts Really Use Taxpayers’ Money? Newsclick, link

Tankus, Nathan (2017), Endogenous Money, Simply Explained, link

Werner, Richard (2020), Banking and How Banks Create Money, link

Wray, Randall (2018), Endogenous Money, link

 Monetary Policy & Central Bank Operations (Part 4)
Borio, Claudio and Piti Disyatat (2009), Unconventional monetary policies: an appraisal, Bank of
International Settlements, BIS Working Paper No. 292, link

Das, Saikat (2020), RBI's investment in US Treasuries dips record $21 bn in March, Economic Times,
link

Das, Saikat (2019), RBI’s bond purchases easing liquidity crunch, Economic Times, link

Eichengreen, Barry (2015), Should central banks worry about profits and losses? World Economic
Forum, link

Forstater, Mathew & Warren Mosler (2005), The natural rate of interest is zero, Journal of Economic
Issues, Volume XXXIX, No.2, link

Federal Reserve Bank of New York, Central Bank and International Account Services, link

Fullwiler, Scott and Randall Wray (2010), Quantitative Easing and Proposals for Reform of Monetary
Policy Operations, Levy Economics Institute, Working Paper No. 645, link

Henwood, Doug (2019), Paul Volcker was the hero of the ruling class, Jacobin, link

Mitchell, Bill (2009), The natural rate of interest is zero, link

MSG Management Study Guide, Interbank Lending Markets and Repurchase Agreements, link

Mukherjee, Andy (2019), The Case for QE is Getting Stronger, Bloomberg Quint, link

Nersisyan, Yeva and Randall Wray (2020), The Japan Times, Debunking the myth of ‘helicopter
money’, link

Papadia, Francesco (2018), Should we care about central bank profits? link

Perumal, Prashanth J. (2019), Where do the RBI’s earnings come from?, The Hindu, link

Real-World Economics Review, Modern Money Theory and its critics, Issue No.89, link

Reuters (2020), Fed broadens access to dollars with repo agreement for foreign central banks, link

Reuters Mumbai (2018), RBI prepares to mop up excess liquidity to counter inflation, The Hindu, link

Rogoff, Kenneth (2019), How central bank independence dies, Financial Advisor, link

Rule, Gareth (2015), Understanding the central bank balance sheet, Bank of England, link

Science News (2019), Negative interest rate policies are backfiring, study shows, link

Singh, Manmohan and Praveen Chakravarthy (2020), Rebuild India’s confidence, revive the
economy, The Hindu, link
Sivramkrishna, Sashi (2017), Will the Rising Wave of Nationalist Leaders Sweep Away Central Bank
Independence? The Wire, link

Sivramkrishna, Sashi (2019), Andy Mukherjee’s Quantitative Easing Proposal” A Critique,

link

Sivramkrishna, Sashi (2016), What Does Modern Money Theory Tell Us About Demonetisation? The
Wire, link

Sivramkrishna, Sashi (2016), The ornithology of macroeconomic policy: India's new monetary policy
framework, NMIMS Journal of Economics & Public Policy, link

Wolla, Scott A (2019), A New Frontier: Monetary Policy with Ample Reserves, Page One Economics,
link
 Inflation, Profits & Unemployment (Part 5)
Fullwiler, Scott and Nathan Tankus (2019), An MMT response on what causes inflation, FT Alphaville,
link

Fraser Institute (2020), Modern Money Theory, Part 3: MMT and Inflation, link

Inflation & the Politics of Pricing with Nathan Tankus (2019), MR Online, link

Harvey, John (2020), Economics of Michal Kalecki, Parts One to Four, link

Heteconomist (2010), Hyperinflation, link

Kaufman, Frederick (2011), How Goldman Sachs Created the Food Crisis, Foreign Policy, link

Levy, David A., Martin P. Farnham and Samira Rajan (2008), Where profits come from, link

Mitchel, William F. (1998), The Buffer Stock Employment Model and the NAIRU: The Path to Full
Employment, Journal of Economic Issues, Vol. XXXII, No. 2, link

Mitchell, Bill (2010), Modern Money Theory and Inflation – Part 1, link

Mitchell, Bill (2013), What is a job guarantee? link

Mitchell, Bill (2020), Flattening the curve – the Phillips curve that is, link

Mosler, Warren (2017), Government Is Money Monopolist, Therefore It Sets the Price, link

Mukherjee, Deep Narayan (2015), Exchequer to the rescue, Outlook Business, link

Prescod, Paul (2020), We Need a Jobs Guarantee Now More Than Ever, Jacobin, link

Sivramkrishna, Sashi (2018), 'Look After Unemployment and the Budget Will Look After Itself', The
Wire, link

Sivramkrishna, Sashi (2020), What Modern Monetary Theory has to say about the US Fed’s change of
strategy, Moneycontrol, link

Spross, Jeff (2016), How World War II reveals the actual limits of deficit spending, The Week, link

Tankus, Nathan (2020), Where do profits come from? A Guide to the Kalecki-Levy Profits Equation,
link

Tcherneva, Pavlina (2012), Inflationary and Distributional Effects of Alternative Fiscal Policies: An
Augmented Minskyan-Kaleckian Model, Levy Economics Institute Working Paper No. 706, link

Tcherneva, Pavlina (2020), The Case for a Job Guarantee with Pavlina Tcherneva (2020), link

Tcherneva, Pavlina R. (2002), Monopoly Money: The State as a Price Setter, Oeconomicus, Volume V,
Winter 2002, link
 Macroeconomic Country Studies (Part 6)
Bonizzi, Bruno, Annina Kaltenbrunner and Jo Michell (2019), Monetary sovereignty is a spectrum:
modern monetary theory and developing countries, Real-World Economics Review, Vol. 89, link

Das, Madhurima (2016), Life after Austerity: Did Ireland Succeed & Greece Fail? A Modern Money
Approach, Bard College, link

Ehnts, Dirk H. and Maurice Höfgen (2019), Modern monetary theory: a European perspective, Real-
World Economics Review, Vol. 89, link

Ehnts, Dirk (2016), Sectoral balances of the eurozone, link

Harr, Thomas (2020), Harr's view: Fiscal dominance, MMT and the next euro crisis, link

Heteconomist (2014), Introduction to the Sectoral Financial Balances Model, link

Kaboub, Fadhel , Fadil Aliriza (2020), Modern Monetary Theory: A Tool for the Global South? Rosa
Luxemburg Stiftung, link

Mitchel, Bill (2012), A tale of two economies – Greece and Iceland, link

Mosler, Warren (2011), A Modern Monetary Theory Approach to Solving Greek Solvency, Huffpost,
link

Quay Global Investors (2019), Modern Monetary Theory, and why you’re still hearing a lot more
about it Part 2 – The private sector and external trade, link

Sivramkrishna, Sashi (2016), Can a country really go broke? Deconstructing Saudi Arabia’s
macroeconomic crisis, Real-World Economics Review, Issue No.76, link

Sivramkrishna, Sashi (2018), Paradox of plenty: Norway’s macroeconomic policy dilemmas during
the oil price crash, 2014-15, Post Keynesian Economics Review, Vol.42, Issue 2, link

Sivramkrishna, Sashi (2016), Cracks in BRICs: A sectoral financial balances analysis and implications
for macroeconomic policy, Theoretical and Applied Economics Volume XXIII (2016), No. 3(608),
Autumn, pp. 53-78, link

Sivramkrishna, Sashi (2016), China’s Macroeconomic Policy Options: A Sectoral Financial Balances
Perspective, Studies in Business and Economics, No.11(1), link

Sivramkrishna, Sashi and Dhruva Teja Nandipatti (2019), Turkey’s macroeconomic policy challenges
in the aftermath of the 2018 crisis: A sectoral financial balances analysis, Theoretical and Applied
Economics Volume XXVI (2019), No. 4(621), Winter, pp. 111-128, link

Sivramkrishna, Sashi and Akshat Sen (2019), The Crux of the Argentine Paradox: A Sectoral Financial
Balances Perspective, NMIMS Journal of Economics and Public Policy Volume IV, Issue 4, October,
link
Sivramkrishna, Sashi and Bhavish Sharma (2019), Macroeconomic Implications of US Sanctions on
Iran: A Sectoral Financial Balances Analysis, Studies in Business and Economics, Vol. 14(3), link

Sylla, Ndongo Samba (2020), Modern Monetary Theory in the Periphery: What does MMT have to
offer developing nations? Rosa Luxemburg Stiftung, link

Vernengo, Matías and Esteban Pérez Caldentey (2019), Modern Money Theory (MMT) in the Tropics:
Functional Finance in Developing Countries, Political Economy Research Institute (PERI), University
of Massachusetts, Working Paper, link

Wilpert, Gregory (2019), How useful is Modern Money Theory for Developing Countries, The Real
News, link

Wray, L. Randall and Xinhua Liu (2014), Options for China in a Dollar Standard World: A Sovereign
Currency Approach, Levy Economics Institute of Bard College Working Paper No. 783, link

This list of references is by no means exhaustive.