Making Money Work

In Making Money Work: How to Rewrite the Rules of Our Financial System, Matt Sekerke and Steve H. Hanke deliver a rigorous and fascinating exploration of the monetary economy. You'll find a detailed and insightful roadmap of how and why fiat money is created and destroyed, its connections to the broader economy, and the objective mechanisms that underwrite and maintain its value. In their exploration, Sekerke and Hanke solve many problems and puzzles about the structure and function of the monetary system, the economic importance of commercial banking and capital markets, and the role of banking regulation and the government budget in monetary policy. Sekerke and Hanke trace important post-crisis policy developments and sketch a new operating model that would restore the performance of the monetary system, ensure the economic neutrality of monetary conditions, and make better use of aggregate savings. The authors propose reforms to the structure and regulation of the commercial banking system, a reduction of the government's footprint in capital markets, and mechanisms to create accountability for the monetary impact of fiscal policy. A quantity-based central bank policy anchored by disaggregated money supply data is the centerpiece of their policy proposals. An engaging and incisive guide to the global systems of money and banking, Making Money Work is destined to become a sought-after classic for bankers, finance professionals, policymakers, regulators, academics, and laypeople with an interest in money and banking.