Dr. Steffen Murau| steffenmurau.com

Work in Progress

2020 | ‘Towards a Macro-financial Model of the Eurozone Architecture’

It is a convention to say that Eurozone architecture is ill-constructed and deficient. However, there is neither a comprehensive theoretical definition of monetary architecture in general, nor is there a precise definition of the Eurozone […]

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‘Quantitative Easing, Central Bank Independence and the Seeming Fundamental Difference between Monetary and Fiscal Policy’ (with Tobias Pforr)

Quantitative Easing (QE) has become the main new central banking activity after the 2007-9 Financial Crisis. Conventionally referred to as an ‘unconventional monetary policy’, the Federal Reserve has recently called it the ‘new normal’ of […]

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‘Rethinking Monetary Sovereignty. The Global Credit Money System and the State’ (with Jens van ‘t Klooster)

This article proposes a conception of monetary sovereignty that recognizes the reality of today’s global credit money system. Monetary sovereignty is typically used in a ‘Westphalian’ sense that simply denotes the ability of states to […]

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