Government monetary and fiscal operations: generalising the endogenous money approach
将现代货币理论关于财政与货币政策协调的见解纳入传统内生货币方法，提出一个简单模型来刻画财政部与央行的互动，并用美国百年实践说明其理论意义与现实相关性。
The traditional endogenous money approach can be generalised substantially by including the insights of Modern Money Theory regarding the necessary coordination of fiscal and monetary policies. A monetarily sovereign government is composed of two entities involved in the issuance and redemption of government monetary instruments. As such, one should include the role of the Treasury in monetary policy and the role of the central bank in fiscal policy. The paper suggests a simple way to model that interaction, shows some of the theoretical insights that can be drawn from that interaction and illustrates the relevance of that interaction with the monetary and fiscal practices of the US Treasury and the Federal Reserve over the past century. Times of stress in the monetary system, such as the recent Great Recession, usually bring to light more forcefully this necessary interaction.