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.

Praise for MAKING MONEY WORK

“What is worth praising in this properly extraordinary book is the combination of monetary theory and the business-related imperative of making money. I have never seen (except perhaps in reading Keynes) such a skillful association.”
―From the Foreword by JACQUES DE LAROSIÈRE, former Managing Director of the International Monetary Fund (19781987) and former Governor of the Banque de France (1987-1993)

“This book provides a timely, comprehensive, and integrated analysis of monetary policy. It addresses a range of issues, including bank regulation, cryptocurrencies, and fiscal policy. It is a valuable source for people who want to have a more professional, objective and in-depth understanding of these important issues.”
―DAVID M. WALKER, former Comptroller General of the United States

“Sekerke and Hanke offer a fine corrective to economists’ conventional wisdom on monetary policy and the role of the banking system. As well as demonstrating how standard models of economic growth fail to capture the importance of banking and finance, they have important recommendations on the reform of bank regulations and central banks’ thinking about money.”
―JOHN PLENDER, Senior Editorial Columnist, Financial Times

“This is a remarkable and important contribution to economic theory and practice. The authors give a clear explanation of money creation and its macroeconomic impact. More importantly, the book gives the reader a deep understanding of how official monetary policies impact investment financing, income distribution and economic growth in general. It’s a big winner.”
―MARK MOBIUS, Chairman, Mobius Investments

“Sound reasoning, clear writing, informed judgments and unconventional conclusions, all informed by a keen historical awareness―it’s not impossible that Messrs. Sekerke and Hanke will be drummed out of the corps of economists for this marvelous grand tour of all things monetary.”
―JAMES GRANT, Editor, Grant’s Interest Rate Observer