The Gower Initiative for Modern Money Studies
An independent, non-profit organisation – part of a growing international movement challenging the economic orthodoxy of the last five decades
Phil Armstrong Published online 10th April 2026 Modern Monetary Theory and International Trade: Developments on the Base Case for Analysis Abstract Modern Monetary Theory (MMT)’s approach to international trade …
Modern Monetary Theory and International Trade: Developments on the Base Case for Analysis Read MoreThis paper proposes reforms to the UK Debt Management Office’s (DMO) financing remit to reduce Exchequer costs without austerity. It argues the current rigid, auction-based system is inefficient and misaligned …
Proposals for Reforms to the Debt Management Office’s Financing Remit Read MorePhil Armstrong Published online 17th September 2025 A Modern Monetary Theorist’s Response to ‘Weaknesses of MMT as a guide to development policy’, Aboobaker and Ugurlu (2023). Abstract In their article, …
A Modern Monetary Theorist’s Response to ‘Weaknesses of MMT as a guide to development policy’, Aboobaker and Ugurlu (2023). Read MoreCatherine Armstrong [1], The University of York, 2023 Introduction The Universal Basic Income (UBI) guarantees every adult an income. The Job Guarantee (JG) provides employment to everyone willing and …
Should we favour a Job Guarantee over a Universal Basic Income as a means of achieving a more socially just society? Read MorePhil Armstrong ‘It’s the same each time with progress, First, they ignore you, Then they say you’re mad, Then Dangerous, And then there’s a pause, And then you can’t …
‘Tombstone for a Tombstone’: Dealing with the ‘bad science’ behind mainstream criticism of MMT Read MoreNeil Wilson First published 27th December 2022 here Eliminating the cost of the Asset Purchase Indemnity Summary In 2012, the Bank of England agreed to transfer gilt coupon …
Eliminating the cost of the Asset Purchase Indemnity Read Moreby Jonathan Wilson First published April 8, 2022, on the PMPE website (PDF). Comments may be left via the form below or sent via email to GIMMS Modern Monetary …
MMT Banking Primer Read MoreBy Stuart Medina Miltimore. Extract from a long interview with Warren Mosler held in Mallorca on October 14, 2021. Originally published by Red MMT in both English and Spanish Inflation …
Rendezvous in Mallorca: a conversation with Warren Mosler Read MoreReview by Hannes Ingo Torbohm “…the market system has failed to provide any solutions during the [2008 & Covid crises] – its weaknesses have been exposed for all to …
Can Heterodox economics work together to make a difference? – a Review and Discussion of Phil Armstrong’s Interviews Read MoreAndrew Berkeley Richard Tye Neil Wilson First published 26th December 2020. This version published 21st February 2021 An Accounting Model of the UK Exchequer 2nd edition In this …
An Accounting Model of the UK Exchequer – 2nd edition Read More