No. 33-4, December 2021

Index

• A Message from the Editor
• American Enterprise Institute Roundtable: Government Policies Reshape the Banking System
• Executive Summaries
• Interpreting Modern Monetary Reality
• Issue Information ‐ TOC
• Looking for the Economy‐Wide Effects of Stock Market Short‐Termism
• On Monetary Growth and Inflation in Leading Economies, 2021‐2022: Relative Prices and the Overall Price Level
• The GameStop Episode: What Happened and What Does It Mean?
• Was Deng Xiaoping Right? A 40‐Year Assessment of China's Adoption of Western Capital Markets
• Will Fractional‐Reserve Stablecoin Banking Replace Bitcoin and Some Traditional Banking Payments?