Abstract
It is frequently assumed in political discourse that the pursuit of full employment is a fiscal policy matter. However, as the 40th anniversary of the Humphrey-Hawkins Act approaches, an alternative monetary policy approach is proposed that is guided by two seemingly incompatible schools of macroeconomic thought: Post-Keynesianism and the New Monetary Consensus. The proposal is constructed through a critique of the orthodox understanding of money, a historical and institutional appraisal of monetary policy actions during and after the financial crisis, and a geographically grounded approach to understanding systemic economic problems and policy. The objective is to expand the full employment discussion into the monetary sphere and advocate for spatial analysis over abstract economic modeling as a primary tool for public policy design.
Keywords: Nonstandard monetary operations, collateral, Geographic Information Systems, balance sheet transactions
JEL codes: E5, E6, H1, O2, 03
