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 Preface by Jacques de Larosière, former Managing Director of the International Monetary Fund (1978-1987) 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

This thought-provoking book strongly challenges received wisdom in the monetary field, not only on much current theory, but also on practice, both for regulation and policy setting.  The authors make a strong case for their criticisms, and if they are right, then monetary theory and management have been badly misdirected in recent decades.  Whatever your own preconceptions may be, the challenges laid down here are well considered, argued and presented.  Their critiques in this book should be read, assessed and addressed.

Charles Goodhart, CBE, FBA, Emeritus Professor of Banking and Finance, London School of Economics

In this provocative and highly original book, Matt Sekerke and Steve H. Hanke provide a fascinating account of the origins, development and workings of the modern monetary economy. The authors debunk some of the leading assumptions underlying modern monetary economics and explain some leading paradoxes in recent experience. The writing is clear and concise, and the style is stimulating. The book is a major achievement in monetary economics.

George S. Tavlas, Alternate to the Governor of the Bank of Greece on the ECB Governing Council and Distinguished Visiting Fellow, Hoover Institution, Stanford University

Making Money Work offers a daring and provocative solution to a perennial problem: how best to rewrite the rules of our financial system. Monetary and financial economists of all traditions will find much to take away from this highly original contribution to modern financial and monetary theory, which offers a novel policy conclusion – that the aim of monetary policy should be to make money as neutral as possible. This book deserves to be widely read.

Kevin Dowd, Professor of Finance and Economics, Durham University Business School

This book offers a refreshing, illuminating, and sorely-needed rethink of monetary economics. Sekerke and Hanke lucidly explain who creates money, how this creates imbalances, and the role of a 'neutral' monetary policy in taming those imbalances. I highly recommend studying this book carefully.

Harald Uhlig, Bruce Allen and Barbara Ritzenthaler Professor in Economics. University of Chicago

An exciting and provocative book that goes far beyond traditional monetarism. Sekerke and Hanke mount a head on challenge to the mainstream macroeconomics which has been the only game in town for two decades, not to mention the source of multiple policy errors. Sekerke and Hanke's novel and comprehensive analysis, which from start to finish has money and finance at its center, is a strong contender for a replacement. 

David Laidler, FRSC, Professor Emeritus, University of Western Ontario and author of Taking Money Seriously

Even the world's most influential economists are puzzled about how the quantity of money affects output, employment and inflation. Making Money Work is a vital contribution to the public debate, not just in the USA, but around the world. The book is both necessary and ambitious, trying to clarify key issues in debates which go back centuries. It is of the utmost importance to understand what Sekerke and Hanke are saying.

Tim Congdon, CBE, Founder of Lombard Street Research (now TS Lombard), Professor, University of Buckingham, and Chair of the Institute of International Monetary Research

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

The authors advocate a radical new approach to both monetary policy and regulation of the commercial banking sector. Highly recommended.

Christopher Wood, Global Equity Strategist, Jefferies

Money and banks have been ignored for too long by both economic theory and monetary policy. It is a pleasure for a practitioner to discover this stimulating presentation, which puts them back in their proper place. It clearly explains how monetary policy and regulation should be designed—not to assist fiscal excesses, but to support investment and economic prosperity. A must!

Philippe d’Arvisenet, former Head of Economic Research, BNP Paribas

Sekerke and Hanke’s book is perfectly timed for both economics and policy. It shows how to modernize monetary policy for faster growth and defense of the dollar, unlocking banking as a vital engine of growth. Sekerke and Hanke rewrite the theory of monetary policy to include the impact of bank regulation and fiscal policy alongside the actions of the central bank.

David Malpass, former President of the World Bank Group and Under Secretary of the Treasury for International Affairs

Sekerke and Hanke have made an important and timely contribution to the debate over our monetary and financial system.  Bringing together fiscal, monetary and regulatory aspects, the authors offer readers a unified and integrated approach unique to the literature.  Highly recommended for both scholars and practitioners.

Mark Calabria, former Director, the Federal Housing Finance Agency, and former Chief Economist to the Vice President

This writer dubbed Steve Hanke the “Money Doctor” for designing inflation-slaying monetary regimes in nations from Montenegro to Argentina. Hanke also won Fortune’s praise as virtually the first expert to predict that a post-Covid explosion in M2 had unleashed a sustained rash of runaway prices.  Here, Sekerke and Hanke champion a new architecture that would recharge our commercial banks to fund the high-risk, big-potential projects essential to ensuring America’s future prosperity and would wean our nation from a dangerous over-reliance on government funding.

Shawn Tully, Senior Editor-at-Large, Fortune Magazine

In recent years, money supply has been disappearing from much macroeconomic research. Monetary policy without money is an oxymoron.  The Sekerke and Hanke book is the antithesis of that paradoxical methodological direction. 

William A. Barnett, Oswald Distinguished Professor of Macroeconomics, University of Kansas; Director, Center of Financial Stability; and Editor, CUP journal, Macroeconomic Dynamics.

Sekerke and Hanke offer a uniquely comprehensive view of the US monetary system, showing how the Federal Reserve, the Treasury, and other regulatory agencies combine with banks and non-bank financial institutions to drive economy-wide trends and cycles in production, investment, and employment.  They describe how this system broke during the financial crisis of 2008 and identify promising solutions to make it work again for the benefit of all Americans.

Peter Ireland, Murray and Monti Professor of Economics, Boston College

The authors take us clearly through the institutional complexities of the modern financial system. They show why it is hard to be over-impressed with the basic fact of money creation by individual banks. They explore the consequences for monetary economics, for business cycles, and for our understanding of financial crises. More than most economic explorations, they leave us with new insights as to why and how money itself matters so fundamentally.

Roger Sandilands, Emeritus Professor of Economics, University of Strathclyde

Making Money Work offers an insightful and compelling analysis of the modern financial landscape, challenging conventional views on banking, money creation, and monetary policy. Its unique approach—combining rigorous theory with practical reform proposals—makes it an essential read for anyone in finance and economics.

Abderrahim Taamouti, Professor and Chair in Applied Econometrics, University of Liverpool, and Fellow of the Econometric Society

A must-read that combines the authors’ knowledge of financial markets with an in-depth analysis of monetary theory.

Didier Cahen, Secretary-General of Eurofi

Economic theory too often abstracts from the details of money and finance. This book offers a brilliant new approach to economics, firmly grounded in the institutional realities of the financial system.

Manuel Hinds, former Minister of Finance of El Salvador (1995-1999) and co-recipient of the Manhattan Institute’s Hayek Prize (2010)