Carnevali, E. and Fontana, G. orcid.org/0000-0002-8055-5326 (2023) What modern monetary theory is, and what it is not. European Journal of Economics and Economic Policies: Intervention, 20 (1). pp. 56-66. ISSN 2052-7764
Abstract
Modern monetary theory (MMT) has grown in popularity in recent years. Several central bankers have made passing comments about it. However, the publication of two papers by Drumetz/Pfister of the Banque de France in 2021 represents the first attempt at a more systematic assessment of MMT by two scholars with knowledge of and experience in central banking. This is a welcome event in the economic debate. The present paper analyses the merits of Drumetz/Pfister’s criticism, and investigates some of the most common sources of ‘misinterpretation’ of MMT.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2023 The Author. This is an open access article under the terms of the Creative Commons Attribution License (CC-BY 4.0), which permits unrestricted use, distribution and reproduction in any medium, provided the original work is properly cited. |
Keywords: | modern monetary theory; government debt; central banking; inflation; fiscal policy; E31; E52; E58; E62; B52 |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Economics Division (LUBS) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 07 Aug 2023 12:17 |
Last Modified: | 07 Aug 2023 12:17 |
Status: | Published |
Publisher: | Edward Elgar Publishing Ltd. |
Identification Number: | 10.4337/ejeep.2022.0088 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:202132 |