The contribution of MMT to modern macroeconomics

IF 0.8 Q3 ECONOMICS

European Journal of Economics and Economic Policies-Intervention Pub Date : 2022-10-01 DOI:10.4337/ejeep.2022.0093

M. Watts, J. Juniper

引用次数: 1

Abstract

This paper draws on nearly 25 years of modern monetary theory (MMT) scholarship to provide an assessment of the critique of MMT by Drumetz/Pfister in their 2021 working paper. The present paper commences with a review of methodology. It then pursues a thematic approach, initially exploring the issue of currency sovereignty and the nature of modern monetary systems before addressing the specific criticisms that Drumetz/Pfister have raised about MMT’s approach to monetary and fiscal policy.

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MMT对现代宏观经济学的贡献

本文借鉴了近25年的现代货币理论(MMT)学术研究，对德鲁梅茨/菲斯特在2021年的工作论文中对MMT的批判进行了评估。本文首先对方法进行审查。然后，它采用主题方法，首先探讨货币主权问题和现代货币体系的性质，然后解决德鲁梅茨/普费斯特提出的关于MMT货币和财政政策方法的具体批评。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

European Journal of Economics and Economic Policies-Intervention ECONOMICS-

CiteScore

1.70

自引率

0.00%

发文量

期刊介绍： The European Journal of Economics and Economic Policies: Intervention (EJEEP) is a peer-reviewed journal which serves as a forum for studies in macroeconomic theory, economic institutions and economic policies. The managing editors aim for productive debates involving one or more variants of heterodox economics, and invite contributions acknowledging the pluralism of research approaches. The submission of both theoretical and empirical work is encouraged. The managing editors contend that a wide variety of institutional and social factors shape economic life and economic processes. Only a careful study and integration of such factors into economics will lead to theoretical progress and to competent economic policy recommendations. This was clearly demonstrated by the inadequacy of orthodox economics, based on neoclassical foundations, to provide suitable explanations and responses to recent financial and economic crises.