The contribution of MMT to modern macroeconomics

Martin Watts, James Juniper

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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Year of publication:	2023
Authors:	Watts, Martin J. ; Juniper, James
Published in:	European journal of economics and economic policies : Intervention ; EJEEP. - Cheltenham [u.a.] : Elgar, ISSN 2052-7772, ZDB-ID 2700786-8. - Vol. 20.2023, 1, p. 43-55
Subject:	institutional practice \| fiat currency \| monetary policy \| fiscal policy \| Geldpolitik \| Monetary policy \| Finanzpolitik \| Fiscal policy \| Makroökonomik \| Macroeconomics

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Type of publication:	Article
Type of publication (narrower categories):	Aufsatz in Zeitschrift ; Article in journal
Language:	English
Other identifiers:	10.4337/ejeep.2022.0093 [DOI] hdl:10419/280733 [Handle]
Classification:	B22 - Macroeconomics ; E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System ; E52 - Monetary Policy (Targets, Instruments, and Effects) ; E62 - Fiscal Policy; Public Expenditures, Investment, and Finance; Taxation
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10014433714