Modern Monetary Theory

I am interested in Modern Monetary Theory (MMT). I have not studied MMT in an academic setting; my training as an economist is in applied microeconomics. I am not affiliated with the University of Missouri, Kansas City, apparently the hub of MMT research. Any errors in my analyses or descriptions of MMT are my own.

Introduction to MMT

MMT Responds to Brad DeLong’s Challenge

See the end of this post for a list of MMT works: MMT, Models, Multidisciplinarity

Modern Monetary Theory, explained

Real World Economics Review issue on MMT [pdf]

Favorable MMT Articles

Modern Monetary Theory continues to gain traction in the US

Bank on the People Instead of Wall Street Parasites

It’s Time to Look More Carefully at “Monetary Policy 3 (MP3)” and “Modern Monetary Theory (MMT)” (via Bloomberg)

The case for a guaranteed job by Robert Skidelsky.

Alexandria Ocasio-Cortez is a fan of a geeky economic theory called MMT: Here's a plain-English guide to what it is and why it's interesting

The Use and Abuse of MMT by Michael Hudson, with Dirk Bezemer, Steve Keen and T.Sabri Öncü.

Wonky MMT Stuff

What Do Banks Do? What Should Banks Do? A Minskian Perspective

Critiques of MMT

What’s Wrong With Modern Money Theory (MMT): A Critical Primer

At first glance, the above paper looks like "heterodox economics is heterodox", but it is more substantive than Palley's bad faith argument below.

Modern Monetary Theory: A Primer. The report contains a number of important errors, but it seems to be in moderately good faith.

Bad Faith Arguments against MMT

Smith, Noah. Examining an MMT model in detail. 31 Mar 2019. Noahpinion blog.
analysis by Pavlina R. Tcherneva

Palley, Thomas. Macroeconomics vs Modern Money Theory [pdf]: Some unpleasant Keynesian arithmetic. April 2019. Post-Keynesian Economics Society.

Jones, Russell and John Llewellyn. MMT: new wine in old bottles or ‘voodoo economics’?

Doug Henwood. Modern Monetary Theory Isn’t Helping

Note: The Farcical Critiques section was getting too big. I'm going to include only the more serious stuff.

No comments:

Post a Comment

Please pick a handle or moniker for your comment. It's much easier to address someone by a name or pseudonym than simply "hey you". I have the option of requiring a "hard" identity, but I don't want to turn that on... yet.

With few exceptions, I will not respond or reply to anonymous comments, and I may delete them. I keep a copy of all comments; if you want the text of your comment to repost with something vaguely resembling an identity, email me.

No spam, pr0n, commercial advertising, insanity, lies, repetition or off-topic comments. Creationists, Global Warming deniers, anti-vaxers, Randians, and Libertarians are automatically presumed to be idiots; Christians and Muslims might get the benefit of the doubt, if I'm in a good mood.

See the Debate Flowchart for some basic rules.

Sourced factual corrections are always published and acknowledged.

I will respond or not respond to comments as the mood takes me. See my latest comment policy for details. I am not a pseudonomous-American: my real name is Larry.

Comments may be moderated from time to time. When I do moderate comments, anonymous comments are far more likely to be rejected.

I've already answered some typical comments.

I have jqMath enabled for the blog. If you have a dollar sign (\$) in your comment, put a \\ in front of it: \\\$, unless you want to include a formula in your comment.

Note: Only a member of this blog may post a comment.