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Modern monetary theory: contributions and critics

By James Juniper, Timothy P. Sharpe and Martin J. Watts


Over the past decade or so, a number of post Keynesians have been critical of modern monetary theory (MMT) despite MMT being a part of the post Keynesian tradition. In this paper we argue that the incorporation of MMT principles enhances the post Keynesian theoretical and policy framework. We substantiate this claim by: (1) outlining the common theoretical elements that unite post Keynesian and MMT advocates. ; (2) addressing post Keynesian claims regarding the MMT interpretation of money and the monetary system. ; (3) examining the differing perspectives on the role of fiscal policy to achieve sustained full employment

Topics: modern monetary theory, post Keynesian economics, global financial crisis
Publisher: M.E. Sharpe
Year: 2014
DOI identifier: 10.2753/PKE0160-3477370205
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