Artikel
Modern money theory: some basics in response to Drumetz/Pfister
This article examines the misconceptions about modern money theory (MMT) put forward by . The author divides her critique into three categories. First, the Drumetz/Pfister article erroneously indicates that MMT focuses exclusively on the means-of-payment function of money, that it considers money as a pure asset, that it does not distinguish between inside and outside money, and that it does not distinguish between money and the monetary base. Second, Drumetz/Pfister (2021) falsely represent MMT as leaving monetary policy to law and as belittling the impact of quantitative easing. Drumetz/Pfister misunderstand what is meant by government debt being monetized. Third, their article puts forward the incorrect idea that increased government spending could lead to increased long-term interest rates, and that a zero interest rate could supposedly bring about macroeconomic instability and inflation.
- Sprache
-
Englisch
- Erschienen in
-
Journal: European Journal of Economics and Economic Policies: Intervention (EJEEP) ; ISSN: 2052-7772 ; Volume: 20 ; Year: 2023 ; Issue: 1 ; Pages: 34-42
- Klassifikation
-
Wirtschaft
General Aggregative Models: Keynes; Keynesian; Post-Keynesian
Interest Rates: Determination, Term Structure, and Effects
Money Supply; Credit; Money Multipliers
Monetary Policy
Central Banks and Their Policies
Fiscal Policy
National Deficit; Surplus
- Thema
-
modern money theory
fiscal policy
monetary policy
interest rate
government bonds
money
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Leclaire, Joëlle
- Ereignis
-
Veröffentlichung
- (wer)
-
Edward Elgar Publishing
- (wo)
-
Cheltenham
- (wann)
-
2023
- DOI
-
doi:10.4337/ejeep.2022.0089
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Leclaire, Joëlle
- Edward Elgar Publishing
Entstanden
- 2023
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