To monetize or not to monetize public debt… Is that really the question? A neo-chartalist post-Keynesian perspective
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TexteLangue : français Détails de publication : 2024.
Sujet(s) : Ressources en ligne : Abrégé : What is Modern Monetary theory (MMT)? Just vulgar and dangerous “money printing” economics as many of its critics claim? By articulating it with with circuitist and horizontalist post-keynesian theories, we demonstrate that MMT is not “money printing” economics and that the development of a neo-chartalist perspective, based on an in-depth description of interbank transactions and their interactions with monetary and fiscal policies, highlights the central bank stabilization of the interest rate in face of treasury securities issues. In the United States, this stabilization requires a coordination between the Fed and the treasury. JEL Classification: B5, E43, E5, E63
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What is Modern Monetary theory (MMT)? Just vulgar and dangerous “money printing” economics as many of its critics claim? By articulating it with with circuitist and horizontalist post-keynesian theories, we demonstrate that MMT is not “money printing” economics and that the development of a neo-chartalist perspective, based on an in-depth description of interbank transactions and their interactions with monetary and fiscal policies, highlights the central bank stabilization of the interest rate in face of treasury securities issues. In the United States, this stabilization requires a coordination between the Fed and the treasury. JEL Classification: B5, E43, E5, E63
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