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Modern Monetary Theory: A Debate

Author

Listed:
  • Brett Fiebiger
  • Scott Fullwiler
  • Stephanie Kelton
  • L. Randall Wray
Abstract
This working paper presents a debate, which begins with Bret Fiebiger arguing that the approach to monetary and financial macroeconomics which terms itself "modern monetary theory” does not have sound analytic foundations and is of little relevance empirically. Scott Fullwiler, Stephanie Kelton and L. Randall Wray, three leading contributors to modern monetary theory, respond with a new statement of their overall approach, which they believe shows clearly its links with post-Keynesianism. Fiebiger provides a final rejoinder to the Fullwiler-Kelton-Wray response.

Suggested Citation

  • Brett Fiebiger & Scott Fullwiler & Stephanie Kelton & L. Randall Wray, 2012. "Modern Monetary Theory: A Debate," Working Papers wp279, Political Economy Research Institute, University of Massachusetts at Amherst.
    • Handle: RePEc:uma:periwp:wp279
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    File URL: https://per.umass.edu/fileadmin/pdf/working_papers/working_papers_251-300/WP279.pdf
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    References listed on IDEAS

    as
    1. L. Randall Wray, 2024. "Modern Money Theory," Springer Books, Springer, edition 3, number 978-3-031-47884-0, July.
    2. L. Randall Wray, 1998. "Modern Money," Economics Working Paper Archive wp_252, Levy Economics Institute.
    3. Louis-Philippe Rochon & Sergio Rossi (ed.), 2003. "Modern Theories of Money," Books, Edward Elgar Publishing, number 2506.
    4. L. Randall Wray, 1998. "Understanding Modern Money," Books, Edward Elgar Publishing, number 1668.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Eric Lonergan & Mark Blyth, 2021. "The Prudence Principle: A New Framework for Eurozone Fiscal Policy," Working Papers 6, Forum New Economy.
    2. Skylar Brooks, 2021. "Revisiting the Monetary Sovereignty Rationale for CBDCs," Discussion Papers 2021-16, Bank of Canada.
    3. Biagio Bossone, 2022. "A Modigliani-Miller Theorem for the Public Finances of Globalized Economies: Theory, Policy Implications, and Keynesian Reflections," Working Papers PKWP2202, Post Keynesian Economics Society (PKES).
    4. Biagio Bossone, 2021. "Exercising Economic Sovereignty in Today's Global Financial World: The Lessons from John Maynard Keynes," Working Papers PKWP2120, Post Keynesian Economics Society (PKES).
    5. Miguel Ángel Echarte Fernández & Sergio Luis Náñez Alonso & Javier Jorge-Vázquez & Ricardo Francisco Reier Forradellas, 2021. "Central Banks’ Monetary Policy in the Face of the COVID-19 Economic Crisis: Monetary Stimulus and the Emergence of CBDCs," Sustainability, MDPI, vol. 13(8), pages 1-18, April.
    6. Claudia Sahm, 2021. "COVID-19 Is Transforming Economic Policy in the United States," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 56(4), pages 185-190, July.
    7. Sara Moreno-Colom & Vicent Boràs-Català, 2021. "Menos tiempo de cocina, más tiempo de consumo: ¿más igualdad de género?," Revista de Economía Crítica, Asociación de Economía Crítica, vol. 31, pages 121-138.
    8. Ema Gusheva & Vincent de Gooyert, 2021. "Can We Have Our Cake and Eat It? A Review of the Debate on Green Recovery from the COVID-19 Crisis," Sustainability, MDPI, vol. 13(2), pages 1-16, January.
    9. Françoise Drumetz & Christian Pfister, 2021. "The Meaning of MMT," Working papers 833, Banque de France.
    10. Françoise Drumetz & Christian Pfister, 2021. "Modern Monetary Theory: A Wrong Compass for Decision-Making," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 56(6), pages 355-361, November.
    11. Olli-Pekka Hilmola, 2021. "On Prices of Privacy Coins and Bitcoin," JRFM, MDPI, vol. 14(8), pages 1-15, August.
    12. Lachlan McCall, 2021. "The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy," The Economic Record, The Economic Society of Australia, vol. 97(317), pages 321-325, June.
    13. Tumisang Loate & Ekaterina Pirozhkova & Nicola Viegi, 2021. "Sailing into the Wind evaluating the near future of Monetary Policy in South Africa," Working Papers 11006, South African Reserve Bank.
    14. Jack Reardon, 2021. "Research Quality in Islamic Economics: A View from an Independent Expert جودة البحث في الاقتصاد الإسلامي: وجهة نظر من خبير مُستقل," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 34(2), pages 137-146, July.
    15. Stef Kuypers & Thomas Goorden & Bruno Delepierre, 2021. "Computational Analysis of the Properties of Post-Keynesian Endogenous Money Systems," JRFM, MDPI, vol. 14(7), pages 1-25, July.
    16. Brekke, Jaya Klara & Fischer, Aron, 2021. "Digital scarcity," Internet Policy Review: Journal on Internet Regulation, Alexander von Humboldt Institute for Internet and Society (HIIG), Berlin, vol. 10(2), pages 1-9.
    17. Emilio Ocampo, 2020. "MMT: Modern Monetary Theory or Magical Monetary Thinking? The Empirical Evidence," CEMA Working Papers: Serie Documentos de Trabajo. 762, Universidad del CEMA.
    18. Biagio Bossone, 2021. "Why MMT can’t work," International Journal of Economic Policy Studies, Springer, vol. 15(1), pages 157-181, February.
    19. Dirk Ehnts & Michael Paetz, 2021. "Wie finanzieren wir die Corona-Schulden? [How Do We Finance the Corona Debt? Attempting a “Right” Answer to the “Wrong” Question from the Perspective of Modern Monetary Theory]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 101(3), pages 200-206, March.
    20. Jafri, Juvaria, 2014. "Should we be Austere? A Normative look at Public Debt," MPRA Paper 63337, University Library of Munich, Germany.
    21. Tanaka, Yasuhito, 2021. "Budget deficit for full-employment under growth and inflation by excessive deficit in an OLG model with bequest motive," MPRA Paper 107218, University Library of Munich, Germany.
    22. L. Randall Wray, 2020. "The "Kansas City" Approach to Modern Money Theory," Economics Working Paper Archive wp_961, Levy Economics Institute.

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