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Was ist Modern Monetary Theory?

Author

Listed:
  • Ehnts Dirk

    (Vorstandssprecher der Samuel-Pufendorf-Gesellschaft für politische Ökonomie e. V., Belziger Strasse 48, 10823 Berlin, Germany)

  • Höfgen Maurice

    (wissenschaftlicher Mitarbeiter im Deutschen Bundestag, Platz der Republik 1, 11011 Berlin, Germany)

Abstract

Die Modern Monetary Theory (MMT) ist nicht zuletzt durch die hohen Defizite und Staatsschulden in der Folge der Corona-Pandemie populär geworden. In diesem Beitrag erklären wir die empirische Theorie, die vor allem die Funktionsweise des Geldsystems beschreibt. Die MMT macht deutlich, dass staatliche Ausgaben nicht „finanziert“ werden können, weder durch Steuern noch durch Staatsanleihen. Sämtliche Zahlungen erfolgen vielmehr durch das Kreditieren eines Kontos einer Bank bei der jeweiligen Zentralbank. Die Zentralbanken agieren als Hausbank des Staates – auch in der Eurozone. Politische Regeln können die Staatsausgaben zwar beschränken, doch ist der Staat als Schöpfer des Geldes maßgeblich für die Höhe der Beschäftigung verantwortlich und kann mit einer Jobgarantie Vollbeschäftigung erreichen.

Suggested Citation

  • Ehnts Dirk & Höfgen Maurice, 2022. "Was ist Modern Monetary Theory?," Perspektiven der Wirtschaftspolitik, De Gruyter, vol. 23(2), pages 108-119, June.
    • Handle: RePEc:bpj:pewipo:v:23:y:2022:i:2:p:108-119:n:1
    DOI: 10.1515/pwp-2021-0027
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    Citations

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    Cited by:

    1. Olk, Christopher & Schneider, Colleen & Hickel, Jason, 2023. "How to pay for saving the world: Modern Monetary Theory for a degrowth transition," LSE Research Online Documents on Economics 120343, London School of Economics and Political Science, LSE Library.

    More about this item

    Keywords

    Geldtheorie; Geldpolitik; Fiskalpolitik; Gemeinwohl; Makroökonomik; B52; E12; E5; E62;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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