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The contribution of MMT to modern macroeconomics

Author

Listed:
  • Martin Watts
  • James Juniper

    (N/A)

Abstract

This paper draws on nearly 25 years of modern monetary theory (MMT) scholarship to provide an assessment of the critique of MMT by Drumetz/Pfister in their 2021 working paper. The present paper commences with a review of methodology. It then pursues a thematic approach, initially exploring the issue of currency sovereignty and the nature of modern monetary systems before addressing the specific criticisms that Drumetz/Pfister have raised about MMT’s approach to monetary and fiscal policy.

Suggested Citation

  • Martin Watts & James Juniper, 2023. "The contribution of MMT to modern macroeconomics," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 20(1), pages 43-55, May.
    • Handle: RePEc:elg:ejeepi:v:20:y:2023:i:1:p43-55
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    More about this item

    Keywords

    institutional practice; fiat currency; monetary policy; fiscal policy;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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