IDEAS home Printed from https://ideas.repec.org/a/mes/postke/v37y2014i2p281-307.html
   My bibliography  Save this article

Modern monetary theory: contributions and critics

Author

Listed:
  • James Juniper
  • Timothy P. Sharpe
  • Martin J. Watts

Abstract

Over the past decade or so, a number of post Keynesians have been critical of modern monetary theory (MMT) despite MMT being a part of the post Keynesian tradition. In this paper we argue that the incorporation of MMT principles enhances the post Keynesian theoretical and policy framework. We substantiate this claim by (1) outlining the common theoretical elements that unite post Keynesian and MMT advocates; (2) addressing post Keynesian claims regarding the MMT interpretation of money and the monetary system; and (3) examining the differing perspectives on the role of fiscal policy to achieve sustained full employment.

Suggested Citation

  • James Juniper & Timothy P. Sharpe & Martin J. Watts, 2014. "Modern monetary theory: contributions and critics," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 37(2), pages 281-307, December.
    • Handle: RePEc:mes:postke:v:37:y:2014:i:2:p:281-307
    DOI: 10.2753/PKE0160-3477370205
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.2753/PKE0160-3477370205
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.2753/PKE0160-3477370205?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Simmons, Richard & Dini, Paolo & Culkin, Nigel & Littera, Giuseppe, 2021. "Crisis and the role of money in the real and financial economies: an innovative approach to monetary stimulus," LSE Research Online Documents on Economics 110904, London School of Economics and Political Science, LSE Library.
    2. Martin Watts & Timothy Sharpe & James Juniper, 2014. "Reformation or exodus: Assessing the future of the Euro," The Economic and Labour Relations Review, , vol. 25(3), pages 465-483, September.
    3. Eduardo Garzón Espinosa & Bibiana Medialdea García & Esteban Cruz Hidalgo, 2021. "Fiscal Policy Approaches: An Inquiring Look From The Modern Monetary Theory," Journal of Economic Issues, Taylor & Francis Journals, vol. 55(4), pages 999-1022, October.
    4. Richard Simmons & Paolo Dini & Nigel Culkin & Giuseppe Littera, 2021. "Crisis and the Role of Money in the Real and Financial Economies—An Innovative Approach to Monetary Stimulus," JRFM, MDPI, vol. 14(3), pages 1-28, March.
    5. Pedro Leao, 2015. "Is a Very High Public Debt a Problem?," Economics Working Paper Archive wp_843, Levy Economics Institute.
    6. Eric Kemp-Benedict, 2020. "Macroeconomic impacts of the public health response to COVID-19," Working Papers PKWP2011, Post Keynesian Economics Society (PKES).
    7. Peter Kriesler & Joseph Halevi & Mark Setterfield, 2020. "Political Aspects of ‘Buffer Stock’ Employment: A Reconsideration," Working Papers 2009, New School for Social Research, Department of Economics.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mes:postke:v:37:y:2014:i:2:p:281-307. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/MPKE20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.