La Théorie monétaire moderne: idées fausses, vraies limites et angles morts. Un tour d'horizon des critiques

Guillaume L’Œillet

Revue d'économie financière, 2022, vol. N° 148, issue 4, 249-272

Abstract: Since the great financial crisis, the Modern Monetary Theory (MMT) rouses interests in political, media and academic area. In the ensuing Keynesian moment, the MMT has emerged from the confidentiality to advocate a permanent fiscal dominance in opposition to the consensus built toward a politically independent monetary policy. MMT has however been widely criticised by mainstream economists but also by the post-keynesian school from which it comes. The most vehement attacks to deny the scientific nature of the theory and to confine it to a political movement belonging to the left wing of the US democrats. More sophisticated critics tackle theorical foundation and empirical evidences of the MMT to contest their recommendations. This paper provides an overview of those critical points of view and contributes to the chorus of criticism by raising a failing political economy. JEL Classification: B52, E12, E52, E62, E63, H62, H63.

JEL-codes: B52 E12 E52 E62 E63 H62 H63 (search for similar items in EconPapers)
Date: 2022
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