To Monetize or not to monetize public debt… Is that really the question? A neo-chartalist post-keynesian perspective

Monétiser ou ne pas monétiser la dette publique… Est-ce vraiment la question ? Une perspective post-keynésienne néo‑chartaliste

Jonas Grangeray ()
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Jonas Grangeray: Université Sorbonne Paris Nord, ACT - Analyse des Crises et Transitions - LABEX ICCA - UP13 - Université Paris 13 - Université Sorbonne Nouvelle - Paris 3 - CNRS - Centre National de la Recherche Scientifique - UPCité - Université Paris Cité - Université Sorbonne Paris Nord - Université Sorbonne Paris Nord

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Abstract: What is Modern Monetary theory (MMT)? Just vulgar and dangerous "money printing" economics as many of its critics claim? By articulating it with with circuitist and horizontalist post-keynesian theories, we demonstrate that MMT is not "money printing" economics and that the development of a neo chartalist perspective, based on an in-depth description of interbank transactions and their interactions with monetary and fiscal policies, highlights the central bank stabilization of the interest rate in face of treasury securities issues. In the United States, this stabilization requires a coordination between the Fed and the treasury.

Keywords: Modern monetary theory; monetization; interest rate; endogenous money; theory of the monetary circuit; horizontalism; Théorie monétaire moderne; monétisation; taux d'intérêt; monnaie endogène; théorie du circuit monétaire; horizontalisme (search for similar items in EconPapers)
Date: 2024-01-31
New Economics Papers: this item is included in nep-his, nep-hme, nep-mon and nep-pke
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Published in Cahiers d'Economie Politique = Papers in political economy, 2024, n° 84 (1), pp.175-214. ⟨10.3917/cep1.084.0175⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04812626

DOI: 10.3917/cep1.084.0175

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