Are We All MMTers Now? Not so Fast
Yeva Nersisyan and
L. Randall Wray
Economics One-Pager Archive from Levy Economics Institute
As governments around the world explore ambitious approaches to fiscal and monetary policy in their responses to the COVID-19 crisis, Modern Money Theory (MMT) has been thrust into the spotlight once again. Unfortunately, many of those invoking the theory have misrepresented its central tenets, according Yeva Nersisyan and L. Randall Wray. MMT provides an analysis of fiscal and monetary policy applicable to national governments with sovereign, nonconvertible currencies. In the context of articulating the elements of that analysis, Nersisyan and Wray draw out one of the lessons to be learned from the pandemic and its policy responses: that the governmentâ€™s ability to run deficits is not limited to times of crisis; that we must build up our supplies, infrastructure, and institutions in normal times, and not wait for the next crisis to live up to our means.
New Economics Papers: this item is included in nep-cba, nep-mon and nep-pke
References: Add references at CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:lev:levyop:op_63
Access Statistics for this paper
More papers in Economics One-Pager Archive from Levy Economics Institute
Bibliographic data for series maintained by Elizabeth Dunn ().