What modern monetary theory is, and what it is not

Emilio Carnevali, Giuseppe Fontana

Research output: Contribution to journalArticlepeer-review

1 Citation (Scopus)
10 Downloads (Pure)

Abstract

Modern monetary theory (MMT) has grown in popularity in recent years. Several central bankers have made passing comments about it. However, the publication of two papers by Drumetz/Pfister of the Banque de France in 2021 represents the first attempt at a more systematic assessment of MMT by two scholars with knowledge of and experience in central banking. This is a welcome event in the economic debate. The present paper analyses the merits of Drumetz/Pfister’s criticism, and investigates some of the most common sources of ‘misinterpretation’ of MMT.
Original languageEnglish
Pages (from-to)56–66
Number of pages11
JournalEuropean Journal of Economics and Economic Policies: Intervention
Volume20
Issue number1
Early online date1 Oct 2022
DOIs
Publication statusPublished - 26 May 2023

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