This curated list of articles is intended to provide a broad overview of Modern Monetary Theory for people who are already well-versed in mainstream economics.

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The disclaimers:

• This list is NOT meant for people seeking an introduction to economics; it is geared towards people who are already economists. For more introductory resources, try here or here.

• This list does NOT provide exhaustive coverage of MMT! This should be viewed instead as a good place to start to have a better conversation, not a reference manual. For other more comprehensive (though not exhaustive) lists of MMT academic work, see here and here. For an overview of heterodox economics more broadly, including Post-Keynesian economics of which MMT is a sub-school, see here.

• Whenever possible, peer-reviewed publications and chapters from academic journals were given preference (with links to working paper versions when articles have paywalls), but in some cases the clearest explanations are in less scholarly publications like news articles, or blogs, and these are included.

• Undoubtedly this list will not please everybody, and possibly it will please nobody. Mainstream economists will find certain questions unanswered, and MMTers will find their favorite papers absent. This is the reality of a short curated list, so please don't shoot the messenger.

• This list is subject to revision and improvement.

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With that, here we go.

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1. How is MMT's understanding of money different and why does it matter?

• Wray, L. R. (2003). The Neo-Chartalist Approach to Money. In The State, the Market and the Euro, eds Stephanie Kelton (nee Bell) and Edward Nell. Edward Elgar Publishing. (Working paper here)

• Wray, L. R. (2013). A New Meme for Money. In Financial Crises and the Nature of Capitalist Money (pp. 79-100). Palgrave Macmillan, London. (Working paper here)

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2. How is MMT different than just seigniorage?

• Wray, L. R. (2003). Seigniorage or sovereignty?. In Modern Theories of Money: The Nature and Role of Money in Capitalist Economies, eds Louis-Phillipe Rochon and Sergio Rossi, p.84-102. (Working paper here).

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3. What sort of theories/models does MMT use to make sense of the world?

• The "sectoral balances" approach:

  • Wray L.R. (2015) The Basics of Macroeconomic Accounting. In: Modern Money Theory: A primer on macroeconomics for sovereign monetary systems. Palgrave Macmillan, London. (Adapted from these blog posts: Part 1, Part 2, Part 3, Part 4).

• The "monopoly money" approach

  • Tcherneva, P. R. (2002). Monopoly Money: The State as a Price Setter. Oeconomicus, Winter, 30-52.

• The "horizontal vs vertical transactions" approach:

  • Mosler, W., & Forstater, M. (1999). A general framework for the analysis of currencies and commodities. In Full Employment and Price Stability in a Global Economy,  Paul Davidson and Jan Kregel (eds). 166-177.

• The "hierarchy of money" approach:

  • Bell, S. (2001). The role of the state and the hierarchy of money. Cambridge Journal of Economics, 25(2), 149-163.

• The Minskyian approach to financial instability:

  • Wray, L. R., & Tymoigne, E. (2009). Macroeconomics Meets Hyman P. Minsky: The Financial Theory of Investment. In Macroeconomic Theory and Macroeconomic Pedagogy, 234–251. (Working paper here)

• The "finance franchise" approach:

  • Hockett, R. C., & Omarova, S. T. (2016). The finance franchise. Cornell L. Rev., 102, 1143.

• The "control fraud" approach:

  • Black, W. K. (2010). Epidemics of 'Control Fraud' Lead to Recurrent, Intensifying Bubbles and Crises. Intensifying Bubbles and Crises (April 15, 2010).

• The segmented labor markets approach:

  • Mitchell, W. F., & Muysken, J. (2008). Labour underutilisation and the Phillips Curve. Centre of Full Employment and Equity, Working paper no. 08-09. University of Newcastle. (Readers will be interested most in sections 4-6, which present a theoretical and econometric model.)

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4. Have MMTers ever tried starting a currency from scratch?

• Mosler, W. (2011). The UMKC buckaroo: A currency model for world prosperity. Huffington Post.

• Dennison (2013). Denison Volunteer Dollar Program.

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5. How does MMT understand central banking and the money supply?

• Fullwiler, S. (2008). Modern Central Bank operations: the general principles. Advances in Endogenous Money Analysis,(Edward Elgar Publishing, Cheltenham, UK and Northampton, MA 2017), 50-87. (Working paper here)

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6. Isn't it true that in the current US system, Treasury deficit spending is limited to what investors are willing to lend?

• Wray, L. R. (2015). The technical details of central bank and treasury coordination: the case of the Fed. In Modern money theory: A primer on macroeconomics for sovereign monetary systems. Palgrave Macmillan, London.

• Tymoigne, E. (2014). Modern Money Theory, and Interrelations Between the Treasury and Central Bank: The Case of the United States. Journal of Economic Issues, 48(3), 641-662. (Working paper here)

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7. What does MMT say about interest rates and "crowding out"?

• Sharpe, T. P. (2013). A modern money perspective on financial crowding-out. Review of political economy, 25(4), 586-606.

• Forstater, M., & Mosler, W. (2005). The natural rate of interest is zero. Journal of economic issues, 39(2), 535-542.

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8. What does MMT say about inflation?

• Mitchell, W. (2010, 2011). Modern monetary theory and inflation - part 1, & Modern monetary theory and inflation - part 2. Bill Mitchell - Modern Monetary Theory.

• Mitchell, W. (2009) Zimbabwe for hyperventilators 101. Bill Mitchell - Modern Monetary Theory.

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9. Why does MMT place so much emphasis on the exchange rate regime?

• Mosler, W. (1998). Exchange rate policy and full employment. Presented at a conference in Australia.

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10. Why don't MMTers use more math? Are there any mathematical models?

• Deficit Owls (2016). Video: On Math in Economics.

• Levey, S. (2021). Modeling Monopoly Money:
  Government as the Source of the Price Level and Unemployment. Levy Institute Working Paper no. 992.

• Tcherneva, P. R. (2012). Inflationary and distributional effects of alternative fiscal policies: An augmented Minskyan-Kaleckian model. Levy Institute Working Paper no. 706.

• Tymoigne, E. (2006). The Minskyan System, Part III: System Dynamics Modeling of a Stock Flow–Consistent Minskyan Model. Levy Institute Working Paper no. 455.

• See also: the Post-Keynesian Stock-Flow Consistent (SFC) modeling paradigm, eg. here.

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11. When in history have we seen MMT-like thinking before?

• Forstater, M. (2006). Tax-Driven Money: Further Evidence from the History of Thought, Economic History, and Economic Policy. Complexity, Endogenous Money, and Exogenous Interest Rates. (Working paper here).

• Levey, S. (2019). Modern Money and the War Treasury. Global Institute for Sustainable Prosperity. Working Paper no. 123.

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12. What major predictions has MMT gotten correct?

• Fiscal crisis in the Eurozone:

  • Bell, S. (2003). Convergence going in, divergence coming out. Default risk premium and stabilization prospects in the Euro zone (No. 24). CFEPS Working paper

  • Kelton, S. A., & Wray, L. R. (2009). Can Euroland Survive? (No. 106). Public Policy Brief.

• Increasing financial fragility during the 2000's

  • Tymoigne, E. (2007). A hard-nosed look at worsening US household finance. Challenge, 50(4), 88-111.

• The end of US government budget surpluses:

  • Godley, W., & Wray, L. R. (2000). Is Goldilocks Doomed?. Journal of Economic Issues, 34(1), 201-206.

• Quantitative Easing would not cause inflation:

  • Fullwiler, S., & Wray, L. R. (2010). Quantitative Easing and Proposals for Reform of Monetary Policy Operations. Levy Institute Working Paper no. 645.

• Large deficits in the US would not lead to fiscal crisis.

  • Tymoigne, E. (2010). The CBO’s Misplaced Fear of a Looming Fiscal Crisis. New Economic Perspectives.

• The downgrade of US debt by ratings agencies would have no effect on interest rates.

  • Wray, L.R. (2011, April 18). Ignore the Raters. Is Anyone Listening to the Standard & Poor's? New York Times Opinion Debate. (For a more detailed discussion, see here.)

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13. How does MMT view fiscal policy?

• Forstater, M. (1999). Functional finance and full employment: lessons from Lerner for today. Journal of Economic Issues, 33(2), 475-482.(Working paper here)

• Tcherneva, P. R. (2014). Reorienting fiscal policy: A bottom-up approach. Journal of Post Keynesian Economics, 37(1), 43-66. (Working paper here)

• Grey, R., & Tankus, N. (2017). Corporate Taxation in a Modern Monetary Economy: Legal History, Theory, Prospects. Global Institute for Sustainable Prosperity. Working paper no. 118.

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14. What is MMT's view of government debt sustainability?

• Fullwiler, S. T. (2016). The debt ratio and sustainable macroeconomic policy. World Economic Review, 7, 12-42.

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15. Why does MMT support a Job Guarantee?

• Mosler, W. (1997). Full employment and price stability. Journal of Post Keynesian Economics, 20(2), 167-182.

• Tcherneva, P. R. (2018). The job guarantee: design, jobs, and implementation. Levy Economics Institute, Working Papers Series no. 902

• Mitchell, W. and Wray, L.R. (2004). Full employment through a Job Guarantee: a response to the critics. Centre of Full Employment and Equity, Working Paper no. 04-13.

• For an introduction to the Post-Keynesian view of the labor market and effective demand, see here:

  • Harvey, J. T. (2016). An introduction to post keynesian economics: Involuntary unemployment with perfectly flexible wages and prices. The American Economist, 61(2), 140-156.

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16. How does MMT view monetary policy?

• Tymoigne, E. (2008). On the optimality of a permanent zero central-bank rate: Why were central banks created? In 12th Conference of the Research Network Macroeconomics and Macroeconomic Policies.

• Fullwiler, S. T. (2013). An endogenous money perspective on the post-crisis monetary policy debate. Review of Keynesian Economics, 1(2), 171-194.

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17. How does MMT think we should respond to inflation?

• Fullwiler, S., Grey, R., & Tankus, N. (2019). An MMT response on what causes inflation. Financial Times. (Alternate link)

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18. What is the MMT perspective on the Euro?

• Ehnts, D. H., & Höfgen, M. (2019). Modern monetary theory: a European perspective. real-world economics review, 75.

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19. How can MMT be applied to open or developing economies?

• Ndongo Samba Sylla (2020). Modern Monetary Theory in the Periphery. Rosa Luxembourg Foundation.

• Micthell, W. (2009). Modern monetary theory in an open economy. Bill Mitchell - Modern Monetary Theory.

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20. How should we think about financial regulation according to MMT?

• Tymoigne, É. (2010). Financial Stability, Regulatory Buffers, and Economic Growth: Some Postrecession Regulatory Implications. Levy Institute Working Paper no. 637

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21. What is an example of an MMT-informed policy analysis?

• Nersisyan, Y., & Wray, L. R. (2021). Can We Afford the Green New Deal?. Journal of Post Keynesian Economics, 44(1), 68-88. (Working paper here.)