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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.

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.

With that, here we go.

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)

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).

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

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

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)

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

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

8. What does MMT say about inflation?

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

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

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

12. What major predictions has MMT gotten correct?

13. How does MMT view fiscal policy?

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

15. Why does MMT support a Job Guarantee?

16. How does MMT view monetary policy?

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

18. What is the MMT perspective on the Euro?

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

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

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

Deficit Owl bir
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