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Macroeconomic theory
Modern Monetary Theory or Modern Money Theory (MMT) is a heterodox macroeconomic theory concerning the role of fiscal and monetary policy in sovereign
Modern_Monetary_Theory
Holds that money is created endogenously by the banking sector
Monetary circuit theory is a heterodox theory of monetary economics, particularly money creation, often associated with the post-Keynesian school. It
Monetary_circuit_theory
Sustained increase in a state's money supply (not prices)
imported inflation. Modern Monetary Theory, like all derivatives of the Chartalist school, emphasizes that in nations with monetary sovereignty, a country
Monetary_inflation
Limit on the amount of debt the U.S. can owe
House of Representatives to abandon Modern Monetary Theory and recognizing that the acceptance of Modern Monetary Theory would lead to higher deficits and
United_States_debt_ceiling
Branch of economics covering theories of money
Modern Monetary Theory – Macroeconomic theory Monetarism – School of thought in monetary economics Monetary base – Measure of money supply Monetary-disequilibrium
Monetary_economics
Object or record accepted as payment
September 2012. Wray, L. Randall (2012). Modern money theory: a primer on macroeconomics for sovereign monetary systems. Houndmills, Basingstoke, Hampshire:
Money
Currency not backed by any commodity
money supply causes inflation while Keynesian, Post-Keynesian and modern monetary theory economists argue that an increase in money supply is insufficient
Fiat_money
Economic theory
Credit theories of money, also called debt theories of money, are monetary economic theories concerning the relationship between credit and money. Proponents
Credit_theory_of_money
Financial plan where revenues equal expenses
negative difference) or a budget surplus (a positive difference). Modern Monetary Theory (MMT) is a school of thought founded by economist Bill Mitchell
Balanced_budget
Theory in monetary economics
The quantity theory of money (QTM) is a hypothesis within monetary economics which states that the general price level of goods and services is directly
Quantity_theory_of_money
Government management of money
A monetary system is a system where a government manages money in a country's economy. Modern monetary systems usually consist of a national treasury,
Monetary_system
Heterodox theory of money
University of Newcastle in Australia, coined the term Modern Monetary Theory to describe modern Neo-Chartalism, and that term is now widely used. Scott
Chartalism
British politician (born 1982)
Furthermore, Polanski has voiced support for Modern Monetary Theory, with him calling three lead proponents of the theory, Richard Murphy, Grace Blakeley, and
Zack_Polanski
German economist
German heterodox economist. He is one of the leading proponents of Modern Monetary Theory in Europe. Ehnts was born in Bremen, Germany and finished high school
Dirk_Ehnts
American heterodox economist (born 1969)
American heterodox economist and academic, and a leading proponent of modern monetary theory. She served as an advisor to Bernie Sanders's 2016 presidential
Stephanie_Kelton
Economic philosophy and theory
of resources while controlling price level. In the first place, Modern Monetary Theory (MMT) rejects the monetarist explanation virtually in toto, arguing
Fiscalism
Exclusive legal control over a currency
Reserve Banks Money creation Modern Monetary Theory Positive Money - UK based non-profit advocating for a sovereign monetary system Quantitative easing
Monetary_sovereignty
School of thought in monetary economics
Fiscalism (usually contrasted to monetarism) Market monetarism Modern Monetary Theory Money creation - process in which private banks (primarily) or Central
Monetarism
1936 book by John Maynard Keynes
view it is the monetary role which wins out. This is why Keynes's theory is a theory of money as much as of employment: the monetary economy of interest
The General Theory of Employment, Interest and Money
The_General_Theory_of_Employment,_Interest_and_Money
Group of macroeconomic theories
1936 General Theory, sharing the Swedish discoveries. In 1923, Keynes published his first contribution to economic theory, A Tract on Monetary Reform, whose
Keynesian_economics
British accountant and tax campaigner (born 1958)
Management School as of February 2025. Murphy is an advocate of Modern Monetary Theory. He thinks it could be applied to, but is not essential for, a Green
Richard Murphy (tax campaigner)
Richard_Murphy_(tax_campaigner)
Economic theory
heterodox economists abandoned FFT. The theory re-emerged in the late 1990s with the development of Modern Monetary Theory. Lerner later acknowledged that FFT
Functional_finance
Rare schools of economic thought
the Austrian, ecological, Marxist-historical, post-Keynesian, and modern monetary approaches. Four frames of analysis have been highlighted for their
Heterodox_economics
American economist associated with Modern Monetary Theory
of Modern Monetary Theory, the big new left economic idea". Vox. Retrieved April 14, 2023. Cohen, Patricia (April 5, 2019). "Modern Monetary Theory Finds
L._Randall_Wray
Economic theory
Perspectives. 8 (1): 3–22. doi:10.1257/jep.8.1.3. JSTOR 2138148. "Monetary Growth Theory". newschool.edu. 2011. Archived from the original on 21 October
Endogenous_growth_theory
Things made and done for people
which underpins all economic activity and trade. According to economic theory, consumption of goods and services is assumed to provide utility (satisfaction)
Goods_and_services
American economist and writer
his own, research on Economics and Finance. He is a member of the Modern Monetary Theory community of economists, commentators, and analysts. In 2018, he
Nathan_Tankus
British politician and life peer (1939–2026)
Government’s spending Review, Horam said that he is a supporter of Modern Monetary Theory believing that "the economic Policy should balance the economy,
John_Horam
Economic anthropologist (born 1982)
introducing a public job guarantee. Hickel has also suggested that modern monetary theory (MMT) could help finance a degrowth transition. In a 2022 comment
Jason_Hickel
American economist (born 1949)
Mosler Automotive. Mosler is a proponent and research financier of Modern Monetary Theory. He was awarded an honorary doctorate by the Franklin University
Warren_Mosler
(National) Ancient thought Austrian Behavioral Buddhist Chartalism Modern monetary theory Chicago Classical Critique of political economy Democratic Disequilibrium
List of largest private non-governmental companies by revenue
List_of_largest_private_non-governmental_companies_by_revenue
Economics concept
rational expectations for economic theory. One key implication is that government policies, such as changes in monetary or fiscal policy, may not be as effective
Rational_expectations
Study of an economy as a whole
theories are broadly classified as heterodox macroeconomics. This discipline includes the aforementioned ecological economics, modern monetary theory
Macroeconomics
Inflation-resistant asset
value is risk management due to a stable demand for the underlying asset. Monetary economics is the branch of economics which analyses the functions of money
Store_of_value
School of thought in economics
Luigi L. (1977) Lectures on the Theory of Production, Columbia University Press Samuelson, Paul A. (1959) "A Modern Treatment of the Ricardian Economy"
Classical_economics
Measure of prices in different countries
Constable. Glasner, David (2021-11-01). Studies in the History of Monetary Theory: Controversies and Clarifications. Springer Nature. ISBN 978-3-030-83426-5
Purchasing_power_parity
Research center at University of Chicago
IGM published a poll entitled "Modern Monetary Theory" in March 2019, in relation to the heterodox macroeconomic theory (MMT) that had been in the news
Initiative_on_Global_Markets
Standard numerical measure used to value and compare goods and services
In economics, unit of account, sometimes called currency unit or monetary unit, is a standard unit of measurement of the market value of goods, services
Unit_of_account
Theory of fiscal policy
primarily through fiscal policy instead of monetary policy. The theory also disputes the premise of Modern Monetary Theory that inflation can be controlled when
Fiscal theory of the price level
Fiscal_theory_of_the_price_level
Behavior of individuals and firms
economy. Particularly in the wake of the Lucas critique, much of modern macroeconomic theory has been built upon microfoundations—i.e., based upon basic assumptions
Microeconomics
Topics referred to by the same term
Quantitative easing, a type of monetary policy meant to lower interest rates Modern Monetary Theory, an economic theory that advocates creating new money
Money_printing
Financial institution and UN specialized agency
The International Monetary Fund (IMF) is an international financial institution and a specialized agency of the United Nations, headquartered in Washington
International_Monetary_Fund
Total value of money available in an economy at a specific point in time
money supply changes. As these decisions are influenced by central banks' monetary policy, not least their setting of interest rates, the money supply is
Money_supply
Proposed international financial institution
(National) Ancient thought Austrian Behavioral Buddhist Chartalism Modern monetary theory Chicago Classical Critique of political economy Democratic Disequilibrium
Defence, Security and Resilience Bank
Defence,_Security_and_Resilience_Bank
Social science studying goods and services
group to being the 'founders' of scientific economics" as to monetary, interest, and value theory within a natural-law perspective. Two groups, who were later
Economics
Economist (born 1952)
University, Japan since 2022. He is one of the founding developers of Modern Monetary Theory. Mitchell was born to working class parents in Glen Huntly, a suburb
Bill_Mitchell_(economist)
State whose economic system is no longer a form of capitalism
creativity, care, and commoning — using renewable energy and materials. Modern monetary theory (MMT) could enhance the degrowth movement in transitioning to a
Post-capitalism
Scottish economist and philosopher (1723–1790)
principles of classical free-market economic theory. The Wealth of Nations was a precursor to the modern academic discipline of economics. In this and
Adam_Smith
Value of banknotes and coins still issued
In monetary economics, the currency in circulation in a country is the value of currency or cash (banknotes and coins) that has ever been issued by the
Currency_in_circulation
Group making loans to developing countries
global lending. The World Bank was established along with the International Monetary Fund at the 1944 Bretton Woods Conference. Initially, its loans helped
World_Bank_Group
Activity for which payment is due
services, coining the term "immaterial products" to describe them. In the modern day, Gustofsson & Johnson describe a continuum with pure service on one
Service_(economics)
Indonesian businessperson and social media personality
also has an idea in terms of finance, namely by applying the MMT (Modern Monetary Theory) concept which according to him can reduce the country's dependence
Mardigu_Wowiek_Prasantyo
Part of the economy made up by companies
(database), International Monetary Fund. Dieterle, David A., ed. (27 March 2017). Economics: The Definitive Encyclopedia from Theory to Practice. ABC-CLIO
Business_sector
Things or services that satisfy human wants
amount consumed. Some things are useful, but not scarce enough to have monetary value, such as the Earth's atmosphere or seawater; these are referred to
Goods
Proposed unconventional monetary policy in international climate policy
responsibility for the XCR supply and market integrity. Modern Monetary Theory (MMT) is a heterodox macroeconomic theory that is concerned with increasing the supply
Carbon_quantitative_easing
Economy's supply of money that is determined endogenously
ISBN 1-84064-789-2 Graziani, Augusto The Monetary Theory of Production. Cambridge, 2003 Wicksell and origins of modern monetary theory-Lars Pålsson Syll
Endogenous_money
Spending in excess of revenue
post-Keynesian economists—particularly neo-chartalists or proponents of Modern Monetary Theory—argue that deficit spending is necessary for the issuance of new
Deficit_spending
Concept in economics and decision theory
economics. While preferences are the conventional foundation of choice theory in microeconomics, it is often convenient to represent preferences with
Utility
Branch of applied probability theory
Decision theory or the theory of rational choice is a branch of probability, economics, and analytic philosophy that uses expected utility and probability
Decision_theory
Japanese academic
journal in Japan. Fujii defends nationalism, public works, and modern monetary theory, and is opposed to excessive globalization and neoliberalism. He
Satoshi_Fujii
Argentine-American economist (born 1946)
[citation needed] In welfare economics and voting theory, particularly in the specialty of social choice theory, Chichilnisky introduced a continuous model
Graciela_Chichilnisky
Greek economist and politician
of the Levy Economics Institute where she is involved with the Modern Monetary Theory school of post-Keynesian economics. A co-initiator of the Economists
Rania_Antonopoulou
Development economics
Harrod–Domar model. Modern scholarship emphasizes that this “model” is a retrospective synthesis rather than a single unified theory. Besomi (1998) shows
Harrod–Domar_model
Statistical measure of change
Indexation Economic indicator Turvey, Ralph. (2004) Consumer Price Index Manual: Theory And Practice. Page 11. Publisher: International Labour Organization. ISBN 92-2-113699-X
Index_(economics)
Japanese economist
thought. Together with Satoshi Fujii, he is the one who introduced Modern Monetary Theory (MMT) to Japan. Nakano was born in Kanagawa Prefecture, Japan. He
Takeshi_Nakano
Latvian politician (born 1991)
researched the history of post-Soviet economies, state anthropology, and modern monetary theory. He has been a lecturer and researcher at Rīga Stradiņš University
Andris_Šuvajevs
English philosopher and author (1806–1873)
Encyclopedia describes Mill as occasionally coming "close to socialism, a theory repugnant to his predecessors". He was a proponent of the utilitarianism
John_Stuart_Mill
Theory of macroeconomic fluctuations
Monetary disequilibrium theory is a product of the monetarist school and is mainly represented in the works of Leland Yeager and Austrian macroeconomics
Monetary-disequilibrium theory
Monetary-disequilibrium_theory
Undergraduate academic degree
Building on this core, are courses in the major branches of economics: monetary economics, international economics, development economics, labor economics
Bachelor_of_Economics
Statistic about an economic activity
(National) Ancient thought Austrian Behavioral Buddhist Chartalism Modern monetary theory Chicago Classical Critique of political economy Democratic Disequilibrium
Economic_indicator
Combined gross national product of all the countries in the world
2020, as well as an estimate for 2021, according to the International Monetary Fund (IMF)'s World Economic Outlook database. Data is given in terms of
Gross_world_product
British economist (1883–1946)
on Monetary Reform 1926 The End of Laissez-Faire 1930 A Treatise on Money 1931 Essays in Persuasion 1933 Essays in Biography 1936 The General Theory of
John_Maynard_Keynes
Policy proposal; central banks invest directly in infrastructure and housing
Statesman claimed People's Quantitative Easing was evocative of Modern monetary theory. Money portal Development finance institution European Investment
People's_Quantitative_Easing
Political party in Australia
accepted as mainstream. The party subscribes to the economic branch of Modern Monetary Theory and advocates an economy which prioritises full employment. Notably
Australian_Workers_Party
System for allocation of goods and services without payment of money
include barter economies, gift economies and primitive communism. Even in a monetary economy, there are a significant number of nonmonetary transactions. Examples
Non-monetary_economy
Italian-American economist (born 1956)
(Free Beyond Illusions). Boldrin has been an outspoken critic of Modern Monetary Theory, debating with American economist Warren Mosler, as well as Italian
Michele_Boldrin
Reduction of quantity/quality of a good without corresponding price reduction
(National) Ancient thought Austrian Behavioral Buddhist Chartalism Modern monetary theory Chicago Classical Critique of political economy Democratic Disequilibrium
Shrinkflation
Economic event
money from a nation's balance of payments. In 1995, the International Monetary Fund (IMF) estimated that capital flight amounted to roughly half of the
Capital_flight
Spanish economist
on economics: Saque de esquina. Garzón Espinosa, Eduardo (2024). Modern Monetary Theory: A Comprehensive and Constructive Criticism. Taylor & Francis. ISBN 9781032443652
Eduardo_Garzón
Situation described in Keynesian economics
decline, inequality) can produce negative natural interest rates. Credible monetary policy can overcome liquidity traps. A liquidity trap is caused when people
Liquidity_trap
Generally accepted economic schools of thought
assumptions of rational choice theory, a representative agent, and, often, rational expectations. However, much of modern economic mainstream modeling consists
Mainstream_economics
System of ownership, production and exchange
economic systems, opposed to modern economic systems) Non-monetary economy (without the use of money, opposed to monetary economy) Subsistence economy
Economic_system
Centre-left political ideology
Modern Monetary Theory and European Macroeconomics. Routledge. ISBN 978-1-138-65477-8. Ely, Richard (1883). French and German Socialism in Modern Times
Social_democracy
in the theory of debt deflation. Inflationism is not accepted within the economics community, and is often conflated with Modern Monetary Theory, which
Inflationism
Ideology; term in Marxist discourse
(National) Ancient thought Austrian Behavioral Buddhist Chartalism Modern monetary theory Chicago Classical Critique of political economy Democratic Disequilibrium
Economism
Fusion of macroeconomic schools of thought
the fusion of the major, modern macroeconomic schools of thought – new classical macroeconomics/real business cycle theory and early New Keynesian economics
New_neoclassical_synthesis
Topics referred to by the same term
MMT may refer to: Modern Monetary Theory, a branch of economic theory 4QMMT (or MMT), one of the Dead Sea Scrolls Myanmar Time (UTC+06:30) MacMahon's
MMT
German economist
economist who in 1905 published The State Theory of Money, which founded the chartalist school of monetary economics, which argues that money's value
Georg_Friedrich_Knapp
Economic policy proposal for full employment
Guaranteed minimum income Involuntary unemployment Job security Modern Monetary Theory National Rural Employment Guarantee Act Natural rate of unemployment
Job_guarantee
School of economic thought
later’, in Review of Keynesian Economics, 1(4), 2013, pp. 383–385). Modern Monetary Theory is a relatively recent offshoot independently pioneered by Warren
Post-Keynesian_economics
Member of the South Dakota Senate
Institutionalists and Post-Keynesians Share a Common Approach to Modern Monetary Theory (MMT)? European Journal of Economics and Economic Policies: Intervention
Reynold_Nesiba
Macroeconomic model
theory suggests that governments should concentrate on long-term structural change rather than intervention through discretionary fiscal or monetary policy
Real_business-cycle_theory
Applied field of economics
an applied field of economics concerned with the application of economic theory in optimizing the production and distribution of food and fiber products
Agricultural_economics
Mathematical framework in economics
of the condition. Search theory Beveridge curve Labor economics Monetary economics Nash bargaining game Matching (graph theory) Optimal matching Pissarides
Search-and-matching_theory
New York-based economic think tank
economists of various leanings, including post-Keynesian, New Keynesian, Modern Monetary Theory, and Marxian schools of economic thought. INET was founded with
Institute for New Economic Thinking
Institute_for_New_Economic_Thinking
Set of actions with the intent of earning profit
expenditures and receipts are defined in terms of money, then the net monetary receipt in a time period is termed cash flow, while money received in a
Investment
American financier (1821–1905)
A. (June 28, 2021). Manipulating the World Economy: The Rise of Modern Monetary Theory & the Inevitable Fall of Classical Economics — Is there an Alternative
Jay_Cooke
Understanding of macroeconomic phenomena based on economic agents' actions
• Michael Woodford (2003), Interest and Prices: Foundations of a Theory of Monetary Policy, Princeton University Press. Description and Table of Contents
Microfoundations
Income saved for later use
(National) Ancient thought Austrian Behavioral Buddhist Chartalism Modern monetary theory Chicago Classical Critique of political economy Democratic Disequilibrium
Saving
Standardization of money
of countries (fiat currencies). One can classify currencies into three monetary systems: fiat money, commodity money, and representative money, depending
Currency
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