Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/238387 
Authors: 
Year of Publication: 
2020
Series/Report no.: 
Serie Documentos de Trabajo No. 762
Publisher: 
Universidad del Centro de Estudios Macroeconómicos de Argentina (UCEMA), Buenos Aires
Abstract: 
This article presents a summary of the main theoretical arguments and policy recommendations of Modern Monetary Theory (MMT) and traces back its intellectual origins to the writings on money of Georg F. Knapp and on fiscal policy of Abba P. Lerner. It also presents evidence on two countries that followed MMT like policies: Germany between 1939 and 1945 and Argentina with brief interruptions since 1946. The main conclusion of the article is that any country that consistently follows the policy prescriptions of MMT will inevitably experience high inflation and lower (and even negative) economic growth.
Subjects: 
Monetary Theory
MMT
Argentina
JEL: 
B00
N14
N16
P40
P47
Document Type: 
Working Paper

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