A Skeptic's Guide to Modern Monetary Theory
This essay discusses a new approach to macroeconomics called modern monetary theory (MMT). It identifies the key differences between MMT and the approach found in mainstream textbooks. It concludes that while MMT contains some kernels of truth, its most novel policy prescriptions do not follow cogently from its premises.
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Document Object Identifier (DOI): 10.3386/w26650
Published: N. Gregory Mankiw, 2020. "A Skeptic’s Guide to Modern Monetary Theory," AEA Papers and Proceedings, vol 110, pages 141-144. citation courtesy of