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To Monetize or not to monetize public debt… Is that really the question? A neo-chartalist post-keynesian perspective
[Monétiser ou ne pas monétiser la dette publique… Est-ce vraiment la question ? Une perspective post-keynésienne néo‑chartaliste]

Author

Listed:
  • Jonas Grangeray

    (Université Sorbonne Paris Nord, ACT - Analyse des Crises et Transitions - LABEX ICCA - UP13 - Université Paris 13 - Université Sorbonne Nouvelle - Paris 3 - CNRS - Centre National de la Recherche Scientifique - UPCité - Université Paris Cité - Université Sorbonne Paris Nord - Université Sorbonne Paris Nord)

Abstract

What is Modern Monetary theory (MMT)? Just vulgar and dangerous "money printing" economics as many of its critics claim? By articulating it with with circuitist and horizontalist post-keynesian theories, we demonstrate that MMT is not "money printing" economics and that the development of a neo chartalist perspective, based on an in-depth description of interbank transactions and their interactions with monetary and fiscal policies, highlights the central bank stabilization of the interest rate in face of treasury securities issues. In the United States, this stabilization requires a coordination between the Fed and the treasury.

Suggested Citation

  • Jonas Grangeray, 2024. "To Monetize or not to monetize public debt… Is that really the question? A neo-chartalist post-keynesian perspective [Monétiser ou ne pas monétiser la dette publique… Est-ce vraiment la question ? ," Post-Print hal-04812626, HAL.
    • Handle: RePEc:hal:journl:hal-04812626
    DOI: 10.3917/cep1.084.0175
    Note: View the original document on HAL open archive server: https://hal.science/hal-04812626v1
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