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Autor:innen: 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
Working Paper No. 992
Verlag: 
Levy Economics Institute of Bard College, Annandale-on-Hudson, NY
Zusammenfassung: 
Many of the claims put forth by Modern Monetary Theory (MMT) center around the state's monopoly over its own currency. In this paper I interrogate the plausibility of two claims: 1) MMT's theory of the price level - that the price level is a function of prices paid by government when it spends - and 2) the claim that the cause of deficient effective demand is the state's failure to supply government liabilities so as to meet the demand for net financial assets. I do so by building a model of "monopoly money" capable of producing these two outcomes.
Schlagwörter: 
Modern Monetary Theory
Price Level
Monopoly Money
Durapoly
Deficient Effective Demand
JEL: 
E4
E62
B52
D42
Dokumentart: 
Working Paper

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