Современная денежная теория (ММТ): новая парадигма или набор рекомендаций для макроэкономической политики?

Экономическая политика. 2022. Т. 16. № 3. С. 8–43.

Grishchenko V.

The authors examine the essential theoretical components of MMT, its policy recommendations and reasons for gaining popularity in advanced economies. Fundamental features of MMT are concerned, namely the specifics of modern fiat monetary systems’ functioning, stock-flow consistent modeling, and the role of government and private sector in the creation of aggregate demand. The necessity to separate methodology and ideology of MMT for distinguishing between its theoretical presumptions and macroeconomic recipes is emphasized. It is claimed that economic policy recommendations of MMT do not follow directly from the overall correct description of fiat monetary system. In particular, the applicability of MMT to the Russian economy, as well to other emerging economies, is analyzed. These economies are offered to rethink their policies using the principles of monetarily sovereign government. Their policymakers need to shift priorities from balancing the budget to decreasing the dependence on capital flows and foreign trade. MMT-style options of stimulating economic growth and reaching the “genuine” full employment are in the epicenter of current macroeconomic debates in academia and the political sphere. The paper discusses the main critical arguments against MMT which appeared in Russian economics journals. It is stated that the existing critique is not enough for “debunking” MMT, but at the same time several weak points have not been taken into account.

Keywords: фискальная политика, макроэкономическая политика, fiscal policy, macroeconomic policy, Современная денежная теория, ММТ, секторальные балансы