现代货币理论中国化的前景分析

An Analysis of the Prospect of the Sinicization of Modern Monetary Theory

2008年以来,现代货币理论(MMT)经历了一轮否定与肯定的交锋,中美货币政策也因此经历了响应共振到分化观望的过程。当前在美联储在大幅加息的情况下美国经济表现超出预期,而我国在宽松政策取向下经济的短期修复力度却不及预期,这不仅为现代货币理论的检验与货币政策的实施提供了难得观察窗口,也值得我们持续反思与优化我国的货币政策。我国需要MMT的“大政府”理论,以MMT的功能财政思想积极为政府背书破解难题,支撑中国财政政策更加“积极”有为。

Since 20o8,modern monetary theory(MMT)has experienced a round of confrontation between negation and affirma-tion,appreciation and contempt,and the monetary policy of China and the United States has therefore changed from response to resonance to differentiation.At present,when the Federal Reserve raises interest rates sharply,the performance of the US econo-my exceeds expectations,while the short-term repair of China's economy under the orientation of loose policies is less than ex-pected.This not only provides a rare observation window for the test of modern monetary theory and the implementation of mon-etary policy,but also deserves our continuous reflection and optimization of China's monetary policy.Our country needs the"big government"theory of MMT,actively endorses the"big finance"thought of MMT to solve problems for the government,and modern monetary theory supports China's fiscal policy to be more"active".