现代货币理论：无稽之谈还是只做不说？

Modern Monetary theory:Is it Nonsense or just Do without Saying?

本文全面总结了现代货币理论的理论渊源、核心观点和政策主张,并从政策实践层面对其缺陷进行了分析,主要有以下几个方面:一是无法有效控制通胀,二是无有效机制维持货币发行的纪律性,三是无法有效应对滞胀,四是难以维持币值稳定,五是降低宏观经济调控效率。虽然现代货币理论有诸多缺陷,但其加强财政政策与货币政策协同实施财政赤字货币化的政策建议是对传统经济理论框架重要的边际贡献,对于政府债务较高的经济体有较强的现实指导意义。财政赤字货币化是发达经济体解决政府债务不可持续问题的终极出路。

This paper comprehensively summarizes the theoretical origins, core viewpoints and policy claims of modern monetary theory, and analyzes its defects from the perspective of policy practice. The main aspects are as follows: First, it cannot effectively control inflation;and second, there is no effective mechanism to maintain the discipline of currency issuance;the third is that it cannot effectively deal with stagflation;the fourth is that it is difficult to maintain currency stability;and the fifth is that it will reduce the efficiency of macroeconomic regulation and control. Although modern monetary theory has many shortcomings, its policy recommendations to strengthen fiscal policy and monetary policy to implement fiscal deficit monetization are important marginal contributions to the traditional economic theory framework, and have strong practical guidance for economies with higher government debt. The monetization of fiscal deficit is the ultimate way for developed economies to solve the problem of unsustainable government debt.