2021年度の活動報告
March 21, 2021 Musashi University International Symposium: 'A Critical Study of Modern Monetary Theory'
https://www.musashi.ac.jp/sougou/news/20210218.html
[Program]
● Host
Shinji Yokokawa (Musashi University) Jayati Ghosh (University of Massachusetts)
● Report
Marc LaVoie (the University of Ottawa,)
“Some limits to MMT.”
Gerald Epstein (University of Massachusetts)
"The International Limits on MMT: A Global Approach."
Esteban Pérez Caldentey (ECLAC),)
“Modern Money Theory in the Tropics: Functional Finance and exchange rate adjustment in Developing Countries.”
Costas Lapavitsas (SOAS, University of London)
“Modern Monetary Theory on money, sovereignty, and policy: A Marxist critique with reference to the Eurozone
and Greece.”
● Panel Discussion
Radhika Desai
“Monetary “Sovereignty or (Attempted) Monetary Imperialism?”
Makoto Nishibe (Senshu University)
“MMT: Is it a correct description of reality, or does it neglect newer moneys in evolution?”
Makoto Itoh (The University of Tokyo)
“How to evaluate MMT in view of Japanese lost decades?”
[Overview]
Modern Monetary Theory (MMT) is currently the most prominent and debated theory of fiscal, monetary, and employment policy. It examines the potential of policies that combine MMT with Minsky's proposed "employer of last resort" government (employment security programs) to simultaneously reduce class and gender inequality. This symposium examines the following three points that delve into the core of MMT.
(1) What problems might arise in the future if public debt increases dramatically due to fiscal investment in major countries of the world economy?
(2) In the current COVID-19 crisis, does the employment security program reduce unemployment and ensure price stability?
(3) MMT is the strongest supported in the United States both theoretically and policyally. If that conclusion holds in the United States, how much can it be applied to other countries?
Modern Monetary Theory (MMT) has one indisputable achievement to its name: it threw down a challenge to mainstream Economics and forced it to respond, above all in the USA. This is a rare occurrence, almost unknown, for heterodox Economics during the last few decades. This symposium is based on the special issue of the Japanese Political Economy on MMT (Vol. 46-4, 2020). The presentations will deal with three topics that go to the heart of MMT.
(1) The rising popularity of MMT makes it imperative to consider its theoretical claims in-depth, since popularity does not necessarily equate to being right in theory. What will happen in the years to come as fiscal expenditure pushes public debt to enormous proportions in the pivotal countries of the world economy?
(2) It is imperative to consider MMT claims regarding fiscal and monetary policy in view of the implications of the pandemic crisis for public spending and public debt. Does a Job Guarantee act as a buffer ensuring price stability more effectively and with fewer social costs than the NAIRU?
(3) It is not accidental that the strongest support for MMT, in both theory and policy, is to be found in the USA, since its conclusions rely heavily on close institutional analysis of US government financing mechanisms. To what extent are these conclusions applicable elsewhere, even assuming that they hold for the USA? How far is the room for fiscal and monetary policy constrained by the fact that money is a relation of class both domestically and internationally?
[Program]
● Host
Shinji Yokokawa (Musashi University) Jayati Ghosh (University of Massachusetts)
● Report
Marc LaVoie (the University of Ottawa,)
“Some limits to MMT.”
Gerald Epstein (University of Massachusetts)
"The International Limits on MMT: A Global Approach."
Esteban Pérez Caldentey (ECLAC),)
“Modern Money Theory in the Tropics: Functional Finance and exchange rate adjustment in Developing Countries.”
Costas Lapavitsas (SOAS, University of London)
“Modern Monetary Theory on money, sovereignty, and policy: A Marxist critique with reference to the Eurozone
and Greece.”
● Panel Discussion
Radhika Desai
“Monetary “Sovereignty or (Attempted) Monetary Imperialism?”
Makoto Nishibe (Senshu University)
“MMT: Is it a correct description of reality, or does it neglect newer moneys in evolution?”
Makoto Itoh (The University of Tokyo)
“How to evaluate MMT in view of Japanese lost decades?”
[Overview]
Modern Monetary Theory (MMT) is currently the most prominent and debated theory of fiscal, monetary, and employment policy. It examines the potential of policies that combine MMT with Minsky's proposed "employer of last resort" government (employment security programs) to simultaneously reduce class and gender inequality. This symposium examines the following three points that delve into the core of MMT.
(1) What problems might arise in the future if public debt increases dramatically due to fiscal investment in major countries of the world economy?
(2) In the current COVID-19 crisis, does the employment security program reduce unemployment and ensure price stability?
(3) MMT is the strongest supported in the United States both theoretically and policyally. If that conclusion holds in the United States, how much can it be applied to other countries?
Modern Monetary Theory (MMT) has one indisputable achievement to its name: it threw down a challenge to mainstream Economics and forced it to respond, above all in the USA. This is a rare occurrence, almost unknown, for heterodox Economics during the last few decades. This symposium is based on the special issue of the Japanese Political Economy on MMT (Vol. 46-4, 2020). The presentations will deal with three topics that go to the heart of MMT.
(1) The rising popularity of MMT makes it imperative to consider its theoretical claims in-depth, since popularity does not necessarily equate to being right in theory. What will happen in the years to come as fiscal expenditure pushes public debt to enormous proportions in the pivotal countries of the world economy?
(2) It is imperative to consider MMT claims regarding fiscal and monetary policy in view of the implications of the pandemic crisis for public spending and public debt. Does a Job Guarantee act as a buffer ensuring price stability more effectively and with fewer social costs than the NAIRU?
(3) It is not accidental that the strongest support for MMT, in both theory and policy, is to be found in the USA, since its conclusions rely heavily on close institutional analysis of US government financing mechanisms. To what extent are these conclusions applicable elsewhere, even assuming that they hold for the USA? How far is the room for fiscal and monetary policy constrained by the fact that money is a relation of class both domestically and internationally?