现代货币理论及其批评——兼论主流与非主流经济学的融合与发展  

Modern Money Theory and Its Critics ——On the Integration and Development of Mainstream and Alternative Economics

作　　者：张晓晶[1] 刘磊 ZHANG Xiaojing;LIU Lei(Chinese Academy of Social Sciences,Beijing,China)

机构地区：[1]中国社会科学院经济研究所

出　　处：《经济学动态》2019年第7期94-108,共15页Economic Perspectives

基　　金：国家社科基金重点课题《宏观金融网络视角下的合意杠杆率研究》

摘　　要：发端于20世纪90年代的现代货币理论(MMT)在今天的兴起,与本轮国际金融危机以来主要发达经济体的现实困境和政策应对有较大关系。现代货币理论的三大支柱是货币国定论、财政赤字货币化和最后雇佣者计划。尽管现代货币理论有关政府发债无约束、央行与财政合二为一、零利率政策以及充分就业的扩张政策不会引起通胀等主张与现实有距离,且理论逻辑自洽方面存在不足,但它对于认识货币的本质、丰富和完善宏观经济学的分析范式以及应对现实经济问题方面均能有所启示。此外,现代货币理论作为非主流经济学的一部分,其生存勃兴之道,对于中国(学派)经济学的发展亦有重要启发。The reemergence of modern monetary theory (MMT), which originated 20 years ago, is due largely to the economic dilemma and policy response of major advanced economies since the 2008 financial crisis. The three pillars of MMT are the chartalism(or money as a creature of the state), money financed budget deficits, and the employer of last resort (ELR). The claims of MMT such as no hard financial constraint on government bond issuance, the integration of monetary and fiscal authorities, zero interest rate policy and ELR may not cause inflation are far from reality. Furthermore, there is some logical inconsistencies in MMT. Despite these shortcomings, MMT is instructive for understanding the nature of money, improving the analytical paradigm of macroeconomics, and dealing with real economic issues. In addition, the survival and popularity of MMT as part of alternative economics, has important implications for the development of Chinese (school) economics.

关 键 词：现代货币理论 财政赤字货币化 非主流经济学 中国经济学 

分 类 号：F83[经济管理—金融学]