现代货币理论大辩论的主要问题与深层次根源  

Main Issues and Roots of the Debate on Modern Money Theory

作　　者：贾根良 何增平[1] JIA Genliang;HE Zengping(School of Economics,Renmin University of China,Beijing 100872)

机构地区：[1]中国人民大学中国经济改革与发展研究院 [2]中国人民大学经济学院,北京100872

出　　处：《中国人民大学学报》2020年第5期66-78,共13页Journal of Renmin University of China

基　　金：中国人民大学“统筹推进世界一流大学和一流学科建设”经费支持(16XNLG08)。

摘　　要：现代货币理论不等于财政赤字货币化,不等于放弃中央银行独立性,不等于无限制地增加政府支出。2019年美国兴起的围绕现代货币理论的大辩论涉及两个重要问题:一是挤出效应的问题。现代货币理论秉持内生货币观,认为由于利率受到中央银行的直接控制,政府支出不会推高利率从而挤出私人投资。二是通货膨胀的问题。以货币数量论为代表的反对观点没有认识到失业和产能过剩是市场经济的常态。现代货币理论强调政府支出的结构要考虑不同部门的具体情况,从而政府通过创造货币进行支出也就不等于通货膨胀。当前主流宏观经济理论和政策所面临的困境是引发现代货币理论大辩论的主要因素,现代货币理论有可能对西方经济理论和美欧国家经济政策的制定产生深远的影响,密切关注其争论的最新发展具有重要的现实意义。Modern Money Theory(MMT)is not equal to monetizing fiscal deficits,is not equal to abandoning central banks'independence,and is not equal to increasing government expenditures without limits.The big debate surrounding MMT in the United States in 2019 involves two important issues.One is crowding-out effects.MMT supports endogenous money theory,which holds that the central bank sets the interest rate,and therefore government spending would not push up the interest rate and squeeze out private investment.The other problem is inflation.The Quantity Theory of Money ignores the fact that unemployment and overcapacity are the norms of a market economy.MMT emphasizes that government expenditure should take sectoral conditions into account.Therefore,spending by creating money is not equal to inflation.The current dilemma faced by mainstream macroeconomic theories and policies is the main factor that triggers this debate.MMT will have a profound impact on western economic theories and the economic policies of the United States and European countries.It is of great practical significance to pay close attention to the latest developments of MMT and its debates.

关 键 词：现代货币理论 绿色新政 内生货币 货币数量论 新自由主义 

分 类 号：F820[经济管理—财政学]