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현대화폐이론(MMT)과 재정ㆍ통화정책

The Modern Monetary Theory and Fiscal and Monetary Policy

조복현
한국사회경제학회 (Korean Association for Political Economy)|2020.06|사회경제평론 (The Review of Social & Economic Studies)|제33권 제2호|pp. 227-277|DOI 10.17964/rses.2020.33.2.227

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참고문헌

키워드

통화정책monetary policyELRMMT현대화폐이론최종고용자
주제분류경제학

초록

현대화폐이론(MMT)은 정부의 재정지출에 제약이 없으며, 재정정책은 균형예산이 아니라 완전고용을 목표로 운용되어야 한다고 주장한다, 통화정책도 소득분배의 합리화를 위해 고정된 영(0)의 기준금리를 목표로 해야 한다고 주장한다. 이러한 주장에 대해, 포스트 케인스학파 내에서 여러 비판들이제시되어 논란이 계속되고 있다. 이 논문은 이러한 비판들이 화폐 발행과 소멸의 순환주기의 오해, 총수요창출과 ELR 정책의 차이에 대한 혼란, 화폐와 금융 사이의 구분 미비 등에서 비롯되고 있음을 주장한다. 물론, 현대화폐이론도 국가화폐와 본원통화등 용어 사용의 혼란, 통화정책의 자산가격에 대한 영향 경시 등의 문제를가지고 있다는 점도 지적한다.

Abstract

The Modern Monetary Theory (MMT) argues that there is no restriction on the government's fiscal expenditure, and that fiscal policy should be aimed at a full employment, not a balanced budget. Monetary policy also has a fixed zero nominal policy rate of interest for the rationalization of income distribution. Controversy continues over theses arguments, with several criticisms within the Post Keynesian school. This paper argues that these criticisms have originated from misunderstanding of the cycle of money influx and reflux, confusion about the difference between aggregate demand creation and ELR policy, and lack of distinction between money and finance. Of course, this paper also points out that MMT theory has problems such as confusion in using of terms such as state money and central bank note, and neglect the impact of monetary policy on asset prices.

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