voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2019-9-112-122voprecotest-2400Research ArticleНАУЧНЫЕ СООБЩЕНИЯRESEARCH NOTESХайп вокруг (не)денежной (не)теорииHype around (non)monetary (non)theoryhttps://orcid.org/0000-0002-9044-5403МоисеевС.  Р.MoiseevSergey  R.

Моисеев Сергей Рустамович - д. э. н., советник первого заместителя Председателя Банка России

Москва

Moscow

msr@mail.cbr.ruБанк РоссииРоссияThe Bank of RussiaRussian Federation20190409201909112122Copyright © Voprosy Ekonomiki, NP, 20192019Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/2400

В 2019 г. на политический олимп ворвалась доктрина, называемая «современной денежной теорией», или «современной теорией денег» (Modern Monetary Theory, ММТ). Политические, научные и финансовые круги в США, Великобритании, Австралии активно обсуждают то, что ранее казалось немыслимым: бюджетный дефицит не имеет значения, денежный станок способен покрыть разницу между госрасходами и налогами, не вызывая инфляцию, и другие известные идеи, представшие в новом свете. Острую критику ММТ озвучили экономисты разного толка — от К. Рогоффа и Л. Саммерса из Гарвардского университета до П. Кругмана из Городского университета Нью-Йорка. Все они утверждают, что под новой теорией скрывается простой левый популизм. Представители ММТ полагают, что после победы их сторонников на предстоящих выборах в США в истории экономической науки и в политике будет открыта новая страница.

In 2019 the doctrine, called “Modern Monetary Theory” (MMT), broke into the political Olympus. Political, academic and financial circles in the USA, the United Kingdom and Australia are actively discussing what was previously unthinkable: the budget deficit does not matter, the money printing is able to close the gap between government spending and taxes without inflation pressuring and other well-known ideas presented in a new light. The strict criticism of MMT was voiced by the economists of all kinds, from Kenneth Rogoff and Lawrence Summers from Harvard University to Paul Krugman from the City University of New York. All of them claim that under the mask of a new theory simple left populism is hidden. Representatives of MMT believe that when their supporters win in the upcoming elections in the USA, they will open a new page in the history of economics and politics.

современная денежная теорияденежно-кредитная политиканалогово-бюджетная политикацентральный банкмакроэкономикаmodern monetary theorymonetary policyfiscal policycentral bankmacroeconomicsReferencesConnors L., Mitchell W. (2017). Framing Modern Monetary Theory. Journal of Post Keynesian Economics, Vol. 40, No. 2, pp. 239—259. https://doi.org/10.1080/01603477.2016.1262746Connors L., Mitchell W. (2017). Framing Modern Monetary Theory. Journal of Post Keynesian Economics, Vol. 40, No. 2, pp. 239—259. https://doi.org/10.1080/01603477.2016.1262746Coy P., Dmitrieva K., Boesler M. (2019). Warren Buffett hates it. AOC is for it. A beginner’s guide to Modern Monetary Theory. Bloomberg Businessweek, 21 March.Coy P., Dmitrieva K., Boesler M. (2019). Warren Buffett hates it. AOC is for it. A beginner’s guide to Modern Monetary Theory. Bloomberg Businessweek, 21 March.Dalio R. (2018). Principles for navigating big debt crises. Westport: Bridgewater.Dalio R. (2018). Principles for navigating big debt crises. Westport: Bridgewater.IGM (2019). Modern Monetary Theory. University of Chicago Booth School of Business, 13.03. http://www.igmchicago.org/surveys/modern-monetary-theoryIGM (2019). Modern Monetary Theory. University of Chicago Booth School of Business, 13.03. http://www.igmchicago.org/surveys/modern-monetary-theoryIMF (2019). Transcript of International Monetary Fund Managing Director Christine Lagarde’s opening press conference, 2019 Spring Meetings. 11 April. https://www.imf.org/en/News/Articles/2019/04/11/tr041119-transcript-managing-director-christine-lagarde-press-conference-2019-spring-meetingsIMF (2019). Transcript of International Monetary Fund Managing Director Christine Lagarde’s opening press conference, 2019 Spring Meetings. 11 April. https://www.imf.org/en/News/Articles/2019/04/11/tr041119-transcript-managing-director-christine-lagarde-press-conference-2019-spring-meetingsKnapp G. (1905). Staatliche Theorie des Geldes. Leipzig: Duncker und Humblot.Knapp G. (1905). Staatliche Theorie des Geldes. Leipzig: Duncker und Humblot.Krugman P. (2019a). Running on MMT (Wonkish). The New York Times, 25 February.Krugman P. (2019a). Running on MMT (Wonkish). The New York Times, 25 February.Krugman P. (2019b). What’s wrong with functional finance? (Wonkish). The New York Times, 12 February.Krugman P. (2019b). What’s wrong with functional finance? (Wonkish). The New York Times, 12 February.Minsky H. (1965). The role of employment policy. In: M. S. Gordon (ed.). Poverty in America: Proceedings of a national conference held at the University of California, Berkeley, Feb. 26—28. San Francisco: Chandler Publishing Company, pp. 175—200.Minsky H. (1965). The role of employment policy. In: M. S. Gordon (ed.). Poverty in America: Proceedings of a national conference held at the University of California, Berkeley, Feb. 26—28. San Francisco: Chandler Publishing Company, pp. 175—200.Mitchell W. (1998). The buffer stock employment model and the NAIRU: The path to full employment. Journal of Economic Issues, Vol. 32, No. 2, pp. 547—555. https://doi.org/10.1080/00213624.1998.11506063Mitchell W. (1998). The buffer stock employment model and the NAIRU: The path to full employment. Journal of Economic Issues, Vol. 32, No. 2, pp. 547—555. https://doi.org/10.1080/00213624.1998.11506063Mitchell W., Wray R., Watts M. (2019). Macroeconomics. London: Macmillan Education.Mitchell W., Wray R., Watts M. (2019). Macroeconomics. London: Macmillan Education.Nesiba R. (2013). Do institutionalists and post-Keynesians share a common approach to Modern Monetary Theory (MMT)? European Journal of Economics and Economic Policies: Intervention, Vol. 10, No. 1, pp. 44—60. https://doi.org/10.4337/ejeep.2013.01.05Nesiba R. (2013). Do institutionalists and post-Keynesians share a common approach to Modern Monetary Theory (MMT)? European Journal of Economics and Economic Policies: Intervention, Vol. 10, No. 1, pp. 44—60. https://doi.org/10.4337/ejeep.2013.01.05Praet P. (2019). Twitter Q&A with Peter Praet. European Central Bank, 12.03. https://twitter.com/i/moments/1105523805248778246Praet P. (2019). Twitter Q&A with Peter Praet. European Central Bank, 12.03. https://twitter.com/i/moments/1105523805248778246Rogoff K. (2019). Modern monetary nonsense. Project Syndicate, March 4. https://www.project-syndicate.org/commentary/federal-reserve-modern-monetary-theory-dangers-by-kenneth-rogoff-2019-03Rogoff K. (2019). Modern monetary nonsense. Project Syndicate, March 4. https://www.project-syndicate.org/commentary/federal-reserve-modern-monetary-theory-dangers-by-kenneth-rogoff-2019-03Samuelson P. (1990). Economics. New York: McGraw-Hill.Samuelson P. (1990). Economics. New York: McGraw-Hill.Stone J. (2015). Plough quantitative easing cash into building homes and infrastructure, says Jeremy Corbyn. The Independent, 9 July.Stone J. (2015). Plough quantitative easing cash into building homes and infrastructure, says Jeremy Corbyn. The Independent, 9 July.Tcherneva P. (2002). Monopoly money: The state as a price setter. Oeconomicus, Vol. 5, pp. 124—143.Tcherneva P. (2002). Monopoly money: The state as a price setter. Oeconomicus, Vol. 5, pp. 124—143.Walsh B. (2018). Stephanie Kelton wants you to rethink the deficit. Barron’s, 13 September.Walsh B. (2018). Stephanie Kelton wants you to rethink the deficit. Barron’s, 13 September.

The authors declare that there are no conflicts of interest present.