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— Stephanie Kelton (@StephanieKelton) 2019å¹´8æ23æ¥
We should talk about Functional Finance. Abba Lerner put forward the approach in the 1940s. He explicitly offered it as an alternative to the more timid pump-priming approach expounded by people like Alvin Hansen. Hereâs the seminal paper. https://t.co/ycbYTFIWfk pic.twitter.com/1C4ao1QzaS
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https://www.gc.cuny.edu/CUNY_GC/media/LISCenter/pkrugman/lerner-function-finance.pdf
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MMT â Functional Finance, but we incorporate some basic insights. I explain the overlap and extensions to FF in this talk. https://t.co/ZcbXJ5bbZm
— Stephanie Kelton (@StephanieKelton) 2019å¹´8æ23æ¥
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NSSR Economics Seminar Series: Anti-austerity: Lerner's Functional Finance at 75
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I see people like Larry Summers warming up to FF but continuing to express reservations about MMT on the grounds that (among other things), MMT advocates âprinting money.â So letâs look at what Lernerâs Functional Finance was all about.
— Stephanie Kelton (@StephanieKelton) 2019å¹´8æ23æ¥
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Like MMT, Lerner understood that a government had expanded policy space if itâs money was a âCreature of the State.â In MMT parlance, we call it a âcurrency issuer.â Hereâs Lerner: https://t.co/R6132uTJHO
— Stephanie Kelton (@StephanieKelton) 2019å¹´8æ23æ¥
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Against this backdrop, Lerner tells us how he believes govât should run fiscal policy. He rejected the principle of âsound finance,â the idea that the budget outcome itself should ever be the target of policy. He wanted everything judged based on real, not budgetary, effects. pic.twitter.com/wnatujTrVB
— Stephanie Kelton (@StephanieKelton) 2019å¹´8æ23æ¥
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He laid out two guiding principles or âlaws of functional finance.â The first said that the government should bear primary responsibility for maintaining a full employment economy. Adjusting taxes and government spendingâin real timeâto backfill any shortfall in aggregate demand. pic.twitter.com/nH1TueJvr0
— Stephanie Kelton (@StephanieKelton) 2019å¹´8æ23æ¥
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He couldnât care less whether this reqâd a fiscal deficit, a balanced budget, or a fiscal surplus. Any of them was justified, provided that was the budget outcome that delivered a balanced economyâi.e. full emp and price stability. So the budget pictured below is doing its job! pic.twitter.com/RZRR6qPExy
— Stephanie Kelton (@StephanieKelton) 2019å¹´8æ23æ¥
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Hereâs how Lerner put it. He was like an early James Carville. âItâs the [real] economy, stupid!â pic.twitter.com/CCjD8bzgIQ
— Stephanie Kelton (@StephanieKelton) 2019å¹´8æ23æ¥
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Hereâs a place where MMT is exactly in synch with Functional Finance. Taxes are for subtraction, not for âraising revenueâ or âpaying the bills.â Lerner would have approached the federal budgeting process *very* differently. PAYGO would have been a NOGO. pic.twitter.com/ypgNZqAUBm
— Stephanie Kelton (@StephanieKelton) 2019å¹´8æ23æ¥
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Lerner saw the purpose of taxation as removing spending power and, hence, mitigating inflationary pressures. If the governmentâs own spending would otherwise risk pushing inflation higher, then (and only then) are offsetsâwhat Congress dubs âpay forsâ called for.
— Stephanie Kelton (@StephanieKelton) 2019å¹´8æ23æ¥
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ASIDE: MMT recognizes that taxes are important for other reasons. Inequality foremost among them. We have cited former NY Fed president Beardsley Ruml on this for decades. https://t.co/5SESyuG3Ml
— Stephanie Kelton (@StephanieKelton) 2019å¹´8æ23æ¥
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Back to Lerner. His Second Principle of Functional Finance articulated the manner in which he wanted the government to carry out the First Principle (maintaining spending at the level needed to keep the economy at full employment). But what is this? Lerner was an OMFer. ð pic.twitter.com/ghLCRsgv9C
— Stephanie Kelton (@StephanieKelton) 2019å¹´8æ23æ¥
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Overt Monetary Financing, meaning that he wanted the government to simply (deficit) spend and leave any resulting reserve balances in the system, rather than draining them via bond sales. Like MMT, Lerner saw bond sales as a tool for interest-rate maintenance not âfinancing.â
— Stephanie Kelton (@StephanieKelton) 2019å¹´8æ23æ¥
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So here are two really significant observations made by Lerner and incorporated into MMT. (1) Taxes are for subtraction. They do not finance (federal) spending. (2) Bond sales arenât about âborrowing.â Bonds were used to support + interest rates.
— Stephanie Kelton (@StephanieKelton) 2019å¹´8æ23æ¥
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Larry (and others) have WRONGLY argued that MMT = âprinting moneyâ and warned of hyperinflation. https://t.co/I4TcVzstVr pic.twitter.com/e5zjFDqv6o
— Stephanie Kelton (@StephanieKelton) 2019å¹´8æ23æ¥
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Lerner anticipated this reaction. Itâs about the spending, not whether bonds are sold or not. pic.twitter.com/hnxlTHWOcT
— Stephanie Kelton (@StephanieKelton) 2019å¹´8æ23æ¥
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This is something @stf18 and I wrote about https://t.co/Bu1rzj5MdH
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And itâs a point Larry seemed to agree with at one point. âMy view is that money-financed fiscal policy is the same thing as bond-financed fiscal policy + open-market operations. Itâs exactly the same thing.â https://t.co/IXQNQPyxyT
— Stephanie Kelton (@StephanieKelton) 2019å¹´8æ23æ¥
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Larry Summers: Money-financed vs. bond-financed fiscal deficits
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So how is MMT (un)like Functional Finance? First, we donât think it is good enough to rely on real-time adjustments in G&T to maintain full employment. You will never get to zero involuntary unemployment that way. Enter the Job Guarantee.
— Stephanie Kelton (@StephanieKelton) 2019å¹´8æ23æ¥
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The Job Guarantee is the MMT solution to both the economic and political problem of maintaining full employment. Because itâs an auto-stabilizers, you donât have to rely on Congress to pull the levers in real time. Maintains full employment across the business cycle.
— Stephanie Kelton (@StephanieKelton) 2019å¹´8æ23æ¥
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The fiscal responseâbigger deficits in the downturn and smaller deficits in the upturnâhappen automatically.
— Stephanie Kelton (@StephanieKelton) 2019å¹´8æ23æ¥
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Second, we have published countless articles, book chapters, etc. walking people thru the monetary operations to show how govât finance works under *current* arrangements. Bond sales are fine (apart from the personal/political anxiety they cause). You donât have to go to OMF.
— Stephanie Kelton (@StephanieKelton) 2019å¹´8æ23æ¥
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On debt sustainability, MMT goes further than Blanchard, Summers, etc. @stf18 has published a dozen or so articles on this. Here are just a couple of them:https://t.co/Hd30zPPmFDhttps://t.co/ikeePTqzRl
— Stephanie Kelton (@StephanieKelton) 2019å¹´8æ23æ¥
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Jamie Galbraith comes down on the MMT side as well. Hereâs the bottom line. https://t.co/KsPMwyrQFd
— Stephanie Kelton (@StephanieKelton) 2019å¹´8æ23æ¥
At the end of the day, this is where MMT and mainstream part ways on sustainability. They see interest as something markets determine. We see it as a matter of political economy. pic.twitter.com/tsGZG1skCV
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— Stephanie Kelton (@StephanieKelton) 2019å¹´8æ23æ¥
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