When the Interest Rate on the National Debt Is a Policy Variable (and 'Printing Money' Does Not Apply)

Fullwiler Scott

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When the Interest Rate on the National Debt Is a Policy Variable (and 'Printing Money' Does Not Apply)

机译：当国债的利率是政策变量（并“印刷资金”不适用）

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Modern Monetary Theory (MMT) argues that the interest rate on the national debt for a monetary sovereign is a policy variable, not subject to whether bond markets "accept" or "reject" it. This paper defines measures of the components of the standard analysis of fiscal sustainability. It then methodically describes the Federal Reserve's operations relevant for understanding why interest rates on government debt in the United States have been and continue to be driven by monetary policy. A corollary that emerges-"printing money," as economists usually understand it-is not applicable and has never been advocated by MMT.

机译：现代货币理论（MMT）认为，货币统统的国民债务的利率是一项政策变量，不受债券市场的“接受”或“拒绝”的影响。本文界定了财政可持续性标准分析的组成部分。然后，有条理地描述了联邦储备的运作，了解理解美国政府债务的利率并继续受到货币政策的影响。作为经济学家通常理解它的推论 - “打印资金”的推论 - 不适用，并且从未被MMT提倡过。

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《Public Budgeting & Finance》 |2020年第3期|72-94|共23页
作者
Fullwiler Scott;
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Univ Missouri Dept Econ 211 Haag Hall 5120 Rockhill Rd Kansas City MO 64110 USA;

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When the Interest Rate on the National Debt Is a Policy Variable (and 'Printing Money' Does Not Apply)

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