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"It would be useful if the basic principles of modern monetary theory, if the work of Wynne Godley and his followers insisting on models that maintain stock flow accounting consistency and if Minsky's instability principles were at the core of understanding of these matters. But it is obvious that they are not." — James K. Galbraith

(Transcribed from "A Profession in Disgrace", presentation to the ASSA ASE session,
"New Directions in Macro: Where is the Real World Pulling Us?" Denver, Colorado on January 9, 2011)

Welcome to MMT Wiki, a Modern Monetary Theory Wiki. MMTWiki.org is being built with the hope of contributing to a public understanding of these basic principles in modern macroeconomics. Please see MMTWiki:Getting started for an introduction to editing MMT Wiki.

Introductory Reading

• MMT Overview – The article "The fundamental principles of modern monetary economics" by Bill Mitchell
• MMT 101 – The MMT fundamentals, as explained by you and the other Wiki editors
  • Introduction
  • Modern Money Systems
  • The Real Economy
  • Money, Government and Banking
  • The Role of Government Deficits
  • Full Employment along with Price Stability
• History and development of MMT

MMT Topic Outline

• Theories of Money
• Chartalism and the state theory of money
• Modern Monetary Theory — Neo-Chartalism
• Central Banking and monetary operations
• Vertical and horizontal money creation; exogenous v. endogenous money
• Operational parameters of the modern monetary system
• Post Keynesianism and MMT: Role of Demand
• Abba Lerner and the Principles of Functional Finance
• Wynne Godley and Stock-Flow Consistent (SFC) Macro Modeling — Monetary Economics
• National accounting identities and the sectoral balance approach
• Hyman Minsky and Financial Instability
• Irving Fisher and the Debt-Deflation Theory of Depression
• MMT and the Open Economy

Policy analysis (MMT and politics)

• Managing financial stability
• National prosperity and public purpose through economic policy
• Price Stability
• Achieving full employment along with price stability

MMT debates »

• Steve Keen — Bill Mitchell
• Paul Krugman
• Warren Mosler
• Robert Murphy
• Naked Capitalism
• John Quiggin
• Reviving Economics
• Matt Rognlie
• Nick Rowe
• Trader's Crucible
• Steve Randy Waldman

References and Resources

• FAQ
• Glossary of Terms
• Book List
• Papers
• Multimedia