Critics of Just Money Theory

Aguilar, Victor. 2006. “An Answer To Stephen Zarlenga”.  Axiomatic Theory of  Economics web site. 

Bacchetta, Philippe. 2017. “The Sovereign Money Initiative in Switzerland”. Swiss Finance Institute / CEPR / Université de Lausanne. [For rebuttal see Huber 2017c and Gomez 2017].

Challen, Peter & Mouatt, Simon & Shakespeare, Rodney. 2011. “The State-Issue of Currency without Usury.” In Mouatt, Simon & Adams, Carl (Eds.), Corporate and Social Transformation of Money and Banking. London: Palgrave Macmillan, 205-218.

Deutsche Bundesbank. “The Role of Banks, Non- Banks and the Central Bank in the Money Creation Process”. Deutsche Bundesbank Monthly Report69/4 (April 2017): 13-33. [for Critical notes see Huber 2017d]. 

Dixhoorn, Charlotte Van. 2013. “Full Reserve Banking: An analysis of four monetary reform plans“. A Study For The Sustainable Finance Lab, Utrecht, The Netherlands. 

Dow, Sheila. 2016. “The Political Economy of Monetary Reform”. Cambridge Journal of Economics, 40/5: 1363–1376.

Dow, Sheila & Johnsen, Gudrun & Montagnoli, Alberto. 2015. “A Critique of Full Reserve Banking”. Sheffield Economic Research Paper no. 2015008. 

Fontana, G. & Sawyer, M. 2016. “Full Reserve Banking: More ‘Cranks’ than ‘Brave Heretics”. Cambridge Journal of Economics, 40/5: 1333–1350 [Response by Dyson et al 2016].

Goodhart, Charles A. E. & Jensen, Meinhard A. 2015. A Commentary on Patrizio Lainà’s ‘Proposals for Full-Reserve Banking: A Historical Survey from David Ricardo to Martin Wolf’: Currency School versus Banking School: An Ongoing Confrontation”. Economic Thought, 4/2 (28 Sep 2015): 20-31. 

Grussner, Kaj. 2010. “The Dangers of Monetary Reform”. Mises Daily Articles. 18 Feb 2010. 

Mouatt, Simon. 2008. “Evaluating Stephen Zarlenga’s Treatment of Historical Monetary Thought”. International Journal of Social Economics35/11: 846-856.

Musgrave, Ralph. 2014. “The Solution is Full Reserve / 100 % Reserve Banking”. MPRA Working Paper No. 57955, 14 Aug 2014.

Nersisyan, Y. & Wray, L. R. 2016. “Modern Money Theory and the Facts of Experience”. Cambridge Journal of Economics, 40/5: 1297–1316

Pettitfor, Ann. 2014. “Why I disagree with Martin Wolf and Positive Money”. Prime, 26 April 2014. [Response by Positive Money 2014]. 

Pettifor, Ann. “Out of thin air: Why banks must be allowed to create money.” Juncture 21/1: 43-47.

Ricks, Morgan. 2017. “Safety First: The Deceptive Allure of Full Reserve Banking”. A response to Adam J. Levitin, “Safe Banking: Finance and Democracy”. Vanderbilt University Law School Public Law and Legal Theory, Working Paper Number 16-35The University of Chicago Law Review Online83/1: 113-23.

Rimkus, Ron. 2016. “Vollgeld: What It Means for Fractional Reserve Banking in Switzerland”. CFA Institute. 

van Suntum, Ulrich & Neugebauer, Tom. 2015. “Vollgeld, Public Debt, and the Natural Rate of Interest”. Working Paper, Centrum für Angewandte Wirtschaftsforschung Münster (CAWM), June 2015. [Response by Huber 2015b].

Walser, Rudolf & Baumberger, Jörg. 2014. “Empty Hopes for Full Reserve Banking: Why measured steps are a better way of reforming the financial system than bold leaps”. Avenir Suisse25 Mar 2014. 

 Wray, Randall L. 2014. “Debt-Free Money: A Non-Sequitur in Search of a Policy”. New Economic Perspectives. 1 July 2014. 

Responses to Critics

Dyson, Ben & Graham Hodgson, & Frank van Lerven. 2016. “A response to critiques of ‘full reserve banking’.” Cambridge Journal of Economics, 40/5: 1351-1361. [Response to Fontana, G. & Sawyer, M. 2016].

Gomez, Christian. 2017. “M. Bacchetta, the Swiss Banking Association and the Economic Science: An ill-assorted Love Triangle. A reply to Ph. Bacchetta’s Article: “The Sovereign Money Initiative in Switzerland: An Assessment”. [Rebuttal of Bacchetta 2017].

Huber, Joseph. 2014-18. “Confronting Criticism”. Sovereign Money: Website for New Currency Theory and Monetary Reform.

Huber, Joseph. 2015b. “Side notes to van Suntum, Ulrich & Neugebauer, Tom”. Sovereign Money: Website for New Currency Theory and Monetary Reform. 2015.

Huber, Joseph. 2017c. “Does finance no longer need money? On the links between money and credit, in reply to a study sponsored by the Swiss Bankers AssociationSovereign Money: Website for New Currency Theory and Monetary Reform, Aug 2017. [Rebuttal of Bacchetta 2017]. 

Huber, Joseph. 2017d. ”Critical notes on the Bundesbank publication “Remarks on a 100% reserve requirement for sight deposits“ in Bundesbank Monthly Report, Vol. 69, No. 4, April 2017, 30 – 33”. Sovereign Money: Website for New Currency Theory and Monetary Reform. 

Positive Money. 2014. “Why we Disagree with Ann Pettifor”. London: Positive Money, 27 June 2014. [Response to Pettifor 2014]. 

Positive Money. 2015. “Sovereign Money – Common Critiques”. London: Positive Money, 22 Aug 2015.

Discussions on Modern Monetary Theory (MMT)

Critics of MMT:

Eder, Jeff. 2020. “The Deficit Myth and Modern Monetary Theory Revised: The Canadian Version“. Review of The Deficit Myth by Stephanie Kelton. Progressive Money Canada, July 2020.

Eder, Jeff. 2021. “Modern Money, Forget Theory: Debunking the MMT S(TAB) Hypothesis”. Progressive Money Canada, 29 April 2021.

Every, Michael. 2019. “Mmm…MMT“. Utrecht: Rabobank/RaboResearch, 15 April 2019.

Febrero, Eladio. 2009. “Three Difficulties with Neo-chartalism“. Journal of Post Keynesian Economics, 31/3: 523-541.

Fiebiger, Brett. 2012. “Modern Money Theory and the ‘Real-World’ Accounting of 1-1<0: The U.S. Treasury Does Not Spend as per a Bank“. In Fiebiger, Brett et al. 2012. Modern Monetary Theory: A Debate.

Fiebiger, Brett. 2012. “A Rejoinder to ‘Modern Money Theory: A Response to Critics’”. In Fiebiger, Brett et al. 2012. Modern Monetary Theory: A Debate.

Harrison, Edward. 2019. “MMT For Dummies”. Credit Writedowns, Mar 1 2019.

Henwood, Doug. 2019. “Modern Monetary Theory Isn’t Helping“. Jacobin, 21 Feb 2019. 

Huber, Joseph. 2013. “Modern Money and Sovereign Currency”. Sovereign Money: Website for New Currency Theory and Monetary Reform. 

Huber, Joseph. 2014. “Modern Money Theory and New Currency Theory”. Real-World Economics Review, 66, (13 Jan 2014): 38-57.  

Huber, Joseph. 2019. “Modern Money Theory revisited – still the same false promiseSovereign Money, March 2019.

Murphy, Robert P. 2011. “The Upside-Down World of MMT“. Mises Daily Articles, 23 Jan 2019. Ludwig von Mises Institute. 

Palley, Thomas I. 2014. “The Critics of Modern Money Theory (MMT) are Right”. IMK Working Paper, No. 132, Institut für Makroökonomie und Konjunkturforschung (IMK), Hans-Böckler-Stiftung, Düsseldorf.

Palley, Thomas I. 2015. “Money, Fiscal Policy, and Interest Rates: A Critique of Modern Monetary Theory“. Review of Political Economy, 27/1: 1-23. Also published as IMK Working Paper, No. 109, Hans-Böckler-Stiftung, Institut für Makroökonomie und Konjunkturforschung (IMK), Düsseldorf

Lavoie, Marc. 2013. “The monetary and fiscal nexus of neo-chartalism: a friendly critique“. Journal of Economic Issues, 47/1: 1-32.

Lonergan, Eric. 2016. “Debt-Free Money: A Brief Reply to Randall Wray“. London, Positive Money. 

Lonergan, Eric. 2016. “Accounting as Religion: Buffett, Derrida, and MMT”. London, Positive Money. 

Roche, Cullen. 2011. “Modern Monetary Theory (MMT) Critique“. Pragmatic Capitalism7 Sept 2011.

Schuller, Govert. 2018. “Introduction to the Problem with Modern Monetary Theory (MMT)“. Alpheus, 6 Nov 2018.

Walsh, Steven & Zarlenga, Stephen. 2012. “Evaluation of Modern Monetary Theory”. AMI Research Paper.

Responses to Critics of MMT

Bell [Kelton], Stephanie. 2000. “Do Taxes and Bonds Finance Government Spending?” Journal of Economic Issues, 34/3: 603-620. Working Paper, No. 244, Levy Economics Institute of Bard College, Annandale-onHudson, NY .

Carter, Zach. 2018. “Stephanie Kelton Has The Biggest Idea In Washington“. HuffPost, 5 May 2018. 

Fiebiger, Brett & Fullwiler, Scott T. & Bell, Stephanie & Wray, L. Randall. 2012. “Modern Monetary Theory: A Debate“. Political Economy Research Institute Working Paper 279, University of Massachusettes Amherst. 

Fullwiler, Scott T. 2010. “Modern Monetary Theory: A Primer on the Operational Realities of the Monetary System“. Available at SSRN 1723198

Fullwiler, Scott T. & Stephanie Bell & L. Randall Wray. 2012. “Modern Money Theory: A Response to Critics“. SSRN – Elsevier, 2008542, 15 Jan 2012.

Kelton, Stephanie & Andres Bernal & Greg Carlock, 2018. “We Can Pay For A Green New Deal“. HuffPost, 30 Nov 2018. 

Ruml, Beardsley. 1946. “Taxes for Revenue are Obsolete“. American Affairs, January 1946.

Tymoigne, E. and Wray, L.R. 2013. “Modern Money Theory 101: A Reply to Critics”. Working Paper No. 778. Annandale-on-Hudson, NY: Levy Economics Institute of Bard College. 

Tymoigne, Eric, and L. Randall Wray. 2015. “Modern Money Theory: A Reply to Palley“. Review of Political Economy, 27/1: 24-44. .

Wray, L. Randall. 2019. “Response to Doug Henwood’s Trolling in Jacobin“. New Economic Perspectives. 25 Feb 2019.