Modern monetary theory news, research and analysis - the conversation

April 21, 2025 Daniel Horen Greenford, _Concordia University_ Canada faces interconnected challenges of climate instability and social inequality, and our current economic approach may be

part of the problem. March 21, 2023 Peter Martin, _Crawford School of Public Policy, Australian National University_ In the first year of the pandemic, Australians were given a glimpse of a

truth so unnerving that economists and politicians normally keep it to themselves. March 28, 2022 Steven Hail, _Torrens University Australia_ Whether a budget should be in surplus or deficit

depends on the circumstances of the time. Gillard didn’t recognise it, Abbott didn’t recognise it. At last the message is getting through. January 6, 2022 Steven Hail, _Torrens University

Australia_ The movie is more than a metaphor for climate change. It is a metaphor for where 40 years of neoliberal economic policies have left us. April 5, 2021 Steven Hail, _Torrens

University Australia_ Governments like ours choose to borrow, they don’t have to. March 7, 2021 Radu Vranceanu, _ESSEC _ and Marc Guyot, _ESSEC _ Massive stimulus plans combined with rising

production costs could lead to expectations that inflation will rise. And that alone could trigger an inflationary spiral not seen in 25 years. December 31, 2020 Peter Martin, _Crawford

School of Public Policy, Australian National University_ From money creation to COVID to uncertainty to the end of rapid economic growth, Peter Martin’s summer reading list is unsettling and

uplifting. December 7, 2020 Steven Hail, _University of Adelaide_ and Matthew Crocker, _University of South Australia_ The Commonwealth can never become insolvent. It ought to help out the

states. October 4, 2020 Steven Hail, _University of Adelaide_ Chifley, Menzies, Holt, Gorton, McMahon, Whitlam and Fraser targeted budget deficits. September 20, 2020 Tony Makin, _Griffith

University_ While necessary during the crisis, government borrowing isn’t costless. Longer term, it might depress living standards. August 20, 2020 Richard Holden, _UNSW Sydney_ The Reserve

Bank Australia has exhausted the limits of monetary policy, There’s no magic pudding, says governor Philip Lowe. August 11, 2020 Steven Pressman, _Colorado State University_ Congress is

spending trillions of dollars trying to rescue the US economy and support workers and businesses. Can America afford it? ‘No sweat,’ according to modern monetary theory. July 7, 2020 John

Whittaker, _Lancaster University_ Creating lots of new money is supposed to produce runaway inflation. The longer that it doesn’t happen, the more this branch of economics appears to have a

point. July 2, 2020 Ross Guest, _Griffith University_ Modern Monetary Theory is suddenly popular because it implies governments can spend as much as they need to. But that spending comes

with risks. May 7, 2020 Alan Shipman, _The Open University_ We could welcome the news that prices have been rising much more slowly since the coronavirus pandemic – or we could get nervous.

February 5, 2020 Steven Hail, _University of Adelaide_ Modern Monetary Theory allows governments more freedom to run deficits, freedom the Australian government might need. April 15, 2019

Warwick Smith, _The University of Melbourne_ History suggests we can run sizable budget deficits while shrinking the budget debt burden. Mid last century our leaders weren’t afraid to say

so. March 27, 2019 D.T. Cochrane, _York University, Canada_ Critics complain that government debt saddles future generations with a financial burden. The critics are wrong. February 28, 2019

Richard Holden, _UNSW Sydney_ There are limits on how much governments can spend without earning, although increasingly politicians are behaving as if there are not. January 31, 2017 Steven

Hail, _University of Adelaide_ Modern monetary theory is gaining traction in a global economic environment that defies the efforts of policymakers to restore growth.