Modern Monetary Theory e os pós-Keynesianos: a natureza das suas intersecções teóricas à luz da literatura existente.

Rafael Pahim; Henrique Morrone

doi:10.33834/bkr.v9i2.315

Rafael Pahim Universidade Federal do Rio Grande do Sul
Henrique Morrone Universidade Federal do Rio Grande do Sul

DOI: https://doi.org/10.33834/bkr.v9i2.315

Palavras-chave: Pós-Keynesianos, Modern Monetary Theory, Teoria Econômica, Metodologia, História do Pensamento Econômico

Resumo

O presente trabalho tem o objetivo de contribuir para a literatura Pós-Keynesiana e da Modern Monetary Theory (MMT) ao trazer uma abordagem metodológica weberiana na questão que circunda a classificação da MMT como uma vertente do pensamento pós-Keynesiano. Nesse sentido, inicialmente, é efetuada uma revisão bibliográfica que busca identificar os princípios teóricos (núcleo) da MMT e elabora um núcleo unificador do pensamento pós-keynesiano. Depois, ambos os núcleos são comparados para averiguar a possível classificação. A hipótese do trabalho é que a MMT é uma vertente pós-keynesiana, e os achados da pesquisa contribuem para a validação da hipótese, ao mesmo tempo que contribuem para a melhor compreensão da MMT.

Downloads

Não há dados estatísticos.

Biografia do Autor

Rafael Pahim, Universidade Federal do Rio Grande do Sul

Doutorando em Economia (UFRGS). Mestre em Economia do Desenvolvimento. Bacharel em Ciências Econômicas (UFRGS).

Henrique Morrone, Universidade Federal do Rio Grande do Sul

Professor Adjunto IV do Departamento de Economia e Relações Internacionais e professor permanente do Programa de Pós-Graduação em Economia (PPGE) da Universidade Federal do Rio Grande do Sul (UFRGS).

Referências

Arestis, P. (1996). Kalecki’s Role in Post Keynesian Economics: An Overview. In: KING, J. E. An Alternative Macroeconomic Theory: The Kaleckian Model and Post-Keynesian Economics. Australia: Kluwer Academic Publishers.

Armstrong, P. (2020). Can Heterodox Economics Make a Difference? Conversations with Key Thinkers. Cheltenham, UK: Edward Elgar.

Aspromourgos, T. (2000). Is an Employer-of-Last-Resort Policy Sustainable? Review of Political Economy, 12(2), p.141-155. Doi: https://doi.org/10.1080/095382500406477

Bank for International Settlements. (2019). Unconventional monetary policy tools: A cross-country analysis, CGFS Papers, n.63, 85p.

Blanchard, O. e Summers L. (2018). Rethinking Stabilization Policy: Evolution or Revolution, NBER Working Paper, n.24179, 46p.

Carneiro, R. (1999). Globalização financeira e inserção periférica, Economia e Sociedade, 13, p. 57-92.

Carvalho, F. (2015). Economia monetária e financeira: Teoria e Política. Rio de Janeiro: Elsevier

Carvalho, F (1992[2020]). Mr. Keynes and the Post Keynesians. Rio de Janeiro: Books

Colander, D. (1984). Was Keynes a Keynesian or a Lernerian? Journal of Economic Literature, 22, p. 1572-1575

Cynamon, B. e Fazzari, M. (2017). Secular demand stagnation in the 21st century US economy, Draft prepared for INET Secular Stagnation Conference.

Dalto, F; Gerioni, E.; Ozzimolo, J.; Deccache, D.; Conceição, D. (2016). Teoria monetária moderna: A chave para uma economia a serviço das pessoas. Rio de Janeiro: Nova Civilização.

Davidson, P. (1972). Money and the Real World. London: MacMillan.

Davidson, P. (1994). Post Keynesian Macroeconomic Theory. Aldershot: Edward Elgar.

Davidson, P (2005). Post Keynesian Economics. In: SNOWDON, B. e VANE, R. Modern macroeconomics: its origins, development and current state. Toronto: Edward Elgar.

Davidson, P. (2019). What is modern about MMT? A concise note, Real-World economics review, n. 80, p. 72-74.

Deos, S., Ultremare, F. e Mendonça, A. (2021). Modern Money Theory: rise in the international scenario and recent debate in Brazil, Brazilian Journal of Political Economy, n. 41(2). Doi: https://doi.org/10.1590/0101-31572021-3141

Dequech, D. (2007). Neoclassical, mainstream, orthodox, and heterodox economics, Journal of Post-Keynesian Economic, 30(2), p. 279-302. Doi: https://doi.org/10.2753/PKE0160-3477300207

Ferrari-Filho, F., Araújo, E. e Araújo, E. (2022). Theoretical Analysis and Empirical Evidence of Countercyclical Macroeconomic Policies Implemented during the Subprime and COVID-19 Crises., Theoretical Economics Letters, 12, p. 770-787. Doi: https://doi.org/10.4236/tel.2022.123043

FMI (2020). World Economics Outlook: A long and difficult ascent.

FMI (2022). Fiscal Monitor: Fiscal Policy from Pandemic to War.

Fonseca, P. (2015). Desenvolvimentismo: a construção do conceito, Texto para Discussão IPEA: Presente e futuro do desenvolvimento brasileiro, n. 2103, 66p.

Fonseca, P. e Mollo M. (2014). Desenvolvimentismo e novo-desenvolvimentismo: raízes teóricas e precisões conceituais, Revista de Economia Política, 33. Doi: https://doi.org/10.1590/S0101-31572013000200002

Fullwiler, T, Kelton, S. e Wray, R. (2012). Modern Money Theory: A Response to the Critics, Political Economy Research Institute Working Paper, n. 279, 12p. Doi: https://doi.org/10.2139/ssrn.2008542

Gnos, C. e Rochon, L. (2002). Money Creation and the State: A Critical Assessment of Chartalism” International Journal of Political Economy, 32 (3), p. 41-57. Doi: https://doi.org/10.1080/08911916.2002.11042881

Graeber, D. (2011). Debt: The First 5000 Years. Brooklyn: Melville House.

Harcourt, G. e Hamouda, O. (1988). Post Keynesianism: From Criticism to Coherence?” Bulletin of Economic Research, 40 (1), p. 1-33.

Hobsbawm, E. (1994). Era dos extremos: O breve século XX. São Paulo: Companhia das Letras.

Hudson, M. (2004). The Archaeology of Money: Debt versus Barter Theories of Money’s Origins” In: L. Randall Wray (ed.), Credit and State Theories of Money: The Contributions of A. Mitchell Innes. Cheltenham: Edward Elgar.

Hunt, E. e Lautzenheiser, M. (2011). History of economic thought: A critical perspective. New York: Robin Hahnel.

Ingham, G. (2000). Babylonian Madness: on the historical and sociological origins of money. In: John Smithin (ed.), What is Money. London: Routledge.

Innes, A. (1913). What is Money, Banking Law Journal, v. 24, n. 95, p. 419-421. Doi: https://doi.org/10.2307/2222005

Innes, A. (1914). The Credit Theory of Money, Banking Law Journal, v. 34, p. 151-168.

IPCC (2019). Global warming of 1.5ºc, IPCC Special Report, 630p.

Kalecki, M. (1943). Political aspects of Full Employment, The political quarterly, 14(4), p.322-330. Doi: https://doi.org/10.1111/j.1467-923X.1943.tb01016.x

Kelton, S. (2020). The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy. New York: Public Affairs.

Keynes, J. M. (1921). A treatise on probability. London: McMillan and Co. Limited.

Keynes, J. M, (1930[2013]). A treatise on money: the pure theory of money. Cambridge: Cambridge University Press.

Keynes, J. M (1936 [2008]). the general theory of employment interest and money. Zurich: ISN

King, J. (2015). Advanced introduction to Post Keynesian Economics. Cheltenham: Edward Elgar.

Knapp, G. (1905). The state theory of money. London: Macmillan.

Kose, A. e Ohnsorge, F. (2020). A decade after the global recession: Lessons and challenges for emerging and developing economies, Washington: World Bank Report.

Kregel, J. (2014). Liquidity preference and the entry and exit to zirp and Q.E, Levy Economics Institute policy note, n. 5, 6p.

Lavoie, M. (1992). Towards a new research programme for post-Keynesianism and neo-ricardianism, Review of Political Economy, 4(1), p. 37-78. Doi: https://doi.org/10.1080/09538259200000003

Lavoei, M. (2009). Introduction to Post-Keynesian economics. New York: Macmillan.

Lavoie, M. (2013). The monetary and fiscal nexus of neo-chartalism: a friendly critique, Journal of Economic Issues. 47(1), p. 1-32. Doi: https://doi.org/10.2753/JEI0021-3624470101

Lavoie, M. (2015). Post-Keynesian Economics: New Foundations. Cheltenham: Edward Elgar.

Lavoie, M. (2019). Modern Monetary Theory and post-Keynesian economics, Real-World Economics Review, n. 89. p.97-108.

Lavoie, M. (2022a). MMT, Sovereign Currencies and the Eurozone, Review of Political Economy, 34, p. 633-646. Doi: https://doi.org/10.1080/09538259.2022.2092996

Lavoie, M. (2022b). Post-Keynesian Economics: New Foundations, second edition. Cheltenham: Edward Elgar.

Lerner, A. (1943) “Functional finance and the federal debt”, Social Research, 10(1), p.38-51.

Mcleay, M; Radia, A.; Thomas, R. (2014). Money creation in the modern economy, Bank of England Quarterly, 14p.

Mehrling, P. (2000). Modern Money: Fiat or Credit, Journal of Post Keynesian Economics, 22(3), p. 397-406. Doi: https://doi.org/10.1080/01603477.2000.11490247

Minsky, H. (1975 [2008]). John Maynard Keynes. New York: McGraw-Hill.

Minsky, H. (1986 [2008]). Stablizing an Unstable Economy. New York: McGraw-Hill.

Mitchell, B. (2009). Those bad Keynesians are to blame, Bill Mitchell Blog. Disponível em <https://billmitchell.org/blog/?p=5846>

Mitchell, B. (2015). The roots of MMT do not lie in Keynes, Bill Mitchell Blog. Disponível em <http://billmitchell.org/blog/?p=31681>

Mitchell, W., Wray, R. e Watts, M. (2019). Macroeconomics. Londres: Macmillian.

Pires, L. (2020). Pandemic of inequality, Levy Economics Institute public policy brief, n. 149, 16p.

Nersisyan, Y. e Dantas, F. (2017). Rethinking liquidity creation: Banks, shadow banks and the elasticity of finance, Journal of Post Keynesian Economics, p.279-299. Doi: https://doi.org/10.1080/01603477.2017.1356686

Nersisyan, Y. e Wray, R. (2019). How to pray for the Green New Deal, Levy Economics Institute working paper, n.931, 56p.

Nikiforos, M., Carvalho, L. e Schoder, C. (2015). Twin deficits in Greece: in search of causality, Journal of Post Keynesian Economics, 38(2), p. 302-330. Doi: https://doi.org/10.1080/01603477.2015.1065675

Palley, T. (2013). Horizontalists, Verticalists and Structuralists: The theory of endogenous money reassessed, Review of Keynesian Economics, 1(4), p. 406-424. Doi: https://doi.org/10.4337/roke.2013.04.03

Palley, T. (2014). Modern money theory (MMT): the emperor still has no clothes, Thomas Palley blog, Disponível em < https://www.thomaspalley.com/docs/articles/macro_theory/mmt_response_to_wray.pdf>

Palley, T. (2015). The critics of Modern Money Theory (MMT) Are Right, Review of Political Economy, 27(1), p. 45 – 61. Doi: https://doi.org/10.1080/09538259.2014.957473

Palley, T. (2019). What's wrong with modern money theory (MMT): A critical primer, FMM Working Paper, n. 44, 38p.

Pavlina, T. (2021). The Job Guarantee: MMT’s proposal for full employment and price stability”. Economic Democracy Initiative, n. 2, 21p.

Pinkusfeld, C; Serrano, F. (2000). Lógico: Sem ajuste fiscal não haverá ajuste fiscal, Revista Inteligência, 11(3), p. 38-46

Pinkusfeld, C. (2003), Resenha: Randall Wray. Trabalho e Moeda hoje: A chave para o pleno emprego e a estabilidade dos preços, Revista Contraponto, 6(1), p. 187-193. Doi: https://doi.org/10.22409/reuff.v6i1.34954

Pires, L. (2021). Gender and race in the spotlight during the covid-19 pandemic: the impact of the emergency benefit on poverty and extreme poverty in Brazil, Levy Economics Policy Note, n. 2, 8p.

Prates, D. (2005). As assimetrias do sistema monetário e financeiro internacional, Revista economia contemporânea, 9(2), p. 263-288. Doi: https://doi.org/10.1590/S1415-98482005000200002

Resende, A. (2017). Juros, moeda e ortodoxia. São Paulo: Schwarcz.

Resende, A. (2019). Consenso e contrassenso: Déficit, dívida e previdência, Casa das Garças (IEPE/CdG), n. 47, 22p.

Rezende, F. (2009). The nature of government finance in Brazil, International Journal of Political Economy, 38 (1), p. 81-104. Doi:https://doi.org/10.2753/IJP0891-1916380104

Rochon, L. (2019). MMT and TINA, Real-world economics review, 89 (1) p. 156-166.

Rochon, L.; Vernengo, M. (2003). State Money and the Real World: Or Chartalism and Its Discontents, Journal of Post Keynesian Economic, 26, p.57-67. Doi: https://doi.org/10.1080/01603477.2003.11051383

Romer, P. (2016). The trouble with macroeconomics, The American economist, v. 20, p. 1-20.

Sartori, G. (1970). Concept misinformation in comparative politics, American Political Science, n. 64, p. 1033 – 1053. Doi: https://doi.org/10.2307/1958356

Sartori, G. (1984). Guidelines for concept analysis in: (Ed) Social science concepts: a systematic analysis, Beverly Hills: Sage.

Serrano, F. (2001). Cinco dúvidas sobre o ajuste fiscal, Indicadores Econômicos FEE, v. 28 (4) p. 153-160.

Serrano, F. e Pimentel, K. (2017). Será que acabou o dinheiro? Financiamento do gasto público e taxas de juros num país de moeda soberana, Revista de Economia Contemporânea, 2, p. 1-29. Doi: https://doi.org/10.1590/198055272123

Snowdon, B. e Vane, R. (2005). Modern macroeconomics: its origins, development and current state. New York: Edward Elgar.

Solow, R. (2018). A theory is a sometime thing, Review of Keynesian Economics, 6 (4), p. 421-424. Doi: https://doi.org/10.4337/roke.2018.04.02

Stiglitz, J. (2018). Where modern macroeconomics went wrong, Oxford Review of Economic Policy, 34 (2), p. 70-106. Doi: https://doi.org/10.1093/oxrep/grx057

Summa, R. e Serrano, F. (2019). Dissenso ao Contrassenso do Novo Consenso: a Alternativa da Macroeconomia da Demanda Efetiva, IE-URFJ Discussion Paper, n. 8, 26p.

Terra, F. (2021). Notas sobre ‘As falhas da Modern Monetary Theory’ de Ricardo Carneiro, Brazilian Keynesian Review, 7(1), p. 177-187. Doi: https://doi.org/10.33834/bkr.v7i1.253

Tymoigne, E. (2014). Modern Money Theory and interrelation between the Treasury and the Central Bank, Levy Economics Institute working paper, n. 788, 27p.

Tymoigne, E. (2021). Seven Replies to the Critiques of Modern Money Theory, Levy Economics Institute working paper, n.996, 98p.

United Nations Conference on Trade and Development – UNCTAD/ONU (2019). Financing a global New Green Deal. New York: ONU.

Vergnhanini, R; Conti, B. (2017). Modern Monetary Theory: A criticism from the periphery, Brazilian Keynesian Review, 3 (2), p. 16- 31. Doi: https://doi.org/10.33834/bkr.v3i2.115

Weber, M. (1922 [1999]). Economia e Sociedade: fundamentos da sociologia compreensiva. Brasília: Editoria UNB.

World Bank. (2022). Finance for an equitable recovery, World Development Report.

Wray, R. (1998). Trabalho e Moeda hoje: A chave para o pleno emprego e a estabilidade dos preços. Rio de Janeiro: UFRJ.

Wray, R. (2012). Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems. New York: Macmillan.

Wray, R. (2015). Modern Money Theory: A primer on macroeconomics for sovereign monetary system, second edition, New York: Macmillan.

Wray, R. (2019). Alternative paths to modern money theory, real-world economic review, v. 89, p. 5-22.

Wray, R. (2020). The 'Kansas City' Approach to Modern Money Theory. Levy Economics Institute working paper, n. 961, 41p.

Wray, R.; Tymoigne, E. (2013). Modern Monetary Theory 101: Reply to critics, Levy Institute working paper, n. 778, 58p.

Wray, R.; Semenova, A. (2015). The Rise of Money and Class Society: The Contributions of John F. Henry, Levy Economics Institute working paper, n. 832, 29p.

WWF. (2018). Climate, Nature and our 1.5o c future, WWF Report.