Beyond Quantitative Easing (Towards a New Monetary Theory)

Obregon, Carlos (2020): Beyond Quantitative Easing (Towards a New Monetary Theory). Published in:

Abstract

CNMT (Classical Neoclassical Monetary Theory) has defined monetary policy and the role of Central Banks for the last one hundred years. This book argues that it is time to change. It proposes a NMT (New Monetary Theory) which argues that Central Banks should be responsible for the whole relation between money and economic growth. For monetary policy it means that in regular times Central Banks will continue being guided by CNMT and QE (Quantitative Easing) should not be used. But in major crises like 1930, 2008, and 2020, NMT should be the guide and QE should be used extensively. NMT proposes that Central Banks should become even more independent and responsible for the productive economy, while traditional governments remain responsible mainly for the social economy. NMT argues that in major crises fiscal policy should only be limited to support the social economy - that one which does not have survival productive characteristics. And that extended QE, which we call in here the Monetary Credit Bazooka (MCB), should be used to support the productive economy - the one capable to receive and repay long term preferential loans. NMT implies a major revolution both in Monetary Theory and in Monetary Policy, but it is required both to have fast and efficient responses in major economic crises, and to avoid the inefficiencies associated with government spending and the unnecessary long term burdens to the tax payers which always imply unjust economic transfers.

• Item Type: MPRA Paper
• Language: English
• Keywords: Monetary Theory, Economic, Central Banks, QE, Quantitative Easing, Classical Neoclassical Monetary Theory, CNMT, New Monetary Theory, NMT, Monetary Credit Bazooka (MCB), government spending, Carlos Obregón
• Subjects: A - General Economics and Teaching > A2 - Economic Education and Teaching of Economics > A20 - General; B - History of Economic Thought, Methodology, and Heterodox Approaches > B0 - General > B00 - General; B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 > B10 - General; E - Macroeconomics and Monetary Economics > E0 - General; E - Macroeconomics and Monetary Economics > E0 - General > E01 - Measurement and Data on National Income and Product Accounts and Wealth ; Environmental Accounts; G - Financial Economics > G0 - General > G00 - General; G - Financial Economics > G0 - General > G01 - Financial Crises; G - Financial Economics > G1 - General Financial Markets > G10 - General; H - Public Economics > H0 - General; P - Economic Systems > P0 - General > P00 - General; P - Economic Systems > P4 - Other Economic Systems > P40 - General; P - Economic Systems > P4 - Other Economic Systems > P41 - Planning, Coordination, and Reform; P - Economic Systems > P4 - Other Economic Systems > P43 - Public Economics ; Financial Economics; P - Economic Systems > P4 - Other Economic Systems > P44 - National Income, Product, and Expenditure ; Money ; Inflation; P - Economic Systems > P4 - Other Economic Systems > P48 - Political Economy ; Legal Institutions ; Property Rights ; Natural Resources ; Energy ; Environment ; Regional Studies; P - Economic Systems > P5 - Comparative Economic Systems > P50 - General; P - Economic Systems > P5 - Comparative Economic Systems > P51 - Comparative Analysis of Economic Systems

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