How do we finance the Covid-19 debt? Attempt to find a "right" answer to a "wrong" question from the perspective of Modern Monetary Theory (MMT).
Downloads
References
Andolfatto, David (2020), Does the National Debt Matter?, retrieved on January 3, 2021, [https://www.stlouisfed.org/publications/regional-economist/fourth-quarter-2020/does-national-debt-matter](https://www.stlouisfed.org/publications/regional-economist/fourth-quarter-2020/does-national-debt-matter)
Bank of England (2020), HM Treasury and Bank of England announce temporary extension to Ways and Means facility, retrieved on January 3, 2021, [https://www.bankofengland.co.uk/news/2020/april/hmt-andboe-announce-temporary-extension-to-ways-and-means-facility](https://www.bankofengland.co.uk/news/2020/april/hmt-andboe-announce-temporary-extension-to-ways-and-means-facility)
Bauer, Joachim (2011), Schmerzgrenze: Vom Ursprung alltäglicher und globaler Gewalt, München: Karl Blessing
Becklumb, Penny und Mathieu Frigon (2015), How the Bank of Canada Creates Money for the Federal Government: Operational and Legal aspects, Library of Parliament In Brief Publication No. 2015-51-E, retrieved on January 3, 2021, [https://lop.parl.ca/staticfiles/PublicWebsite/Home/ResearchPublications/InBriefs/PDF/2015-51-e.pdf](https://lop.parl.ca/staticfiles/PublicWebsite/Home/ResearchPublications/InBriefs/PDF/2015-51-e.pdf)
Blanchard, Olivier, Leandro, Alvaro und Jeromin Zettelmeyer (2020), Redesigning the EU Fiscal Rules: From Rules to Standards, Diskussionspapier, 72nd Economic Policy Panel Meeting.
https://doi.org/10.1093/epolic/eiab003
Christian Breuer und Carsten Colombier (2020) ''Debt and growth: historical evidence'', Economics Bulletin 40(3), 2594-2609
Cruz-Hidalgo, Esteban, Dirk Ehnts und Pavlina Tcherneva (2019), Completing the Euro: The Euro Treasury and the Job Guarantee, Revista de Economía Crítica 27, 100-111
Dullien, Sebastian und Silke Tober (2019) Stärken und Schwächen der Modern Monetary Theory, Vierteljahrshefte zur Wirtschaftsforschung 4, 91-101
https://doi.org/10.3790/vjh.88.4.91
Economist, The (2020), Budget deficits should depend on the unemployment rate, retrieved on January 3, 2021, [https://www.economist.com/leaders/2020/11/28/budget-deficits-should-depend-on-theunemployment-rate](https://www.economist.com/leaders/2020/11/28/budget-deficits-should-depend-on-theunemployment-rate)
Ehnts, Dirk (2016), Modern Monetary Theory and European Macroeconomics, Basingstoke, UK: Routledge
https://doi.org/10.4324/9781315623030
Ehnts, Dirk (2019), Warum Ökonomen zu Staatsschulden raten, retrieved on January 3, 2021, [https://www.deutschlandfunkkultur.de/modern-monetary-theorie-warum-oekonomen-zu-staatsschulden.1005.de.html?dram:article_id=489304](https://www.deutschlandfunkkultur.de/modern-monetary-theorie-warum-oekonomen-zu-staatsschulden.1005.de.html?dram:article_id=489304)
Ehnts, Dirk and Michael Paetz (2019), Die Modern Monetary Theory: Staatsschulden als Steuergutschriften, Vierteljahrshefte zur Wirtschaftsforschung 4, 77-89
https://doi.org/10.3790/vjh.88.4.77
Ehnts, Dirk and Michael Paetz (2021), COVID-19 and its economic consequences for the Euro Area. Eurasian Economic Review, abgerufen am 19. Januar 2021, [https://doi.org/10.1007/s40822-020-00159-w](https://doi.org/10.1007/s40822-020-00159-w)
https://doi.org/10.1007/s40822-020-00159-w
Ehnts, Dirk and Maurice Höfgen (2019), Society Register 3(2), 49-65
https://doi.org/10.14746/sr.2019.3.2.04
Ehnts, Dirk and Maurice Höfgen (2020), Von der Modern Monetary Theory zur Forderung einer Jobgarantie, Momentum Quarterly 9(4), 227-242
https://doi.org/10.15203/momentumquarterly.vol9.no4.p227-242
Ehnts, Dirk (2020a), Geld und Kredit: Eine €-päische Perspektive, 4. Auflage, Marburg: Metropolis
Ehnts, Dirk (2020b), Will rising interest rates in the future bankrupt the UK government?, abgerufen am 3. Januar 2021, [https://gimms.org.uk/2020/12/12/rising-rates/](https://gimms.org.uk/2020/12/12/rising-rates/)
El Pais (2020), Brussels urges Spain to reform pensions and jobs in return for EU funds, retrieved on January 3, 2021, [https://english.elpais.com/economy_and_business/2020-12-08/brussels-urges-spainto-reform-pensions-and-jobs-in-return-for-eu-funds.html](https://english.elpais.com/economy_and_business/2020-12-08/brussels-urges-spainto-reform-pensions-and-jobs-in-return-for-eu-funds.html)
Fullwiler, Scott (2016), The Debt Ratio and Sustainable Macroeconomic Policy, World Economic Review 7, 12-42
Godley, W. (1992), Maastricht and All That, London Review of Books, 14(19).
Godley, Wynne and Marc Lavoie (2007). Monetary Economics - An Integrated Approach to Credit, Money, Income, Production and Wealth, Palgrave MacMillan.
Krebs, Tom (2020), Es braucht eine Reform der europäischen Schuldenregeln, abgerufen am 3. Januar 2021, [https://www.handelsblatt.com/meinung/kolumnen/homo_oeconomicus/homo-oeconomicuses-braucht-eine-reform-der-europaeischen-schuldenregeln/26664856.html?ticket=ST-7401577-StPdIqQiWKPnzAgjbkXV-ap5](https://www.handelsblatt.com/meinung/kolumnen/homo_oeconomicus/homo-oeconomicuses-braucht-eine-reform-der-europaeischen-schuldenregeln/26664856.html?ticket=ST-7401577-StPdIqQiWKPnzAgjbkXV-ap5)
Helmedag, Fritz (2018), Warenproduktion mittels Arbeit: Zur Rehabilitation des Wertgesetzes, 3. Auflage, Marburg: Metropolis
Höfgen, Maurice (2020), Mythos Geldknappheit: Modern Monetary Theory oder warum es am Geld nicht scheitern muss, Stuttgart: Schäffer-Poeschel
https://doi.org/10.34156/9783791049618
Andolfatto, David (2020), Does the National Debt Matter?, retrieved on January 3, 2021, [https://www.stlouisfed.org/publications/regional-economist/fourth-quarter-2020/does-national-debt-matter](https://www.stlouisfed.org/publications/regional-economist/fourth-quarter-2020/does-national-debt-matter)
Bank of England (2020), HM Treasury and Bank of England announce temporary extension to Ways and Means facility, retrieved on January 3, 2021, [https://www.bankofengland.co.uk/news/2020/april/hmt-andboe-announce-temporary-extension-to-ways-and-means-facility](https://www.bankofengland.co.uk/news/2020/april/hmt-andboe-announce-temporary-extension-to-ways-and-means-facility)
Bauer, Joachim (2011), Schmerzgrenze: Vom Ursprung alltäglicher und globaler Gewalt, München: Karl Blessing
Becklumb, Penny und Mathieu Frigon (2015), How the Bank of Canada Creates Money for the Federal Government: Operational and Legal aspects, Library of Parliament In Brief Publication No. 2015-51-E, retrieved on January 3, 2021, [https://lop.parl.ca/staticfiles/PublicWebsite/Home/ResearchPublications/InBriefs/PDF/2015-51-e.pdf](https://lop.parl.ca/staticfiles/PublicWebsite/Home/ResearchPublications/InBriefs/PDF/2015-51-e.pdf)
Blanchard, Olivier, Leandro, Alvaro und Jeromin Zettelmeyer (2020), Redesigning the EU Fiscal Rules: From Rules to Standards, Diskussionspapier, 72nd Economic Policy Panel Meeting.
https://doi.org/10.1093/epolic/eiab003
Christian Breuer und Carsten Colombier (2020) ''Debt and growth: historical evidence'', Economics Bulletin 40(3), 2594-2609
Cruz-Hidalgo, Esteban, Dirk Ehnts und Pavlina Tcherneva (2019), Completing the Euro: The Euro Treasury and the Job Guarantee, Revista de Economía Crítica 27, 100-111
Dullien, Sebastian und Silke Tober (2019) Stärken und Schwächen der Modern Monetary Theory, Vierteljahrshefte zur Wirtschaftsforschung 4, 91-101
https://doi.org/10.3790/vjh.88.4.91
Economist, The (2020), Budget deficits should depend on the unemployment rate, retrieved on January 3, 2021, [https://www.economist.com/leaders/2020/11/28/budget-deficits-should-depend-on-theunemployment-rate](https://www.economist.com/leaders/2020/11/28/budget-deficits-should-depend-on-theunemployment-rate)
Ehnts, Dirk (2016), Modern Monetary Theory and European Macroeconomics, Basingstoke, UK: Routledge
https://doi.org/10.4324/9781315623030
Ehnts, Dirk (2019), Warum Ökonomen zu Staatsschulden raten, retrieved on January 3, 2021, [https://www.deutschlandfunkkultur.de/modern-monetary-theorie-warum-oekonomen-zu-staatsschulden.1005.de.html?dram:article_id=489304](https://www.deutschlandfunkkultur.de/modern-monetary-theorie-warum-oekonomen-zu-staatsschulden.1005.de.html?dram:article_id=489304)
Ehnts, Dirk and Michael Paetz (2019), Die Modern Monetary Theory: Staatsschulden als Steuergutschriften, Vierteljahrshefte zur Wirtschaftsforschung 4, 77-89
https://doi.org/10.3790/vjh.88.4.77
Ehnts, Dirk and Michael Paetz (2021), COVID-19 and its economic consequences for the Euro Area. Eurasian Economic Review, abgerufen am 19. Januar 2021, [https://doi.org/10.1007/s40822-020-00159-w](https://doi.org/10.1007/s40822-020-00159-w)
https://doi.org/10.1007/s40822-020-00159-w
Ehnts, Dirk and Maurice Höfgen (2019), Society Register 3(2), 49-65
https://doi.org/10.14746/sr.2019.3.2.04
Ehnts, Dirk and Maurice Höfgen (2020), Von der Modern Monetary Theory zur Forderung einer Jobgarantie, Momentum Quarterly 9(4), 227-242
https://doi.org/10.15203/momentumquarterly.vol9.no4.p227-242
Ehnts, Dirk (2020a), Geld und Kredit: Eine €-päische Perspektive, 4. Auflage, Marburg: Metropolis
Ehnts, Dirk (2020b), Will rising interest rates in the future bankrupt the UK government?, abgerufen am 3. Januar 2021, [https://gimms.org.uk/2020/12/12/rising-rates/](https://gimms.org.uk/2020/12/12/rising-rates/)
El Pais (2020), Brussels urges Spain to reform pensions and jobs in return for EU funds, retrieved on January 3, 2021, [https://english.elpais.com/economy_and_business/2020-12-08/brussels-urges-spainto-reform-pensions-and-jobs-in-return-for-eu-funds.html](https://english.elpais.com/economy_and_business/2020-12-08/brussels-urges-spainto-reform-pensions-and-jobs-in-return-for-eu-funds.html)
Fullwiler, Scott (2016), The Debt Ratio and Sustainable Macroeconomic Policy, World Economic Review 7, 12-42
Godley, W. (1992), Maastricht and All That, London Review of Books, 14(19).
Godley, Wynne and Marc Lavoie (2007). Monetary Economics - An Integrated Approach to Credit, Money, Income, Production and Wealth, Palgrave MacMillan.
Krebs, Tom (2020), Es braucht eine Reform der europäischen Schuldenregeln, abgerufen am 3. Januar 2021, [https://www.handelsblatt.com/meinung/kolumnen/homo_oeconomicus/homo-oeconomicuses-braucht-eine-reform-der-europaeischen-schuldenregeln/26664856.html?ticket=ST-7401577-StPdIqQiWKPnzAgjbkXV-ap5](https://www.handelsblatt.com/meinung/kolumnen/homo_oeconomicus/homo-oeconomicuses-braucht-eine-reform-der-europaeischen-schuldenregeln/26664856.html?ticket=ST-7401577-StPdIqQiWKPnzAgjbkXV-ap5)
Helmedag, Fritz (2018), Warenproduktion mittels Arbeit: Zur Rehabilitation des Wertgesetzes, 3. Auflage, Marburg: Metropolis
Höfgen, Maurice (2020), Mythos Geldknappheit: Modern Monetary Theory oder warum es am Geld nicht scheitern muss, Stuttgart: Schäffer-Poeschel
https://doi.org/10.34156/9783791049618
Initiative on Global Markets (2019), Modern Monetary Theory, abgerufen am 3. Januar 2021, https://www.igmchicago.org/surveys/modern-monetary-theory/
Kelton, Stephanie (2020), The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy, New York: PublicAffairs
Mosler, Warren (1997), Full Employment and Price Stability, Journal of Post Keynesian Economics, 20(2), 167-182
https://doi.org/10.1080/01603477.1997.11490146
Mosler, Warren und Damiano Silipo (2017), Maximizing price stability in a monetary economy, Journal of Policy Modelling, 39(2), 272-289
https://doi.org/10.1016/j.jpolmod.2016.12.003
Raworth, Kate (2017), Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist, New York: Random House Business
Stabilitätsrat (2020), Bund und Länder betreiben verantwortungsvolle Haushaltspolitik in der Corona-Krise - Ausnahmesituation besteht 2021 fort, 22. Sitzung des Stabilitätsrates am 18. Dezember 2020, retrieved on January 3, 2021, https://www.stabilitaetsrat.de/SharedDocs/Downloads/DE/Sitzungen/20201218_22. Sitzung/Pressemitteilung/20201218_Pressemitteilung.pdf?__blob=publicationFile
Stiglitz, Joseph, Amartya Sen and Jean-Paul Fitoussi (2009), Report by the Commission on the Measurement of Economic Performance and Social Progress, Paris: Commission on the Measurement of Economic Performance and Social Progress
This is Money (2020), Free money! How the Bank of England used quantitative easing to make £150bn of the UK's debt disappear, retrieved on January 3, 2021, https://www.thisismoney.co.uk/money/news/ article-8801909/Free-money-Bank-England-150bn-UK-debt-disappear.html
