Modern Money Theory (MMT) economists acknowledge a number of empirical and institutional limitations on the applicability of MMT to macroeconomic policy, but they have not attempted to explore these empirically nor have they adequately addressed their implications for MMT’s main macroeconomic policy proposals. This paper identifies some of these important limitations, including those stemming from modern international financial markets, and argues that they are much more binding on the policy applicability of MMT than many of MMT’s advocates appear to recognize.

中文翻译：

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现代货币理论的实证和制度局限

现代货币理论 (MMT) 经济学家承认 MMT 对宏观经济政策的适用性存在一些经验和制度上的局限性，但他们没有尝试从经验上探讨这些问题，也没有充分解决它们对 MMT 主要宏观经济政策建议的影响。本文确定了其中一些重要的局限性，包括源自现代国际金融市场的局限性，并认为它们对 MMT 的政策适用性的约束力比 MMT 的许多倡导者似乎认识到的要大得多。