Abstract:

Modern Monetary Theory advocates make the distinction between voluntary and involuntary constraints with respect to operation of key institutions, such as the Central Bank and Treasury, in their conduct of macroeconomic policy. In this article we explore several episodes of UK policymaking, in order to demonstrate consistency regarding the policy coordination between HM Treasury and the Bank of England, and, in addition, highlight numerous voluntary constraints which by their very nature can be finessed when circumstances demand. In particular, we show that the use of the Ways and Means account on a number of notable occasions has meant that Government spending was not constrained by prospective tax receipts and sales of Government securities. Also, the introduction of non-convertible banknotes and other strategies, including the financing of the First War Loan, meant that the prevailing voluntary constraints were sidestepped.

摘要：

现代货币理论的倡导者在实施宏观经济政策时，对主要机构（如中央银行和财政部）的运作，在自愿约束与非自愿约束之间进行了区分。在本文中，我们探讨了英国决策的几集，以证明英国财政部和英格兰银行之间在政策协调方面的一致性，此外，还强调了众多自愿性约束，就其性质而言，可以在情况需要时予以罚款。特别是，我们表明，在许多显着情况下使用Ways and Means帐户意味着政府支出不受预期税收和政府证券销售的限制。此外，还引入了不可兑换纸币和其他策略，