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Modern Monetary Theory has received unprecedented attention now that policymakers are pursuing extraordinary economic policy measures to combat the COVID-19 pandemic.

Discussing the U.S. Federal Reserve’s “whatever it takes approach,” CNBC’s Joe Kernen recently concluded that “we are all MMTers now.” And in a recent commentary, Willem H. Buiter of Columbia University claimed that “much of the U.S. response (to the pandemic) will come in the form of ‘helicopter money,’ an application of (MMT) in which the central bank finances fiscal stimulus by purchasing government debt issued to finance tax cuts or public spending increases.”

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