000			01560nab a2200289 c 4500
999			_c142995 _d142995
003			ES-MaIEF
005			20201014185140.0
007			ta
008			201014t2020 us ||||| |||| 00| 0|eng d
040			_aES-MaIEF _bspa _cES-MaIEF
041			_aeng
100	1		_954027 _aFullwiler, Scott T.
245		0	_aWhen the interest rate on the national debt Is a policy variable (and “printing money” does not apply) _c Scott Fullwiler
260			_c2020
500			_aResumen.
504			_aBibliografía.
520			_aModern Monetary Theory (MMT) argues that the interest rate on the national debt for a monetary sovereign is a policy variable, not subject to whether bond markets “accept” or “reject” it. This paper defines measures of the components of the standard analysis of fiscal sustainability. It then methodically describes the Federal Reserve's operations relevant for understanding why interest rates on government debt in the United States have been and continue to be driven by monetary policy. A corollary that emerges—“printing money,” as economists usually understand it—is not applicable and has never been advocated by MMT.
650		4	_942647 _aDEUDA PUBLICA
650		4	_aINTERES _947502
650		4	_948569 _aTIPOS
650		4	_941783 _aDEFICIT PUBLICO
650		4	_aHACIENDA PUBLICA _950201
650		4	_aPOLITICA MONETARIA _948062
650		4	_948552 _aTEORIA ECONOMICA
773	0		_9163536 _oOP 1716/2020/3 _tPublic Budgeting and Finance _w(IEF)90019 _x 0275-1100 _gv. 40, n. 3, Fall 2020, p. 72-94
942			_cART