The new monetary policy: reimagining demand management and price stability in the 21st century

In partnership with Our Money US, researcher Nathan Tankus’ new report for Public Money Action provides a Modern Monetary Theory (MMT) framework for understanding and conducting monetary policy and financial regulation. As part of his wider theory of “non-fiscal payfors,” Tankus opens a more sophisticated, mission-oriented approach to public budgeting that overcomes intransigent debates about the supposed roles of fiscal, monetary, and regulatory policy.

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Executive Summary

In this report, Public Money Action’s (PMA) debut publication, researcher Nathan Tankus argues that we not only need tools for a new era, but a new way of looking at the role of non-fiscal policy in budgeting, with mission-oriented financial regulation at the core of the new approach. This means turning away from interest rate management and instead toward financial regulation as a direct, more sophisticated toolkit for managing the demand-driven aspects of price stability in the context of broader macroeconomic policy goals, including an equitable and sustainable recovery from the pandemic-depression and a green economic transition to respond to climate change.

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