POLITICAL ECONOMY RESEARCH INSTITUTE MODERN MONETARY THEORY: A DEBATE including the following papers: Modern Money Theory and the ‘Real- World’ Accounting of 1- 1<0: The U.S. Treasury Does Not Spend as per a Bank Brett Fiebiger Modern Money Theory: A Response To Critics Scott Fullwiler, Stephanie Kelton & L. Randall Wray A Rejoinder to “Modern Money Theory: A Response to Critics” Brett Fiebiger January 2012 WORKING PAPER SERIES Number 279 Gordon Hall 418 North Pleasant Street Amherst, MA 01002 Phone: 413.545.6355 Fax: 413.577.0261 peri@econs.umass.edu www.peri.umass.edu