October 10, 1969
|Institution||Stony Brook University|
|Modern Monetary Theory|
|Alma mater||California State University, Sacramento (BA, BS)|
Christ's College, Cambridge (MPhil)
New School (PhD)
|Contributions||Modern Monetary Theory|
Stephanie A Kelton (née Bell; born October 10, 1969) is an American heterodox economist and academic, and a leading proponent of Modern Monetary Theory. She is a professor at Stony Brook University and a Senior Fellow at the Schwartz Center for Economic Policy Analysis at the New School for Social Research. She was formerly a professor at the University of Missouri–Kansas City. She also served as an advisor to Bernie Sanders's 2016 presidential campaign.
Kelton is founder and editor-in-chief of the blog New Economic Perspectives. She was named one of Politico's 50 "thinkers, doers, and visionaries transforming American politics in 2016". Fast Company later placed Kelton on its list of Most Creative People in Business. In fall 2019, she joined the board of Matriarch PAC.
Kelton is the daughter of Jerald and Marlene Bell. She is married to Paul Kelton, and they have two children.
Kelton studied business finance and economics at California State University, Sacramento, and earned a B.S. and a B.A. in 1995. She received a Rotary scholarship to study economics at the University of Cambridge, receiving her Master's degree in 1997. On a fellowship from Christ's College, Cambridge, Kelton then spent a year at the Levy Economics Institute of Bard College. She obtained a Ph.D. in economics from The New School for Social Research in 2001 with her dissertation, "Public Policy and Government Finance: A Comparative Analysis Under Different Monetary Systems."
Kelton is a professor of public policy and economics at Stony Brook University and was formerly the chair of the economics department at the University of Missouri–Kansas City. She was a research scholar at the UMKC Center for Full Employment and Price Stability and the Levy Economics Institute in upstate New York.
On December 26, 2014, Kelton was designated Chief Economist for the Democratic Minority Staff of the Senate Budget Committee, a post she held in 2015 and early 2016, when she left that position to become an economic advisor to the Bernie Sanders campaign.
On May 25, 2017, Stony Brook University announced that Kelton would join the university "This fall as a professor in the forthcoming Center for the Study of Inequality and Social Justice." She joined Stony Brook at the same time as her husband Paul, who was appointed the first Robert David Lion Gardiner Chair in American history, at the College of Arts and Sciences.
Kelton's primary research interests include monetary theory, employment policy, history of economic monetary thought, social security, public finance, fiscal policy, financial accounting, international finance, and European monetary integration. She has been a notable proponent of and researcher in Modern Monetary Theory, publishing several papers and editing books in the field, and a supporter of the proposal for a Job Guarantee.
In the media
Kelton publishes formally as well as in the popular press and appears on mass media. She has been a frequent guest on television and radio, including MSNBC's Up with Chris Hayes and NPR's On Point. Kelton has had opinion pieces published in The Los Angeles Times and The New York Times. How We Think About the Deficit Is Mostly Wrong appeared in The New York Times. Kelton wrote the article "Congress can give every American a pony (if it breeds enough ponies)", which appeared in The Los Angeles Times.
The Deficit Myth
Stanford University economist John H. Cochrane gave the book a negative review, saying that her "implications don't lead to her desired conclusions ... her logic, facts and language turn into pretzels". Cochrane asserted that Kelton's analysis of inflation was biased, and that the book cited "no articles in major peer-reviewed journals, monographs with explicit models and evidence, or any of the other trappings of economic discourse".
New York University economist Alberto Bisin also panned the book, writing, "it's not that the public-spending agenda proposed in the book wouldn't be worthwhile, or that monetization is never a useful tool of monetary policy. ... These are all issues currently studied and debated in (mainstream) academic and policy circles. But MMT, as exposed in the book, appears to be a very poor attempt at supporting this political agenda, with no coherent theoretical support."
Former Yale University economics professor and Under Secretary of State for Economic Affairs Richard N. Cooper called The Deficit Myth a "clear and vigorously written book" in a review for Foreign Affairs. According to Cooper, the "U.S. congressional fiscal action in response to the pandemic, as well as new programs launched by the Federal Reserve, suggests that the author is at least partly right in her assessment of the spending power of governments."
Nichols College economics professor Hans G. Despain called the book a "triumph" in the London School of Economics Review of Books. According to Despain, the book "dispels six key myths that have shaped the conventional understanding of deficits as inherently bad, instead arguing that deficits can strengthen economies and lead to faster growth.
- Bell (Kelton), Stephanie, "Can Taxes and Bonds Finance Government Spending?", Levy Economics Institute, July 1998
- Bell (Kelton), Stephanie, "The role of the state and the hierarchy of money", Cambridge Journal of Economics, Vol. 25, 2001, pp. 149–163
- Kelton, Stephanie, Edward J. Nell, editors. The State, the Market, and the Euro: Metallism versus Chartalism in the Theory of Money; Edward Elgar; Reprint edition: May 2003; ISBN 9781843761563
- Kelton, Stephanie, The Deficit Myth, June 2020; ISBN 9781541736184
- "Stephanie Kelton: "They're going to have massive deficits. And it's fine"". Financial Times. April 17, 2020. Archived from the original on April 18, 2020. Retrieved October 10, 2021.
- "Scholars". Levy Economics Institute. Archived from the original on October 9, 2017. Retrieved October 22, 2017.
- "Press Kit". Stephanie Kelton. Retrieved September 4, 2020.
- Binder, Alex. "Stephanie Kelton Biography". StephanieKelton.com. Archived from the original on April 14, 2019. Retrieved December 31, 2016.
- "Politico 50: Our guide to the thinkers, doers and visionaries transforming American politics in 2016". Politico. Retrieved December 29, 2016.
- William, Tom. "Stephanie Kelton, Economist, University of Missouri-Kansas City: The case for big spending". Politico. Retrieved December 29, 2016.
- Emproto, Rober. "Stephanie Kelton Named One of Most Creative People in Business by Fast Company". Stony Brook Matters. Retrieved September 27, 2021.
- Chávez, Aída (November 3, 2019). "A Group of Progressive Women Just Launched a Working-Class Version of EMILY's List". The Intercept. Retrieved November 3, 2019.
- Kelton, Stephanie (May 11, 2021), The Deficit Myth : modern monetary theory and the birth of the people's economy, ISBN 978-1-529-35256-6, OCLC 1159235126 pp.265-6
- The Deficit Myth, p.266
- "Stephanie A. Kelton". CFEPS research. Center for Full Employment and Price Stability. Retrieved August 17, 2015.
- "Stephanie A. Kelton". Scholars. Levy Economics Institute. Archived from the original on December 28, 2013. Retrieved December 30, 2013. Stephanie A. Kelton at Levy Economics Institute scholars
- "About the Economists". New Economic Perspectives. Retrieved August 17, 2015.
- Personal communication with Kelton and William, Tom. "Stephanie Kelton, Economist, University of Missouri-Kansas City: The case for big spending". Politico. Retrieved December 29, 2016.
- ""Historian Paul Kelton Named Endowed Chair in American History" (Press release). Stony Brook University. May 25, 2017.
- "Deficit Myth – Modern Monetary Theory and the Birth of the People's Economy". University of Adelaide.
- "Department of Economics Faculty". University of Missouri-Kansas City.
- See "Selected works" section
- Smith, Devin (January 11, 2013). "Stephanie Kelton appeared on UP with Chris Hayes". New Economic Perspectives. Retrieved August 17, 2015.
- Ashbrook, Tom (December 4, 2012). "The Liberal Take On The Fiscal Cliff". On Point. WBUR. Retrieved August 17, 2015.
- Kelton, Stephanie (October 5, 2017). "Opinion - How We Think About the Deficit Is Mostly Wrong". The New York Times. Retrieved October 2, 2018.
- Kelton, Stephanie (September 29, 2017). "Op-Ed: Congress can give every American a pony (if it breeds enough ponies)". Los Angeles Times.
- Kelton, Stephanie, 1969- author., The Deficit Myth : modern monetary theory and the birth of the people's economy, ISBN 978-1-5491-6036-3, OCLC 1159235126, retrieved July 10, 2020
|last=has generic name (help)CS1 maint: multiple names: authors list (link)
- "Hardcover Nonfiction Books - Best Sellers - June 28, 2020 - The New York Times". The New York Times. ISSN 0362-4331. Retrieved July 10, 2020.
- Cochrane, John H. (June 5, 2020). "'The Deficit Myth' Review: Years of Magical Thinking". Wall Street Journal. ISSN 0099-9660. Retrieved October 26, 2020.
- Bisin, Alberto (2020). "Review: The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy" (PDF). Journal of Economic Literature.
- Issing, Otmar (November 3, 2020). "The MMT Myth | by Otmar Issing". Project Syndicate. Retrieved November 4, 2020.
- "The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy". September 17, 2020. ISSN 0015-7120. Retrieved September 13, 2021.
- "Despain, Hans". Nichols College. Retrieved September 13, 2021.
- "Book Review: The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy by Stephanie Kelton". LSE Review of Books. June 22, 2020. Retrieved October 29, 2020.