Stephanie Kelton

Stephanie Kelton (née Bell; born October 10, 1969) is an American economist and academic. She is currently a professor at Stony Brook University[1] and a Senior Fellow at the Schwartz Center for Economic Policy Analysis at the New School for Social Research.[2] She was formerly a professor at the University of Missouri–Kansas City.[3] She also served as an advisor to Bernie Sanders' 2016 presidential campaign.

Stephanie Kelton
Born
Stephanie Bell

(1969-10-10) October 10, 1969
InstitutionStony Brook University
School or
tradition		Modern Monetary Theory
Alma materCalifornia State University, Sacramento (BA, BS)
Christ's College, Cambridge (MPhil)
New School (PhD)
ContributionsModern Monetary Theory

She 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."[4][5] In fall 2019, she joined the board of Matriarch PAC.[6]

Education

Kelton studied Business Finance and Economics at the California State University, Sacramento, earning 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."

Employment

Kelton is currently 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[7] and the Levy Economics Institute in upstate New York.[8]

Kelton is editor-in-chief of the New Economic Perspectives blog.[9]

On December 26, 2014, Kelton was designated as Chief Economist for the Democratic Minority Staff of the Senate Budget Committee, a post that she held in 2015 and early 2016, when she left that position to become an economic advisor to the Bernie Sanders campaign.[10]

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."[11] Kelton joined the university at the same time as her husband Paul, who was appointed at Stony Brook as the first Robert David Lion Gardiner Chair in American History, at the College of Arts and Sciences.[11]

In 2019, Kelton was invited to be the Geoff Harcourt Visiting Professor at the University of Adelaide.[12]

Research

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.[3][13] She has been a notable proponent of and researcher in Modern Monetary Theory, publishing several papers and editing books in the field,[14] 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[15] and NPR's On Point.[16] 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.[17] Kelton wrote the article, Congress can give every American a pony (if it breeds enough ponies), which appeared in The Los Angeles Times.[18]

The Deficit Myth

Her book, The Deficit Myth,[19] appeared on the New York Times bestseller list for nonfiction in June 2020.[20] In an article published in the Wall Street Journal, Stanford economist John H. Cochrane gave the book a negative review,[21] saying that her "implications don’t lead to her desired conclusions [...] her logic, facts and language turn into pretzels". Cochrane asserted that Kelton's historical analysis of inflation was biased,[21] 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".[21] New York University economist Alberto Bisin gave the book a negative review, saying "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."[22]

Former ECB Chief Economist, Otmar Issing, gave the book a negative review in an article criticizing MMT.[23]

Marxist economist, Hans G. Despain,[24] gave the book a positive review.[25]

Selected works
  • 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

See also

References
  1. "Archived copy". Archived from the original on 2017-10-09. Retrieved 2017-10-22.CS1 maint: archived copy as title (link)
  2. "Press Kit". Stephanie Kelton. Retrieved 2020-09-04.
  3. Binder, Alex. "Stephanie Kelton Biography". StephanieKelton.com. Retrieved 2016-12-31.
  4. "Politico 50: Our guide to the thinkers, doers and visionaries transforming American politics in 2016". Politico. Retrieved 2016-12-29.
  5. William, Tom. "Stephanie Kelton, Economist, University of Missouri-Kansas City: The case for big spending". Politico. Retrieved 2016-12-29.
  6. Chávez, Aída (2019-11-03). "A Group of Progressive Women Just Launched a Working-Class Version of EMILY's List". The Intercept. Retrieved 2019-11-03.
  7. "Stephanie A. Kelton". CFEPS research. Center for Full Employment and Price Stability. Retrieved 2015-08-17.
  8. "Stephanie A. Kelton". Scholars. Levy Economics Institute. Archived from the original on 2013-12-28. Retrieved 2013-12-30. Stephanie A. Kelton at Levy Economics Institute scholars
  9. "About the Economists". New Economic Perspectives. Retrieved 2015-08-17.
  10. Personal communication with Kelton and William, Tom. "Stephanie Kelton, Economist, University of Missouri-Kansas City: The case for big spending". Politico. Retrieved 2016-12-29.
  11. ""Historian Paul Kelton Named Endowed Chair in American History" (Press release). Stony Brook University. May 25, 2017.
  12. "Deficit Myth – Modern Monetary Theory and the Birth of the People's Economy". University of Adelaide.
  13. "Department of Economics Faculty". University of Missouri-Kansas City.
  14. See "Selected works" section
  15. Smith, Devin (January 11, 2013). "Stephanie Kelton appeared on UP with Chris Hayes". New Economic Perspectives. Retrieved 2015-08-17.
  16. Ashbrook, Tom (December 4, 2012). "The Liberal Take On The Fiscal Cliff". On Point. WBUR. Retrieved 2015-08-17.
  17. "Opinion - How We Think About the Deficit Is Mostly Wrong". Nytimes.com. Retrieved 2 October 2018.
  18. Kelton, Stephanie (29 September 2017). "Op-Ed: Congress can give every American a pony (if it breeds enough ponies)". Los Angeles Times.
  19. 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 2020-07-10CS1 maint: multiple names: authors list (link)
  20. "Hardcover Nonfiction Books - Best Sellers - June 28, 2020 - The New York Times". The New York Times. ISSN 0362-4331. Retrieved 2020-07-10.
  21. Cochrane, John H. (2020-06-05). "'The Deficit Myth' Review: Years of Magical Thinking". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-10-26.
  22. Bisin, Alberto (2020). "Review: The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy" (PDF). Journal of Economic Literature.
  23. Issing, Otmar (2020-11-03). "The MMT Myth | by Otmar Issing". Project Syndicate. Retrieved 2020-11-04.
  24. "Hans G Despain – Marx & Philosophy Society". marxandphilosophy.org.uk. Retrieved 2020-10-29.
  25. "Book Review: The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy by Stephanie Kelton". LSE Review of Books. 2020-06-22. Retrieved 2020-10-29.
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