A working paper published by the Richmond Fed has rejected key features of “modern monetary theory”,

Michael Krause, Thomas Lubik and Karl Rhodes argue that MMT “provides only an untested set of statements about the consequences of monetary policy”. Their paper, MMT and government finance: you can’t always get what you want, says the theory’s advocates believe that “government can print money indefinitely and without constraints”.  This is because the state is “the monopoly issuer of currency”