Is MMT a Quantity Theory of Money (QTM)?
In a very particular sense, yes MMT is a quantity theory of money. Said a little more precisely MMT is a quantity-theoretic model of changes in the price level.
The differences are:
(1) net financial assets of the non-government sector, rather than traditional monetary aggregates, are the MMTists preferred measure of “money,” and
(2) desired leveraging of the non-government sector is akin to what one might call “velocity.”
In MMT, the two of those together (net financial assets of the non-government sector relative to leveraging of existing income) set aggregate demand and ultimately changes in the price level, at least the changes that are demand-driven.
Further Reading
Scott Sumner Agrees that MMT Policy Proposals are not Inflationary
What is Inflation?
Is Government Debt like My Debt?
In a very particular sense, yes MMT is a quantity theory of money. Said a little more precisely MMT is a quantity-theoretic model of changes in the price level.
The differences are:
(1) net financial assets of the non-government sector, rather than traditional monetary aggregates, are the MMTists preferred measure of “money,” and
(2) desired leveraging of the non-government sector is akin to what one might call “velocity.”
In MMT, the two of those together (net financial assets of the non-government sector relative to leveraging of existing income) set aggregate demand and ultimately changes in the price level, at least the changes that are demand-driven.
Further Reading
Scott Sumner Agrees that MMT Policy Proposals are not Inflationary
What is Inflation?
Is Government Debt like My Debt?