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With governments searching for ways to manage the unprecedented economic fallout of the COVID-19 pandemic, the policy agenda implied by Modern Monetary Theory has become all the more appealing. Yet, insofar as MMT ignores the demand for money, it is a risky guide for policymakers. Inflation down the road. "They" need a new meme. The threat now is deflation.Project SyndicateThe Problem With MMTWillem H. Buiter, a former chief economist at Citigroup, is a visiting professor at Columbia University.
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With governments searching for ways to manage the unprecedented economic fallout of the COVID-19 pandemic, the policy agenda implied by Modern Monetary Theory has become all the more appealing. Yet, insofar as MMT ignores the demand for money, it is a risky guide for policymakers. Inflation down the road. "They" need a new meme. The threat now is deflation.Project SyndicateThe Problem With MMTWillem H. Buiter, a former chief economist at Citigroup, is a visiting professor at Columbia University.
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Mike Norman considers the following as important:
This could be interesting, too:
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With governments searching for ways to manage the unprecedented economic fallout of the COVID-19 pandemic, the policy agenda implied by Modern Monetary Theory has become all the more appealing. Yet, insofar as MMT ignores the demand for money, it is a risky guide for policymakers.Inflation down the road.
"They" need a new meme. The threat now is deflation.
Project Syndicate
The Problem With MMT
Willem H. Buiter, a former chief economist at Citigroup, is a visiting professor at Columbia University.