by Summary:
This is an old debate begun by the opposition between Warren Mosler and Wynne Godley. The former dismissed the crucial importance of the international position/balance of payment that Wynne Godley held.Turkey is addressing its trade balance by increasing military exports while sticking with low rates on the assumption that raising the interest rate is a price increase that is passed through the economy. This can still be correct even if the international position/BoP is also a significant factor. So the question comes down to how significant it is relative to monetary and fiscal policy.The Case for Concerted ActionNeochartalists (“MMTers”) On TurkeyV. Ramanan
Topics:
Mike Norman considers the following as important:
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This is an old debate begun by the opposition between Warren Mosler and Wynne Godley. The former dismissed the crucial importance of the international position/balance of payment that Wynne Godley held.This is an old debate begun by the opposition between Warren Mosler and Wynne Godley. The former dismissed the crucial importance of the international position/balance of payment that Wynne Godley held.Turkey is addressing its trade balance by increasing military exports while sticking with low rates on the assumption that raising the interest rate is a price increase that is passed through the economy. This can still be correct even if the international position/BoP is also a significant factor. So the question comes down to how significant it is relative to monetary and fiscal policy.The Case for Concerted ActionNeochartalists (“MMTers”) On TurkeyV. Ramanan
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
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Turkey is addressing its trade balance by increasing military exports while sticking with low rates on the assumption that raising the interest rate is a price increase that is passed through the economy. This can still be correct even if the international position/BoP is also a significant factor. So the question comes down to how significant it is relative to monetary and fiscal policy.
The Case for Concerted Action
Neochartalists (“MMTers”) On Turkey
V. Ramanan