by Summary:
SWL is still caught in the monetarist fallacy. MMT has two arguments against the golden rule, which I will call reasonable and unreasonable. The unreasonable argument is that interest rate increases do not reduce aggregate demand and inflation, and therefore fiscal policy has to play the macro stabilisation role at all times. It is an unreasonable claim because it contradicts the large amount of evidence that higher interest rates do reduce aggregate demand and inflation, evidence that you will find in the academic economic literature.Those who watch Mike Norman's YouTube channel, which is MMT-based financial analysis, will find evidence presented that contradicts this.Mainly MacroChallenges to the strong golden rule: MMT and bond market paranoiaSimon Wren-Lewis | Emeritus Professor of
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Mike Norman considers the following as important:
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SWL is still caught in the monetarist fallacy. SWL is still caught in the monetarist fallacy. MMT has two arguments against the golden rule, which I will call reasonable and unreasonable. The unreasonable argument is that interest rate increases do not reduce aggregate demand and inflation, and therefore fiscal policy has to play the macro stabilisation role at all times. It is an unreasonable claim because it contradicts the large amount of evidence that higher interest rates do reduce aggregate demand and inflation, evidence that you will find in the academic economic literature.Those who watch Mike Norman's YouTube channel, which is MMT-based financial analysis, will find evidence presented that contradicts this.Mainly MacroChallenges to the strong golden rule: MMT and bond market paranoiaSimon Wren-Lewis | Emeritus Professor of
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
Jodi Beggs writes Economists Do It With Models 1970-01-01 00:00:00
John Quiggin writes Monday Message Board
Mike Norman writes 24 per cent annual interest on time deposits: St Petersburg Travel Notes, installment three — Gilbert Doctorow
Lars Pålsson Syll writes Daniel Waldenströms rappakalja om ojämlikheten
MMT has two arguments against the golden rule, which I will call reasonable and unreasonable. The unreasonable argument is that interest rate increases do not reduce aggregate demand and inflation, and therefore fiscal policy has to play the macro stabilisation role at all times. It is an unreasonable claim because it contradicts the large amount of evidence that higher interest rates do reduce aggregate demand and inflation, evidence that you will find in the academic economic literature.
Those who watch Mike Norman's YouTube channel, which is MMT-based financial analysis, will find evidence presented that contradicts this.
Mainly Macro
Challenges to the strong golden rule: MMT and bond market paranoia
Simon Wren-Lewis | Emeritus Professor of Economics, Oxford University
Challenges to the strong golden rule: MMT and bond market paranoia
Simon Wren-Lewis | Emeritus Professor of Economics, Oxford University