Tag Archives: MMT

This is Part 2 of my two-part commentary and analysis of the – Monetary policy decisions – by the ECB (September 12, 2019). In Part 1, I discussed the shifts in the deposit rate and the changes to the Targeted longer-term refinancing operations (TLTROs). In Part 2, I am focusing on the decision to introduce a two-tiered deposit rate on excess reserves, which is designed to reduce the costs of the penalty arising from the negative deposit rate regime that the ECB has had in place since June...

I will have little time to publish blog posts in the next two weeks. But as I travel around I have to sit in trains, planes and cars and that is when I tend to write when I am away from my desk(s). Today, I am in Maastricht – after travelling by train from Paris. I have two events – one on framing and language and the other on Reclaiming the State and Modern Monetary Theory (MMT) basics. Then I am heading to Berlin for a talk at PIMCO and on Friday I am presenting an MMT workshop at the...

The final Mario Draghi press conference had him underlining the importance of fiscal policy. Since I am supposed to be working on my slides for my presentation in the panel "MMT: Who is Listening?", one might argue that it looks like a lot of people. However, it is unclear how significant the shift in opinion is from a practical perspective.... Bond Economics The Pivot To Fiscal?Brian Romanchuk

MMT to the rescue. Sojourners No More Economic Malpractice: African-American Faith Leaders Take On The Establishment Delman Coates See also VOXA generation of economists helped get us into this mess. A new generation can get us out. Jared Bernstein | Senior Fellow at the Center on Budget and Policy Priorities and former Chief Economist and Economic Adviser to Vice President Joe Biden in the Obama Administration

Germany is proposing some more smokes and mirrors so that it can maintain its position as the exemplar of fiscal responsibility by obeying its ‘Debt brake’ yet inject significant deficit spending into its recessed economy, which is starved of public infrastructure spending. They are proposing to set up new institutions which will be funded by government-guaranteed debt and spend billions into the economy while ensuring these transactions do not show up on the official fiscal books of the...

It is my Wednesday blog post and my relative ‘blog day off’. But there has been an issue I want to write briefly about that has come up recently and has become a recurring theme. I am writing today to put the matter on the public record so that spurious claims that arise elsewhere have no traction. As our Modern Monetary Theory (MMT) work gains popularity, all manner of critics have started coming out of the woodwork. There is now, quite a diversity of these characters, reflecting both ends...

This is a link to a podcast, which I don't usually post. However, it appears at Project Syndicate, which is about as establishment as one can get.A several part interview of Randy Wray is also being linked to serially at Strategic Culture Foundation, which is about as non-Establishment as one can get.Winning!Project SyndicateShould Governments Just Print More Money? Stephanie Kelton, professor of economics and public policy at Stony Brook University, a leading expert on Modern Monetary...

Last week’s (August 2, 2019) release by the US Bureau of Labor Statistics (BLS) of their latest labour market data – Employment Situation Summary – August 2019 – reveals a labour market performance that is below the performance achieved in 2018 although there has been considerable month-to-month volatility. The US labour market is still adding jobs, albeit at a slower pace than last year. The Broad labour underutilisation ratio (U-6) remains high even though the official unemployment is...

Reporting about MMT that is actually accurate. Winning! Yahoo FinanceMMT Has a Big Hurdle to Overcome to Succeed in EuropeCarolynn Look, Bloomberg

At least one mainstream economist is engaging with MMT. Eric Tymoigne is his go-to guy on MMT. They have kindly let us in on their conversation.MacroManiaA conversation with A conversation with Eric Tymoigne on MMT vs SMTDavid Andolfatto on MMT vs SMTDavid Andolfatto | Vice President, Federal Reserve Bank of St. Louis