Blog

First Annual Conference of Modern Monetary Theory underway

This Kansas City conference began last night and runs through Sunday. For those of us who cannot attend, the conference panels can be viewed online! The page for live steaming video seems to be working. Our readers will recall that MMT comes up often in this space.

22 Sep 2017
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A thoughtful blog

Just a short post to mention and recommend the reddytoread blog of Sanjay G. Reddy of the New School for Social Research. I have added it as an item under “Assorted Links.” Among subjects tackled in recent posts are debates about possible justifications for economic inequality and the BRICs economies (Brazil, Russia, India, and China).

20 Sep 2017
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New webpage: A fiscal policy model

As some readers may have noticed over the weekend, this website has launched a new page devoted to the fiscal policy model that I have been working on with colleague Tai Young-Taft. We envision the page as developing into a central place where readers can find 1) links to our papers and other resources available

18 Sep 2017
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Does a rock music trend show the way for economics?

A big spread in last Sunday’s New York Times reports, to quote its headline, that “Rock’s Not Dead; It’s Ruled by Women”–or, more precisely “an emerging wave of female and non-binary performers working below the mainstream.” The article names 15 “standout” acts in this new wave in rock and roll. I put as many as I

11 Sep 2017
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Finally making some sense of MMT, exchange rates, and the international economy

One relatively late-to-develop aspect of Modern Monetary Theory (MMT) has been the theory of the exchange rate in the economy envisioned by MMT proponents. As I have said before, the key points advocated by MMT are: 1) functional finance (fiscal policy in service of macroeconomic stabilization goals, not vice-versa); 2) chartalism; and 3) government employer-of-last-resort

09 Sep 2017
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Key economic policy issues brew in Washington

As Congress returns from its vacation, the U.S. president is trying to get his legislative agenda off the ground, having been distracted with an attempt to repeal Obama’s health care law and a controversy related to the dismissal of an FBI director, among other matters. This April article from Derek Thompson of The Atlantic summarizes

07 Sep 2017
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The economy moving through time

If you are into critiques of mainstream macro involving its cavalier treatment of the role of time, you might try this interesting blast from the Washington Center for Economic Growth, a Keynesian-leaning think tank. Here is the paper’s abstract from the organization’s website. Expansionary macroeconomic policy is ineffective because, according to the policy ineffectiveness hypothesis

05 Sep 2017
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Interdisciplinary signs of hope emerge during summer

Today, continuing in an academic vein, I provide links that may be useful for a range of economics students and other noneconomists. My synopses may be useful to still others, who may be seeking some alternative way of understanding the economy and economics. History’s importance: This summer, Phil Mirowski became Distinguished Fellow of the History

04 Sep 2017
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QE not key in explaining worrisome market signs

Following up on my last post, a Financial Times chart of the day highlights an inability of QE (quantitative easing) and other central bank activity to explain signs of danger on the bond markets. US tightening is proceeding very slowly and will result in no net tapering of QE at the world level. The markets

17 Jul 2017
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“Tantrum 2” uncovering worrisome securities overvaluation?

As US political observers watch the momentous attack on Obama’s Affordable Health Care Act unfold, the world’s financial markets continue to fret over a possible bond bust. Is financial instability about to become important again in the industrialized world? There are a number of things going on here, all of them reported in various financial news

15 Jul 2017
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