I am now using Friday’s blog space to provide draft versions of the Modern Monetary Theory textbook that I am writing with my colleague and friend Randy Wray. We expect to complete the text by the end of this year. Comments are always welcome. Remember this is a textbook aimed at undergraduate students and so the writing will be different from my usual blog free-for-all. Note also that the text I post is just the work I am doing by way of the first draft so the material posted will not represent the complete text. Further it will change once the two of us have edited it.Read it at Bill Mitchell — billy blog
This section continues the work on stylised facts that should be explained by any credible macroeconomic theory. In this part I deal with involuntary unemployment and its associated time series properties.
Mass unemployment is involuntary
by Bill Mitchell