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
The link leads to page not found
ReplyDeleteI tried clicking on the link, and it said "Whoops, the page you are looking for is either non-existent, or else extremely shy." I didn't know web sites had FEELINGS.!! Anyway, moving on.....
ReplyDeleteBrian is right to say that it is unclear how significant the shift is. Reason is that Draghi and others in high places are being FORCED to shift to fiscal because monetary is near out of options. Obvioiusly that's not the same as the MMT claim that we should aim for near permanent zero interest rates, a scenario where monetary being out of options is NORMAL. Perhaps Brian says that in his article.
The link works fo me. Not sure why not for some others.
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