Brian Romanchuk — Misunderestimating MMT

Brian responds to Gerard MacDonell's "The trouble with MMT" (Modern Monetary Theory).

As usual, the criticism doesn't seem to take into account the body of MMT literature and the historical debate within Post Keynesianism surrounding the issues. Moreover, it assumes away recognized issues in conventional theory. Brian deals with this deftly.

Bond Economics
Misunderestimating MMT
Brian Romanchuk

Brian Romanchuk — ZLB, R.I.P.

Even if one is not a fan of President-elect Trump, one must be impressed how he managed to shift expectations to end secular stagnation. With the Zero Lower Bound (ZLB) now dead as a door-nail, it is going to be difficult for mainstream economists to make it look like Dynamic Stochastic General Equilibrium (DSGE) models have something useful to tell us about the real world.

This article first discusses some of the academic theoretical issues around the ZLB, and then jumps to the latest economic squabbling based on Paul Krugman's recent comments.

Bond Economics
ZLB, R.I.P.
Brian Romanchuk