Professor Simon Wren-Lewis wrote "Some thoughts about the Job Guarantee," in which he makes an attempt to analyse a Job Guarantee using the NAIRU concept. The analysis suffers from the well-known defects of NAIRU.
In the article, he argues that a Job Guarantee implementation would cause a one-time upward shock to wages. He argues that this is not "acknowledged" by MMT authors, even though it appears this effect is common knowledge to anyone who has read the MMT literature. As a result, that is a curious argument. However, he then flips to an analysis where the Job Guarantee has no effect on inflation....Bond Economics
On Using NAIRU To Analyse A Job Guarantee
Brian Romanchuk
