Dear AFEE folks,
MMT continues to attract a lot of attention.
From The Economist, October 10, 2019:
On the left, wacky schools of thought like “modern monetary theory” (mmt), which says, roughly, that as long as inflation remains contained the government can borrow as much as it likes and that fiscal policy should manage the economic cycle, have influenced some people such as Ms Ocasio-Cortez.
The recent issue of the Real World Economic Review devoted to MMT is also interesting, with articles by Randy Wray, Anne Mayhew, and many other prominent heterodox economists:
I am still digesting all of the different perspectives in this
issue, and I would be interested to hear how other institutionalists view this debate.
Presidential Professor and Co-Chair of Economics at Bucknell University