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Money, fiscal policy, and interest rates: A critique of Modern Monetary Theory

Palley, Thomas I. - 2013

This paper excavates the set of ideas known as modern monetary theory (MMT). The principal conclusion is that the macroeconomics of MMT is a restatement of elementary well-understood Keynesian macroeconomics. There is nothing new in MMT's construction of monetary macroeconomics that warrants the...

Persistent link: https://www.econbiz.de/10010460532

The critics of modern money theory (MMT) are right

Palley, Thomas I. - 2014

Eric Tymoigne and Randall Wray's (T&W, 2013) defense of MMT leaves the MMT emperor even more naked than before (excuse the Yogi Berra-ism). The criticism of MMT is not that it has produced nothing new. The criticism is that MMT is a mix of old and new, the old is correct and well understood,...

Persistent link: https://www.econbiz.de/10010460557

The fallacy of the natural rate of interest and zero lower bound economics

Palley, Thomas I. - 2018

stagnation. ZLB economics is an extension of pre-Keynesian economics which attributes macroeconomic dysfunction to rigidities and …

Persistent link: https://www.econbiz.de/10012154142

Zero lower bound (ZLB) economics: The fallacy of New Keynesian explanations of stagnation

Palley, Thomas I. - 2016

This paper explores zero lower bound (ZLB) economics. The ZLB is widely invoked to explain stagnation and it fits with …

Persistent link: https://www.econbiz.de/10011522244

Inequality and stagnation by policy design: Mainstream denialism and its dengerous political consequences

Palley, Thomas I. - 2019

stagnation that attribute those events to the policies recommended and justified by the profession. Such theories are … legitimize those theories. That resistance has contributed to blocking the politics and policies needed to address stagnation …

Persistent link: https://www.econbiz.de/10012154145

Capital Markets Union and Monetary Policy Performance: Comes Financial Market Variety at a Cost?

Kotz, Hans-Helmut; Semmler, Willi; Tahri, Ibrahim - In: Vierteljahrshefte zur Wirtschaftsforschung 86 (2017) 2, pp. 41-59

Europe's financial landscape has substantial institutional variety. This reflects different societal responses to (or preferences with regard to) trade-offs. For monetary policy, it implies a challenging environment, particularly in times of financial crises. Using anon-linear VAR-model we...

Persistent link: https://www.econbiz.de/10012054626

Konjunkturanalyse for Bornholm, 1987 til 1996. Kapitel 3: arbejdsmarkedet på Bornholm 1987 til 1996

Lund, Lars - 2001

Using the seminal work of Blanchard and Katz on regional development as a frame a small number of macro economic key figures are looked upon for Bornholm, the Capital Area and the country. The model used is presented and even though the analysed time period is short, a comparison is made with...

Persistent link: https://www.econbiz.de/10012142225

Human capital and income inequality in Africa: robust governance synergies and thresholds

Nunoo, Jacob; Taale, Francis; Ofori, Isaac K.; … - In: Cogent Economics & Finance 12 (2024) 1, pp. 1-19

It has been widely documented that good governance reduces income inequality when it creates a conducive environment for quality human capital development. This study investigates the unconditional effects of human capital on income inequality and explores whether institutional quality...

Persistent link: https://www.econbiz.de/10015425869

Europe´s crisis without end: The consequences of neoliberalism run amok

Palley, Thomas I. - 2013

the income and demand generation process via wage stagnation and widened income inequality. Stagnation was serially … prosperity. Postponing stagnation in this fashion has had costs because it worsened the ultimate stagnation by creating large … stagnation via export-led growth based on wage repression. That has created an internal balance of payments problem within the …

Persistent link: https://www.econbiz.de/10010460539

The effects of the saving and banking glut on the U.S. economy

Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2013

We use a quantitative equilibrium model with houses, collateralized debt and foreign borrowing to study the impact of global imbalances on the U.S. economy in the 2000s. Our results suggest that the dynamics of foreign capital flows account for between one fourth and one third of the increase in...

Persistent link: https://www.econbiz.de/10010352184