Arbeitspapier
The trade-off between inflation and unemployment in an MMT world: An open economy perspective
This paper is focused on Modern Monetary Theory's (MMT) treatment of inflation from an open economy perspective. It analyzes how the inflation process is explained within the MMT framework and provides empirical evidence in support of this vision. However, it also makes use of a stock-flow consistent (open economy) model to underline some limits of the theory when it is applied in the context of a non-US (relatively) open economy with a flexible exchange rate regime. The model challenges the contention made by MMTers that measures such as the job guarantee program can achieve full employment without facing an inflation-unemployment trade-off.
- Language
-
Englisch
- Bibliographic citation
-
Series: Working Paper ; No. 973
- Classification
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Wirtschaft
Money Supply; Credit; Money Multipliers
General Aggregative Models: Keynes; Keynesian; Post-Keynesian
Open Economy Macroeconomics
- Subject
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Central Banking
Post-Keynesian
Open Economy Model
Modern Money Theory
- Event
-
Geistige Schöpfung
- (who)
-
Carnevali, Emilio
Deleidi, Matteo
- Event
-
Veröffentlichung
- (who)
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Levy Economics Institute of Bard College
- (where)
-
Annandale-on-Hudson, NY
- (when)
-
2020
- Handle
- Last update
-
10.03.2025, 11:41 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Carnevali, Emilio
- Deleidi, Matteo
- Levy Economics Institute of Bard College
Time of origin
- 2020
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