Arbeitspapier
Modern Monetary Theory: The post-Crisis economy misunderstood?
We set out Modern Monetary Theory (MMT) as a full DSGE model, and test it by indirect inference on post Financial Crisis US data, alongside a standard New Keynesian, NK, model. The MMT model is rejected, while the NK model has a high probability. We then evaluate replacing the Öscal and monetary policies within the NK model by MMT policies, and Önd that they imply a material loss of welfare.
- Sprache
-
Englisch
- Erschienen in
-
Series: Cardiff Economics Working Papers ; No. E2022/13
- Klassifikation
-
Wirtschaft
- Thema
-
Modern Monetary Theory
DSGE model
Öscal activism
Wald test
indirect inference
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Liu, Chunping
Minford, Patrick
Ou, Zhirong
- Ereignis
-
Veröffentlichung
- (wer)
-
Cardiff University, Cardiff Business School
- (wo)
-
Cardiff
- (wann)
-
2022
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Liu, Chunping
- Minford, Patrick
- Ou, Zhirong
- Cardiff University, Cardiff Business School
Entstanden
- 2022
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