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.
- Language
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Englisch
- Bibliographic citation
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Series: Cardiff Economics Working Papers ; No. E2022/13
- Classification
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Wirtschaft
- Subject
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Modern Monetary Theory
DSGE model
Öscal activism
Wald test
indirect inference
- Event
-
Geistige Schöpfung
- (who)
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Liu, Chunping
Minford, Patrick
Ou, Zhirong
- Event
-
Veröffentlichung
- (who)
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Cardiff University, Cardiff Business School
- (where)
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Cardiff
- (when)
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2022
- Handle
- Last update
-
10.03.2025, 11:43 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
- Liu, Chunping
- Minford, Patrick
- Ou, Zhirong
- Cardiff University, Cardiff Business School
Time of origin
- 2022
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