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Thursday, October 8, 2020

Meija/Albrecht MMT Paper Updated

Jackson Mejia and Brian C. Albrecht updated their paper on time consistency and the Job Guarantee. The updates took into account concerns raised by MMTers regarding the treatment of the Job Guarantee. Since I am in the middle of another project, I have not been able to read it yet. I just want to highlight its release. I referred to an earlier draft of this work in my manuscript, and so I should update to reflect this paper. (I expect that the complexity is beyond my target for my book, but I should make a stab at discussing it here.)

This paper is notable in being an attempt to model the Job Guarantee from a mainstream perspective. This is far more constructive response than some other nameless senior academics have provided.
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2 comments:

  1. AndréOctober 8, 2020 at 7:46 PM

    "This is far more constructive response than some other nameless senior academics have provided."

    Is it?

    It starts by assuming constant velocity of money. Then it assumes other even more absurd hypothesis.

    Seems just a waste of time for me, I don't know

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    1. Brian RomanchukOctober 8, 2020 at 9:18 PM

      Certain senior Ivy League professors just ranted about hyperinflation. This is an actual model, and they actually revised it in response to MMTer feedback. Huge progress.

      I’m not a huge fan of the “time inconsistency” model literature, but it is now standard. It’s better to be debating the models than just arguing past each other.

      Delete

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