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- Publisher
- Wiley
- Copyright
- © 2022 Western Economic Association International.
- ISSN
- 1074-3529
- eISSN
- 1465-7287
- DOI
- 10.1111/coep.12573
- Publisher site
- See Article on Publisher Site
Abstract
Modern Money Theory (MMT) has risen to prominence in popular policy debates within macroeconomics. MMT economists argue for creating a job guarantee program, which they argue would generate price stability. Using a benchmark model of time consistency supplemented with a job guarantee, we conclude that once policymakers' incentives are considered, the job guarantee does nothing to help stabilize prices. We compare this program to a competing proposal to maintain price stability and full employment, NGDP targeting.
Journal
Contemporary Economic Policy – Wiley
Published: Oct 1, 2022
Keywords: discretionary policy; job guarantee; MMT; time inconsistency