#MoneyTheory, #MMT, #ModernMonetaryTheory

At the very moment, the #Bourgeoisie does not have a valid working #EconomicTheory anymore 😂

-> IMF and many global capitalist institutes recognized, neoliberalism lead to false asumptions => doesn't work. (e.g. Austerity)
-> #PostKensianism is still dead as can be.
-> Old-School #Liberalism, means pay back state debts first. For Germany that means till 2050 till 2100 no spendings on anything but the crucial stuff. Definitely no green new deal till then. The old explanation of USSR collapse can not be easily explained anymore since 2008 financial crisis.
-> The try to fix this and to justify a #GreenNewDeal could work the modern monetary theory has been invented, which is in parts so weird, that even classical economists make fun of it.

https://en.m.wikipedia.org/wiki/Modern_Monetary_Theory

#EconomicTheory must account for #power.

Really happy to see this paper published: https://econtheory.org/ojs/index.php/te/article/view/20221619

Two reasons. First, a number of (IMHO) important recent papers are finally unlocking the potential of epistemic game theory to push the frontier beyond equilibrium in significant economic applications. This paper definitely belongs in this category.

Second, Luciano Pomatto was my student back in the day, and I had a lot of fun learning from him. Congrats! And someone please get him on 🐘

#econtwitter #EconomicTheory

Have any macro theory papers tried to tie Nominal GDP level targeting together with automatic stabilizers (on the fiscal policy side)? I’m trying to think through the complications that would arise for fiscal policy makers if we had a fixed monetary policy rule. Does this increase or reduce the risk of crowding out private investment? Is a completely automated process for both monetary policy and cyclical fiscal policy even feasible?

#EconomicTheory #businessCycle #NGDPLT #econTwitter