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Reply to an MMT critique of my column on pro-cyclical policy

Aug. 30, 2018 — I received an invitation from Paul Fagan to respond to a critique by Bill Mitchell of my column at Project Syndicate and the Guardian, “US will lack fiscal space to respond when next recession comes”. (My subsequent blogpost, “The next recession could be a bad one” is a slightly extended version.) I am happy to respond to the critique.

This entry was posted in budget, fiscal stimulus, recession and tagged Modern Monetary Theory on August 30, 2018 by jfrankel.

The Next Recession Could Be a Bad One

August 30, 2018 — US economic statistics are currently good. But the next recession could be bad.

This entry was posted in financial regulation, fiscal stimulus, monetary policy, recession and tagged pro-cyclical on August 30, 2018 by jfrankel.

Rising US Real Interest Rates Imply Falling Commodity Prices

August 25, 2018 — Real interest rates tend to have a negative effect on real prices of commodities: oil and gas, minerals, and agricultural commodities. One might hazard the prediction that US real interest rates are headed up, and therefore, other things equal, real commodity prices will decline.