On price stability with a job guarantee

IF 1.7 4区经济学 Q2 ECONOMICS

Contemporary Economic Policy Pub Date : 2022-05-23 DOI:10.1111/coep.12573

Jackson Mejia, Brian C. Albrecht

引用次数: 0

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.

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在稳定物价的同时保证就业

现代货币理论(MMT)在宏观经济学的流行政策辩论中已经上升到突出地位。MMT经济学家主张建立就业保障计划，他们认为这将带来价格稳定。通过使用时间一致性的基准模型来补充就业保障，我们得出结论，一旦考虑到政策制定者的激励，就业保障对稳定价格没有任何帮助。我们将这一计划与另一项旨在维持物价稳定和充分就业(NGDP目标)的竞争性提议进行比较。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Contemporary Economic Policy Multiple-

CiteScore

3.10

自引率

6.70%

发文量

期刊介绍： Contemporary Economic Policy publishes scholarly economic research and analysis on issues of vital concern to business, government, and other decision makers. Leading western scholars, including three Nobel laureates, are among CEP"s authors. The objectives are to communicate results of high quality economic analysis to policymakers, focus high quality research and analysis on current policy issues of widespread concern, increase knowledge among economists of features of the economy key to understanding the impact of policy, and to advance methods of policy analysis.