Teaching, Writing and Talking About the Global Economy

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The Two-Headed Central Bankista Coin

August 9, 2013

By Stephanie Kelton Like all good Central Bankistas, Charles Evans (Chicago Fed) and Dennis Lockhart (Atlanta Fed) insist that if the Fed isn’t achieving its stated (employment and inflation) objectives, then it just isn’t doing monetary policy the right way. The flip side of the Central Bankista position is that whenever the macro data are… Read More ›

The Dual Mandate: Right Goals, Wrong Institution?

By Stephanie Kelton The statutory objectives for monetary policy known as the “dual mandate” were imposed by Congress as part of the the Federal Reserve by Act of 1913.  The mandate charges the Federal Reserve with responsibility for achieving two broad macroeconomic goals: “maximum employment and stable prices.” Much has been made (especially by those… Read More ›

Former Deputy Secretary of the U.S. Treasury Department Endorses Modern Monetary Theory (MMT)

Three months ago, Frank Newman sent me a book entitled Freedom From National Debt. I finally got around to reading it — all 89 pages. It’s a little book, packed with evidence that America is being held back by incorrect assumptions and misguided fears about the national debt and government finance in general. Here’s the… Read More ›