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Vertical/Horizontal vs Exogenous/Endogenous

Posted on 14 November 2011 by peterc

In Modern Monetary Theory (MMT), a distinction is made between ‘vertical’ and ‘horizontal’ transactions. The former refer to transactions between government and non-government; the latter to transactions within non-government. I thought it might be helpful to clarify the significance of … Continue reading →

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Posted in Economics

Macro Dynamics with a Job Guarantee – Part 2: Keynesian Cross Diagram

Posted on 30 August 2019 by peterc

As a preliminary exercise, it may be instructive to modify the familiar Keynesian cross diagram to include the effects of a job guarantee within a simple short-run framework. The diagram includes two key schedules. The first is a 45-degree line … Continue reading →

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Posted in Job & Income Guarantee

MMT is Politically Open and Applicable to Both Capitalism and Socialism

Posted on 10 February 2019 by peterc

Modern Monetary Theory (MMT) offers an understanding of sovereign (and non-sovereign) currencies that is applicable to a wide range of economic systems, including capitalist and socialist ones. Irrespective of the personal political preferences of its proponents, the theoretical framework in … Continue reading →

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Posted in Economics

Quantity Dynamics with a Job Guarantee

Posted on 17 November 2018 by peterc

A job guarantee would be a standing offer of a publicly funded job, with spending on the program adjusting automatically and countercyclically in response to take-up of positions. The likely feedback between spending on the program and activity in general … Continue reading →

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Posted in Job & Income Guarantee

Disequilibrium Dynamics of Output and Demand

Posted on 30 January 2018 by peterc

Theoretical studies of output and growth often focus on the behavior of equilibrium output. The usefulness of this approach depends on there being a tendency for actual output to converge on equilibrium output. With such a tendency present, studying the … Continue reading →

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Posted in Economics

Short & Simple 20 – Graphing the Income-Expenditure Model

Posted on 5 September 2017 by peterc

It is easy to represent the ‘income-expenditure model’ in a graph. Some people find this helpful as a visual aid to understanding; others, not so much. For those who find graphs confusing, this post can safely be ignored. In terms … Continue reading →

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Posted in Short & Simple

Demand-Led Growth – Government Spending and the Investment Share

Posted on 9 February 2017 by peterc

In the long run, a higher rate of economic growth implies a higher share of investment in income. This will necessarily correspond to a lower combined share of other forms of spending. Knowledge of this point sometimes leads to unfortunate … Continue reading →

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Posted in Economics

Exercising Currency Sovereignty Under Self-Imposed Constraints

Posted on 10 December 2014 by peterc

A currency-issuing government is not revenue constrained. It is always able to purchase whatever is available for sale in its own currency. This simple reality is partially concealed by a variety of contrived hoops through which modern day governments require … Continue reading →

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Posted in Economics

Introduction to the Sectoral Financial Balances Model

Posted on 20 January 2014 by peterc

A recent post introduced the income-expenditure model, a staple of introductory courses in macroeconomics. In this post, a closely related model of the sectoral financial balances is considered at a similarly introductory level. The ‘sectoral financial balances model’, or ‘SFB … Continue reading →

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Posted in Economics

Graphical Representation of the Income-Expenditure Model

Posted on 4 December 2013 by peterc

This is a follow-up to a recent post on the income-expenditure (IE) model and is at a similar introductory level. Some knowledge from the previous post is assumed, so for those unfamiliar with the model, it would be best to … Continue reading →

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Posted in Economics

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