At The Australian today comes Alan Kohler hosing MMT:
The trouble with modern monetary theory (MMT) is that, as with fiscal policy generally, it would be run by politicians, and we’ve only fairly recently managed to prise monetary policy away from them.
…monetary policy looks exhausted, at least in terms of stimulating real activity and employment, as opposed to asset prices…So it seems likely that in the next downturn, fiscal policy will come into its own again, because monetary policy either has nowhere to go, or is ineffective.
