MMT: Heuristics versus Paradigm Shift?

Related publications

• Policy Notes May 22, 2025

  Ratings Agencies Downgrade the Dollar’s Exorbitant Privilege

  L. Randall Wray
  Abstract

  They are at it again. Moody’s has finally joined the other two ratings agencies in downgrading US government debt. Standard & Poor’s downgrade was first in 2011[1], while Fitch waited until 2023. Now they unanimously give US budgeting a vote of no confidence.[2] They’re sending the message that America must get its fiscal house in […]

• Policy Notes May 20, 2025

  What Do We Save When We DOGE the Government?

  Mark Silverman, and Yeva Nersisyan
  Abstract

  The second Trump administration has seemingly added a new term to the English vocabulary – getting DOGE-ed. Almost every week we hear about another government agency getting the DOGE treatment, i.e., firing personnel, closing down offices, etc. The Department of Government Efficiency is supposedly making our government more efficient and hence saving the taxpayers some […]

• One-Pager No. 73 May 05, 2025

  The Incoming Recession: Are Imports the Real Culprit?

  Dimitri B. Papadimitriou, Giuliano Toshiro Yajima, and Gennaro Zezza
  Abstract

  The preliminary estimates for real GDP growth in the first quarter of 2025 show an annualized contraction rate of 0.28 percent, along with an extraordinary increase in imports of 41.3 percent. Most commentators rushed to indicate that the contraction was due to the rise in imports, as, for instance, with the recent Reuters headline stating […]

  Download One-Pager No. 73 PDF (285.37 KB)