User contributions for JGS952
A user with 54 edits. Account created on 21 January 2016.
8 May 2024
- 15:1315:13, 8 May 2024 diff hist +31 Modern monetary theory Changed "Everyone" to "likely on a broad-base of the population". The word everyone literally means all people. That's inaccurate and not required to have a suppression effect on aggregate demand. Tag: Visual edit
26 April 2024
- 10:3410:34, 26 April 2024 diff hist +783 Modern monetary theory →Government bonds and interest rate maintenance: Open market operations are no longer the primary monetary policy tool of many central banks, including the Fed and BoE. They pay an Interest On Reserve Balances (IORB) or Bank Rate to anchor the inter-bank rate now instead. Tag: Visual edit
- 10:2510:25, 26 April 2024 diff hist +199 Modern monetary theory →Interaction between government and the banking sector: Debit and Credit was mixed up. I also adjusted language to make it read better. Tag: Visual edit
- 10:1910:19, 26 April 2024 diff hist +28 Modern monetary theory MMT is only controversial within parts of the mainstream. It's empirical validity as a description of monetary operations is not controversial at all within that literature. Tag: Visual edit
- 10:1810:18, 26 April 2024 diff hist +7 Modern monetary theory "Everyone" was too general and technically incorrect since it wouldn't need to be literally everyone for increased taxation to have a dampening effect on aggregate demand or to release required resources. Tags: Reverted Visual edit
- 10:1410:14, 26 April 2024 diff hist +13 Modern monetary theory Government debt is not "inherently" worrisome, but too much net spending leads to inflation and bad economic outcomes Tag: Visual edit
25 April 2024
- 14:5814:58, 25 April 2024 diff hist +245 Modern monetary theory Some of my previous changes were fine I believe. I've improved some language and clarity in some areas. Tags: Reverted Visual edit
24 April 2024
- 14:3414:34, 24 April 2024 diff hist +4,721 Modern monetary theory Added a fair bit of clarifying detail and language tweaks. Tags: Reverted Visual edit
- 08:1908:19, 24 April 2024 diff hist +141 m Government spending No edit summary Tag: Visual edit
22 April 2024
- 16:0916:09, 22 April 2024 diff hist +2,781 m Government debt Added improvements and clarifications on currency-issuing governments. Their "debt" is explicitly distinct in nature and consequence to the debt of currency using governments. Tags: Reverted Visual edit
- 15:1015:10, 22 April 2024 diff hist +1,803 m Government spending Added more clarifying detail to distinguish currency-issuing government spending from currency-user government spending. This article should be updated further to make this distinction clear. Tag: Visual edit
19 April 2024
- 11:3011:30, 19 April 2024 diff hist +512 Crowding out (economics) →Crowding out from government borrowing: Made various improvements to the descriptions and explanations, shifting the incorrect framing of nominal crowding out of available spendable credits to the possible crowding out of real capital formation and other real resources - within a full resource employment assumption. Tag: Visual edit
- 10:4610:46, 19 April 2024 diff hist +1,377 Government spending →Macroeconomic fiscal policy: The description of nominal crowding out was empirically wrong. Instead I've made clear that crowding out only refers to real resource shift from private to public use. I've also made clear that, all else equal and in the first instance, increased government deficits can only act to inject liquidity into the banking system and so would push down on the overnight rates. The Treasury and Central Bank only then intervene to drain this excess. Tag: Visual edit
- 09:3009:30, 19 April 2024 diff hist +99 m Government revenue Add important clarity. Sovereign government revenue is not required to undertake expenditure in its own currency, but it is required to release the resources that the government wishes to marshal for the public good. Tag: Visual edit