Is it a new way of thinking about the economy or an old way, that was problematic in the past, dressed up to appear novel?
Read MoreWhere Does Modern Monetary Theory Fit Into Macroeconomics?
Keynesianism
A Big Change in Monetary Policy?
The Government’s new arrangements with the Reserve Bank represent an explicit acknowledgement of a major shift in theoretical underpinnings; whether it makes much change to the Bank’s operations is another matter.
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