MMT and the challenge of fiscal monetary co-ordination

Sayuri Shirai contrasts modern monetary theory with regimes of monetary or fiscal dominance

Federal Reserve

Views on the monetary policy framework and effectiveness of monetary policy have changed in recent years. The current monetary policy framework was established in the 1990s, when inflation targeting was adopted with the intention of curbing high inflation. Inflation targeting has become popular and successfully contained inflation across the globe. Recently, some flexibility was added, with central banks aiming to achieve the inflation target in the medium to long term by taking into account

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