IDEAS home Printed from https://ideas.repec.org/p/lev/wrkpap/wp_1060.html
   My bibliography  Save this paper

The Job Guarantee: MMT's Proposal for Full Employment and Price Stability

Author

Listed:
  • Pavlina R. Tcherneva

Abstract

Orthodox economic theory presents the policy maker with an impossible choice: eradicate unemployment at the cost of undesirable inflation or keep prices stable by maintaining some level of involuntary unemployment. This is the canon, as embodied in the natural rate of unemployment theory and the Non-Accelerating Inflation Rate of Unemployment (NAIRU). In the mainstream, there is no alternative. Heterodoxy has long criticized the NAIRU and the natural rate, but has not mounted a robust challenge for lack of a clearly articulated policy alternative that can target both goals: full employment and price stability. Modern Money Theory (MMT) has such a proposal--the federal Job Guarantee. Originally issued as EDI Working Paper No. 02, 2022.

Suggested Citation

  • Pavlina R. Tcherneva, 2024. "The Job Guarantee: MMT's Proposal for Full Employment and Price Stability," Economics Working Paper Archive wp_1060, Levy Economics Institute.
    • Handle: RePEc:lev:wrkpap:wp_1060
    as

    Download full text from publisher

    File URL: https://www.levyinstitute.org/wp-content/uploads/2024/11/wp_1060.pdf
    Download Restriction: no
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:lev:wrkpap:wp_1060. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Lindsey Carter (email available below). General contact details of provider: https://www.levyinstitute.org .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.