Notes on the Meija Albrecht MMT Paper

While the paper is good, it does reflect some inconsistencies in the way MMT discusses stabilization

Jackson Meija and Brian Albrecht published a paper on MMT titled “On Price Stability with a Job Guarantee”. The latest revision is dated January 2022. Their conclusion is that a Job Guarantee is not an effective stabilization of the price level.

The glaring issue with the paper, is that it takes a neoclassical approach to analyzing the price level and inflation dynamics. So…