Governments around the world have responded to the economic and financial impacts of COVID-19 with massive fiscal and monetary support. Government debt and deficits have soared, interest rates in advanced economies have plunged to near-zero yields, and central bank balance sheets have surged to historic levels.
These dramatic fiscal and monetary policy changes have reinvigorated the longstanding debate regarding government deficits, public debt sustainability and the impacts of quantitative easing (QE). For proponents of Modern Monetary Theory (MMT), however, the pandemic has challenged conventional wisdom around the limits of public spending and debt accumulation, and the roles of fiscal and monetary policy in advanced economies with control over their own currencies.
Professor Stephanie Kelton is a leading authority on MMT. In this webinar, Dr. Kelton will provide an in-depth overview of MMT, including addressing the limitations on monetary policy and why fiscal policy is key from an MMT perspective. Dr. Kelton will explore why too much of the macroeconomic policy burden is on central banks and why fiscal policy is now the dominant policy lever. She will address traditional concerns over deficits and debts as well as the risk of future austerity. Dr. Kelton will also provide her views on US fiscal policy in 2021 and beyond, as well as some perspectives on Canada’s macroeconomic policy options.
Dr. Stephanie Kelton, American economist and Academic, Professor at Stony Brook University, and Senior Fellow at the Schwartz Center for Economic Policy Analysis at the New School for Social Research
Stephanie Kelton, is a leading authority on “Modern Monetary Theory”, and is one of the most important economists influencing the policy debate today. Her book, The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy, has challenged conventional economic approaches to monetary policy and the role of taxes, debt and deficits in fiscal policy.
Stephanie is Professor of Economics and Public Policy at Stony Brook University, and was previously Chair of the Department and Professor of Economics at the University of Missouri-Kansas City.
Stephanie served as chief economist on the U.S. Senate Budget Committee (Democratic staff) in 2015 and was a senior economic adviser to Bernie Sanders’ 2016 presidential campaign. Her macroeconomic policy impact is reflected in numerous areas, including Politico naming her one of the 50 people most influencing the public debate in America in 2016.
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