Full Interview, Econ Focus, John Cochrane – Federal Reserve Bank of Richmond

University of Chicago going MMT?

If you know him, point out that the micro foundation is the currency itself is a public monopoly, and all the implications thereof, particularly the idea that monopolists are inherently ‘price setters’ rather than ‘price takers’, and that unemployment as defined is necessarily the evidence that Federal spending isn’t sufficient to cover the need to pay taxes and desires to net save, etc. etc.

And direct him to my book and website, thanks!

Econ Focus