Thread by @ptcherneva

Prob the most significant Fed testimony of the decade, almost entirely due to the thoughtful questioning by @AOC, @RashidaTlaib & @AyannaPressley on the futility of the NAIRU, the need to support the real economy in recessions, & importance of an equitable public payments system.

Esp moving to hear @AOC challenge the Phillips Curve as a policy guide for Fed policy. While this was happening I was teaching my #MMT course in Spain--a country whose "NAIRU" the EC estimated to be 25% just a few yrs ago & in the double digits today

https://twitter.com/rortybomb/status/1148990897838800898?s=19

The rejection of the natural rate of unemployment/Nairu cannot come soon enough. Millions/100s of millions of livelihoods in the US and globally depend on it. J. Powell's response seemed to agree w/ @AOC and contradict his earlier statement from Jan '19.

https://twitter.com/boes_/status/1081217000486117378?s=19

I find no compelling economic, political, moral arguments for using the unemployed to stabilize prices. Guaranteeing the right to decent work to all is long overdue. Fed's key responsibilities are regulatory/supervisory, not hitting the 'right' # of jobless people. #JobGuarantee