I think this is the pattern going forward every time some "crisis" situation starts to loom. Things like Fed talk about tapering, flattening of the yield curve, fiscal responses (backed by central banks) every time growth starts to come under threat.
It all looks "MMT-ish" alright. Yes, as you described it: hold the interest rates at a sustainable level (define "sustainable" as you will) and use fiscal to move the IS curve to the left or right as desired.
Although someone did say last week that Biden is currently "not doing MMT". I can't remember why off the top of my head. It may have been that he wants to raise taxes on higher income earners. Perhaps MMT focuses on a rightward IS curve movement, whereas Biden's tax hikes would move it leftward. Anyway though, there looks to be some MMT-type ethos floating around in there somewhere.
The burning question for me is this: if it does pan out like this (and it looks to me like it will), how much inflation will we get? I would think that if you have a globalised, debt-laden, deflationary world economy being prodded along by the occasional hit of fiscal stimulus that inflation could be effectively "managed" by the governments. But at this point it's really only a guess (for me anyway). Very, very happy to hear predictions from all around the compass on this particular point.
