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46 publications found, searching for 'Michalis Nikiforos '
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Working Paper No. 1037January 10, 2024
Markups, Profit Shares, and Cost-Push-Profit-Led Inflation
AbstractThe post-pandemic surge in inflation was accompanied by a surge in the corporate share of profits. As a result, several economists and policy makers have given to it names such…more
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Working Paper No. 1028August 21, 2023
Contractionary Effects of Foreign Price Shocks (and Potentially Expansionary Effects of Inflation)
AbstractUsing the model proposed in Krugman and Taylor’s “Contractionary effects of devaluation” (1978), we examine the macroeconomic effects of shocks to foreign prices. We show that these shocks can be…more
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Strategic AnalysisJuly 20, 2023
Will the US Debt Ceiling Deal Derail the Pandemic Recovery?
AbstractIn this Strategic Analysis, Dimitri B. Papadimitriou, Michalis Nikiforos, Giuliano T. Yajima, and Gennaro Zezza discuss how the current state and structural features of the US economy might affect its…more
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Strategic AnalysisAugust 11, 2022
Avoiding a Recession
AbstractIn this report, Institute President Dimitri B. Papadimitriou, Research Scholar Michalis Nikiforos, and Senior Scholar Gennaro Zezza analyze how and why the US economy has achieved a swift recovery in…more
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Working Paper No. 1001February 02, 2022
Estimating a Time-Varying Distribution-Led Regime
AbstractThis paper estimates the distribution-led regime of the US economy for the period 1947–2019. We use a time varying parameter model, which allows for changes in the regime over time….more
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Working Paper No. 993September 03, 2021
The Sraffian Supermultiplier and Cycles
AbstractThis paper provides a theoretical and empirical reassessment of supermultiplier theory. First, we show that, as a result of the passive role it assigns to investment, the Sraffian supermultiplier (SSM)…more
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Strategic AnalysisJune 17, 2021
The Pandemic, the Stimulus, and the Future Prospects for the US Economy
AbstractIn this report, Institute President Dimitri B. Papadimitriou and Research Scholars Michalis Nikiforos and Gennaro Zezza analyze how the US economy was affected by the pandemic and its prospects for…more
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Working Paper No. 989June 17, 2021
The Endogeneity-to-Demand of the National Emergency Utilization Rate
AbstractThe paper provides an empirical discussion of the national emergency utilization rate (NEUR), which is based on a “national emergency” definition of potential output and is published by the US…more
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Public Policy Brief No. 151June 16, 2020
Crisis, Austerity, and Fiscal Expenditure in Greece
AbstractThis policy brief provides a discussion of the relationships between austerity, Greece’s macroeconomic performance, debt sustainability, and the provision of healthcare and other social services over the last decade. It…more
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Working Paper No. 953April 24, 2020
Notes on the Accumulation and Utilization of Capital
AbstractThe paper makes three contributions. First, following up on Nikiforos (2016), it provides an in-depth examination of the Federal Reserve measure of capacity utilization and shows that it is closer…more
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Working Paper No. 952April 24, 2020
Notes on the Accumulation and Utilization of Capital
AbstractThis paper discusses some issues related to the triangle between capital accumulation, distribution, and capacity utilization. First, it explains why utilization is a crucial variable for the various theories of…more
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Public Policy Brief No. 149April 14, 2020
Pandemic of Inequality
AbstractThe costs of the COVID-19 pandemic—in terms of both the health risks and economic burdens—will be borne disproportionately by the most vulnerable segments of US society. In this public policy…more
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Policy Note No. 1March 19, 2020
When Two Minskyan Processes Meet a Large Shock
AbstractThe spread of the new coronavirus (COVID-19) is a major shock for the US and global economies. Research Scholar Michalis Nikiforos explains that we cannot fully understand the economic implications…more
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One-Pager No. 61March 10, 2020
A Global Slowdown Will Test US Corporate Fragility
AbstractThe rapidly growing uncertainty about the potential global fallout from an emerging pandemic is occurring against a background in which there is evidence US corporate sector balance sheets are significantly…more
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Working Paper No. 945January 31, 2020
Demand, Distribution, Productivity, Structural Change, and (Secular?) Stagnation
AbstractThe present paper emphasizes the role of demand, income distribution, endogenous productivity reactions, and other structural changes in the slowdown of the growth rate of output and productivity that has…more
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Strategic AnalysisJanuary 23, 2020
Prospects and Challenges for the US Economy
AbstractThis Strategic Analysis examines the US economy’s prospects for 2020–23 and the risks that lie ahead. The baseline projection generated by the Levy Institute’s stock-flow consistent macroeconomic model shows that,…more
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Strategic AnalysisJanuary 17, 2020
Greece: In Search of Investors
Abstract2019 marked the third year of the continuing economic recovery in Greece, with real GDP and employment rising, albeit at modest rates. In this Strategic Analysis we note that the…more
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Working Paper No. 940November 21, 2019
On the “Utilization Controversy”
AbstractThe critique by Gahn and González (2019) of the conclusions in Nikiforos (2016) regarding what data should be used to evaluate whether capacity utilization is endogenous to demand is weak…more
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Research Project ReportSeptember 17, 2019
Macroeconomic and Microeconomic Impacts of Improving Physical and Social Infrastructure
AbstractFeminist economics has long emphasized the role of physical and social infrastructure as determinants of the time women spend on household production (the provision of unpaid domestic services and care)….more
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One-Pager No. 60July 26, 2019
Fighting Inequality Can Strengthen the US Economy
AbstractSenators Elizabeth Warren and Bernie Sanders, along with Representative Alexandria Ocasio-Cortez, recently proposed to increase the rate of taxation on very high incomes and net worth. One of the primary…more
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Strategic AnalysisApril 15, 2019
Can Redistribution Help Build a More Stable Economy?
AbstractAlthough the ongoing recovery is about to become the longest in the history of the United States, it is also the weakest in postwar history, and as we enter the…more
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Working Paper No. 924February 27, 2019
Induced Shifting Involvements and Cycles of Growth and Distribution
AbstractThe paper builds on the concept of (shifting) involvements, originally proposed by AlbertHirschman (2002 [1982]). However, unlike Hirschman, the concept is framed in class terms. A model is presented where…more
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Working Paper No. 907May 17, 2018
Some Comments on the Sraffian Supermultiplier Approach to Growth and Distribution
AbstractThe paper discusses the Sraffian supermultiplier (SSM) approach to growth and distribution. It makes five points. First, in the short run the role of autonomous expenditure can be appreciated within…more
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Strategic AnalysisApril 13, 2018
“America First,” Fiscal Policy, and Financial Stability
AbstractThe US economy has been expanding continuously for almost nine years, making the current recovery the second longest in postwar history. However, the current recovery is also the slowest recovery…more
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