Publications

26 publications found, searching for 'Yeva Nersisyan '

• Policy Note No. 2025/7
  September 19, 2025

  No, the Fed Is NOT Independent—It Is a Creature of Congress

  Yeva Nersisyan and L. Randall Wray
  Abstract

  In response to President Trump’s attack on the Federal Reserve, the natural critics of misguided monetary policy find themselves defending the Fed and the notion that the Fed is—and must…more

  Download Policy Note No. 2025/7 PDF (186.35 KB)
• Policy Note No. 2025/3
  May 20, 2025

  What Do We Save When We DOGE the Government?

  Mark Silverman and Yeva Nersisyan
  Abstract

  The second Trump administration has seemingly added a new term to the English vocabulary – getting DOGE-ed. Almost every week we hear about another government agency getting the DOGE treatment,…more

  Download Policy Note No. 2025/3 PDF (426.94 KB)
• Working Paper No. 1065
  December 06, 2024

  Resource Constraints and Economic Policy

  Yeva Nersisyan
  Abstract

  Originally issued as EDI Working Paper No. 09, 2023 This paper explains the MMT approach for evaluating the affordability of spending programs, contrasting it with the mainstream approach. Using the…more

  Download Working Paper No. 1065 PDF (416.51 KB)
• Policy Note No. 2024/1
  October 11, 2024

  The Boy Who Cried Wolf About Government Debt

  Yeva Nersisyan and L. Randall Wray
  Abstract

  In a New York Times editorial, David Leonhardt recounts Aesop’s apocryphal story about the boy and the wolf, warning that while deficit hawks have so far been wrong, the growing government debt will eventually bite. He reports the economic plans of both presidential candidates would add to the debt that will soon exceed GDP and grow to 130 percent of annual output under a President Harris, or 140 percent with a Trump presidency.

  The story of the boy and the wolf was a fable, although it was within the realm of possibility. The fable of the debt wolf is not. While there are real world wolves—Leonhardt mentions climate catastrophe and autocratic leaders, and the authors would add rising inequality and the concentration of economic and political power in the hands of billionaires—authors Yeva Nersisyan and L. Randall Wray assert, federal debt is not one of them.

  Download Policy Note 2024/1 PDF (368.08 KB)
• Working Paper No. 1018
  April 21, 2023

  The Unbearable Weight of Aging

  L. Randall Wray, Yeva Nersisyan, and Xinhua Liu
  Abstract

  The aging of the global population is in the headlines following a report that China’s population fell as deaths surpassed births. Pundits worry that a declining Chinese workforce means trouble…more

  Download Working Paper No. 1018 PDF (665.40 KB)
• Public Policy Brief No. 157
  April 12, 2022

  Is It Time for Rate Hikes?

  L. Randall Wray and Yeva Nersisyan
  Abstract

  Roughly two years into the economic recovery from the COVID-19 crisis, the topic of elevated inflation dominates the economic policy discourse in the United States. And the aggressive use of…more

  Download Public Policy Brief No. 157 PDF (638.88 KB)
• Working Paper No. 1003
  March 04, 2022

  What’s Causing Accelerating Inflation

  L. Randall Wray and Yeva Nersisyan
  Abstract

  This paper examines the recent increase of the measured inflation rate to assess the degree to which the acceleration is due to problems created (largely on the supply side) by…more

  Download Working Paper No. 1003 PDF (803.24 KB)
• One-Pager No. 69
  February 21, 2022

  Time to Celebrate Modern Money Theory?

  L. Randall Wray and Yeva Nersisyan
  Abstract

  A recent article in the New York Times asks whether Modern Money Theory (MMT) can declare victory after its policies were (supposedly) implemented during the response to the COVID-19 pandemic….more

  Download One-Pager No. 69 PDF (140.61 KB)
• Public Policy Brief No. 155
  June 30, 2021

  Can Biden Build Back Better?

  L. Randall Wray and Yeva Nersisyan
  Abstract

  President Biden’s proposals for investing in social and physical infrastructure signal a return to a budget-neutral policymaking framework that has largely been set aside since the outbreak of the COVID-19…more

  Download Public Policy Brief No. 155 PDF (984.38 KB)
• One-Pager No. 65
  February 17, 2021

  COVID Relief and the Inflation Warriors

  L. Randall Wray and Yeva Nersisyan
  Abstract

  With the unveiling of President Biden’s nearly $2 trillion proposal for addressing the COVID-19 crisis, Democrats appear keen to avoid repeating the mistakes of the Great Recession—most notably the inadequate…more

  Download One-Pager No. 65 PDF (129.56 KB)
• Working Paper No. 985
  February 08, 2021

  Has Japan Been Following Modern Money Theory Without Recognizing It?

  L. Randall Wray and Yeva Nersisyan
  Abstract

  Modern Money Theory (MMT) economists have used Japan as an example of a country that demonstrates that high deficits and debt do not lead to insolvency, high interest rates, or…more

  Download Working Paper No. 985 PDF (289.71 KB)
• One-Pager No. 63
  April 10, 2020

  Are We All MMTers Now? Not so Fast

  L. Randall Wray and Yeva Nersisyan
  Abstract

  As governments around the world explore ambitious approaches to fiscal and monetary policy in their responses to the COVID-19 crisis, Modern Money Theory (MMT) has been thrust into the spotlight…more

  Download One-Pager No. 63 PDF (123.04 KB)
• One-Pager No. 62
  March 13, 2020

  The Economic Response to the Coronavirus Pandemic

  L. Randall Wray and Yeva Nersisyan
  Abstract

  As the coronavirus (COVID-19) spreads across the United States, it has become clear that, in addition to the public health response (which has been far less than adequate), an economic…more

  Download One-Pager No. 62 PDF (130.06 KB)
• Public Policy Brief No. 148
  January 31, 2020

  Can We Afford the Green New Deal?

  L. Randall Wray and Yeva Nersisyan
  Abstract

  In this policy brief, Yeva Nersisyan and Senior Scholar L. Randall Wray argue that assessing the “affordability” of the Green New Deal is a question of whether there are suitable…more

  Download Public Policy Brief No. 148, 2020 PDF (234.15 KB)
• Testimony
  November 20, 2019

  Statement of Senior Scholar L. Randall Wray to the House Budget Committee, US House of Representatives

  L. Randall Wray and Yeva Nersisyan
  Abstract

  On November 20, 2019, Senior Scholar L. Randall Wray testified before the House Committee on the Budget on the topic of reexamining the economic costs of debt: "In recent months…more

  Download Testimony, November 20, 2019 PDF (1.15 MB)
• Working Paper No. 931
  May 30, 2019

  How to Pay for the Green New Deal

  L. Randall Wray and Yeva Nersisyan
  Abstract

  This paper follows the methodology developed by J. M. Keynes in his How to Pay for the War pamphlet to estimate the “costs” of the Green New Deal (GND) in…more

  Download Working Paper No. 931 PDF (764.21 KB)
• Working Paper No. 829
  January 22, 2015

  Η κατάργηση του νόμου Glass-Steagall και η έκτακτη παρέμβαση του Ομοσπονδιακού Αποθεματικού κατά τη διάρκεια της παγκόσμιας χρηματοοικονομικής κρίσης

  Yeva Nersisyan
  Abstract

  Πριν από την παγκόσμια χρηματοπιστωτική κρίση επικρατούσε η αντίληψη ότι η στήριξη του δανειστή έσχατης καταφυγής περιοριζόταν στις εμπορικές τράπεζες. Ωστόσο, κατά τη διάρκεια της κρίσης, η Ομοσπονδιακή Τράπεζα των…more

  Download Επιστημονική εργασία υπό εξέλιξη (Working Paper) No. 829 PDF (456.61 KB)
• Working Paper No. 829
  January 22, 2015

  The Repeal of the Glass-Steagall Act and the Federal Reserve’s Extraordinary Intervention during the Global Financial Crisis

  Yeva Nersisyan
  Abstract

  Before the global financial crisis, the assistance of a lender of last resort was traditionally thought to be limited to commercial banks. During the crisis, however, the Federal Reserve created…more

  Download Working Paper No. 829 PDF (508.20 KB)
• One-Pager No. 4
  November 10, 2010

  Είναι καταδικασμένη η ευρωζώνη;

  Dimitri B. Papadimitriou, L. Randall Wray, and Yeva Nersisyan
  Abstract

  Το ενός τρισεκατομυρρίων δολαρίων πακέτο διάσωσης που προώθησαν οι ευρωπαίοι ηγέτες τον Μαη του 2010 και που στοχεύει στην αντιμετώπιση της αυξανόμενης κρίση χρέους της ηπείρου, θα μπορούσε κάλλιστα να…more

  Download Μονοσέλιδο Νο. 4 PDF (388.76 KB)
• One-Pager No. 4
  November 10, 2010

  Is the Eurozone Doomed?

  Dimitri B. Papadimitriou, L. Randall Wray, and Yeva Nersisyan
  Abstract

  The trillion-dollar rescue package European leaders aimed at the continent’s growing debt crisis in May might well have been code-named Panacea. Stocks rose throughout the region, but the reprieve was…more

  Download One-Pager No. 4 PDF (153.64 KB)
• Public Policy Brief No. 113
  July 21, 2010

  Endgame for the Euro?

  Dimitri B. Papadimitriou, L. Randall Wray, and Yeva Nersisyan
  Abstract

  Critics argue that the current crisis has exposed the profligacy of the Greek government and its citizens, who are stubbornly fighting proposed social spending cuts and refusing to live within…more

  Download Public Policy Brief No. 113, 2010 PDF (662.55 KB)
• Working Paper No. 603
  June 18, 2010

  Does Excessive Sovereign Debt Really Hurt Growth?

  L. Randall Wray and Yeva Nersisyan
  Abstract

  The worst global downturn since the Great Depression has caused ballooning budget deficits in most nations, as tax revenues collapse and governments bail out financial institutions and attempt countercyclical fiscal…more

  Download Working Paper No. 603 PDF (138.23 KB)
• Public Policy Brief No. 111
  May 11, 2010

  Επιστροφή στην υστερία του ελλείμματος στις ΗΠΑ;

  L. Randall Wray and Yeva Nersisyan
  Abstract

  Στο κείμενο αυτό, οι Yeva Nersisyan και ο L. Randall Wray υποστηρίζουν ότι τα ελλείμματα δεν επιβαρύνουν τις μελλοντικές γενεές με χρέη και δεν περιορίζουν τις ιδιωτικές δαπάνες. Οι συγγραφείς…more

  Download Κείμενο Δημόσιας Πολιτικής No. 111 PDF (869.24 KB)
• Public Policy Brief No. 111
  May 11, 2010

  Deficit Hysteria Redux?

  L. Randall Wray and Yeva Nersisyan
  Abstract

  This brief by Yeva Nersisyan and Senior Scholar L. Randall Wray argues that deficits do not burden future generations with debt, nor do they crowd out private spending. The authors…more

  Download Public Policy Brief No. 111, 2010 PDF (1,023.02 KB)