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35 publications found, searching for 'COVID-19 '
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Working Paper No. 1064
December 06, 2024
Seismic Shifts in Economic Theory and Policy from the Bernanke Doctrine to Modern Money Theory
AbstractOriginally issued as EDI Working Paper No. 08, 2022 This paper evaluates the relationship between monetary and fiscal policy and the relative effectiveness of macroeconomic stabilization through the lens of Modern Money Theory (MMT). We articulate previously-neglected aspects of monetary sovereignty to offer a new interpretation of the Bernanke Doctrine that emerged in the wake of […]
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Working Paper No. 1059
November 26, 2024
Three Lessons from Government Spending and the Post-Pandemic Recovery
AbstractOriginally issued as EDI Working Paper No. 01, 2021 The central lesson of the COVID-19 fiscal response is that money is not scarce. Without delay, governments around the world appropriated budgets that dwarfed any other postwar crisis policy. In 2020, Japan passed a stimulus package equal to 54.8 percent of GDP, while in the U.S., […]
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Policy Notes
November 04, 2024
Inflation
AbstractEdward Lane surveys some of the main potential contributors to the recent period of elevated inflation rates in the US economy—focusing on supply disruptions, inflation-adjusted consumer spending, and consumer spending attributable to price markups—and outlines prominent proposals being made by the 2024 presidential candidates that may have an impact on inflation.
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Strategic Analysis
February 15, 2024
Greece: Time to Reduce the Dependency on Imports
AbstractIn this report, Dimitri B. Papadimitriou, Nikolaos Rodousakis, Giuliano T. Yajima, and Gennaro Zezza investigate the determinants of the recent performance of the Greek economy. Despite geopolitical instability from the continuing Ukraine-Russia and Israel-Gaza wars and higher-than-expected inflation rates, the country has managed to register the highest growth rates among eurozone member-states in 2021 and […]
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One-Pager No. 71
December 14, 2023
Has the Time Arrived for a Job Guarantee in Europe?
AbstractIn comparison to the policy responses in the aftermath of the 2008–9 global financial crisis, the reactions of EU policymakers to the combined shocks of the COVID-19 crisis and Ukraine-Russia conflict reveal a greater willingness to deploy public finance in support of the population. Yet, while this display of renewed solidarity is commendable, policymakers have […]
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Policy Notes No. 4
August 23, 2023
Effects of Forced Formalization (Demonetization) in the Indian Economy
AbstractNischal Dhungel examines the impact of India’s demonetization experiment—an effort at “forced formalization” of the economy. He urges a more organic approach to formalization, pairing efforts to bring the unbanked population into the banking system with greater funding and accessibility for India’s signature employment guarantee program.
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Strategic Analysis
July 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 future trajectory. The recent recovery after the pandemic has been remarkable, when compared to previous cycles, and offers evidence of the efficacy of fiscal policy. […]
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One-Pager
December 07, 2022
The Causes of Pandemic Inflation
AbstractWhile the trigger for the Covid recession was unusual—a collapse of the supply side that produced a drop in demand—the inflation the US economy is now facing is not atypical, according to L. Randall Wray. In this one-pager, he explores the causes of the current inflationary environment, arguing that continuing inflation pressures come mostly from […]
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Strategic Analysis
October 13, 2022
Greece: Recovery, or Another Recession?
AbstractIn this strategic analysis, Institute President Dimitri B. Papadimitriou, Senior Scholar Gennaro Zezza, and Research Associate Nikolaos Rodousakis discuss the medium-term prospects for the Greek economy in a time of increasing uncertainty—due to the geopolitical turbulence emanating from the Ukraine–Russian conflict, with its impact on the cost of energy, as well as the increase in […]
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Strategic Analysis
October 13, 2022
Ελλάδα: Ανάκαμψη, ή μια νέα Ύφεση;
AbstractΣε αυτή τη στρατηγική ανάλυση, ο Πρόεδρος του Ινστιτούτου Δημήτρης Παπαδημητρίου, ο ερευνητής Gennaro Zezza και ο επιστημονικός συνεργάτης Νίκος Ροδουσάκης αναλύουν τις μεσοπρόθεσμες προοπτικές για την ελληνική οικονομία, σε μια περίοδο αυξανόμενης αβεβαιότητας, λόγω των γεωπολιτικών αναταραχών που προέρχονται από την Ρώσο-Ουκρανική σύγκρουση με αντίκτυπό το υψηλό κόστος ενέργειας και αυξημένων διεθνών τιμών εισαγόμενων […]
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Working Paper No. 1010
September 06, 2022
Reflections on Angela Merkel’s Career as Chancellor of Germany and the Greek Financial Odyssey
AbstractAngela Merkel is the second-longest-serving chancellor of modern Germany, with more than 16 years in office. During her tenure there were many years of economic stability, but there were also years of domestic, EU, and geopolitical tensions. Merkel inherited an economy that was recovering after the launching of probusiness policies known as the Hartz I […]
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Working Paper No. 1003
March 04, 2022
What’s Causing Accelerating Inflation
AbstractThis 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 the pandemic versus pressures created on the demand side by pandemic relief. Some have attributed the inflation to excess demand, most notably Larry Summers, who […]
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Working Paper No. 1002
February 04, 2022
COVID-19 and Fiscal-Monetary Policy Coordination
AbstractAgainst the backdrop of the COVID-19 pandemic, this paper analyzes the economic stimulus packages announced by the Indian national government and tries to identify some plausible fiscal and monetary policy coordination. The shrinking fiscal space due to revenue uncertainties has led to a theoretical plausibility of a reemergence of finite monetization of deficits in India. […]
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Working Paper No. 999
January 18, 2022
Structural Change, Productive Development, and Capital Flows
AbstractThe outbreak of COVID-19 brought back to the forefront the crucial importance of structural change and productive development for economic resilience to economic shocks. Several recent contributions have already stressed the perverse relationship that may exist between productive backwardness and the intensity of the COVID-19 socioeconomic crisis. In this paper, we analyze the factors that […]
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Policy Notes No. 4
November 10, 2021
A Recovery for Whom?
AbstractThe COVID-19 pandemic has revealed multiple risks faced by economies whose production structures depend on the volatility of international conditions. In the case of Greece, this has manifested itself in the severe impact the pandemic has had on one of the linchpins of the Greek economy: the tourism sector. Vlassis Missos, Nikolaos Rodousakis, and George […]
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Strategic Analysis
June 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 recovery. Their baseline simulation using the Institute’s stock-flow macroeconometric model shows a significant pickup in the growth rate in 2021 as a result of the American […]
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Policy Notes No. 3
June 08, 2021
Why President Biden Should Eliminate Corporate Taxes to Build Back Better
AbstractEdward Lane and L. Randall Wray explain how federal taxes on corporate profits are not well suited to either containing inflationary pressures or reducing inequality. They are not only a poor complement to President Biden’s proposed infrastructure plans, but are inefficient and ineffective taxes more broadly, according to Lane and Wray. The authors follow Hyman […]
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Policy Notes No. 2
May 13, 2021
Gender and Race in the Spotlight during the COVID-19 Pandemic
AbstractResearch Scholar Luiza Nassif-Pires, Luísa Cardoso, and Ana Luíza Matos de Oliveira analyze the importance of the “emergency benefit” (Auxílio Emergencial) in containing the increase in poverty and extreme poverty in Brazil during the COVID-19 pandemic. They find the emergency benefit mitigated the loss of income, brought the poverty rate to historically low levels, and […]
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One-Pager No. 65
February 17, 2021
COVID Relief and the Inflation Warriors
AbstractWith 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 fiscal response. Yeva Nersisyan and L. Randall Wray observe that while Democrats are not falling for the “deficit bogeyman” this time, critics have pushed the […]
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Working Paper No. 981
January 19, 2021
What Jobs Should a Public Job Guarantee Provide?
AbstractThe job guarantee is a viable policy option for tackling both unemployment and underemployment. Hyman P. Minsky was one of the seminal writers on this subject. The first part of this working paper provides a survey of Minsky’s writings to identify what kind of jobs he had in mind when recommending employer-of-last-resort policies. Minsky favored: […]
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Working Paper No. 978
November 16, 2020
Potential Impact of Daycare Closures on Parental Child Caregiving in Turkey
AbstractDaycares closed on March 16, 2020 in Turkey to prevent the spread of COVID-19. At the same time, the two most common nonparental childcare arrangements in Turkey—care of children by grandparents and nannies—became undesirable due to health concerns and in some cases also unfeasible due to the partial lockdown for individuals under the age of […]
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Policy Notes No. 6
October 15, 2020
Alternative Macro Policy Response for a Pandemic Recession
AbstractAs COVID-19 infection and test positivity rates rise in the United States and federal stimulus plans expire, Senior Scholar Jan Kregel articulates an alternative approach to analyzing the economic problems raised by the pandemic and organizing an appropriate policy response. In contrast to both the mainstream and some Keynesian-inspired approaches, Kregel advocates a central role […]
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Strategic Analysis
October 06, 2020
When Will Italy Recover?
AbstractItaly was the first European country to be impacted by COVID-19, rapidly overwhelming healthcare facilities in some areas and prompting the government to shut down nonessential economic activities, with an inevitable (asymmetric) impact on production and income. Though the gradual reopening of most business activities began in 2020Q3, the extent of the shutdown’s damage is […]
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Working Paper No. 968
September 14, 2020
The COVID-19 Crisis
AbstractThe COVID-19 crisis paralyzed huge parts of the planet in weeks. It not only infected the population but injected a gargantuan dose of uncertainty into the system. In that regard, as in many others, it is a phenomenon without precedent. As of the time of writing (May–June 2020), we are witnessing, simultaneously, a health crisis, […]
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