Publications

204 publications found, searching for 'Fiscal Policy '

• Working Paper No. 1040
  February 02, 2024

  COP28 and Environmental Federalism: Empirical Evidence from an Emerging Economy, India

  Lekha S. Chakraborty, Amandeep Kaur, Ranjan Kumar Mohanty, Divy Rangan, and Sanjana Das
  Abstract

  Against the backdrop of COP28, this paper investigates the impact of intergovernmental fiscal transfers (IGFT) on climate change commitments in India. Within the analytical framework of environmental federalism, we tested…more

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• Working Paper No. 1035
  January 04, 2024

  The Swedish Monetary System from a Balance Sheet Perspective

  Dirk Ehnts and Jussi Ora
  Abstract

  In this paper, we discuss the balance sheet mechanics of the Swedish government. We examine spending, government bond purchases, and tax payments. As long as the Swedish central bank, which…more

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• Working Paper No. 1032
  October 16, 2023

  Applying OECD Policy Evaluation Criteria to Child Protection Schemes in India

  Lekha S. Chakraborty, Amandeep Kaur, Jitesh Yadav, and Balamuraly B
  Abstract

  The policy evaluation is a crucial component in analyzing the efficacy of public spending in translating the money spent into desired outcomes. Using OECD evaluation criteria, we analyzed the child…more

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• Working Paper No. 1025
  August 01, 2023

  Unconventional Monetary Policy or Automatic Stabilizers?

  Nitin Nair
  Abstract

  The purpose of public policy, expansionary or contractionary, is to encourage the expansion of income, output, and employment. Theory decides the nature and kind of policy, and the underlying mechanics…more

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• Strategic Analysis
  July 20, 2023

  Will the US Debt Ceiling Deal Derail the Pandemic Recovery?

  Dimitri B. Papadimitriou, Gennaro Zezza, Michalis Nikiforos, and Giuliano Toshiro Yajima
  Abstract

  In 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

  Download Strategic Analysis, July 2023 PDF (1.54 MB)
• Working Paper No. 1023
  July 14, 2023

  Climate Change and Fiscal Marksmanship

  Lekha S. Chakraborty, Amandeep Kaur, Ajay Narayan Jha, and Balamuraly B
  Abstract

  According to the theory of efficient markets, economic agents use all available information to form rational expectations. The rational expectations hypothesis asserts that information is scarce, the economic system generally…more

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• Policy Note No. 2023/1
  May 01, 2023

  Greece: Higher GDP Growth at What Cost?

  Dimitri B. Papadimitriou, Gennaro Zezza, and Giuliano Toshiro Yajima
  Abstract

  In 2022, Greek GDP grew at a higher rate than the eurozone average as the nation’s economy rebounded from the COVID-19 shock. However, it was not all welcome news. In…more

  Download Policy Note 2023/1 PDF (435.05 KB)
• One-Pager
  December 07, 2022

  The Causes of Pandemic Inflation

  L. Randall Wray
  Abstract

  While 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,…more

  Download One-Pager No. 70 PDF (128.13 KB)
• Working Paper No. 1010
  September 06, 2022

  Reflections on Angela Merkel’s Career as Chancellor of Germany and the Greek Financial Odyssey

  George Zestos, Harrison Whittleton, and Alejandro Fernandez-Ribas
  Abstract

  Angela 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…more

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• Policy Note No. 2022/2
  April 22, 2022

  A Race to the Bottom

  Nikolaos Rodousakis, Vlassis Missos, and George Soklis
  Abstract

  More than a decade after the 2009 crisis, the standards of living of the Greek population are still contracting and the prospects are gloomy. In this policy note, Vlassis Missos,…more

  Download Policy Note 2022/2 PDF (661.02 KB)
• Working Paper No. 1002
  February 04, 2022

  COVID-19 and Fiscal-Monetary Policy Coordination

  Lekha S. Chakraborty and Harikrishnan S
  Abstract

  Against 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…more

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• Working Paper No. 996
  December 13, 2021

  Seven Replies to the Critiques of Modern Money Theory

  Abstract

  Modern Money Theory (MMT) has generated considerable scrutiny and discussions over the past decade. While it has gained some acceptance in the financial sector and among some politicians, it has…more

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• One-Pager No. 68
  November 01, 2021

  Are Concerns over Growing Federal Government Debt Misplaced?

  L. Randall Wray
  Abstract

  With the US Treasury cutting checks totaling approximately $5 trillion to deal with the COVID-19 crisis, Senior Scholar L. Randall Wray argues that when it comes to the federal government,…more

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• Working Paper No. 990
  July 02, 2021

  Ecological Fiscal Transfers and State-level Budgetary Spending in India

  Lekha S. Chakraborty, Amandeep Kaur, Ranjan Kumar Mohanty, and Divy Rangan
  Abstract

  Using panel data models, we analyze the flypaper effects—whether intergovernmental fiscal transfers or states’ own income determine expenditure commitments—on ecological fiscal spending in India. The econometric results show that the…more

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• Policy Note No. 2021/3
  June 08, 2021

  Why President Biden Should Eliminate Corporate Taxes to Build Back Better

  L. Randall Wray and Edward Lane
  Abstract

  Edward 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…more

  Download Policy Note 2021/3 PDF (353.00 KB)
• One-Pager No. 67
  June 07, 2021

  Should Corporate Tax Hikes Be Included in Biden’s “Build Back Better” Plans?

  L. Randall Wray and Edward Lane
  Abstract

  President Biden has proposed pairing his American Jobs Plan with an increase in federal corporate income taxes. Leaving aside the issue of whether any tax increases are needed to “pay…more

  Download One-Pager No. 67 PDF (115.38 KB)
• Working Paper No. 986
  March 10, 2021

  Keynes’s Theories of the Business Cycle

  Pablo Gabriel Bortz
  Abstract

  This paper traces the evolution of John Maynard Keynes’s theory of the business cycle from his early writings in 1913 to his policy prescriptions for the control of fluctuations in…more

  Download Working Paper No. 986 PDF (297.71 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

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• Working Paper No. 979
  November 20, 2020

  Is It Time to Eliminate Federal Corporate Income Taxes?

  L. Randall Wray and Edward Lane
  Abstract

  As the nation is experiencing the need for ever-increasing government expenditures to address COVID-19 disruptions, rebuild the nation’s infrastructure, and many other worthy causes, conventional thinking calls for restoring at…more

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• Working Paper No. 969
  September 24, 2020

  The Empirics of UK Gilts’ Yields

  Tanweer Akram and Huiqing Li
  Abstract

  This paper analyzes the nominal yields of UK gilt-edged securities (“gilts”) based on a Keynesian perspective, which holds that the short-term interest rate is the primary driver of the long-term…more

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• One-Pager No. 64
  August 19, 2020

  Moral Hazard and the State Budget Crisis

  Alex Williams
  Abstract

  As congressional negotiations stall and state governments are poised to enact significant austerity, Alex Williams argues that fiscal aid to state governments should be tied to economic indicators rather than…more

  Download One-Pager No. 64 PDF (124.99 KB)
• Public Policy Brief No. 152
  August 10, 2020

  Moral Hazard in a Modern Federation

  Alex Williams
  Abstract

  The mainstream fiscal federalism literature has led to an instinctive belief that states receiving fiscal aid during a recession are taking advantage of the federal government in pursuit of localized…more

  Download Public Policy Brief No. 152, 2020 PDF (206.35 KB)
• Working Paper No. 966
  August 03, 2020

  Developing a Macro-Micro Model for Analyzing Gender Impacts of Public Policy

  Susan Himmelweit and Jerome De Henau
  Abstract

  This paper discusses new methods of combined macro-micro analysis of labor demand and supply to investigate the gender impacts of public policy. In particular it examines how studies have used…more

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• Working Paper No. 964
  July 27, 2020

  Budget Credibility of Subnational Governments

  Lekha S. Chakraborty, Pinaki Chakraborty, and Ruzel Shrestha
  Abstract

  Budget credibility, or the ability of governments to accurately forecast macro-fiscal variables, is crucial for effective public finance management. Fiscal marksmanship analysis captures the extent of errors in the budgetary…more

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