Publications

204 publications found, searching for 'Fiscal Policy '

• Policy Note No. 5
  July 10, 2020

  Debt Management and the Fiscal Balance

  Jan Toporowski
  Abstract

  In this policy note, Jan Toporowski provides an analysis of government debt management using fiscal principles derived from the work of Michał Kalecki. Dividing the government’s budget into a “functional”…more

  Download Policy Note 2020/5 PDF (129.91 KB)
• Working Paper No. 960
  July 09, 2020

  Fiscal Policy in Argentina, Brazil, and Mexico and the 2030 Agenda for Sustainable Development

  Bendreff Desilus
  Abstract

  Fiscal policy is useful as a government instrument for supporting the economy, contributing to an increase in employment, and reducing inequality through more egalitarian income distribution. Over the past 30…more

  Download Working Paper No. 960 PDF (259.17 KB)
• Public Policy Brief No. 151
  June 16, 2020

  Crisis, Austerity, and Fiscal Expenditure in Greece

  Michalis Nikiforos
  Abstract

  This 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

  Download Public Policy Brief No. 151, 2020 PDF (841.90 KB)
• Working Paper No. 950
  April 08, 2020

  Public Charge in the Time of Coronavirus

  Martha Tepepa
  Abstract

  The United States government recently passed legislation and stabilization packages to respond to the COVID-19 (i.e., coronavirus disease 2019) outbreak by providing paid sick leave, tax credits, and free virus…more

  Download Working Paper No. 950 PDF (234.97 KB)
• Policy Note No. 2
  April 03, 2020

  Stabilizing State and Local Budgets through the Pandemic and Beyond

  Alex Williams
  Abstract

  The federal government appears to have abandoned the idea of a coordinated public health response to the COVID-19 pandemic, leaving the entirety to state and local governments. Meanwhile, the economic…more

  Download Policy Note 2020/2 PDF (84.42 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)
• Working Paper No. 948
  February 10, 2020

  Challenges for the EU as Germany Approaches Recession

  George Zestos and Rachel N. Cooke
  Abstract

  This paper analyzes recent macroeconomic developments in the eurozone, particularly in Germany. Several economic indicators are sending signals of a looming German recession. Geopolitical tensions caused by trade disputes between…more

  Download Working Paper No. 948 PDF (431.40 KB)
• Strategic Analysis
  January 17, 2020

  Greece: In Search of Investors

  Dimitri B. Papadimitriou, Gennaro Zezza, and Michalis Nikiforos
  Abstract

  2019 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

  Download Strategic Analysis, January 2020 PDF (786.47 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. 937
  October 04, 2019

  Indian Fiscal Federalism at the Crossroads

  Lekha S. Chakraborty
  Abstract

  There is a growing recognition that fundamental changes are happening in Indian fiscal federalism ex post the abolition of the Planning Commission, the creation of the National Institution for Transforming…more

  Download Working Paper No. 937 PDF (357.76 KB)
• Book Series
  October 01, 2019

  Challenges to Indian Fiscal Federalism

  Abstract

  The principle of fiscal federalism enshrined in India’s Constitution is under severe strain today. This book is a key addition to understanding the challenges involved. The authors capture the implications…more

• Working Paper No. 936
  September 04, 2019

  Fiscal Reform to Benefit State and Local Governments

  L. Randall Wray
  Abstract

  This paper will present the Modern Money Theory approach to government finance. In short, a national government that chooses its own money of account, imposes a tax in that money…more

  Download Working Paper No. 936 PDF (229.58 KB)
• Working Paper No. 932
  June 26, 2019

  Rethinking China’s Local Government Debt in the Frame of Modern Money Theory

  Zengping He and Genliang Jia
  Abstract

  Local government debt in China is increasing and presents a great threat to China’s financial stability. In China’s fiscal system, the central government often prioritizes reducing its fiscal deficit and…more

  Download Working Paper No. 932 PDF (388.51 KB)
• Working Paper No. 926
  April 25, 2019

  Fiscal Stabilization in the United States

  Plamen Nikolov and Paolo Pasimeni
  Abstract

  The debate about the use of fiscal instruments for macroeconomic stabilization has regained prominence in the aftermath of the Great Recession, and the experience of a monetary union equipped with…more

  Download Working Paper No. 926 PDF (917.65 KB)
• Strategic Analysis
  April 15, 2019

  Can Redistribution Help Build a More Stable Economy?

  Dimitri B. Papadimitriou, Gennaro Zezza, and Michalis Nikiforos
  Abstract

  Although 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

  Download Strategic Analysis, April 2019 PDF (1.06 MB)
• Working Paper No. 920
  January 17, 2019

  Macroeconomic Policy Effectiveness and Inequality

  Lekha S. Chakraborty, Marian Ingrams, and Yadawendra Singh
  Abstract

  Gender budgeting is a fiscal approach that seeks to use a country’s national and/or local budget(s) to reduce inequality and promote economic growth and equitable development. While the literature has…more

  Download Working Paper No. 920 PDF (316.03 KB)
• Working Paper No. 917
  October 22, 2018

  Two Harvard Economists on Monetary Economics

  Iván D. Velasquez
  Abstract

  In November 1987, Hyman Minsky visited Bogotá, Colombia, after being invited by a group of professors who at that time were interested in post-Keynesian economics. There, Minsky delivered some lectures,…more

  Download Working Paper No. 917 PDF (217.18 KB)
• Working Paper No. 916
  October 02, 2018

  Unconventional Monetary Policies and Central Bank Profits

  Jörg Bibow
  Abstract

  This study investigates the evolution of central bank profits as fiscal revenue (or: seigniorage) before and in the aftermath of the global financial crisis of 2008–9, focusing on a select…more

  Download Working Paper No. 916 PDF (2.15 MB)
• One-Pager No. 56
  June 19, 2018

  An Alternative to Sovereign Bond-Backed Securities for the Euro Area

  Mario Tonveronachi
  Abstract

  The European Commission's proposal for the regulation of sovereign bond-backed securities (SBBSs) follows the release of a high-level taskforce report, sponsored by the European Systemic Risk Board, on the feasibility…more

  Download One-Pager No. 56 PDF (107.37 KB)
• Public Policy Brief No. 145
  June 08, 2018

  European Sovereign Bond-Backed Securities

  Mario Tonveronachi
  Abstract

  In response to a proposal put forward by the European Commission for the regulation of sovereign bond-backed securities (SBBSs), Mario Tonveronachi provides his analysis of the SBBS scheme and attendant…more

  Download Public Policy Brief No. 145, 2018 PDF (236.81 KB)
• Strategic Analysis
  April 13, 2018

  “America First,” Fiscal Policy, and Financial Stability

  Gennaro Zezza and Michalis Nikiforos
  Abstract

  The 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

  Download Strategic Analysis, April 2018 PDF (1.30 MB)
• Working Paper No. 900
  January 29, 2018

  Functional Finance

  L. Randall Wray
  Abstract

  This paper examines the views of Hyman Minsky and Abba Lerner on the functional finance approach to fiscal policy. It argues that the main principles of functional finance were relatively…more

  Download Working Paper No. 900 PDF (150.98 KB)
• Working Paper No. 898
  October 12, 2017

  Corporate Tax Incidence in India

  Lekha S. Chakraborty and Samiksha Agarwal
  Abstract

  The paper attempts to measure the incidence of corporate income tax in India under a general equilibrium setting. Using seemingly uncorrelated regression coefficients and dynamic panel estimates, we tried to…more

  Download Working Paper No. 898 PDF (252.12 KB)
• Policy Note No. 2
  July 07, 2017

  The Concert of Interests in the Age of Trump

  Jan Kregel
  Abstract

  If the Trump administration is to fulfill its campaign promises to this age’s “forgotten” men and women, Director of Research Jan Kregel argues, it should embrace the broader lesson of…more

  Download Policy Note 2017/2 PDF (190.65 KB)