Publications

237 publications found, searching for 'Fiscal Policy '

• 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)
• Strategic Analysis
  April 14, 2017

  The Trump Effect: Is This Time Different?

  Gennaro Zezza and Michalis Nikiforos
  Abstract

  From a macroeconomic point of view, 2016 was an ordinary year in the post–Great Recession period. As in prior years, the conventional forecasts predicted that this would be the year…more

  Download Strategic Analysis, April 2017 PDF (403.41 KB)
• Policy Note No. 1
  April 06, 2017

  Inequality Update: Who Gains When Income Grows?

  Pavlina R. Tcherneva
  Abstract

  Since the 1980s, economic recoveries in the United States have been delivering the vast majority of income growth to the wealthiest households. This policy note updates the analysis in One-Pager…more

  Download Policy Note 2017/1 PDF (395.43 KB)
• Working Paper No. 883
  February 24, 2017

  Fiscal Policy, Economic Growth and Innovation

  Lekha S. Chakraborty, Horst Hanusch, and Swati Khurana
  Abstract

  This paper analyzes the effectiveness of public expenditures on economic growth within the analytical framework of comprehensive Neo-Schumpeterian economics. Using a fixed-effects model for G20 countries, the paper investigates the…more

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• Public Policy Brief No. 143
  February 07, 2017

  Brazil Still in Troubled Waters

  Fernando J. Cardim de Carvalho
  Abstract

  Since inheriting the Brazilian presidency five months ago, the new Temer administration has successfully ratified a constitutional amendment imposing a radical, two-decades-long public spending freeze, purportedly aimed at sparking an…more

  Download Public Policy Brief No. 143, 2017 PDF (340.91 KB)
• Working Paper No. 878
  December 12, 2016

  The Short- and Long-run Inconsistency of the Expansionary Austerity Theory

  Alberto Botta
  Abstract

  This paper provides a critical analysis of expansionary austerity theory (EAT). The focus is on the theoretical weaknesses of EAT—the extreme circumstances and fragile assumptions under which expansionary consolidations might…more

  Download Working Paper No. 878 PDF (471.34 KB)
• Working Paper No. 872
  August 24, 2016

  Federalism, Fiscal Space, and Public Investment Spending

  Pinaki Chakraborty
  Abstract

  The primary objective of rule-based fiscal legislation at the subnational level in India is to achieve debt sustainability by placing a ceiling on borrowing and the use of borrowed resources…more

  Download Working Paper No. 872 PDF (698.76 KB)
• Working Paper No. 867
  May 18, 2016

  The Greek Public Debt Problem

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

  This paper examines the issue of the Greek public debt from different perspectives. We provide a historical discussion of the accumulation of Greece’s public debt since the 1960s and the…more

  Download Working Paper No. 867 PDF (522.33 KB)
• Working Paper No. 866
  May 16, 2016

  Going Forward from B to A?

  Dimitri B. Papadimitriou, Gennaro Zezza, Massimo Amato, and Luca Fantacci
  Abstract

  After reviewing the main determinants of the current eurozone crisis, this paper discusses the feasibility of introducing fiscal currencies as a way to restore fiscal space in peripheral countries, like…more

  Download Working Paper No. 866 PDF (550.46 KB)
• Working Paper No. 865
  May 05, 2016

  Measuring Poverty in the Case of Buenos Aires

  Rania Antonopoulos, Ajit Zacharias, Thomas Masterson, and Valeria Esquivel
  Abstract

  We describe the production of estimates of the Levy Institute Measure of Time and Income Poverty (LIMTIP) for Buenos Aires, Argentina, and use it to analyze the incidence of time…more

  Download Working Paper No. 865 PDF (664.73 KB)
• Policy Note No. 2
  April 04, 2016

  The Narrow Path for Brazil

  Fernando J. Cardim de Carvalho
  Abstract

  Brazil is mired in a joint economic and political crisis, and the way out is unclear. In 2015 the country experienced a steep contraction of output alongside elevated inflation, all…more

  Download Policy Note 2016/2 PDF (209.48 KB)
• Public Policy Brief No. 141
  March 25, 2016

  What We Could Have Learned from the New Deal in Confronting the Recent Global Recession

  Jan Kregel
  Abstract

  To the extent that policymakers have learned anything at all from the Great Depression and the policy responses of the 1930s, the lessons appear to have been the wrong ones….more

  Download Public Policy Brief No. 141, 2016 PDF (313.69 KB)
• Strategic Analysis
  March 07, 2016

  Destabilizing an Unstable Economy

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

  Our latest strategic analysis reveals that the US economy remains fragile because of three persistent structural issues: weak demand for US exports, fiscal conservatism, and a four-decade trend in rising…more

  Download Strategic Analysis, March 2016 PDF (1.11 MB)
• Strategic Analysis
  January 05, 2016

  How Long Before Growth and Employment Are Restored in Greece?

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

  The Greek economy has not succeeded in restoring growth, nor has it managed to restore a climate of reduced uncertainty, which is crucial for stabilizing the business climate and promoting…more

  Download Strategic Analysis, January 2016 PDF (463.82 KB)
• One-Pager No. 51
  December 11, 2015

  Completing the Single Financial Market and New Fiscal Rules for the Euro Area

  Mario Tonveronachi
  Abstract

  Until market participants across the euro area face a single risk-free yield curve rather than a diverse collection of quasi-risk-free sovereign rates, financial market integration will not be complete. Unfortunately,…more

  Download One-Pager No. 51 PDF (73.39 KB)
• Working Paper No. 856
  December 10, 2015

  Redistribution in the Age of Austerity

  Antoine Godin, Markus P.A. Schneider, and Stephen Kinsella
  Abstract

  We examine the relationship between changes in a country’s public sector fiscal position and inequality at the top and bottom of the income distribution during the age of austerity (2006–13)….more

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• Working Paper No. 855
  November 30, 2015

  The Two Approaches to Money

  Giuseppe Mastromatteo and Lorenzo Esposito
  Abstract

  The scientific reassessment of the economic role of the state after the crisis has renewed interest in Abba Lerner’s theory of functional finance (FF). A thorough discussion of this concept…more

  Download Working Paper No. 855 PDF (260.77 KB)
• Public Policy Brief No. 140
  November 18, 2015

  The ECB, the Single Financial Market, and a Revision of the Euro Area Fiscal Rules

  Mario Tonveronachi
  Abstract

  Mario Tonveronachi, University of Siena, builds on his earlier proposal (The ECB and the Single European Financial Market) to advance financial market integration in Europe through the creation of a…more

  Download Public Policy Brief No. 140, 2015 PDF (381.64 KB)