Publications

197 publications found, searching for 'Monetary Policy '

• Working Paper No. 1011
  September 27, 2022

  The Dynamics of Monthly Changes in US Swap Yields

  Tanweer Akram and Khawaja Mamun
  Abstract

  John Maynard Keynes (1930) asserted that the central bank sways the long-term interest rate through the influence of its policy rate on the short-term interest rate. Recent empirical research shows…more

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• Working Paper No. 1008
  May 24, 2022

  A GARCH Approach to Modeling Chilean Long-Term Swap Yields

  Tanweer Akram and Khawaja Mamun
  Abstract

  This paper econometrically models the dynamics of the Chilean interbank swap yields based on macroeconomic factors. It examines whether the month-over-month change in the short-term interest rate has a decisive…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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• Public Policy Brief No. 156
  December 08, 2021

  Still Flying Blind after All These Years

  Dimitri B. Papadimitriou and L. Randall Wray
  Abstract

  Institute President Dimitri B. Papadimitriou and Senior Scholar L. Randall Wray contend that the prevailing approach to monetary policy and inflation is influenced by a set of concepts that are…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. 991
  July 12, 2021

  Multifactor Keynesian Models of the Long-Term Interest Rate

  Tanweer Akram
  Abstract

  This paper presents multifactor Keynesian models of the long-term interest rate. In recent years there have been a proliferation of empirical studies based on the Keynesian approach to interest rate…more

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• Working Paper No. 988
  June 04, 2021

  A Keynesian Approach to Modeling the Long-Term Interest Rate

  Tanweer Akram
  Abstract

  There are several widely used benchmark models of the long-term interest rate in quantitative finance. However, these models have yet to incorporate Keynes’s valuable insights about interest rate dynamics. The…more

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• 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

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• Working Paper No. 977
  November 16, 2020

  A Note Concerning Government Bond Yields

  Tanweer Akram
  Abstract

  This paper relates Keynes’s discussions of money, the state theory of money, financial markets, investors’ expectations, uncertainty, and liquidity preference to the dynamics of government bond yields for countries with…more

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• Working Paper No. 974
  October 05, 2020

  The General Theory as “Depression Economics”?

  Jörg Bibow
  Abstract

  This paper revisits Keynes’s writings from Indian Currency and Finance (1913) to The General Theory (1936) with a focus on financial instability. The analysis reveals Keynes’s astute concerns about the…more

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• Working Paper No. 973
  October 01, 2020

  The Trade-off between Inflation and Unemployment in an MMT World

  Emilio Carnevali and Matteo Deleidi
  Abstract

  This paper is focused on Modern Monetary Theory’s (MMT) treatment of inflation from an open economy perspective. It analyzes how the inflation process is explained within the MMT framework and…more

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• Working Paper No. 962
  July 14, 2020

  Some Empirical Models of Japanese Government Bond Yields Using Daily Data

  Tanweer Akram and Huiqing Li
  Abstract

  This paper models the dynamics of Japanese government bond (JGB) nominal yields using daily data. Models of government bond yields based on daily data, such as those presented in this…more

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• Working Paper No. 958
  June 12, 2020

  A Stock-Flow Consistent Quarterly Model of the Italian Economy

  Gennaro Zezza and Francesco Zezza
  Abstract

  Macroeconomists and political officers need rigorous, albeit realistic, quantitative models to forecast the future paths and dynamics of some variables of interest while being able to evaluate the effects of…more

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• Public Policy Brief No. 150
  June 03, 2020

  The Impact of Technological Innovations on Money and Financial Markets

  Jan Kregel and Paolo Savona
  Abstract

  According to Senior Scholar Jan Kregel and Paolo Savona, attempting to maintain the status quo in the face of the introduction of some recent technological innovations—chiefly cryptocurrencies and associated instruments…more

  Download Public Policy Brief No. 150, 2020 PDF (339.66 KB)
• Working Paper No. 956
  May 19, 2020

  An Empirical Analysis of Long-Term Brazilian Interest Rates

  Tanweer Akram and Syed Al-Helal Uddin
  Abstract

  This paper empirically models the dynamics of Brazilian government bond (BGB) yields based on monthly macroeconomic data in the context of the evolution of Brazil’s key macroeconomic variables. The results…more

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• Working Paper No. 951
  April 10, 2020

  A Simple Model of the Long-Term Interest Rate

  Tanweer Akram
  Abstract

  This paper presents a simple model of the long-term interest rate. The model represents John Maynard Keynes’s conjecture that the central bank’s actions influence the long-term interest rate primarily through…more

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• Working Paper No. 944
  January 16, 2020

  The Empirics of Canadian Government Securities Yields

  Tanweer Akram and Anupam Das
  Abstract

  Keynes argued that the short-term interest rate is the main driver of the long-term interest rate. This paper empirically models the relationship between short-term interest rates and long-term government securities…more

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• 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. 938
  October 15, 2019

  The Impact of the Bank of Japan’s Monetary Policy on Japanese Government Bonds’ Low Nominal Yields

  Tanweer Akram and Huiqing Li
  Abstract

  Nominal yields for Japanese government bonds (JGBs) have been remarkably low for several decades. Japanese government debt ratios have continued to increase amid a protracted period of stagnant nominal GDP,…more

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• Working Paper No. 934
  August 22, 2019

  An Analysis of the Daily Changes in US Treasury Security Yields

  Tanweer Akram and Anupam Das
  Abstract

  This paper analyzes the dynamics of long-term US Treasury security yields from a Keynesian perspective using daily data. Keynes held that the short-term interest rate is the main driver of…more

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• Working Paper No. 929
  May 16, 2019

  When to Ease Off the Brakes (and Hopefully Prevent Recessions)

  Tai Young-Taft, Harold M. Hastings, and Thomas Wang
  Abstract

  Increases in the federal funds rate aimed at stabilizing the economy have inevitably been followed by recessions. Recently, peaks in the federal funds rate have occurred 6–16 months before the…more

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• 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

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• Working Paper No. 925
  April 08, 2019

  An Institutional Analysis of China’s Reform of their Monetary Policy Framework

  Zengping He and Genliang Jia
  Abstract

  This paper traces the history of China’s reform of its monetary policy framework and analyzes its success and problems. In the context of financial marketization and the failure of the…more

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• 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

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