Publications

In-progress research by Levy Institute scholars as well as outside contributors

1145 publications found, searching for 'Working Paper '

• Working Paper No. 1052
  June 05, 2024

  Exchange-Rate Stability Causes Deterioration of the Productive Sphere and Destabilizes Developing Economies

  Arturo Huerta G.
  Abstract

  For Matías Vernengo and Esteban Pérez Caldentey (2020), the MMT literature overemphasizes the choice of the exchange rate regime and the relevance of a flexible exchange rate regime, as well…more

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• Working Paper No. 1051
  May 10, 2024

  Euro Interest Rate Swap Yields: Some ARDL Models

  Tanweer Akram and Khawaja Mamun
  Abstract

  This paper examines the dynamics of euro-denominated (EUR) long-term interest rate swap yields. It shows that the short-term interest rate has an economically and statistically significant effect on EUR swap…more

  Download Working Paper No. 1051 PDF (551.75 KB)
• Working Paper No. 1050
  May 07, 2024

  Macroeconomic Effects of a Government Overdraft on Its Central Bank Account

  Tarron Khemraj
  Abstract

  The Guyana government, from 2015 to 2021, accumulated a large overdraft on its central bank account. It owed this overdraft to a binding debt ceiling limit and fractious political environment…more

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• Working Paper No. 1049
  May 07, 2024

  Deindustrialization from the Center Perspective: US Trade and Manufacturing in the Last Two Decades

  Nikolaos Rodousakis, Giuliano Toshiro Yajima, and George Soklis
  Abstract

  We argue that the US trade and industry sector has experienced several unsustainable sectoral processes, including (i) a fall in the trade balance in machinery and equipment and high-tech (HT)…more

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• Working Paper No. 1048
  April 19, 2024

  An Empirical Analysis of Swedish Government Bond Yields

  Tanweer Akram and Mahima Yadav
  Abstract

  This paper econometrically models the dynamics of Swedish government bond (SGB) yields. It examines whether the short-term interest rate has a decisive influence on long-term SGB yields, after controlling for…more

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• Working Paper No. 1047
  April 08, 2024

  “Just Transition” in India and Fiscal Stance: Analyzing the Tax Buoyancy of the Extractive Sector

  Lekha S. Chakraborty and Emmanuel Thomas
  Abstract

  Against the backdrop of fiscal transition concomitant to energy transition policies with climate change commitments, revenue from the extractive sector needs a recalibration in the subnational fiscal space. Extractive tax…more

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• Working Paper No. 1046
  March 07, 2024

  The Aggregate Production Function and Solow’s “Three Denials”

  Jesus Felipe and John McCombie
  Abstract

  This paper offers a retrospective view of the key pillar of Solow’s neoclassical growth model, namely the aggregate production function. We review how this tool came to life and how…more

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• Working Paper No. 1045
  March 07, 2024

  Social Security and Gender Inequality

  Liudmila Malyshava and B. Oak McCoy
  Abstract

  This inquiry examines the role of federal policy in gender inequality using the principles of institutional adjustment (Foster 1981; Bush 1987) in the context of the Veblenian dichotomy of habit…more

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• Working Paper No. 1044
  February 23, 2024

  Empirical Models of Chinese Government Bond Yields

  Tanweer Akram and Shahida Pervin
  Abstract

  This paper econometrically models the dynamics of long-term Chinese government bond (CGB) yields based on key macroeconomic and financial variables. It deploys autoregressive distributive lag (ARDL) models to examine whether…more

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• Working Paper No. 1043
  February 14, 2024

  Interest Rate Dynamics: An Examination of Mainstream and Keynesian Empirical Studies

  Tanweer Akram and Khawaja Mamun
  Abstract

  This paper critically reviews both mainstream and Keynesian empirical studies of interest rate dynamics. It assesses the key findings of a selected number of these studies, surveying the debates between…more

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• Working Paper No. 1042
  February 13, 2024

  Saving Social Security

  Edward Lane
  Abstract

  For more than 25 years, the Social Security Trust Fund was projected to run out of money in 2033 (give or take a few years), potentially causing benefits to be…more

  Download Working Paper No. 1042 PDF (2.11 MB)
• 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. 1039
  February 02, 2024

  Can the Philippines Attain 6.5-8 Percent Growth During 2023–28?

  Jesus Felipe and Manuel L. Albis
  Abstract

  We expand the standard balance-of-payments–constrained (BOPC) growth rate model in three directions. First, we take into account the separate contributions of exports in goods, exports in services, overseas remittances, and…more

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• Working Paper No. 1041
  February 02, 2024

  Amazon Green Recovery and Labor Market in Brazil

  Luiza Nassif Pires, Gilberto Tadeu Lima, Pedro Romero Marques, Tainari Taioka, and José Bergamin
  Abstract

  Announced in June 2021, the never-implemented Green Recovery Plan for the Brazilian Legal Amazon Region (GRP) would be a green transition initiative to be carried out by the state governments…more

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• Working Paper No. 1038
  January 29, 2024

  Economic Possibilities for Our Grandchildren—90 Years Later

  Jörg Bibow
  Abstract

  This paper revisits Keynes’s (1930) essay titled “The economic possibilities for our grandchildren.” We discuss the three broader trends identified by Keynes that he expected would come to characterize the…more

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• Working Paper No. 1037
  January 10, 2024

  Markups, Profit Shares, and Cost-Push-Profit-Led Inflation

  Michalis Nikiforos and Simon Grothe
  Abstract

  The post-pandemic surge in inflation was accompanied by a surge in the corporate share of profits. As a result, several economists and policy makers have given to it names such…more

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• Working Paper No. 1036
  January 05, 2024

  The Estimation of Production Functions with Monetary Values

  Jesus Felipe, John McCombie, and Aashish Mehta
  Abstract

  For decades, the literature on the estimation of production functions has focused on the elimination of endogeneity biases through different estimation procedures to obtain the correct factor elasticities and other…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. 1034
  December 08, 2023

  Euro Interest Rate Swap Yields: A GARCH Analysis

  Tanweer Akram and Khawaja Mamun
  Abstract

  This paper models the month-over-month change in euro-denominated (EUR) long-term interest rate swap yields. It shows that the change in the short-term interest rate has an economically and statistically significant…more

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• Working Paper No. 1033
  November 20, 2023

  The Impact of Climate Change on the Palestinian Sectoral Reallocation of Labor

  Sameh Hallaq and Yousuf Daas
  Abstract

  The research leverages yearly variations in climate variables, such as rainfall and temperature, across the West Bank from 1999 to 2018 to assess their influence on individuals' decisions to stay…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. 1031
  October 09, 2023

  A Stock-Flow Ecological Model from a Latin American Perspective

  Lorenzo Nalin, Giuliano Toshiro Yajima, Leonardo Rojas Rodriguez, Esteban Pérez-Caldentey, and José Eduardo Alatorre
  Abstract

  This study aims to develop an ecological stock-flow consistent (SFC) model based on the Latin American–stylized facts regarding economic, financial, and environmental features. We combine the macro-financial theoretical framework by…more

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• Working Paper No. 1030
  October 09, 2023

  Economic Transformation and Growth in the Philippines

  Jesus Felipe, Edgar Desher Empeño, and Brendan Miranda
  Abstract

  The main gateway for the Philippines to develop and become an upper-middle-income economy—and eventually, a high-income economy—is to expedite the shift of workers out of agriculture and to produce and…more

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• Working Paper No. 1029
  September 07, 2023

  Is Anything Left of the Debate about the Sources of Growth in East Asia Thirty Years Later?

  Jesus Felipe and John McCombie
  Abstract

  The year 2023 commemorates the 30th anniversary of the publication of the influential, yet controversial, study The East Asian Miracle report by the World Bank (1993). An important part of…more

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