Publications

333 publications found, searching for 'Economic Policy for the 21st Century '

• 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

  Download Working Paper No. 1037 PDF (408.42 KB)
• 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

  Download Working Paper No. 1036 PDF (612.26 KB)
• One-Pager No. 71
  December 14, 2023

  Has the Time Arrived for a Job Guarantee in Europe?

  Rania Antonopoulos
  Abstract

  In comparison to the policy responses in the aftermath of the 2008–9 global financial crisis, the reactions of EU policymakers to the combined shocks of the COVID-19 crisis and Ukraine-Russia…more

  Download One-Pager No. 71 PDF (133.66 KB)
• 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

  Download Working Paper No. 1033 PDF (1.33 MB)
• 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

  Download Working Paper No. 1032 PDF (1.05 MB)
• 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

  Download Working Paper No. 1031 PDF (1.59 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

  Download Working Paper No. 1023 PDF (538.13 KB)
• Working Paper No. 1013
  January 18, 2023

  The Economic and Environmental Effects of a Green Employer of Last Resort

  Giuliano Toshiro Yajima, Nikolaos Rodousakis, and George Soklis
  Abstract

  We assess the sectoral impact of the implementation of a “green” employer of last resort (ELR) program in the US, based on an environmental modification of an extended Kurz’s (1985)…more

  Download Working Paper No. 1013 PDF (732.70 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. 1007
  May 12, 2022

  School Performance and Child Labor

  Sameh Hallaq and Ayman Khalifah
  Abstract

  The current study aims to investigate the impact of academic achievement on child labor. The study utilizes survey data collected from Palestinian children in West Bank schools who are in…more

  Download Working Paper No. 1007 PDF (524.22 KB)
• Working Paper No. 1006
  April 29, 2022

  Why the Feldstein-Horioka “Puzzle” Remains Unsolved

  Jesus Felipe, Scott Fullwiler, and Al-Habbyel Yusoph
  Abstract

  This paper argues that the 40-year-old Feldstein-Horioka “puzzle” (i.e., that in a regression of the domestic investment rate on the domestic saving rate, the estimated coefficient is significantly larger than…more

  Download Working Paper No. 1006 PDF (798.71 KB)
• Working Paper No. 1004
  March 18, 2022

  Financial Barriers to Structural Change in Developing Economies

  Lorenzo Nalin and Giuliano Toshiro Yajima
  Abstract

  Liabilities denominated in foreign currency have established a permanent role on emerging market firms’ balance sheets, which implies that changes in both global liquidity conditions and in the value of…more

  Download Working Paper No. 1004 PDF (2.01 MB)
• One-Pager No. 69
  February 21, 2022

  Time to Celebrate Modern Money Theory?

  L. Randall Wray and Yeva Nersisyan
  Abstract

  A recent article in the New York Times asks whether Modern Money Theory (MMT) can declare victory after its policies were (supposedly) implemented during the response to the COVID-19 pandemic….more

  Download One-Pager No. 69 PDF (140.61 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

  Download Working Paper No. 1002 PDF (241.41 KB)
• Working Paper No. 1001
  February 02, 2022

  Estimating a Time-Varying Distribution-Led Regime

  Michalis Nikiforos and Paul Carrillo-Maldonado
  Abstract

  This paper estimates the distribution-led regime of the US economy for the period 1947–2019. We use a time varying parameter model, which allows for changes in the regime over time….more

  Download Working Paper No. 1001 PDF (1.69 MB)
• Working Paper No. 998
  January 10, 2022

  Technology and Productivity

  Fred Block
  Abstract

  Economic analysts have used trends in total factor productivity (TFP) to evaluate the effectiveness with which economies are utilizing advances in technology. However, this measure is problematic on several different…more

  Download Working Paper No. 998 PDF (856.00 KB)
• 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

  Download Working Paper No. 996 PDF (1.70 MB)
• Working Paper No. 995
  November 03, 2021

  The Employer of Last Resort Scheme and the Energy Transition

  Giuliano Toshiro Yajima
  Abstract

  The health and economic crises of 2020–21 have revived the debate on fiscal policy as a major tool for stabilization and meeting long-term goals. The massive surge in unemployment, due…more

  Download Working Paper No. 995 PDF (1.12 MB)
• 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

  Download One-Pager No. 68 PDF (106.37 KB)
• Working Paper No. 994
  October 26, 2021

  Production Function Estimation

  Jesus Felipe, Donna Faye Bajaro, John McCombie, and Aashish Mehta
  Abstract

  The possible endogeneity of labor and capital in production functions, and the consequent bias of the estimated elasticities, has been discussed and addressed in the literature in different ways since…more

  Download Working Paper No. 994 PDF (952.82 KB)
• Working Paper No. 993
  September 03, 2021

  The Sraffian Supermultiplier and Cycles

  Michalis Nikiforos, Marcio Santetti, and Rudiger von Arnim
  Abstract

  This paper provides a theoretical and empirical reassessment of supermultiplier theory. First, we show that, as a result of the passive role it assigns to investment, the Sraffian supermultiplier (SSM)…more

  Download Working Paper No. 993 PDF (434.06 KB)
• 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

  Download Working Paper No. 990 PDF (370.86 KB)
• Public Policy Brief No. 155
  June 30, 2021

  Can Biden Build Back Better?

  L. Randall Wray and Yeva Nersisyan
  Abstract

  President Biden’s proposals for investing in social and physical infrastructure signal a return to a budget-neutral policymaking framework that has largely been set aside since the outbreak of the COVID-19…more

  Download Public Policy Brief No. 155 PDF (984.38 KB)
• Working Paper No. 989
  June 17, 2021

  The Endogeneity-to-Demand of the National Emergency Utilization Rate

  Michalis Nikiforos
  Abstract

  The paper provides an empirical discussion of the national emergency utilization rate (NEUR), which is based on a “national emergency” definition of potential output and is published by the US…more

  Download Working Paper No. 989 PDF (715.15 KB)