Publications

1699 publications found

• Working Paper No. 1056
  October 07, 2024

  Federal Tax Transfers and Demographic Transition: Balancing Equity and Efficiency

  Lekha S. Chakraborty and Yadawendra Singh
  Abstract

  Against the backdrop of demographic transition in India, the study highlights the necessity of integrating the elderly population as a critical factor in formula-based intergovernmental fiscal transfers. The demographic transition,…more

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• Working Paper No. 1055
  September 18, 2024

  The Relation Between Budget Deficits and Growth: Complicated but Clear

  L. Randall Wray and Eric Lin
  Abstract

  This paper looks at the relationship between government budget deficits and the growth rate of GDP. While orthodox economic theory offers several reasons to believe that growing deficits might be…more

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• Working Paper No. 1054
  June 28, 2024

  Gender-Responsive Public Financial Management: The Indian Chronology of Gender Budgeting

  Lekha S. Chakraborty
  Abstract

  Gender budgeting is a public financial management (PFM) tool, used to ensure accountability mechanisms. The analysis of “process” indicators of gender-responsive PFM (GRPFM) reveals that India has been successful in…more

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• Working Paper No. 1053
  June 07, 2024

  Foreign Deficit and Economic Policy: The Case of Mexico

  Arturo Huerta G.
  Abstract

  The article analyzes Mexico under globalization, particularly on the free mobility of capital. It argues that globalization has detrimentally impacted the productive and external sectors, causing the economy to become…more

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• 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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• Strategic Analysis
  June 04, 2024

  U.S. Economic Outlook: Prospects for 2024 and Beyond

  Dimitri B. Papadimitriou, Giuliano Toshiro Yajima, and Gennaro Zezza
  Abstract

  In this report, Institute President Dimitri B. Papadimitriou, Research Scholar Giuliano T. Yajima, and Senior Scholar Gennaro Zezza discuss the rapid recovery of the US economy in the post-pandemic period….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

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• One-Pager No. 72
  May 10, 2024

  If Government Can Print Money, Why Does It Borrow?

  L. Randall Wray
  Abstract

  Recently, the neglected question of why the US government borrows, given that it can print money, has arisen in the context of discussions surrounding a new documentary, Finding the Money. As L. Randall Wray observes in this one-pager, Modern Money Theory has been providing answers to this question for some time; and, he argues, it is a topic that mainstream economists are ill-equipped to address, since very few concern themselves with the monetary operations that underlie the question of why a currency-issuing government issues debt.

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• 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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• Research Project Report
  March 19, 2024

  Integrating Nonmarket Consumption into the Bureau of Labor Statistics Consumer Expenditure Survey

  Ajit Zacharias, Fernando Rios-Avila, Nancy Folbre, and Thomas Masterson
  Abstract

  In spring 2021, under the direction and encouragement of Commissioner William Beach, the US Bureau of Labor Statistics (BLS) kicked off a major initiative—to produce a measure of consumption to…more

• Policy Notes
  March 14, 2024

  European Job Guarantee

  Rania Antonopoulos
  Abstract

  Despite the gradual economic recovery and positive policy responses during the COVID-19 pandemic, the problem of long-term unemployment continues to plague millions in Europe. To effectively address this and other…more

  Download Policy Note 2024/4 PDF (293.42 KB)
• 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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• Strategic Analysis
  February 15, 2024

  Greece: Time to Reduce the Dependency on Imports

  Dimitri B. Papadimitriou, Nikolaos Rodousakis, Giuliano Toshiro Yajima, and Gennaro Zezza
  Abstract

  In this report, Dimitri B. Papadimitriou, Nikolaos Rodousakis, Giuliano T. Yajima, and Gennaro Zezza investigate the determinants of the recent performance of the Greek economy. Despite geopolitical instability from the…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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