Publications

1699 publications found

• 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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• 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. 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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• Policy Notes No. 4
  August 23, 2023

  Effects of Forced Formalization (Demonetization) in the Indian Economy 

  Nischal Dhungel
  Abstract

  Nischal Dhungel examines the impact of India’s demonetization experiment—an effort at “forced formalization” of the economy. He urges a more organic approach to formalization, pairing efforts to bring the unbanked…more

  Download Policy Note 2023/4 PDF (388.60 KB)
• Working Paper No. 1028
  August 21, 2023

  Contractionary Effects of Foreign Price Shocks (and Potentially Expansionary Effects of Inflation)

  Michalis Nikiforos and Simon Grothe
  Abstract

  Using the model proposed in Krugman and Taylor’s “Contractionary effects of devaluation” (1978), we examine the macroeconomic effects of shocks to foreign prices. We show that these shocks can be…more

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• Working Paper No. 1027
  August 07, 2023

  Structural Change and Gender Sectoral Segregation in Sub-Saharan Africa

  Izaskun Zuazu
  Abstract

  Structural change has long been at the core of economic development debates. However, the gender implications of structural change are still largely unexplored. This paper helps to fill this gap…more

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• Working Paper No. 1026
  August 01, 2023

  Banking Sector, Distributive Conflict, and Monetary Theory of Distribution

  Riccardo Zolea
  Abstract

  This paper analyzes the implications of distributional contrast for the monetary theory of distribution. The first step is to try to introduce the banking sector within Pivetti's monetary distribution theory…more

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• Working Paper No. 1025
  August 01, 2023

  Unconventional Monetary Policy or Automatic Stabilizers?

  Nitin Nair
  Abstract

  The purpose of public policy, expansionary or contractionary, is to encourage the expansion of income, output, and employment. Theory decides the nature and kind of policy, and the underlying mechanics…more

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• Working Paper No. 1024
  July 26, 2023

  When Minsky and Godley Met Structuralism

  Nitin Nair
  Abstract

  Underdevelopment is often conceived as being reproduced domestically. This paper emphasizes the international forces that enable the persistence of underdevelopment. We first explore how the currency hierarchy imposes a dependency…more

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• Policy Notes No. 3
  July 24, 2023

  In Defense of Low Interest Rates

  James K. Galbraith
  Abstract

  In recalling John Maynard Keynes’s revolutionary theory of interest, reviewing the doctrines Keynes sought to overthrow, and analyzing the structural transformations of the US economy, James K. Galbraith maintains there…more

  Download Policy Note 2023/3 PDF (207.77 KB)
• Strategic Analysis
  July 20, 2023

  Will the US Debt Ceiling Deal Derail the Pandemic Recovery?

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

  In this Strategic Analysis, Dimitri B. Papadimitriou, Michalis Nikiforos, Giuliano T. Yajima, and Gennaro Zezza discuss how the current state and structural features of the US economy might affect its…more

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• 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

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• Working Paper No. 1022
  July 12, 2023

  Has the Time for a European Job Guarantee Policy Arrived?

  Rania Antonopoulos
  Abstract

  As country after country in the European Union is called to respond to the current challenge of our time—high inflation and declining real wages—governments must engage in a transformative agenda…more

  Download Working Paper No. 1022 PDF (413.22 KB)
• Working Paper No. 1021
  June 29, 2023

  Can It Be Prevented This Time?

  Giuseppe Mastromatteo and Lorenzo Esposito
  Abstract

  Since the nineties, crises have punctuated financial markets, shattering the conventional wisdom about how these markets work and how to regulate them, and forcing a deep rethinking of the supervisory…more

  Download Working Paper No. 1021 PDF (751.72 KB)
• Working Paper No. 1020
  June 28, 2023

  The Macrodynamics of Indian Rupee Swap Yields

  Tanweer Akram and Khawaja Mamun
  Abstract

  This paper econometrically models the dynamics of Indian rupee (INR) swap yields based on key macroeconomic factors using the autoregressive distributive lag (ARDL) approach. It examines whether the short-term interest…more

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• Working Paper No. 1019
  May 08, 2023

  An Inquiry Concerning Japanese Yen Interest Rate Swap Yields

  Tanweer Akram and Khawaja Mamun
  Abstract

  This paper econometrically models Japanese yen (JPY)–denominated interest rate swap yields. It examines whether the short-term interest rate exerts an influence on the long-term JPY swap yield after controlling for…more

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• Working Paper No. 1018
  April 21, 2023

  The Unbearable Weight of Aging

  L. Randall Wray, Yeva Nersisyan, and Xinhua Liu
  Abstract

  The aging of the global population is in the headlines following a report that China’s population fell as deaths surpassed births. Pundits worry that a declining Chinese workforce means trouble…more

  Download Working Paper No. 1018 PDF (665.40 KB)