Publications

1699 publications found

• 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

  Download Working Paper No. 956 PDF (753.89 KB)
• Working Paper No. 955
  May 13, 2020

  Class Size, Cognitive Abilities, Bullying, and Violent Behavior

  Sameh Hallaq
  Abstract

  This study uses rich administrative and survey data to investigate the effects of class size on students’ cognitive tests as well as bullying and violent behavior. I use the maximum…more

  Download Working Paper No. 955 PDF (2.36 MB)
• Policy Notes No. 4
  May 05, 2020

  Guaranteeing Employment during the Pandemic and Beyond

  Pavlina R. Tcherneva
  Abstract

  The ongoing job losses, already numbering in the tens of millions, and the mass unemployment that will remain once the COVID-19 crisis has passed are of our own making, argues…more

  Download Policy Note 2020/4 PDF (108.51 KB)
• Working Paper No. 954
  April 30, 2020

  Household Consumption, Household Indebtedness, and Inequality in Turkey

  Abstract

  This paper examines whether relative income and income inequality within reference groups affect household consumption. Using the explanations of consumption behavior based on Dusenberry’s relative income hypothesis, we test if…more

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• Working Paper No. 953
  April 24, 2020

  Notes on the Accumulation and Utilization of Capital

  Michalis Nikiforos
  Abstract

  The paper makes three contributions. First, following up on Nikiforos (2016), it provides an in-depth examination of the Federal Reserve measure of capacity utilization and shows that it is closer…more

  Download Working Paper No. 953 PDF (875.55 KB)
• Working Paper No. 952
  April 24, 2020

  Notes on the Accumulation and Utilization of Capital

  Michalis Nikiforos
  Abstract

  This paper discusses some issues related to the triangle between capital accumulation, distribution, and capacity utilization. First, it explains why utilization is a crucial variable for the various theories of…more

  Download Working Paper No. 952 PDF (624.10 KB)
• Policy Notes No. 3
  April 20, 2020

  Immigration Policy Undermines the US Pandemic Response

  Martha Tepepa
  Abstract

  Research Scholar Martha Tepepa explains how the US response to the COVID-19 crisis will be hindered by its approach to immigration policy. The administration’s “zero tolerance” immigration campaign creates a…more

  Download Policy Note 2020/3 PDF (118.61 KB)
• Public Policy Brief No. 149
  April 14, 2020

  Pandemic of Inequality

  Thomas Masterson, Michalis Nikiforos, Fernando Rios-Avila, Luiza Nassif Pires, and Laura de Lima Xavier
  Abstract

  The costs of the COVID-19 pandemic—in terms of both the health risks and economic burdens—will be borne disproportionately by the most vulnerable segments of US society. In this public policy…more

  Download Public Policy Brief No. 149, 2020 PDF (539.32 KB)
• One-Pager No. 63
  April 10, 2020

  Are We All MMTers Now? Not so Fast

  L. Randall Wray and Yeva Nersisyan
  Abstract

  As governments around the world explore ambitious approaches to fiscal and monetary policy in their responses to the COVID-19 crisis, Modern Money Theory (MMT) has been thrust into the spotlight…more

  Download One-Pager No. 63 PDF (123.04 KB)
• 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

  Download Working Paper No. 951 PDF (865.47 KB)
• Working Paper No. 950
  April 08, 2020

  Public Charge in the Time of Coronavirus

  Martha Tepepa
  Abstract

  The United States government recently passed legislation and stabilization packages to respond to the COVID-19 (i.e., coronavirus disease 2019) outbreak by providing paid sick leave, tax credits, and free virus…more

  Download Working Paper No. 950 PDF (234.97 KB)
• Policy Notes No. 2
  April 03, 2020

  Stabilizing State and Local Budgets through the Pandemic and Beyond

  Alex Williams
  Abstract

  The federal government appears to have abandoned the idea of a coordinated public health response to the COVID-19 pandemic, leaving the entirety to state and local governments. Meanwhile, the economic…more

  Download Policy Note 2020/2 PDF (84.42 KB)
• Policy Notes No. 1
  March 19, 2020

  When Two Minskyan Processes Meet a Large Shock

  Michalis Nikiforos
  Abstract

  The spread of the new coronavirus (COVID-19) is a major shock for the US and global economies. Research Scholar Michalis Nikiforos explains that we cannot fully understand the economic implications…more

  Download Policy Note 2020/1 PDF (306.68 KB)
• One-Pager No. 62
  March 13, 2020

  The Economic Response to the Coronavirus Pandemic

  L. Randall Wray and Yeva Nersisyan
  Abstract

  As the coronavirus (COVID-19) spreads across the United States, it has become clear that, in addition to the public health response (which has been far less than adequate), an economic…more

  Download One-Pager No. 62 PDF (130.06 KB)
• One-Pager No. 61
  March 10, 2020

  A Global Slowdown Will Test US Corporate Fragility

  Dimitri B. Papadimitriou, Gennaro Zezza, and Michalis Nikiforos
  Abstract

  The rapidly growing uncertainty about the potential global fallout from an emerging pandemic is occurring against a background in which there is evidence US corporate sector balance sheets are significantly…more

  Download One-Pager No. 61 PDF (118.75 KB)
• Working Paper No. 949
  February 12, 2020

  A Labor Market–Augmented Empirical Stock-Flow Consistent Model Applied to the Greek Economy

  Christos Pierros
  Abstract

  This paper extends the empirical stock-flow consistent (SFC) literature through the introduction of distributional features and labor market institutions in a Godley-type empirical SFC model. In particular, labor market institutions,…more

  Download Working Paper No. 949 PDF (1.32 MB)
• Working Paper No. 948
  February 10, 2020

  Challenges for the EU as Germany Approaches Recession

  George Zestos and Rachel N. Cooke
  Abstract

  This paper analyzes recent macroeconomic developments in the eurozone, particularly in Germany. Several economic indicators are sending signals of a looming German recession. Geopolitical tensions caused by trade disputes between…more

  Download Working Paper No. 948 PDF (431.40 KB)
• Working Paper No. 947
  February 06, 2020

  Ages of Financial Instability

  Mario Tonveronachi
  Abstract

  Starting from the mid-nineteenth century, this paper analyzes two periods of financial instability connected with financial globalization. The first culminates with the 1929 crisis, while the second characterizes the more…more

  Download Working Paper No. 947 PDF (391.94 KB)
• Working Paper No. 946
  February 03, 2020

  The Relationship between Technical Progress and Employment

  Jesus Felipe, Gemma Estrada, Donna Faye Bajaro, and John McCombie
  Abstract

  We show that Autor and Salomons’ (2017, 2018) analysis of the impact of technical progress on employment growth is problematic. When they use labor productivity growth as a proxy for…more

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• Working Paper No. 945
  January 31, 2020

  Demand, Distribution, Productivity, Structural Change, and (Secular?) Stagnation

  Michalis Nikiforos
  Abstract

  The present paper emphasizes the role of demand, income distribution, endogenous productivity reactions, and other structural changes in the slowdown of the growth rate of output and productivity that has…more

  Download Working Paper No. 945 PDF (634.73 KB)
• Public Policy Brief No. 148
  January 31, 2020

  Can We Afford the Green New Deal?

  L. Randall Wray and Yeva Nersisyan
  Abstract

  In this policy brief, Yeva Nersisyan and Senior Scholar L. Randall Wray argue that assessing the “affordability” of the Green New Deal is a question of whether there are suitable…more

  Download Public Policy Brief No. 148, 2020 PDF (234.15 KB)
• Strategic Analysis
  January 23, 2020

  Prospects and Challenges for the US Economy

  Dimitri B. Papadimitriou, Gennaro Zezza, and Michalis Nikiforos
  Abstract

  This Strategic Analysis examines the US economy’s prospects for 2020–23 and the risks that lie ahead. The baseline projection generated by the Levy Institute’s stock-flow consistent macroeconomic model shows that,…more

  Download Strategic Analysis, January 2020 PDF (1.00 MB)
• Strategic Analysis
  January 17, 2020

  Greece: In Search of Investors

  Dimitri B. Papadimitriou, Gennaro Zezza, and Michalis Nikiforos
  Abstract

  2019 marked the third year of the continuing economic recovery in Greece, with real GDP and employment rising, albeit at modest rates. In this Strategic Analysis we note that the…more

  Download Strategic Analysis, January 2020 PDF (786.47 KB)