Publications

1714 publications found

• Working Paper No. 895
  August 23, 2017

  Unemployment: The Silent Epidemic

  Pavlina R. Tcherneva
  Abstract

  This paper examines two key aspects of unemployment—its propagation mechanism and socioeconomic costs. It identifies a key feature of this macroeconomic phenomenon: it behaves like a disease. A detailed assessment…more

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• Working Paper No. 894
  August 04, 2017

  An Inquiry Concerning Long-term US Interest Rates Using Monthly Data

  Tanweer Akram and Huiqing Li
  Abstract

  This paper undertakes an empirical inquiry concerning the determinants of long-term interest rates on US Treasury securities. It applies the bounds testing procedure to cointegration and error correction models within…more

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• Working Paper No. 893
  July 26, 2017

  The Neoclassicals’ Conundrum

  Oscar Valdes Viera
  Abstract

  Neoclassical economists of the current era frequently pay lip service to Adam Smith’s theories to certify the validity of natural-laws-based, laissez-faire policies. However, neoclassical theories are fundamentally disconnected from Adam…more

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• Policy Note No. 3
  July 21, 2017

  Why the Compulsive Shift to Single Payer?

  L. Randall Wray
  Abstract

  The growing political momentum for a universal single-payer healthcare program in the United States is due in part to Republican attempts to repeal and replace the Affordable Care Act (Obamacare)….more

  Download Policy Note 2017/3 PDF (252.09 KB)
• Policy Note No. 2
  July 07, 2017

  The Concert of Interests in the Age of Trump

  Jan Kregel
  Abstract

  If the Trump administration is to fulfill its campaign promises to this age’s “forgotten” men and women, Director of Research Jan Kregel argues, it should embrace the broader lesson of…more

  Download Policy Note 2017/2 PDF (190.65 KB)
• Working Paper No. 892
  June 21, 2017

  Understanding Financialization

  Charles J. Whalen
  Abstract

  Since the death of Hyman Minsky in 1996, much has been written about financialization. This paper explores the issues that Minsky examined in the last decade of his life and…more

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• Working Paper No. 891
  May 24, 2017

  Stock-flow Consistent Macroeconomic Models

  Gennaro Zezza and Michalis Nikiforos
  Abstract

  The stock-flow consistent (SFC) modeling approach, grounded in the pioneering work of Wynne Godley and James Tobin in the 1970s, has been adopted by a growing number of researchers in…more

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• Working Paper No. 890
  May 15, 2017

  On the Centrality of Redemption

  Abstract

  The paper presents a financial approach to monetary analysis that links the credit and state theories of money. A premise of the functional approach to money is that “money is…more

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• Working Paper No. 889
  May 08, 2017

  The Dynamics of Government Bond Yields in the Eurozone

  Tanweer Akram and Anupam Das
  Abstract

  This paper investigates the determinants of nominal yields of government bonds in the eurozone. The pooled mean group (PMG) technique of cointegration is applied on both monthly and quarterly datasets…more

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• Working Paper No. 888
  April 20, 2017

  Gender, Socioeconomic Status, and Time Use of Married and Cohabiting Parents during the Great Recession

  Ebru Kongar and Mark Price
  Abstract

  Using data from the 2003–14 American Time Use Survey (ATUS), this paper examines the relationship between the state unemployment rate and the time that opposite-sex couples with children spend on…more

  Download Working Paper No. 888 PDF (585.95 KB)
• Strategic Analysis
  April 14, 2017

  The Trump Effect: Is This Time Different?

  Gennaro Zezza and Michalis Nikiforos
  Abstract

  From a macroeconomic point of view, 2016 was an ordinary year in the post–Great Recession period. As in prior years, the conventional forecasts predicted that this would be the year…more

  Download Strategic Analysis, April 2017 PDF (403.41 KB)
• Policy Note No. 1
  April 06, 2017

  Inequality Update: Who Gains When Income Grows?

  Pavlina R. Tcherneva
  Abstract

  Since the 1980s, economic recoveries in the United States have been delivering the vast majority of income growth to the wealthiest households. This policy note updates the analysis in One-Pager…more

  Download Policy Note 2017/1 PDF (395.43 KB)
• Working Paper No. 887
  March 20, 2017

  Trump’s Bait and Switch

  Pavlina R. Tcherneva
  Abstract

  President Trump’s faux populism may deliver some immediate short-term benefits to the economy, masking the devastating long-term effects from his overall policy strategy. The latter can be termed “welfare state…more

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• Working Paper No. 886
  March 03, 2017

  How Germany’s Anti-Keynesianism Has Brought Europe to Its Knees

  Jörg Bibow
  Abstract

  This paper investigates the (lack of any lasting) impact of John Maynard Keynes’s General Theory on economic policymaking in Germany. The analysis highlights the interplay between economic history and the…more

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• Working Paper No. 885
  February 27, 2017

  Quality of Statistical Match of Household Budget Survey and SILC for Turkey

  Thomas Masterson
  Abstract

  This paper presents the quality analysis of the statistical matching conducted for a research study on household consumption behavior, household indebtedness, and inequality for Turkey. The match has been done…more

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• Working Paper No. 884
  February 24, 2017

  Gendered Patterns of Time Use over the Life Cycle

  Ebru Kongar and Emel Memiş
  Abstract

  Using data from the 2006 Turkish Time-Use Survey, we examine gender differences in time allocation among married heterosexual couples over the life cycle. While we find large discrepancies in the…more

  Download Working Paper No. 884 PDF (609.31 KB)
• Working Paper No. 883
  February 24, 2017

  Fiscal Policy, Economic Growth and Innovation

  Lekha S. Chakraborty, Horst Hanusch, and Swati Khurana
  Abstract

  This paper analyzes the effectiveness of public expenditures on economic growth within the analytical framework of comprehensive Neo-Schumpeterian economics. Using a fixed-effects model for G20 countries, the paper investigates the…more

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• Public Policy Brief No. 143
  February 07, 2017

  Brazil Still in Troubled Waters

  Abstract

  Since inheriting the Brazilian presidency five months ago, the new Temer administration has successfully ratified a constitutional amendment imposing a radical, two-decades-long public spending freeze, purportedly aimed at sparking an…more

  Download Public Policy Brief No. 143, 2017 PDF (340.91 KB)
• One-Pager No. 53
  February 06, 2017

  Falling Labor Force Participation

  L. Randall Wray and Flavia Dantas
  Abstract

  Aging demographics, “social shifts,” and other supply-side and institutional factors have commonly been blamed for the fall in the US labor force participation rate. However, depressed labor force participation for…more

  Download One-Pager No. 53 PDF (116.19 KB)
• Public Policy Brief No. 142
  February 03, 2017

  Full Employment: Are We There Yet?

  L. Randall Wray and Flavia Dantas
  Abstract

  Flavia Dantas and L. Randall Wray argue that the emerging conventional wisdom—that the US economy has reached full employment—is flawed. The unemployment rate is not providing an accurate picture of…more

  Download Public Policy Brief No. 142, 2017 PDF (1.39 MB)
• Working Paper No. 882
  January 13, 2017

  Investing in Social Care Infrastructure and Employment Generation

  Kijong Kim, İpek Ilkkaracan, and Tolga Kaya
  Abstract

  This paper examines the aggregate and gender employment impact of expanding the early childhood care and preschool education (ECCPE) sector in Turkey and compares it to the expansion of the…more

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• Working Paper No. 881
  January 11, 2017

  The Long-run Determinants of Indian Government Bond Yields

  Tanweer Akram and Anupam Das
  Abstract

  This paper investigates the long-term determinants of Indian government bonds’ (IGB) nominal yields. It examines whether John Maynard Keynes’s supposition that short-term interest rates are the key driver of long-term…more

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• Working Paper No. 880
  January 04, 2017

  The Great Recession and Racial Inequality

  Edward N. Wolff, Ajit Zacharias, Thomas Masterson, and Fernando Rios-Avila
  Abstract

  The Great Recession had a tremendous impact on low-income Americans, in particular black and Latino Americans. The losses in terms of employment and earnings are matched only by the losses…more

  Download Working Paper No. 880 PDF (488.43 KB)
• Working Paper No. 879
  December 22, 2016

  Distribution-led Growth through Methodological Lenses

  Michalis Nikiforos
  Abstract

  This paper presents a methodological discussion of two recent “endogeneity” critiques of the Kaleckian model and the concept of distribution-led growth. From a neo-Keynesian perspective, and following Kaldor (1955) and…more

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