Publications

1714 publications found

• Working Paper No. 878
  December 12, 2016

  The Short- and Long-run Inconsistency of the Expansionary Austerity Theory

  Alberto Botta
  Abstract

  This paper provides a critical analysis of expansionary austerity theory (EAT). The focus is on the theoretical weaknesses of EAT—the extreme circumstances and fragile assumptions under which expansionary consolidations might…more

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• Working Paper No. 877
  November 15, 2016

  Financial Stability and Secure Currency in a Modern Context

  Jan Kregel
  Abstract

  Against the background of modern-day monetary proposals, ranging from a return to the gold standard to the wholesale abolition of currency, this paper seeks to draw implications from David Ricardo’s…more

  Download Working Paper No. 877 PDF (259.83 KB)
• Working Paper No. 876
  October 12, 2016

  Normalizing the Fed Funds Rate

  Flavia Dantas
  Abstract

  In December 2015, the Federal Reserve Board (FRB) initiated the process of “normalization,” with the objective of gradually raising the federal funds rate back to “normal”—i.e., levels that are “neither…more

  Download Working Paper No. 876 PDF (582.83 KB)
• Working Paper No. 875
  September 27, 2016

  Minsky at Basel

  Giuseppe Mastromatteo and Lorenzo Esposito
  Abstract

  The global financial crisis shattered the conventional wisdom about how financial markets work and how to regulate them. Authorities intervened to stop the panic—short-term pragmatism that spoke volumes about the…more

  Download Working Paper No. 875 PDF (432.86 KB)
• Working Paper No. 874
  September 20, 2016

  “Engendering” Intergovernmental Transfers

  Lekha S. Chakraborty and Abhishek Anand
  Abstract

  This paper seeks to evaluate whether a gender-sensitive formula for the inter se devolution of union taxes to the states makes the process more progressive. We have used the state-specific…more

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• Working Paper No. 873
  September 13, 2016

  Quality of Match for Statistical Matches Used in the Development of the Levy Institute Measure of Time and Consumption Poverty (LIMTCP) for Ghana and Tanzania

  Fernando Rios-Avila
  Abstract

  This document presents a description of the quality of match of the statistical matches used in the LIMTCP estimates prepared for Ghana and Tanzania. For Ghana, the statistical match combines…more

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• Working Paper No. 872
  August 24, 2016

  Federalism, Fiscal Space, and Public Investment Spending

  Pinaki Chakraborty
  Abstract

  The primary objective of rule-based fiscal legislation at the subnational level in India is to achieve debt sustainability by placing a ceiling on borrowing and the use of borrowed resources…more

  Download Working Paper No. 872 PDF (698.76 KB)
• Working Paper No. 871
  August 09, 2016

  Simulations of Employment for Individuals in LIMTCP Consumption-poor Households in Tanzania and Ghana, 2012

  Thomas Masterson, Kijong Kim, and Fernando Rios-Avila
  Abstract

  New methodology for producing employment microsimulations is introduced, with a focus on farms and household nonfarm enterprises. Previous simulations have not dealt with the issue of reduced production in farm…more

  Download Working Paper No. 871 PDF (250.49 KB)
• Policy Note No. 3
  August 04, 2016

  The Impact of Immigration on the Native-born Unemployed

  Fernando Rios-Avila and Gustavo Canavire-Bacarreza
  Abstract

  In this policy note, Research Scholar Fernando Rios-Avila and Gustavo Canavire-Bacarreza, Universidad EAFIT, observe that immigration in the United States has a small but statistically significant impact on the labor…more

  Download Policy Note 2016/3 PDF (203.60 KB)
• Working Paper No. 870
  August 01, 2016

  Unemployed, Now What?

  Fernando Rios-Avila and Gustavo Canavire-Bacarreza
  Abstract

  Although one would expect the unemployed to be the population most likely affected by immigration, most of the studies have concentrated on investigating the effects immigration has on the employed…more

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• Working Paper No. 869
  June 24, 2016

  Have We Been Here Before?

  Apostolos Fasianos, Diego Guevara, and Christos Pierros
  Abstract

  This paper explores from a historical perspective the process of financialization over the course of the 20th century. We identify four phases of financialization: the first, from the 1900s to…more

  Download Working Paper No. 869 PDF (920.59 KB)
• Working Paper No. 868
  June 06, 2016

  From Antigrowth Bias to Quantitative Easing

  Jörg Bibow
  Abstract

  This paper investigates the European Central Bank’s (ECB) monetary policies. It identifies an antigrowth bias in the bank’s monetary policy approach: the ECB is quick to hike, but slow to…more

  Download Working Paper No. 868 PDF (622.39 KB)
• Working Paper No. 867
  May 18, 2016

  The Greek Public Debt Problem

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

  This paper examines the issue of the Greek public debt from different perspectives. We provide a historical discussion of the accumulation of Greece’s public debt since the 1960s and the…more

  Download Working Paper No. 867 PDF (522.33 KB)
• Working Paper No. 866
  May 16, 2016

  Going Forward from B to A?

  Dimitri B. Papadimitriou, Gennaro Zezza, Massimo Amato, and Luca Fantacci
  Abstract

  After reviewing the main determinants of the current eurozone crisis, this paper discusses the feasibility of introducing fiscal currencies as a way to restore fiscal space in peripheral countries, like…more

  Download Working Paper No. 866 PDF (550.46 KB)
• Working Paper No. 865
  May 05, 2016

  Measuring Poverty in the Case of Buenos Aires

  Rania Antonopoulos, Ajit Zacharias, Thomas Masterson, and Valeria Esquivel
  Abstract

  We describe the production of estimates of the Levy Institute Measure of Time and Income Poverty (LIMTIP) for Buenos Aires, Argentina, and use it to analyze the incidence of time…more

  Download Working Paper No. 865 PDF (664.73 KB)
• Working Paper No. 864
  April 18, 2016

  Maximizing Price Stability in a Monetary Economy

  Warren Mosler and Damiano B. Silipo
  Abstract

  In this paper we analyze options for the European Central Bank (ECB) to achieve its single mandate of price stability. Viable options for price stability are described, analyzed, and tabulated…more

  Download Working Paper No. 864 PDF (727.78 KB)
• Policy Note No. 2
  April 04, 2016

  The Narrow Path for Brazil

  Abstract

  Brazil is mired in a joint economic and political crisis, and the way out is unclear. In 2015 the country experienced a steep contraction of output alongside elevated inflation, all…more

  Download Policy Note 2016/2 PDF (209.48 KB)
• Working Paper No. 863
  March 31, 2016

  The Empirics of Long-Term US Interest Rates

  Tanweer Akram and Huiqing Li
  Abstract

  US government indebtedness and fiscal deficits increased notably following the global financial crisis. Yet long-term interest rates and US Treasury yields have remained remarkably low. Why have long-term interest rates…more

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• Public Policy Brief No. 141
  March 25, 2016

  What We Could Have Learned from the New Deal in Confronting the Recent Global Recession

  Jan Kregel
  Abstract

  To the extent that policymakers have learned anything at all from the Great Depression and the policy responses of the 1930s, the lessons appear to have been the wrong ones….more

  Download Public Policy Brief No. 141, 2016 PDF (313.69 KB)
• Working Paper No. 862
  March 17, 2016

  Japan’s Liquidity Trap

  Tanweer Akram
  Abstract

  Japan has experienced stagnation, deflation, and low interest rates for decades. It is caught in a liquidity trap. This paper examines Japan’s liquidity trap in light of the structure and…more

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• Strategic Analysis
  March 07, 2016

  Destabilizing an Unstable Economy

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

  Our latest strategic analysis reveals that the US economy remains fragile because of three persistent structural issues: weak demand for US exports, fiscal conservatism, and a four-decade trend in rising…more

  Download Strategic Analysis, March 2016 PDF (1.11 MB)
• Working Paper No. 861
  March 01, 2016

  Money, Power, and Monetary Regimes

  Pavlina R. Tcherneva
  Abstract

  Money, in this paper, is defined as a power relationship of a specific kind, a stratified social debt relationship, measured in a unit of account determined by some authority. A…more

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• Working Paper No. 860
  February 22, 2016

  Looking Into the Abyss?

  Abstract

  The Brazilian economy in 2015 was afflicted by a lethal combination of decelerating activity and accelerating inflation. Expectations for 2016 are equally or even more adverse, since the effects of…more

  Download Working Paper No. 860 PDF (254.59 KB)
• Working Paper No. 859
  February 01, 2016

  The 2030 Sustainable Development Goals and Measuring Gender Inequality

  Lekha S. Chakraborty and Bhavya Aggarwal
  Abstract

  Against the backdrop of the 2030 UN Agenda for Sustainable Development, this paper analyzes the measurement issues in gender-based indices constructed by the United Nations Development Programme (UNDP) and suggests…more

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