Publications

1699 publications found

• Working Paper No. 944
  January 16, 2020

  The Empirics of Canadian Government Securities Yields

  Tanweer Akram and Anupam Das
  Abstract

  Keynes argued that the short-term interest rate is the main driver of the long-term interest rate. This paper empirically models the relationship between short-term interest rates and long-term government securities…more

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• Working Paper No. 943
  January 15, 2020

  Is China’s Low Fertility Rate Caused by the Population Control Policy?

  Fernando Rios-Avila, Liu Qiang, and Han Jiqin
  Abstract

  Whether China’s low fertility rate is the consequence of the country’s strict population control policy is a puzzling question. This paper attempts to disentangle the Chinese population control policy’s impacts…more

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• Book Series
  January 10, 2020

  A Great Leap Forward

  L. Randall Wray
  Abstract

  A Great Leap Forward: Heterodox Economic Policy for the 21st Century investigates economic policy from a heterodox and progressive perspective. Author Randall Wray uses relatively short chapters arranged around several…more

• Working Paper No. 942
  January 07, 2020

  An Empirical Stock-Flow Consistent Macroeconomic Model for Denmark

  Mikael Randrup Byrialsen and Hamid Raza
  Abstract

  This paper emphasizes the need for understanding the interdependencies between the real and financial sides of the economy in macroeconomic models. While the real side of the economy is generally…more

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• Working Paper No. 941
  December 12, 2019

  Wage Differential between Palestinian Non-refugees and Palestinian Refugees in the West Bank and Gaza

  Sameh Hallaq
  Abstract

  This paper measures the wage differential between Palestinian non-refugees and Palestinian refugees in the West Bank and Gaza over the years 1999–2012. First, the main individual and occupational differences between…more

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• Working Paper No. 940
  November 21, 2019

  On the “Utilization Controversy”

  Michalis Nikiforos
  Abstract

  The critique by Gahn and González (2019) of the conclusions in Nikiforos (2016) regarding what data should be used to evaluate whether capacity utilization is endogenous to demand is weak…more

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• Testimony
  November 20, 2019

  Statement of Senior Scholar L. Randall Wray to the House Budget Committee, US House of Representatives

  L. Randall Wray and Yeva Nersisyan
  Abstract

  On November 20, 2019, Senior Scholar L. Randall Wray testified before the House Committee on the Budget on the topic of reexamining the economic costs of debt: "In recent months…more

  Download Testimony, November 20, 2019 PDF (1.15 MB)
• Working Paper No. 939
  October 18, 2019

  The Macroeconomic Loss Due to Violence against Women and Girls

  Kijong Kim, Srinivas Raghavendra, Sinead Ashe, Mrinal Chadha, Felix Asante, Petri T. Piiroinen, and Nata Duvvury
  Abstract

  Violence against women and girls (VAWG) is a widely recognized human rights violation with serious consequences for the health and well-being of women and their families. However, the wider ramifications of…more

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• Working Paper No. 938
  October 15, 2019

  The Impact of the Bank of Japan’s Monetary Policy on Japanese Government Bonds’ Low Nominal Yields

  Tanweer Akram and Huiqing Li
  Abstract

  Nominal yields for Japanese government bonds (JGBs) have been remarkably low for several decades. Japanese government debt ratios have continued to increase amid a protracted period of stagnant nominal GDP,…more

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• Working Paper No. 937
  October 04, 2019

  Indian Fiscal Federalism at the Crossroads

  Lekha S. Chakraborty
  Abstract

  There is a growing recognition that fundamental changes are happening in Indian fiscal federalism ex post the abolition of the Planning Commission, the creation of the National Institution for Transforming…more

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• Book Series
  October 01, 2019

  Challenges to Indian Fiscal Federalism

  Abstract

  The principle of fiscal federalism enshrined in India’s Constitution is under severe strain today. This book is a key addition to understanding the challenges involved. The authors capture the implications…more

• Research Project Report
  September 17, 2019

  Macroeconomic and Microeconomic Impacts of Improving Physical and Social Infrastructure

  Ajit Zacharias, Thomas Masterson, Kijong Kim, Tamar Khitarishvili, Michalis Nikiforos, and Fernando Rios-Avila
  Abstract

  Feminist economics has long emphasized the role of physical and social infrastructure as determinants of the time women spend on household production (the provision of unpaid domestic services and care)….more

  Download Research Project Report, September 2019 PDF (1.48 MB)
• Working Paper No. 936
  September 04, 2019

  Fiscal Reform to Benefit State and Local Governments

  L. Randall Wray
  Abstract

  This paper will present the Modern Money Theory approach to government finance. In short, a national government that chooses its own money of account, imposes a tax in that money…more

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• Working Paper No. 935
  August 22, 2019

  Evolving International Monetary and Financial Architecture and the Development Challenge

  Jörg Bibow
  Abstract

  This paper investigates the peculiar macroeconomic policy challenges faced by emerging economies in today’s monetary (non)order and globalized finance. It reviews the evolution of the international monetary and financial architecture…more

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• Working Paper No. 934
  August 22, 2019

  An Analysis of the Daily Changes in US Treasury Security Yields

  Tanweer Akram and Anupam Das
  Abstract

  This paper analyzes the dynamics of long-term US Treasury security yields from a Keynesian perspective using daily data. Keynes held that the short-term interest rate is the main driver of…more

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• One-Pager No. 60
  July 26, 2019

  Fighting Inequality Can Strengthen the US Economy

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

  Senators Elizabeth Warren and Bernie Sanders, along with Representative Alexandria Ocasio-Cortez, recently proposed to increase the rate of taxation on very high incomes and net worth. One of the primary…more

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• Working Paper No. 933
  July 08, 2019

  Defaultnomics

  Giuseppe Mastromatteo and Lorenzo Esposito
  Abstract

  The 2008 crisis created a need to rethink many aspects of economic theory, including the role of public intervention in the economy. On this issue, we explore the Barro-Ricardo equivalence,…more

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• Working Paper No. 932
  June 26, 2019

  Rethinking China’s Local Government Debt in the Frame of Modern Money Theory

  Zengping He and Genliang Jia
  Abstract

  Local government debt in China is increasing and presents a great threat to China’s financial stability. In China’s fiscal system, the central government often prioritizes reducing its fiscal deficit and…more

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• Working Paper No. 931
  May 30, 2019

  How to Pay for the Green New Deal

  L. Randall Wray and Yeva Nersisyan
  Abstract

  This paper follows the methodology developed by J. M. Keynes in his How to Pay for the War pamphlet to estimate the “costs” of the Green New Deal (GND) in…more

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• Working Paper No. 930
  May 21, 2019

  A Semi-Parametric Approach to the Oaxaca-Blinder Decomposition with Continuous Group Variable and Self-Selection

  Fernando Rios-Avila
  Abstract

  This paper describes the application of a semiparametric approach, known as a varying coefficients model (Hastie and Tibshirani 1993), to implement a Oaxaca-Blinder type of decomposition in the presence of…more

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• Working Paper No. 929
  May 16, 2019

  When to Ease Off the Brakes (and Hopefully Prevent Recessions)

  Tai Young-Taft, Harold M. Hastings, and Thomas Wang
  Abstract

  Increases in the federal funds rate aimed at stabilizing the economy have inevitably been followed by recessions. Recently, peaks in the federal funds rate have occurred 6–16 months before the…more

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• Policy Notes No. 2
  May 16, 2019

  Global Imbalances and the Trade War

  Jan Kregel
  Abstract

  Against the background of an ongoing trade dispute between the United States and China, Senior Scholar Jan Kregel analyzes the potential for achieving international adjustment without producing a negative impact…more

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• Working Paper No. 928
  May 13, 2019

  Democratizing Money

  Jan Kregel
  Abstract

  In the Western interpretation of democracy, governments exist in order to manage relations of property, with absence of property ownership leading to exclusion from participation in governance and, in many…more

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• Working Paper No. 927
  April 26, 2019

  Recentered Influence Functions in Stata

  Fernando Rios-Avila
  Abstract

  Recentered influence functions (RIFs) are statistical tools popularized by Firpo, Fortin, and Lemieux (2009) for analyzing unconditional partial effects on quantiles in a regression analysis framework (unconditional quantile regressions). The…more

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