Publications

1711 publications found

• Working Paper No. 965
  July 28, 2020

  First Palestinian Intifada and Intergenerational Transmission of Human Capital

  Sameh Hallaq
  Abstract

  This paper attempts to estimate the intergenerational transmission of human capital in Palestine. The main question is whether formal parental education improves their offspring’s cognitive skills and school achievements. I…more

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• Working Paper No. 964
  July 27, 2020

  Budget Credibility of Subnational Governments

  Lekha S. Chakraborty, Pinaki Chakraborty, and Ruzel Shrestha
  Abstract

  Budget credibility, or the ability of governments to accurately forecast macro-fiscal variables, is crucial for effective public finance management. Fiscal marksmanship analysis captures the extent of errors in the budgetary…more

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• Working Paper No. 963
  July 16, 2020

  The Early Impact of COVID-19 on Job Losses among Black Women in the United States

  Thomas Masterson, Michelle Holder, and Janelle Jones
  Abstract

  The COVID-19 pandemic seemingly appeared out of nowhere but changed nearly everything. As the pandemic unfolded, industries deemed nonessential were leveled. Many occupations in these industries are low-wage, and women…more

  Download Working Paper No. 963 PDF (257.07 KB)
• Working Paper No. 962
  July 14, 2020

  Some Empirical Models of Japanese Government Bond Yields Using Daily Data

  Tanweer Akram and Huiqing Li
  Abstract

  This paper models the dynamics of Japanese government bond (JGB) nominal yields using daily data. Models of government bond yields based on daily data, such as those presented in this…more

  Download Working Paper No. 962 PDF (5.98 MB)
• Working Paper No. 961
  July 13, 2020

  The "Kansas City" Approach to Modern Money Theory

  L. Randall Wray
  Abstract

  Modern money theory (MMT) synthesizes several traditions from heterodox economics. Its focus is on describing monetary and fiscal operations in nations that issue a sovereign currency. As such, it applies…more

  Download Working Paper No. 961 PDF (351.33 KB)
• Policy Note No. 5
  July 10, 2020

  Debt Management and the Fiscal Balance

  Jan Toporowski
  Abstract

  In this policy note, Jan Toporowski provides an analysis of government debt management using fiscal principles derived from the work of Michał Kalecki. Dividing the government’s budget into a “functional”…more

  Download Policy Note 2020/5 PDF (129.91 KB)
• Working Paper No. 960
  July 09, 2020

  Fiscal Policy in Argentina, Brazil, and Mexico and the 2030 Agenda for Sustainable Development

  Bendreff Desilus
  Abstract

  Fiscal policy is useful as a government instrument for supporting the economy, contributing to an increase in employment, and reducing inequality through more egalitarian income distribution. Over the past 30…more

  Download Working Paper No. 960 PDF (259.17 KB)
• Book Series
  July 07, 2020

  The Case for a Job Guarantee

  Pavlina R. Tcherneva
  Abstract

  One of the most enduring ideas in economics is that unemployment is both unavoidable and necessary for the smooth functioning of the economy. This assumption has provided cover for the devastating social and…more

• Working Paper No. 959
  June 25, 2020

  Distribution and Gender Effects on the Path of Economic Growth

  Ruth Badru
  Abstract

  This paper applies a robust empirical methodology, which considers issues relating to cross-country heterogeneity and cross-sectional dependence, to inspect the contributions of gender equality and factor income distribution to an…more

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• Public Policy Brief No. 151
  June 16, 2020

  Crisis, Austerity, and Fiscal Expenditure in Greece

  Michalis Nikiforos
  Abstract

  This policy brief provides a discussion of the relationships between austerity, Greece’s macroeconomic performance, debt sustainability, and the provision of healthcare and other social services over the last decade. It…more

  Download Public Policy Brief No. 151, 2020 PDF (841.90 KB)
• Working Paper No. 958
  June 12, 2020

  A Stock-Flow Consistent Quarterly Model of the Italian Economy

  Gennaro Zezza and Francesco Zezza
  Abstract

  Macroeconomists and political officers need rigorous, albeit realistic, quantitative models to forecast the future paths and dynamics of some variables of interest while being able to evaluate the effects of…more

  Download Working Paper No. 958 PDF (1.11 MB)
• Working Paper No. 957
  June 05, 2020

  Notes on Intersectional Political Economy

  Luiza Nassif Pires
  Abstract

  This paper presents a critique of Karl Marx’s labor theory of value and his theory of falling profit rates from an intersectional political economy perspective. Specifically, I rely on social…more

  Download Working Paper No. 957 PDF (684.41 KB)
• 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

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• 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 Note 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 Note 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)