Publications

1714 publications found

• Working Paper No. 985
  February 08, 2021

  Has Japan Been Following Modern Money Theory Without Recognizing It?

  L. Randall Wray and Yeva Nersisyan
  Abstract

  Modern Money Theory (MMT) economists have used Japan as an example of a country that demonstrates that high deficits and debt do not lead to insolvency, high interest rates, or…more

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• Working Paper No. 984
  February 05, 2021

  The Empirics of Long-Term Mexican Government Bond Yields

  Tanweer Akram and Syed Al-Helal Uddin
  Abstract

  This paper presents empirical models of Mexican government bond (MGB) yields based on monthly macroeconomic data. The current short-term interest rate has a decisive influence on MGB yields, after controlling…more

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• Working Paper No. 983
  February 05, 2021

  Intrahousehold Allocation of Household Production

  Fernando Rios-Avila, Luiza Nassif Pires, and Abena D. Oduro
  Abstract

  In this working paper, we analyze factors that may explain gender differences in the allocation of time to household production in sub-Saharan Africa. The study uses time use survey data…more

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• Public Policy Brief No. 154
  February 01, 2021

  Another Bretton Woods Reform Moment

  Jan Kregel
  Abstract

  This policy brief explores a route to remaking the international financial system that would avoid the contradictions inherent in some of the prevailing reform proposals currently under discussion. Senior Scholar…more

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• Working Paper No. 982
  January 24, 2021

  The Economic Problem: From Barter to Commodity Money to Electronic Money

  Jan Kregel
  Abstract

  The success of alternative payment systems has led to discussion of various proposals to replace money with a new technology-based system, though many lack a clear idea of what exactly…more

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• Policy Note No. 2021/1
  January 19, 2021

  Keynes’s Clearing Union Is Alive and Well and Living in Your Mobile Phone

  Jan Kregel
  Abstract

  While governments may consider implementation of John Maynard Keynes’s original clearing union proposal for the international financial architecture too difficult or radical, Senior Scholar Jan Kregel notes that the private…more

  Download Policy Note 2021/1 PDF (179.63 KB)
• Working Paper No. 981
  January 19, 2021

  What Jobs Should a Public Job Guarantee Provide?

  Daniel Haim
  Abstract

  The job guarantee is a viable policy option for tackling both unemployment and underemployment. Hyman P. Minsky was one of the seminal writers on this subject. The first part of…more

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• Working Paper No. 980
  December 01, 2020

  Balance Sheet Effects of a Currency Devaluation

  Lorenzo Nalin and Giuliano Toshiro Yajima
  Abstract

  This working paper empirically and theoretically analyzes the exchange rate’s role in Mexico’s development for the period 2004–19. We test the hypothesis of the re(emergence) of the balance sheet effect…more

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• Working Paper No. 979
  November 20, 2020

  Is It Time to Eliminate Federal Corporate Income Taxes?

  L. Randall Wray and Edward Lane
  Abstract

  As the nation is experiencing the need for ever-increasing government expenditures to address COVID-19 disruptions, rebuild the nation’s infrastructure, and many other worthy causes, conventional thinking calls for restoring at…more

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• Working Paper No. 978
  November 16, 2020

  Potential Impact of Daycare Closures on Parental Child Caregiving in Turkey

  Ebru Kongar and Emel Memiş
  Abstract

  Daycares closed on March 16, 2020 in Turkey to prevent the spread of COVID-19. At the same time, the two most common nonparental childcare arrangements in Turkey—care of children by…more

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• Working Paper No. 977
  November 16, 2020

  A Note Concerning Government Bond Yields

  Tanweer Akram
  Abstract

  This paper relates Keynes’s discussions of money, the state theory of money, financial markets, investors’ expectations, uncertainty, and liquidity preference to the dynamics of government bond yields for countries with…more

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• Working Paper No. 976
  November 11, 2020

  The Palestinian Labor Market over the Last Three Decades

  Sameh Hallaq
  Abstract

  This paper consists of three economic literature review essays that survey the Palestinian labor market during the last three decades. The first essay examines the economic return to schooling since…more

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• Working Paper No. 975
  November 05, 2020

  Argentina’s (Macroeconomic?) Trap

  Sebastian Valdecantos
  Abstract

  The Argentinean economy has just ended another lost decade. After the peak registered in 2011, the per capita GDP has oscillated with a decreasing trend, leaving the economy poorer than…more

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• Policy Note No. 6
  October 15, 2020

  Alternative Macro Policy Response for a Pandemic Recession

  Jan Kregel
  Abstract

  As COVID-19 infection and test positivity rates rise in the United States and federal stimulus plans expire, Senior Scholar Jan Kregel articulates an alternative approach to analyzing the economic problems…more

  Download Policy Note 2020/6 PDF (154.47 KB)
• Strategic Analysis
  October 06, 2020

  When Will Italy Recover?

  Dimitri B. Papadimitriou, Gennaro Zezza, and Francesco Zezza
  Abstract

  Italy was the first European country to be impacted by COVID-19, rapidly overwhelming healthcare facilities in some areas and prompting the government to shut down nonessential economic activities, with an…more

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• Working Paper No. 974
  October 05, 2020

  The General Theory as “Depression Economics”?

  Jörg Bibow
  Abstract

  This paper revisits Keynes’s writings from Indian Currency and Finance (1913) to The General Theory (1936) with a focus on financial instability. The analysis reveals Keynes’s astute concerns about the…more

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• Working Paper No. 973
  October 01, 2020

  The Trade-off between Inflation and Unemployment in an MMT World

  Emilio Carnevali and Matteo Deleidi
  Abstract

  This paper is focused on Modern Monetary Theory’s (MMT) treatment of inflation from an open economy perspective. It analyzes how the inflation process is explained within the MMT framework and…more

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• Working Paper No. 972
  September 30, 2020

  In the Long Run We Are All Herd

  Giuseppe Mastromatteo and Lorenzo Esposito
  Abstract

  Since the 2008 crisis, the economics literature has shown a renewed interest in Keynes’s “beauty contest” (BC) as a fundamental aspect of the functioning of financial markets. We argue that…more

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• Working Paper No. 971
  September 28, 2020

  Ecology, Economics, and Network Dynamics

  Tai Young-Taft, Harold M. Hastings, and Chih-Jui Tsen
  Abstract

  In a seminal 1972 paper, Robert M. May asked: “Will a Large Complex System Be Stable?” and argued that stability (of a broad class of random linear systems) decreases with…more

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• Working Paper No. 970
  September 25, 2020

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

  Fernando Rios-Avila
  Abstract

  This paper presents a description of the quality of match of the statistical matches used in the Levy Institute Measure of Time and Consumption Poverty (LIMTCP) estimates prepared for Ethiopia…more

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• Working Paper No. 969
  September 24, 2020

  The Empirics of UK Gilts’ Yields

  Tanweer Akram and Huiqing Li
  Abstract

  This paper analyzes the nominal yields of UK gilt-edged securities (“gilts”) based on a Keynesian perspective, which holds that the short-term interest rate is the primary driver of the long-term…more

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• Working Paper No. 968
  September 14, 2020

  The COVID-19 Crisis

  Leonardo Burlamaqui and Ernani T. Torres Filho
  Abstract

  The COVID-19 crisis paralyzed huge parts of the planet in weeks. It not only infected the population but injected a gargantuan dose of uncertainty into the system. In that regard,…more

  Download Working Paper No. 968 PDF (1.23 MB)
• Working Paper No. 967
  September 07, 2020

  Quality of Statistical Match Used in the Estimation of the Levy Institute Measure of Time and Income Poverty (LIMTIP) for Italy 2008 and 2014 and Preliminary Results

  Erica Aloè
  Abstract

  This paper assesses the quality of the statistical matching used in the LIMTIP estimates for Italy for 2008 and 2014. The match combines the 2008–9 and 2013–14 Italian Time Use…more

  Download Working Paper No. 967 PDF (865.13 KB)
• Public Policy Brief No. 153
  September 04, 2020

  Multidimensional Inequality and COVID-19 in Brazil

  Laura Carvalho, Luiza Nassif Pires, and Eduardo Rawet
  Abstract

  After spending over 6 percent of GDP responding to the COVID-19 crisis, Brazil has suffered among the worst per capita numbers in the world in terms of cases and deaths….more

  Download Public Policy Brief No. 153, 2020 PDF (970.64 KB)