Publications

1695 publications found

• Working Paper No. 1013 January 18, 2023

  The Economic and Environmental Effects of a Green Employer of Last Resort

  Giuliano Toshiro Yajima, Nikolaos Rodousakis, and George Soklis
  Abstract

  We assess the sectoral impact of the implementation of a “green” employer of last resort (ELR) program in the US, based on an environmental modification of an extended Kurz’s (1985) multiplier framework and data from OECD Input-Output tables. We use these multipliers to estimate the impact of an “optimal” ELR, designed to maximize the impact […]

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• Working Paper No. 1012 December 16, 2022

  An Analysis of UK Swap Yields

  Tanweer Akram, and Khawaja Mamun
  Abstract

  John Maynard Keynes argued that the central bank influences the long-term interest rate through the effect of its policy rate on the short-term interest rate. However, Keynes's claim was confined to the behavior of the long-term government bond yield. This paper investigates whether Keynes's claim holds for the yields of spread products and over-the-counter financial […]

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• One-Pager December 07, 2022

  The Causes of Pandemic Inflation

  L. Randall Wray
  Abstract

  While the trigger for the Covid recession was unusual—a collapse of the supply side that produced a drop in demand—the inflation the US economy is now facing is not atypical, according to L. Randall Wray. In this one-pager, he explores the causes of the current inflationary environment, arguing that continuing inflation pressures come mostly from […]

  Download One-Pager No. 70 PDF (128.13 KB)
• Strategic Analysis October 13, 2022

  Greece: Recovery, or Another Recession?

  Dimitri B. Papadimitriou, Gennaro Zezza, and Nikolaos Rodousakis
  Abstract

  In this strategic analysis, Institute President Dimitri B. Papadimitriou, Senior Scholar Gennaro Zezza, and Research Associate Nikolaos Rodousakis discuss the medium-term prospects for the Greek economy in a time of increasing uncertainty—due to the geopolitical turbulence emanating from the Ukraine–Russian conflict, with its impact on the cost of energy, as well as the increase in […]

  Download Strategic Analysis, October 2022 PDF (1.18 MB)
• Strategic Analysis October 13, 2022

  Ελλάδα: Ανάκαμψη, ή μια νέα Ύφεση;

  Dimitri B. Papadimitriou, Gennaro Zezza, and Nikolaos Rodousakis
  Abstract

  Σε αυτή τη στρατηγική ανάλυση, ο Πρόεδρος του Ινστιτούτου Δημήτρης Παπαδημητρίου, ο ερευνητής Gennaro Zezza και ο επιστημονικός συνεργάτης Νίκος Ροδουσάκης αναλύουν τις μεσοπρόθεσμες προοπτικές για την ελληνική οικονομία, σε μια περίοδο αυξανόμενης αβεβαιότητας, λόγω των γεωπολιτικών αναταραχών που προέρχονται από την Ρώσο-Ουκρανική σύγκρουση με αντίκτυπό το υψηλό κόστος ενέργειας και αυξημένων διεθνών τιμών εισαγόμενων […]

  Download ΕΛΛΑΔΑ ΣΤΡΑΤΗΓΙΚΗ ΑΝΑΛΥΣΗ 10 2022 PDF (1.27 MB)
• Working Paper No. 1011 September 27, 2022

  The Dynamics of Monthly Changes in US Swap Yields

  Tanweer Akram, and Khawaja Mamun
  Abstract

  John Maynard Keynes (1930) asserted that the central bank sways the long-term interest rate through the influence of its policy rate on the short-term interest rate. Recent empirical research shows that Keynes's conjecture holds for long-term Treasury yields in the United States. This paper investigates whether Keynes's conjecture also holds for the monthly changes in […]

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• Working Paper No. 1010 September 06, 2022

  Reflections on Angela Merkel’s Career as Chancellor of Germany and the Greek Financial Odyssey

  George Zestos, Harrison Whittleton, and Alejandro Fernandez-Ribas
  Abstract

  Angela Merkel is the second-longest-serving chancellor of modern Germany, with more than 16 years in office. During her tenure there were many years of economic stability, but there were also years of domestic, EU, and geopolitical tensions. Merkel inherited an economy that was recovering after the launching of probusiness policies known as the Hartz I […]

  Download Working Paper No. 1010 PDF (500.97 KB)
• Strategic Analysis August 11, 2022

  Avoiding a Recession

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

  In this report, Institute President Dimitri B. Papadimitriou, Research Scholar Michalis Nikiforos, and Senior Scholar Gennaro Zezza analyze how and why the US economy has achieved a swift recovery in comparison with the last few economic cycles. This recovery has nevertheless been accompanied by significant increases in the trade deficit and inflation. Papadimitriou, Nikiforos, and […]

  Download Strategic Analysis, August 2022 PDF (2.20 MB)
• Working Paper No. 1009 August 08, 2022

  Efficacy of Public Financial Management in Reducing Crime against Children

  Lekha S. Chakraborty
  Abstract

  Public financial management (PFM) has a significant role in linking resources to results by financing human development outcomes. When economic stimulus packages are short run in nature, thematic PFM, such as child budgeting, has a crucial role in reducing crime against children. Using fixed effects models, we explore the determinants of reduced crime against children. […]

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• Policy Notes No. 4 August 05, 2022

  Social State and Competitiveness

  Alexandra Papaisidorou, and Emmanouil Karakostas
• Policy Notes No. 4 August 05, 2022

  Κοινωνικό κράτος και ανταγωνιστικότητα

  Alexandra Papaisidorou, and Emmanouil Karakostas
  Abstract

  Με τη δημοσίευση το 1971 της Θεωρίας της δικαιοσύνης του Rawls μας προσφέρεται μια πλήρως επεξεργασμένη πρόταση για τη δίκαιη κοινωνία και τους βασικούς θεσμούς της. Η κοινωνία αυτή είναι μια δημοκρατική κοινωνία που διέπεται από τη δικαιοσύνη ως ακριβοδικία, δηλαδή μια κοινωνία όπου όλοι οι πολίτες θα απολαμβάνουν συμβατά μεταξύ τους δικαιώματα και ελευθερίες, […]

  Download Σημείωση Πολιτικής 2022/4 PDF (145.80 KB)
• Research Project Report June 30, 2022

  Assessing the Impact of Childcare Expansion in Mexico

  Rania Antonopoulos, Ajit Zacharias, Thomas Masterson, Fernando Rios-Avila, and Luiza Nassif Pires
  Abstract

  There is broad consensus in both research and policy circles that one of the key reasons for a lack of progress in reducing gender gaps in employment and wages is the persistent gender imbalance in unpaid work, three-quarters of which is performed by women. Universal access to quality care services enables the reduction of this […]

  Download Research Project Report, June 2022 PDF (1.25 MB)
• Working Paper No. 1008 May 24, 2022

  A GARCH Approach to Modeling Chilean Long-Term Swap Yields

  Tanweer Akram, and Khawaja Mamun
  Abstract

  This paper econometrically models the dynamics of the Chilean interbank swap yields based on macroeconomic factors. It examines whether the month-over-month change in the short-term interest rate has a decisive influence on the long-term swap yield after controlling for other factors, such as the change in inflation, change in the growth of industrial production, change […]

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• Working Paper No. 1007 May 12, 2022

  School Performance and Child Labor

  Sameh Hallaq, and Ayman Khalifah
  Abstract

  The current study aims to investigate the impact of academic achievement on child labor. The study utilizes survey data collected from Palestinian children in West Bank schools who are in the primary grades (5th–9th). The results show that increasing a child’s academic achievement is significantly associated with decreasing the probability that a child works for […]

  Download Working Paper No. 1007 PDF (524.22 KB)
• Policy Notes No. 3 May 12, 2022

  Chile: The Road to Joy Is Paved with Obstacles

  Giuliano Toshiro Yajima
  Abstract

  In the second round of the Chilean presidential elections, the coalition led by Gabriel Boric secured a victory under the premise of delivering long-awaited reforms to a financially volatile, structurally fragile, and deeply unequal economic structure. In this policy note, Giuliano Toshiro Yajima sheds light on these three aspects of the Chilean economy, showing that […]

  Download Policy Note 2022/3 PDF (722.12 KB)
• Working Paper No. 1006 April 29, 2022

  Why the Feldstein-Horioka “Puzzle” Remains Unsolved

  Jesus Felipe, Scott Fullwiler, and Al-Habbyel Yusoph
  Abstract

  This paper argues that the 40-year-old Feldstein-Horioka “puzzle” (i.e., that in a regression of the domestic investment rate on the domestic saving rate, the estimated coefficient is significantly larger than what would be expected in a world characterized by high capital mobility) should have never been labeled as such. First, we show that the investment […]

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• Policy Notes No. 2 April 22, 2022

  A Race to the Bottom

  Nikolaos Rodousakis, Vlassis Missos, and George Soklis
  Abstract

  More than a decade after the 2009 crisis, the standards of living of the Greek population are still contracting and the prospects are gloomy. In this policy note, Vlassis Missos, Research Associate Nikolaos Rodousakis, and George Soklis deal with how to approach the measurement of income loss and poverty in Greece and argue for the […]

  Download Policy Note 2022/2 PDF (661.02 KB)
• Working Paper No. 1005 April 15, 2022

  A Prototype Regional Stock-Flow Consistent Model

  Gennaro Zezza, and Francesco Zezza
  Abstract

  Starting from the seminal works of Wynne Godley (1999; Godley and Lavoie 2005, 2007a, 2007b), the literature adopting stock-flow consistent (SFC) models for two or more countries has been flourishing, showing that consistently taking into account real and financial markets of two open economies will generate different results with respect to more traditional open economy […]

  Download Working Paper No. 1005 PDF (709.70 KB)
• Public Policy Brief No. 157 April 12, 2022

  Is It Time for Rate Hikes?

  L. Randall Wray, and Yeva Nersisyan
  Abstract

  Roughly two years into the economic recovery from the COVID-19 crisis, the topic of elevated inflation dominates the economic policy discourse in the United States. And the aggressive use of fiscal policy to support demand and incomes has commonly been singled out as the culprit. Equally as prevalent is the clamor for the Federal Reserve […]

  Download Public Policy Brief No. 157 PDF (638.88 KB)
• Working Paper No. 1004 March 18, 2022

  Financial Barriers to Structural Change in Developing Economies

  Lorenzo Nalin, and Giuliano Toshiro Yajima
  Abstract

  Liabilities denominated in foreign currency have established a permanent role on emerging market firms’ balance sheets, which implies that changes in both global liquidity conditions and in the value of the currency may have a long-lasting effect for them. In order to consider the financial conditions that may encourage (discourage) structural change in a small, […]

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• Working Paper No. 1003 March 04, 2022

  What’s Causing Accelerating Inflation

  L. Randall Wray, and Yeva Nersisyan
  Abstract

  This paper examines the recent increase of the measured inflation rate to assess the degree to which the acceleration is due to problems created (largely on the supply side) by the pandemic versus pressures created on the demand side by pandemic relief. Some have attributed the inflation to excess demand, most notably Larry Summers, who […]

  Download Working Paper No. 1003 PDF (803.24 KB)
• Strategic Analysis March 01, 2022

  Is Greece on the Road to Economic Recovery?

  Dimitri B. Papadimitriou, Gennaro Zezza, and Nikolaos Rodousakis
  Abstract

  In this strategic analysis, Institute President Dimitri B. Papadimitriou, Research Scholar Gennaro Zezza, and Research Associate Nikos Rodousakis analyze how the Greek economy started to recover from the shock of the COVID-19 pandemic and the prospects of continuing and sustaining its recovery. A key contribution is linked to tourism, which increased significantly in 2021, notwithstanding […]

  Download Strategic Analysis, March 2022 PDF (1.33 MB)
• Strategic Analysis March 01, 2022

  Είναι η Ελλάδα στον δρόμο της οικονομικής ανάκαμψης;

  Dimitri B. Papadimitriou, Gennaro Zezza, and Nikolaos Rodousakis
  Abstract

  Σε αυτή τη στρατηγική ανάλυση, ο Πρόεδρος του Ινστιτούτου Δημήτρης Β. Παπαδημητρίου, ο ερευνητής Gennaro Zezza και ο επιστημονικός συνεργάτης Νίκος Ροδουσάκης αναλύουν πώς η ελληνική οικονομία άρχισε να ανακάμπτει από το σοκ της πανδημίας COVID-19 και τις προοπτικές συνέχισης και διατήρησης της ανάκαμψής της. Ο βασικός παράγων είναι ο τουρισμός, ο οποίος αυξήθηκε σημαντικά […]

  Download Στρατηγικη Αναλυση, Μάρτιος 2022 PDF (653.70 KB)
• Policy Notes No. 1 February 25, 2022

  What Is Happening to the New Greek National Accounts Data?

  Dimitri B. Papadimitriou, Gennaro Zezza, and Nikolaos Rodousakis
  Abstract

  In 2020, the Hellenic Statistical Authority (ElStat) started a revision of the national accounts for Greece to bring them into line with the new European System of Accounts. Data from national accounts have gained more relevance as a crucial set of information for policy, especially in the eurozone, since many indicators—like the size of the […]

  Download Policy Note 2022/1 PDF (1.17 MB)