Publications

1699 publications found

• 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

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• Policy Notes 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

  Download Working Paper No. 863 PDF (1.02 MB)
• 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

  Download Working Paper No. 862 PDF (802.63 KB)
• 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

  Download Working Paper No. 859 PDF (406.29 KB)
• Working Paper No. 858
  January 12, 2016

  Gender Dimensions of Inequality in the Countries of Central Asia, South Caucasus, and Western CIS

  Tamar Khitarishvili
  Abstract

  The collapse of the Soviet Union initiated an unprecedented social and economic transformation of the successor countries and altered the gender balance in a region that counted gender equality as…more

  Download Working Paper No. 858 PDF (882.57 KB)
• Policy Notes No. 8
  December 17, 2015

  The US Census Asks About Race and Ethnicity: 1980–2020

  Joel Perlmann and Patrick Nevada
  Abstract

  This policy note examines the formulation and reformulation of questions deployed by the US Census Bureau to gather information on racial and ethnic origin in recent decades. The likely outcome…more

  Download Policy Note 2015/8 PDF (274.76 KB)
• Working Paper No. 857
  December 17, 2015

  Ethno-Racial Origin in US Federal Statistics: 1980–2020

  Joel Perlmann and Patrick Nevada
  Abstract

  This paper describes the transformations in federal classification of ethno-racial information since the civil rights era of the 1960s. These changes were introduced in the censuses of 1980 and 2000,…more

  Download Working Paper No. 857 PDF (475.52 KB)
• One-Pager No. 51
  December 11, 2015

  Completing the Single Financial Market and New Fiscal Rules for the Euro Area

  Mario Tonveronachi
  Abstract

  Until market participants across the euro area face a single risk-free yield curve rather than a diverse collection of quasi-risk-free sovereign rates, financial market integration will not be complete. Unfortunately,…more

  Download One-Pager No. 51 PDF (73.39 KB)
• Working Paper No. 856
  December 10, 2015

  Redistribution in the Age of Austerity

  Antoine Godin, Markus P.A. Schneider, and Stephen Kinsella
  Abstract

  We examine the relationship between changes in a country’s public sector fiscal position and inequality at the top and bottom of the income distribution during the age of austerity (2006–13)….more

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• Working Paper No. 855
  November 30, 2015

  The Two Approaches to Money

  Giuseppe Mastromatteo and Lorenzo Esposito
  Abstract

  The scientific reassessment of the economic role of the state after the crisis has renewed interest in Abba Lerner’s theory of functional finance (FF). A thorough discussion of this concept…more

  Download Working Paper No. 855 PDF (260.77 KB)
• Public Policy Brief No. 140
  November 18, 2015

  The ECB, the Single Financial Market, and a Revision of the Euro Area Fiscal Rules

  Mario Tonveronachi
  Abstract

  Mario Tonveronachi, University of Siena, builds on his earlier proposal (The ECB and the Single European Financial Market) to advance financial market integration in Europe through the creation of a…more

  Download Public Policy Brief No. 140, 2015 PDF (381.64 KB)
• Working Paper No. 854
  November 16, 2015

  The Roads Not Taken

  Dirk Ehnts
  Abstract

  Standard presentations of stock-flow consistent modeling use specific Post Keynesian closures, even though a given stock-flow accounting structure supports various different economic dynamics. In this paper we separate the dynamic…more

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• Working Paper No. 853
  November 09, 2015

  Finance, Foreign Direct Investment, and Dutch Disease

  Antoine Godin, Alberto Botta, and Marco Missaglia
  Abstract

  In recent years, Colombia has grown relatively rapidly, but it has been a biased growth. The energy sector (the “locomotora minero-energetica,” to use the rhetorical expression of President Juan Manuel…more

  Download Working Paper No. 853 PDF (887.97 KB)
• Book Series
  November 05, 2015

  Financial Regulation in the European Union

  Abstract

  Have past and more recent regulatory changes contributed to increased financial stability in the European Union (EU), or have they improved the efficiency of individual banks and national financial systems…more

• Book Series
  November 05, 2015

  Why Minsky Matters: An Introduction to the Work of a Maverick Economist

  L. Randall Wray
  Abstract

  Perhaps no economist was more vindicated by the global financial crisis than Hyman P. Minsky (1919–1996). Although a handful of economists raised alarms as early as 2000, Minsky’s warnings began…more

• Policy Notes No. 7
  November 04, 2015

  Losing Ground

  Fernando Rios-Avila
  Abstract

  US labor force participation has continued to fall in the wake of the Great Recession. Improvements in the US unemployment rate reflect the fact that more people are falling out…more

  Download Policy Note 2015/7 PDF (1.33 MB)
• Working Paper No. 852
  October 30, 2015

  The Malady of Low Global Interest Rates

  Tanweer Akram
  Abstract

  Long-term interest rates in advanced economies have been low since the global financial crisis. However, in the United States the Federal Reserve could begin to hike its policy rate, the…more

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• Working Paper No. 851
  October 28, 2015

  Money Creation under Full-reserve Banking

  Patrizio Lainà
  Abstract

  This paper presents a stock-flow consistent model+ of full-reserve banking. It is found that in a steady state, full-reserve banking can accommodate a zero-growth economy and provide both full employment…more

  Download Working Paper No. 851 PDF (337.24 KB)
• Working Paper No. 850
  October 28, 2015

  The Macroeconomics of a Financial Dutch Disease

  Alberto Botta
  Abstract

  We describe the medium-run macroeconomic effects and long-run development consequences of a financial Dutch disease that may take place in a small developing country with abundant natural resources. The first…more

  Download Working Paper No. 850 PDF (313.85 KB)