Publications

1711 publications found

• Policy Note No. 2
  April 03, 2020

  Stabilizing State and Local Budgets through the Pandemic and Beyond

  Alex Williams
  Abstract

  The federal government appears to have abandoned the idea of a coordinated public health response to the COVID-19 pandemic, leaving the entirety to state and local governments. Meanwhile, the economic…more

  Download Policy Note 2020/2 PDF (84.42 KB)
• Policy Note No. 1
  March 19, 2020

  When Two Minskyan Processes Meet a Large Shock

  Michalis Nikiforos
  Abstract

  The spread of the new coronavirus (COVID-19) is a major shock for the US and global economies. Research Scholar Michalis Nikiforos explains that we cannot fully understand the economic implications…more

  Download Policy Note 2020/1 PDF (306.68 KB)
• One-Pager No. 62
  March 13, 2020

  The Economic Response to the Coronavirus Pandemic

  L. Randall Wray and Yeva Nersisyan
  Abstract

  As the coronavirus (COVID-19) spreads across the United States, it has become clear that, in addition to the public health response (which has been far less than adequate), an economic…more

  Download One-Pager No. 62 PDF (130.06 KB)
• One-Pager No. 61
  March 10, 2020

  A Global Slowdown Will Test US Corporate Fragility

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

  The rapidly growing uncertainty about the potential global fallout from an emerging pandemic is occurring against a background in which there is evidence US corporate sector balance sheets are significantly…more

  Download One-Pager No. 61 PDF (118.75 KB)
• Working Paper No. 949
  February 12, 2020

  A Labor Market–Augmented Empirical Stock-Flow Consistent Model Applied to the Greek Economy

  Christos Pierros
  Abstract

  This paper extends the empirical stock-flow consistent (SFC) literature through the introduction of distributional features and labor market institutions in a Godley-type empirical SFC model. In particular, labor market institutions,…more

  Download Working Paper No. 949 PDF (1.32 MB)
• Working Paper No. 948
  February 10, 2020

  Challenges for the EU as Germany Approaches Recession

  George Zestos and Rachel N. Cooke
  Abstract

  This paper analyzes recent macroeconomic developments in the eurozone, particularly in Germany. Several economic indicators are sending signals of a looming German recession. Geopolitical tensions caused by trade disputes between…more

  Download Working Paper No. 948 PDF (431.40 KB)
• Working Paper No. 947
  February 06, 2020

  Ages of Financial Instability

  Mario Tonveronachi
  Abstract

  Starting from the mid-nineteenth century, this paper analyzes two periods of financial instability connected with financial globalization. The first culminates with the 1929 crisis, while the second characterizes the more…more

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• Working Paper No. 946
  February 03, 2020

  The Relationship between Technical Progress and Employment

  Jesus Felipe, Gemma Estrada, Donna Faye Bajaro, and John McCombie
  Abstract

  We show that Autor and Salomons’ (2017, 2018) analysis of the impact of technical progress on employment growth is problematic. When they use labor productivity growth as a proxy for…more

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• Working Paper No. 945
  January 31, 2020

  Demand, Distribution, Productivity, Structural Change, and (Secular?) Stagnation

  Michalis Nikiforos
  Abstract

  The present paper emphasizes the role of demand, income distribution, endogenous productivity reactions, and other structural changes in the slowdown of the growth rate of output and productivity that has…more

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• Public Policy Brief No. 148
  January 31, 2020

  Can We Afford the Green New Deal?

  L. Randall Wray and Yeva Nersisyan
  Abstract

  In this policy brief, Yeva Nersisyan and Senior Scholar L. Randall Wray argue that assessing the “affordability” of the Green New Deal is a question of whether there are suitable…more

  Download Public Policy Brief No. 148, 2020 PDF (234.15 KB)
• Strategic Analysis
  January 23, 2020

  Prospects and Challenges for the US Economy

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

  This Strategic Analysis examines the US economy’s prospects for 2020–23 and the risks that lie ahead. The baseline projection generated by the Levy Institute’s stock-flow consistent macroeconomic model shows that,…more

  Download Strategic Analysis, January 2020 PDF (1.00 MB)
• Strategic Analysis
  January 17, 2020

  Greece: In Search of Investors

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

  2019 marked the third year of the continuing economic recovery in Greece, with real GDP and employment rising, albeit at modest rates. In this Strategic Analysis we note that the…more

  Download Strategic Analysis, January 2020 PDF (786.47 KB)
• 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

  Download Working Paper No. 943 PDF (1.41 MB)
• 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

  Download Working Paper No. 941 PDF (2.01 MB)
• 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

  Download Working Paper No. 940 PDF (653.69 KB)
• 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

  Download Working Paper No. 939 PDF (1.34 MB)
• 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

  Download Working Paper No. 937 PDF (357.76 KB)
• 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)