Publications

1711 publications found

• Working Paper No. 936
  September 04, 2019

  Fiscal Reform to Benefit State and Local Governments

  L. Randall Wray
  Abstract

  This paper will present the Modern Money Theory approach to government finance. In short, a national government that chooses its own money of account, imposes a tax in that money…more

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• Working Paper No. 935
  August 22, 2019

  Evolving International Monetary and Financial Architecture and the Development Challenge

  Jörg Bibow
  Abstract

  This paper investigates the peculiar macroeconomic policy challenges faced by emerging economies in today’s monetary (non)order and globalized finance. It reviews the evolution of the international monetary and financial architecture…more

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• Working Paper No. 934
  August 22, 2019

  An Analysis of the Daily Changes in US Treasury Security Yields

  Tanweer Akram and Anupam Das
  Abstract

  This paper analyzes the dynamics of long-term US Treasury security yields from a Keynesian perspective using daily data. Keynes held that the short-term interest rate is the main driver of…more

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• One-Pager No. 60
  July 26, 2019

  Fighting Inequality Can Strengthen the US Economy

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

  Senators Elizabeth Warren and Bernie Sanders, along with Representative Alexandria Ocasio-Cortez, recently proposed to increase the rate of taxation on very high incomes and net worth. One of the primary…more

  Download One-Pager No. 60 PDF (119.15 KB)
• Working Paper No. 933
  July 08, 2019

  Defaultnomics

  Giuseppe Mastromatteo and Lorenzo Esposito
  Abstract

  The 2008 crisis created a need to rethink many aspects of economic theory, including the role of public intervention in the economy. On this issue, we explore the Barro-Ricardo equivalence,…more

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• Working Paper No. 932
  June 26, 2019

  Rethinking China’s Local Government Debt in the Frame of Modern Money Theory

  Zengping He and Genliang Jia
  Abstract

  Local government debt in China is increasing and presents a great threat to China’s financial stability. In China’s fiscal system, the central government often prioritizes reducing its fiscal deficit and…more

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• Working Paper No. 931
  May 30, 2019

  How to Pay for the Green New Deal

  L. Randall Wray and Yeva Nersisyan
  Abstract

  This paper follows the methodology developed by J. M. Keynes in his How to Pay for the War pamphlet to estimate the “costs” of the Green New Deal (GND) in…more

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• Working Paper No. 930
  May 21, 2019

  A Semi-Parametric Approach to the Oaxaca-Blinder Decomposition with Continuous Group Variable and Self-Selection

  Fernando Rios-Avila
  Abstract

  This paper describes the application of a semiparametric approach, known as a varying coefficients model (Hastie and Tibshirani 1993), to implement a Oaxaca-Blinder type of decomposition in the presence of…more

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• Working Paper No. 929
  May 16, 2019

  When to Ease Off the Brakes (and Hopefully Prevent Recessions)

  Tai Young-Taft, Harold M. Hastings, and Thomas Wang
  Abstract

  Increases in the federal funds rate aimed at stabilizing the economy have inevitably been followed by recessions. Recently, peaks in the federal funds rate have occurred 6–16 months before the…more

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• Policy Note No. 2
  May 16, 2019

  Global Imbalances and the Trade War

  Jan Kregel
  Abstract

  Against the background of an ongoing trade dispute between the United States and China, Senior Scholar Jan Kregel analyzes the potential for achieving international adjustment without producing a negative impact…more

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• Working Paper No. 928
  May 13, 2019

  Democratizing Money

  Jan Kregel
  Abstract

  In the Western interpretation of democracy, governments exist in order to manage relations of property, with absence of property ownership leading to exclusion from participation in governance and, in many…more

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• Working Paper No. 927
  April 26, 2019

  Recentered Influence Functions in Stata

  Fernando Rios-Avila
  Abstract

  Recentered influence functions (RIFs) are statistical tools popularized by Firpo, Fortin, and Lemieux (2009) for analyzing unconditional partial effects on quantiles in a regression analysis framework (unconditional quantile regressions). The…more

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• Working Paper No. 926
  April 25, 2019

  Fiscal Stabilization in the United States

  Plamen Nikolov and Paolo Pasimeni
  Abstract

  The debate about the use of fiscal instruments for macroeconomic stabilization has regained prominence in the aftermath of the Great Recession, and the experience of a monetary union equipped with…more

  Download Working Paper No. 926 PDF (917.65 KB)
• One-Pager No. 59
  April 23, 2019

  The Limitations of the “Populism” Explanation

  Joel Perlmann
  Abstract

  Some common accounts of “populism” and its causes risk leading us away from understanding what is happening today in parts of the democratic West, according to Senior Scholar Joel Perlmann….more

  Download One-Pager No. 59 PDF (130.49 KB)
• Policy Note No. 1
  April 16, 2019

  A Proposal to Create a European Safe Asset

  Paolo Savona
  Abstract

  While a consensus has formed that the eurozone’s economic governance mechanisms must be reformed, and some progress has been made on this front, what has been agreed to so far…more

  Download Policy Note 2019/1 PDF (187.39 KB)
• Strategic Analysis
  April 15, 2019

  Can Redistribution Help Build a More Stable Economy?

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

  Although the ongoing recovery is about to become the longest in the history of the United States, it is also the weakest in postwar history, and as we enter the…more

  Download Strategic Analysis, April 2019 PDF (1.06 MB)
• Working Paper No. 925
  April 08, 2019

  An Institutional Analysis of China’s Reform of their Monetary Policy Framework

  Zengping He and Genliang Jia
  Abstract

  This paper traces the history of China’s reform of its monetary policy framework and analyzes its success and problems. In the context of financial marketization and the failure of the…more

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• Research Project Report
  April 01, 2019

  Investing in Early Childhood Education and Care in Kyrgyz Republic

  Kijong Kim and İpek Ilkkaracan
  Abstract

  Expansion of early childhood education and care (ECEC) services for all is a matter of the choices made regarding the allocation of public resources. As such, it is as much…more

  Download Research Project Report, April 2019 PDF (348.37 KB)
• Public Policy Brief No. 147
  March 18, 2019

  Globalization, Nationalism, and Clearing Systems

  Jan Kregel
  Abstract

  As global market integration collides with growing demands for national political sovereignty, Senior Scholar Jan Kregel contrasts two diametrically opposed approaches to managing the tensions between international financial coordination and national…more

  Download Public Policy Brief No. 147, 2019 PDF (292.21 KB)
• Working Paper No. 924
  February 27, 2019

  Induced Shifting Involvements and Cycles of Growth and Distribution

  Michalis Nikiforos
  Abstract

  The paper builds on the concept of (shifting) involvements, originally proposed by AlbertHirschman (2002 [1982]). However, unlike Hirschman, the concept is framed in class terms. A model is presented where…more

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• Working Paper No. 923
  February 06, 2019

  Economic Planning under Capitalism

  Abstract

  By the beginning of the 20th century, the possibility and efficacy of economic planning was believed to have been proven by totalitarian experiments in Germany, the Soviet Union, and, to…more

  Download Working Paper No. 923 PDF (256.17 KB)
• Working Paper No. 922
  February 05, 2019

  It Pays to Study for the Right Job

  Fernando Rios-Avila and Fabiola Saavedra Caballero
  Abstract

  With the rapid increase in educational attainment, technological change, and greater job specialization, decisions regarding human capital investment are no longer exclusively about the quantity of education, but rather the…more

  Download Working Paper No. 922 PDF (323.81 KB)
• Book Series
  February 01, 2019

  Macroeconomics

  L. Randall Wray, William Mitchell, and Martin Watts
  Abstract

  This groundbreaking new core textbook encourages students to take a more critical approach to the prevalent assumptions around the subject of macroeconomics, by comparing and contrasting heterodox and orthodox approaches…more

• Working Paper No. 921
  January 29, 2019

  Social Policy in Mexico and Argentina

  Martha Tepepa
  Abstract

  This paper is a comparison between two programs implemented to combat poverty in Latin America: Prospera (Prosper) in Mexico and Asignación Universal por Hijo (Universal Assignment for Child) in Argentina. The…more

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