Publications

1699 publications found

• Working Paper No. 989
  June 17, 2021

  The Endogeneity-to-Demand of the National Emergency Utilization Rate

  Michalis Nikiforos
  Abstract

  The paper provides an empirical discussion of the national emergency utilization rate (NEUR), which is based on a “national emergency” definition of potential output and is published by the US…more

  Download Working Paper No. 989 PDF (715.15 KB)
• Policy Notes No. 3
  June 08, 2021

  Why President Biden Should Eliminate Corporate Taxes to Build Back Better

  L. Randall Wray and Edward Lane
  Abstract

  Edward Lane and L. Randall Wray explain how federal taxes on corporate profits are not well suited to either containing inflationary pressures or reducing inequality. They are not only a…more

  Download Policy Note 2021/3 PDF (353.00 KB)
• One-Pager No. 67
  June 07, 2021

  Should Corporate Tax Hikes Be Included in Biden’s “Build Back Better” Plans?

  L. Randall Wray and Edward Lane
  Abstract

  President Biden has proposed pairing his American Jobs Plan with an increase in federal corporate income taxes. Leaving aside the issue of whether any tax increases are needed to “pay…more

  Download One-Pager No. 67 PDF (115.38 KB)
• Working Paper No. 988
  June 04, 2021

  A Keynesian Approach to Modeling the Long-Term Interest Rate

  Tanweer Akram
  Abstract

  There are several widely used benchmark models of the long-term interest rate in quantitative finance. However, these models have yet to incorporate Keynes’s valuable insights about interest rate dynamics. The…more

  Download Working Paper No. 988 PDF (264.17 KB)
• Policy Notes No. 2
  May 13, 2021

  Gender and Race in the Spotlight during the COVID-19 Pandemic

  Luiza Nassif Pires, Luísa Cardoso, and Ana Luíza Matos de Oliveira
  Abstract

  Research Scholar Luiza Nassif-Pires, Luísa Cardoso, and Ana Luíza Matos de Oliveira analyze the importance of the “emergency benefit” (Auxílio Emergencial) in containing the increase in poverty and extreme poverty…more

  Download Policy Note 2021/2 PDF (406.94 KB)
• One-Pager No. 66
  April 01, 2021

  Anatomy of a Stock Market Bubble

  Frank Veneroso
  Abstract

  According to Frank Veneroso, a broad subset of today’s US stock market has become what he calls a “pure price-chasing bubble.” Examination of the history of comparable pure price-chasing bubbles…more

  Download One-Pager No. 66 PDF (103.04 KB)
• Working Paper No. 987
  March 22, 2021

  The Souk Al-Manakh

  Frank Veneroso and Mark Pasquali
  Abstract

  It is widely agreed that the Nasdaq during the dot-com era 20 years ago was a full-fledged stock market bubble. Recently, the US stock market according to many metrics has…more

  Download Working Paper No. 987 PDF (1.18 MB)
• Working Paper No. 986
  March 10, 2021

  Keynes’s Theories of the Business Cycle

  Pablo Gabriel Bortz
  Abstract

  This paper traces the evolution of John Maynard Keynes’s theory of the business cycle from his early writings in 1913 to his policy prescriptions for the control of fluctuations in…more

  Download Working Paper No. 986 PDF (297.71 KB)
• One-Pager No. 65
  February 17, 2021

  COVID Relief and the Inflation Warriors

  L. Randall Wray and Yeva Nersisyan
  Abstract

  With the unveiling of President Biden’s nearly $2 trillion proposal for addressing the COVID-19 crisis, Democrats appear keen to avoid repeating the mistakes of the Great Recession—most notably the inadequate…more

  Download One-Pager No. 65 PDF (129.56 KB)
• 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

  Download Working Paper No. 985 PDF (289.71 KB)
• 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

  Download Working Paper No. 984 PDF (1.02 MB)
• 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

  Download Working Paper No. 983 PDF (1.03 MB)
• 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

  Download Public Policy Brief No. 154, 2021 PDF (247.14 KB)
• 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

  Download Working Paper No. 982 PDF (273.69 KB)
• Policy Notes No. 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

  Download Working Paper No. 981 PDF (261.47 KB)
• 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

  Download Working Paper No. 980 PDF (604.36 KB)
• 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

  Download Working Paper No. 979 PDF (699.83 KB)
• 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

  Download Working Paper No. 978 PDF (689.72 KB)
• 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

  Download Working Paper No. 977 PDF (263.56 KB)
• 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

  Download Working Paper No. 976 PDF (290.54 KB)
• 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

  Download Working Paper No. 975 PDF (9.21 MB)
• Policy Notes 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

  Download Strategic Analysis, October 2020 PDF (540.95 KB)