Publications

1699 publications found

• Working Paper No. 974
  October 05, 2020

  The General Theory as “Depression Economics”?

  Jörg Bibow
  Abstract

  This paper revisits Keynes’s writings from Indian Currency and Finance (1913) to The General Theory (1936) with a focus on financial instability. The analysis reveals Keynes’s astute concerns about the…more

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• Working Paper No. 973
  October 01, 2020

  The Trade-off between Inflation and Unemployment in an MMT World

  Emilio Carnevali and Matteo Deleidi
  Abstract

  This paper is focused on Modern Monetary Theory’s (MMT) treatment of inflation from an open economy perspective. It analyzes how the inflation process is explained within the MMT framework and…more

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• Working Paper No. 972
  September 30, 2020

  In the Long Run We Are All Herd

  Giuseppe Mastromatteo and Lorenzo Esposito
  Abstract

  Since the 2008 crisis, the economics literature has shown a renewed interest in Keynes’s “beauty contest” (BC) as a fundamental aspect of the functioning of financial markets. We argue that…more

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• Working Paper No. 971
  September 28, 2020

  Ecology, Economics, and Network Dynamics

  Tai Young-Taft, Harold M. Hastings, and Chih-Jui Tsen
  Abstract

  In a seminal 1972 paper, Robert M. May asked: “Will a Large Complex System Be Stable?” and argued that stability (of a broad class of random linear systems) decreases with…more

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• Working Paper No. 970
  September 25, 2020

  Quality of Match for Statistical Matches Used in the Development of the Levy Institute Measure of Time and Consumption Poverty (LIMTCP) for Ethiopia and South Africa

  Fernando Rios-Avila
  Abstract

  This paper presents a description of the quality of match of the statistical matches used in the Levy Institute Measure of Time and Consumption Poverty (LIMTCP) estimates prepared for Ethiopia…more

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• Working Paper No. 969
  September 24, 2020

  The Empirics of UK Gilts’ Yields

  Tanweer Akram and Huiqing Li
  Abstract

  This paper analyzes the nominal yields of UK gilt-edged securities (“gilts”) based on a Keynesian perspective, which holds that the short-term interest rate is the primary driver of the long-term…more

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• Working Paper No. 968
  September 14, 2020

  The COVID-19 Crisis

  Leonardo Burlamaqui and Ernani T. Torres Filho
  Abstract

  The COVID-19 crisis paralyzed huge parts of the planet in weeks. It not only infected the population but injected a gargantuan dose of uncertainty into the system. In that regard,…more

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• Working Paper No. 967
  September 07, 2020

  Quality of Statistical Match Used in the Estimation of the Levy Institute Measure of Time and Income Poverty (LIMTIP) for Italy 2008 and 2014 and Preliminary Results

  Erica Aloè
  Abstract

  This paper assesses the quality of the statistical matching used in the LIMTIP estimates for Italy for 2008 and 2014. The match combines the 2008–9 and 2013–14 Italian Time Use…more

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• Public Policy Brief No. 153
  September 04, 2020

  Multidimensional Inequality and COVID-19 in Brazil

  Laura Carvalho, Luiza Nassif Pires, and Eduardo Rawet
  Abstract

  After spending over 6 percent of GDP responding to the COVID-19 crisis, Brazil has suffered among the worst per capita numbers in the world in terms of cases and deaths….more

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• One-Pager No. 64
  August 19, 2020

  Moral Hazard and the State Budget Crisis

  Alex Williams
  Abstract

  As congressional negotiations stall and state governments are poised to enact significant austerity, Alex Williams argues that fiscal aid to state governments should be tied to economic indicators rather than…more

  Download One-Pager No. 64 PDF (124.99 KB)
• Public Policy Brief No. 152
  August 10, 2020

  Moral Hazard in a Modern Federation

  Alex Williams
  Abstract

  The mainstream fiscal federalism literature has led to an instinctive belief that states receiving fiscal aid during a recession are taking advantage of the federal government in pursuit of localized…more

  Download Public Policy Brief No. 152, 2020 PDF (206.35 KB)
• Working Paper No. 966
  August 03, 2020

  Developing a Macro-Micro Model for Analyzing Gender Impacts of Public Policy

  Susan Himmelweit and Jerome De Henau
  Abstract

  This paper discusses new methods of combined macro-micro analysis of labor demand and supply to investigate the gender impacts of public policy. In particular it examines how studies have used…more

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• Working Paper No. 965
  July 28, 2020

  First Palestinian Intifada and Intergenerational Transmission of Human Capital

  Sameh Hallaq
  Abstract

  This paper attempts to estimate the intergenerational transmission of human capital in Palestine. The main question is whether formal parental education improves their offspring’s cognitive skills and school achievements. I…more

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• Working Paper No. 964
  July 27, 2020

  Budget Credibility of Subnational Governments

  Lekha S. Chakraborty, Pinaki Chakraborty, and Ruzel Shrestha
  Abstract

  Budget credibility, or the ability of governments to accurately forecast macro-fiscal variables, is crucial for effective public finance management. Fiscal marksmanship analysis captures the extent of errors in the budgetary…more

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• Working Paper No. 963
  July 16, 2020

  The Early Impact of COVID-19 on Job Losses among Black Women in the United States

  Thomas Masterson, Michelle Holder, and Janelle Jones
  Abstract

  The COVID-19 pandemic seemingly appeared out of nowhere but changed nearly everything. As the pandemic unfolded, industries deemed nonessential were leveled. Many occupations in these industries are low-wage, and women…more

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• Working Paper No. 962
  July 14, 2020

  Some Empirical Models of Japanese Government Bond Yields Using Daily Data

  Tanweer Akram and Huiqing Li
  Abstract

  This paper models the dynamics of Japanese government bond (JGB) nominal yields using daily data. Models of government bond yields based on daily data, such as those presented in this…more

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• Working Paper No. 961
  July 13, 2020

  The "Kansas City" Approach to Modern Money Theory

  L. Randall Wray
  Abstract

  Modern money theory (MMT) synthesizes several traditions from heterodox economics. Its focus is on describing monetary and fiscal operations in nations that issue a sovereign currency. As such, it applies…more

  Download Working Paper No. 961 PDF (351.33 KB)
• Policy Notes No. 5
  July 10, 2020

  Debt Management and the Fiscal Balance

  Jan Toporowski
  Abstract

  In this policy note, Jan Toporowski provides an analysis of government debt management using fiscal principles derived from the work of Michał Kalecki. Dividing the government’s budget into a “functional”…more

  Download Policy Note 2020/5 PDF (129.91 KB)
• Working Paper No. 960
  July 09, 2020

  Fiscal Policy in Argentina, Brazil, and Mexico and the 2030 Agenda for Sustainable Development

  Bendreff Desilus
  Abstract

  Fiscal policy is useful as a government instrument for supporting the economy, contributing to an increase in employment, and reducing inequality through more egalitarian income distribution. Over the past 30…more

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• Book Series
  July 07, 2020

  The Case for a Job Guarantee

  Pavlina R. Tcherneva
  Abstract

  One of the most enduring ideas in economics is that unemployment is both unavoidable and necessary for the smooth functioning of the economy. This assumption has provided cover for the devastating social and…more

• Working Paper No. 959
  June 25, 2020

  Distribution and Gender Effects on the Path of Economic Growth

  Ruth Badru
  Abstract

  This paper applies a robust empirical methodology, which considers issues relating to cross-country heterogeneity and cross-sectional dependence, to inspect the contributions of gender equality and factor income distribution to an…more

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• Public Policy Brief No. 151
  June 16, 2020

  Crisis, Austerity, and Fiscal Expenditure in Greece

  Michalis Nikiforos
  Abstract

  This policy brief provides a discussion of the relationships between austerity, Greece’s macroeconomic performance, debt sustainability, and the provision of healthcare and other social services over the last decade. It…more

  Download Public Policy Brief No. 151, 2020 PDF (841.90 KB)
• Working Paper No. 958
  June 12, 2020

  A Stock-Flow Consistent Quarterly Model of the Italian Economy

  Gennaro Zezza and Francesco Zezza
  Abstract

  Macroeconomists and political officers need rigorous, albeit realistic, quantitative models to forecast the future paths and dynamics of some variables of interest while being able to evaluate the effects of…more

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• Working Paper No. 957
  June 05, 2020

  Notes on Intersectional Political Economy

  Luiza Nassif Pires
  Abstract

  This paper presents a critique of Karl Marx’s labor theory of value and his theory of falling profit rates from an intersectional political economy perspective. Specifically, I rely on social…more

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