Publications

1711 publications found

• Working Paper No. 1027
  August 07, 2023

  Structural Change and Gender Sectoral Segregation in Sub-Saharan Africa

  Izaskun Zuazu
  Abstract

  Structural change has long been at the core of economic development debates. However, the gender implications of structural change are still largely unexplored. This paper helps to fill this gap…more

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• Working Paper No. 1026
  August 01, 2023

  Banking Sector, Distributive Conflict, and Monetary Theory of Distribution

  Riccardo Zolea
  Abstract

  This paper analyzes the implications of distributional contrast for the monetary theory of distribution. The first step is to try to introduce the banking sector within Pivetti's monetary distribution theory…more

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• Working Paper No. 1025
  August 01, 2023

  Unconventional Monetary Policy or Automatic Stabilizers?

  Nitin Nair
  Abstract

  The purpose of public policy, expansionary or contractionary, is to encourage the expansion of income, output, and employment. Theory decides the nature and kind of policy, and the underlying mechanics…more

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• Working Paper No. 1024
  July 26, 2023

  When Minsky and Godley Met Structuralism

  Nitin Nair
  Abstract

  Underdevelopment is often conceived as being reproduced domestically. This paper emphasizes the international forces that enable the persistence of underdevelopment. We first explore how the currency hierarchy imposes a dependency…more

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• Policy Note No. 3
  July 24, 2023

  In Defense of Low Interest Rates

  James K. Galbraith
  Abstract

  In recalling John Maynard Keynes’s revolutionary theory of interest, reviewing the doctrines Keynes sought to overthrow, and analyzing the structural transformations of the US economy, James K. Galbraith maintains there…more

  Download Policy Note 2023/3 PDF (207.77 KB)
• Strategic Analysis
  July 20, 2023

  Will the US Debt Ceiling Deal Derail the Pandemic Recovery?

  Dimitri B. Papadimitriou, Gennaro Zezza, Michalis Nikiforos, and Giuliano Toshiro Yajima
  Abstract

  In this Strategic Analysis, Dimitri B. Papadimitriou, Michalis Nikiforos, Giuliano T. Yajima, and Gennaro Zezza discuss how the current state and structural features of the US economy might affect its…more

  Download Strategic Analysis, July 2023 PDF (1.54 MB)
• Working Paper No. 1023
  July 14, 2023

  Climate Change and Fiscal Marksmanship

  Lekha S. Chakraborty, Amandeep Kaur, Ajay Narayan Jha, and Balamuraly B
  Abstract

  According to the theory of efficient markets, economic agents use all available information to form rational expectations. The rational expectations hypothesis asserts that information is scarce, the economic system generally…more

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• Working Paper No. 1022
  July 12, 2023

  Has the Time for a European Job Guarantee Policy Arrived?

  Rania Antonopoulos
  Abstract

  As country after country in the European Union is called to respond to the current challenge of our time—high inflation and declining real wages—governments must engage in a transformative agenda…more

  Download Working Paper No. 1022 PDF (413.22 KB)
• Working Paper No. 1021
  June 29, 2023

  Can It Be Prevented This Time?

  Giuseppe Mastromatteo and Lorenzo Esposito
  Abstract

  Since the nineties, crises have punctuated financial markets, shattering the conventional wisdom about how these markets work and how to regulate them, and forcing a deep rethinking of the supervisory…more

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• Working Paper No. 1020
  June 28, 2023

  The Macrodynamics of Indian Rupee Swap Yields

  Tanweer Akram and Khawaja Mamun
  Abstract

  This paper econometrically models the dynamics of Indian rupee (INR) swap yields based on key macroeconomic factors using the autoregressive distributive lag (ARDL) approach. It examines whether the short-term interest…more

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• Working Paper No. 1019
  May 08, 2023

  An Inquiry Concerning Japanese Yen Interest Rate Swap Yields

  Tanweer Akram and Khawaja Mamun
  Abstract

  This paper econometrically models Japanese yen (JPY)–denominated interest rate swap yields. It examines whether the short-term interest rate exerts an influence on the long-term JPY swap yield after controlling for…more

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• Working Paper No. 1018
  April 21, 2023

  The Unbearable Weight of Aging

  L. Randall Wray, Yeva Nersisyan, and Xinhua Liu
  Abstract

  The aging of the global population is in the headlines following a report that China’s population fell as deaths surpassed births. Pundits worry that a declining Chinese workforce means trouble…more

  Download Working Paper No. 1018 PDF (665.40 KB)
• Working Paper No. 1017
  April 12, 2023

  Rentiers, Strategic Public Goods, and Financialization in the Periphery

  Gabriel Porcile and Gilberto Tadeu Lima
  Abstract

  This paper revisits a traditional theme in the literature on the political economy of development, namely how to redistribute rents from traditional exporters of natural resources toward capitalists in technology-intensive…more

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• Working Paper No. 1016
  February 23, 2023

  Monetary Policy and the Gender and Racial Employment Dynamics in Brazil

  Patricia Couto and Clara Brenck
  Abstract

  Monetary policy has been historically concerned with controlling inflation, using the interest rate as its main tool. However, such policies are not gender- or race-neutral. This paper explores econometrically the…more

  Download Working Paper No. 1016 PDF (785.22 KB)
• Working Paper No. 1015
  February 20, 2023

  CBDC Next-Level: A New Architecture for Financial “Super-Stability” 

  Biagio Bossone and Michael Haines
  Abstract

  Fractional reserve regimes generate fragile banking, and full reserve regimes (e.g., narrow banking) remove fragility at the cost of suppressing the role of banks as lenders. A Central Bank Digital…more

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• Working Paper No. 1014
  February 16, 2023

  Chinese Yuan Interest Rate Swap Yields

  Tanweer Akram and Khawaja Mamun
  Abstract

  This paper models the dynamics of Chinese yuan (CNY)–denominated long-term interest rate swap yields. The financial sector plays a vital role in the Chinese economy, which has grown rapidly in…more

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• Working Paper No. 1013
  January 18, 2023

  The Economic and Environmental Effects of a Green Employer of Last Resort

  Giuliano Toshiro Yajima, Nikolaos Rodousakis, and George Soklis
  Abstract

  We assess the sectoral impact of the implementation of a “green” employer of last resort (ELR) program in the US, based on an environmental modification of an extended Kurz’s (1985)…more

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• Working Paper No. 1012
  December 16, 2022

  An Analysis of UK Swap Yields

  Tanweer Akram and Khawaja Mamun
  Abstract

  John Maynard Keynes argued that the central bank influences the long-term interest rate through the effect of its policy rate on the short-term interest rate. However, Keynes's claim was confined…more

  Download Working Paper No. 1012 PDF (933.61 KB)
• One-Pager
  December 07, 2022

  The Causes of Pandemic Inflation

  L. Randall Wray
  Abstract

  While the trigger for the Covid recession was unusual—a collapse of the supply side that produced a drop in demand—the inflation the US economy is now facing is not atypical,…more

  Download One-Pager No. 70 PDF (128.13 KB)
• Strategic Analysis
  October 13, 2022

  Greece: Recovery, or Another Recession?

  Dimitri B. Papadimitriou, Gennaro Zezza, and Nikolaos Rodousakis
  Abstract

  In this strategic analysis, Institute President Dimitri B. Papadimitriou, Senior Scholar Gennaro Zezza, and Research Associate Nikolaos Rodousakis discuss the medium-term prospects for the Greek economy in a time of…more

  Download Strategic Analysis, October 2022 PDF (1.18 MB)
• Strategic Analysis
  October 13, 2022

  Ελλάδα: Ανάκαμψη, ή μια νέα Ύφεση;

  Dimitri B. Papadimitriou, Gennaro Zezza, and Nikolaos Rodousakis
  Abstract

  Σε αυτή τη στρατηγική ανάλυση, ο Πρόεδρος του Ινστιτούτου Δημήτρης Παπαδημητρίου, ο ερευνητής Gennaro Zezza και ο επιστημονικός συνεργάτης Νίκος Ροδουσάκης αναλύουν τις μεσοπρόθεσμες προοπτικές για την ελληνική οικονομία, σε…more

  Download ΕΛΛΑΔΑ ΣΤΡΑΤΗΓΙΚΗ ΑΝΑΛΥΣΗ 10 2022 PDF (1.27 MB)
• Working Paper No. 1011
  September 27, 2022

  The Dynamics of Monthly Changes in US Swap Yields

  Tanweer Akram and Khawaja Mamun
  Abstract

  John Maynard Keynes (1930) asserted that the central bank sways the long-term interest rate through the influence of its policy rate on the short-term interest rate. Recent empirical research shows…more

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• Working Paper No. 1010
  September 06, 2022

  Reflections on Angela Merkel’s Career as Chancellor of Germany and the Greek Financial Odyssey

  George Zestos, Harrison Whittleton, and Alejandro Fernandez-Ribas
  Abstract

  Angela Merkel is the second-longest-serving chancellor of modern Germany, with more than 16 years in office. During her tenure there were many years of economic stability, but there were also…more

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• Strategic Analysis
  August 11, 2022

  Avoiding a Recession

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

  In this report, Institute President Dimitri B. Papadimitriou, Research Scholar Michalis Nikiforos, and Senior Scholar Gennaro Zezza analyze how and why the US economy has achieved a swift recovery in…more

  Download Strategic Analysis, August 2022 PDF (2.20 MB)