Publications

1714 publications found

• Working Paper No. 998
  January 10, 2022

  Technology and Productivity

  Fred Block
  Abstract

  Economic analysts have used trends in total factor productivity (TFP) to evaluate the effectiveness with which economies are utilizing advances in technology. However, this measure is problematic on several different…more

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• Working Paper No. 997
  December 22, 2021

  Identity and Well-Being in the Skilled Crafts and Trades

  Martin Binder and Ann-Kathrin Blankenberg
  Abstract

  We analyze the extent to which occupational identity is conducive to worker well-being. Using a unique survey dataset of individuals working in the German skilled crafts and trades (2017–18, n=757),…more

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• Working Paper No. 996
  December 13, 2021

  Seven Replies to the Critiques of Modern Money Theory

  Abstract

  Modern Money Theory (MMT) has generated considerable scrutiny and discussions over the past decade. While it has gained some acceptance in the financial sector and among some politicians, it has…more

  Download Working Paper No. 996 PDF (1.70 MB)
• Public Policy Brief No. 156
  December 08, 2021

  Still Flying Blind after All These Years

  Dimitri B. Papadimitriou and L. Randall Wray
  Abstract

  Institute President Dimitri B. Papadimitriou and Senior Scholar L. Randall Wray contend that the prevailing approach to monetary policy and inflation is influenced by a set of concepts that are…more

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• Policy Note No. 2021/4
  November 10, 2021

  A Recovery for Whom?

  Nikolaos Rodousakis, Vlassis Missos, and George Soklis
  Abstract

  The COVID-19 pandemic has revealed multiple risks faced by economies whose production structures depend on the volatility of international conditions. In the case of Greece, this has manifested itself in…more

  Download Policy Note 2021/4 PDF (132.08 KB)
• Working Paper No. 995
  November 03, 2021

  The Employer of Last Resort Scheme and the Energy Transition

  Giuliano Toshiro Yajima
  Abstract

  The health and economic crises of 2020–21 have revived the debate on fiscal policy as a major tool for stabilization and meeting long-term goals. The massive surge in unemployment, due…more

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• One-Pager No. 68
  November 01, 2021

  Are Concerns over Growing Federal Government Debt Misplaced?

  L. Randall Wray
  Abstract

  With the US Treasury cutting checks totaling approximately $5 trillion to deal with the COVID-19 crisis, Senior Scholar L. Randall Wray argues that when it comes to the federal government,…more

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• Working Paper No. 994
  October 26, 2021

  Production Function Estimation

  Jesus Felipe, Donna Faye Bajaro, John McCombie, and Aashish Mehta
  Abstract

  The possible endogeneity of labor and capital in production functions, and the consequent bias of the estimated elasticities, has been discussed and addressed in the literature in different ways since…more

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• Working Paper No. 993
  September 03, 2021

  The Sraffian Supermultiplier and Cycles

  Michalis Nikiforos, Marcio Santetti, and Rudiger von Arnim
  Abstract

  This paper provides a theoretical and empirical reassessment of supermultiplier theory. First, we show that, as a result of the passive role it assigns to investment, the Sraffian supermultiplier (SSM)…more

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• Working Paper No. 992
  August 31, 2021

  Modeling Monopoly Money

  Sam Levey
  Abstract

  Many of the claims put forth by Modern Monetary Theory (MMT) center around the state’s monopoly over its own currency. In this paper I interrogate the plausibility of two claims:…more

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• Working Paper No. 991
  July 12, 2021

  Multifactor Keynesian Models of the Long-Term Interest Rate

  Tanweer Akram
  Abstract

  This paper presents multifactor Keynesian models of the long-term interest rate. In recent years there have been a proliferation of empirical studies based on the Keynesian approach to interest rate…more

  Download Working Paper No. 991 PDF (245.33 KB)
• Research Project Report
  July 08, 2021

  Scope and Effects of Reducing Time Deficits via Intrahousehold Redistribution of Household Production

  Ajit Zacharias, Thomas Masterson, Fernando Rios-Avila, and Abena D. Oduro
  Abstract

  Gender disparity in the division of responsibilities for unpaid care and domestic work (household production) is a central and pervasive component of inequalities between men and women and boys and…more

  Download Research Project Report, July 2021 PDF (3.95 MB)
• Working Paper No. 990
  July 02, 2021

  Ecological Fiscal Transfers and State-level Budgetary Spending in India

  Lekha S. Chakraborty, Amandeep Kaur, Ranjan Kumar Mohanty, and Divy Rangan
  Abstract

  Using panel data models, we analyze the flypaper effects—whether intergovernmental fiscal transfers or states’ own income determine expenditure commitments—on ecological fiscal spending in India. The econometric results show that the…more

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• Public Policy Brief No. 155
  June 30, 2021

  Can Biden Build Back Better?

  L. Randall Wray and Yeva Nersisyan
  Abstract

  President Biden’s proposals for investing in social and physical infrastructure signal a return to a budget-neutral policymaking framework that has largely been set aside since the outbreak of the COVID-19…more

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• Strategic Analysis
  June 17, 2021

  The Pandemic, the Stimulus, and the Future Prospects for the US Economy

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

  In this report, Institute President Dimitri B. Papadimitriou and Research Scholars Michalis Nikiforos and Gennaro Zezza analyze how the US economy was affected by the pandemic and its prospects for…more

  Download Strategic Analysis, June 2021 PDF (1.64 MB)
• 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

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• Policy Note No. 2021/3
  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

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• Policy Note No. 2021/2
  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

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• 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)