Publications

1707 publications found

• Working Paper No. 854
  November 16, 2015

  The Roads Not Taken

  Dirk Ehnts
  Abstract

  Standard presentations of stock-flow consistent modeling use specific Post Keynesian closures, even though a given stock-flow accounting structure supports various different economic dynamics. In this paper we separate the dynamic…more

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• Working Paper No. 853
  November 09, 2015

  Finance, Foreign Direct Investment, and Dutch Disease

  Antoine Godin, Alberto Botta, and Marco Missaglia
  Abstract

  In recent years, Colombia has grown relatively rapidly, but it has been a biased growth. The energy sector (the “locomotora minero-energetica,” to use the rhetorical expression of President Juan Manuel…more

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• Book Series
  November 05, 2015

  Financial Regulation in the European Union

  Abstract

  Have past and more recent regulatory changes contributed to increased financial stability in the European Union (EU), or have they improved the efficiency of individual banks and national financial systems…more

• Book Series
  November 05, 2015

  Why Minsky Matters: An Introduction to the Work of a Maverick Economist

  L. Randall Wray
  Abstract

  Perhaps no economist was more vindicated by the global financial crisis than Hyman P. Minsky (1919–1996). Although a handful of economists raised alarms as early as 2000, Minsky’s warnings began…more

• Policy Note No. 7
  November 04, 2015

  Losing Ground

  Fernando Rios-Avila
  Abstract

  US labor force participation has continued to fall in the wake of the Great Recession. Improvements in the US unemployment rate reflect the fact that more people are falling out…more

  Download Policy Note 2015/7 PDF (1.33 MB)
• Working Paper No. 852
  October 30, 2015

  The Malady of Low Global Interest Rates

  Tanweer Akram
  Abstract

  Long-term interest rates in advanced economies have been low since the global financial crisis. However, in the United States the Federal Reserve could begin to hike its policy rate, the…more

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• Working Paper No. 851
  October 28, 2015

  Money Creation under Full-reserve Banking

  Patrizio Lainà
  Abstract

  This paper presents a stock-flow consistent model+ of full-reserve banking. It is found that in a steady state, full-reserve banking can accommodate a zero-growth economy and provide both full employment…more

  Download Working Paper No. 851 PDF (337.24 KB)
• Working Paper No. 850
  October 28, 2015

  The Macroeconomics of a Financial Dutch Disease

  Alberto Botta
  Abstract

  We describe the medium-run macroeconomic effects and long-run development consequences of a financial Dutch disease that may take place in a small developing country with abundant natural resources. The first…more

  Download Working Paper No. 850 PDF (313.85 KB)
• Working Paper No. 849
  October 23, 2015

  Bank Leverage Ratios and Financial Stability

  Emilios Avgouleas
  Abstract

  Bank leverage ratios have made an impressive and largely unopposed return; they are mostly used alongside risk-weighted capital requirements. The reasons for this return are manifold, and they are not…more

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• Working Paper No. 848
  October 23, 2015

  Is Monetary Financing Inflationary?

  Josh Ryan-Collins
  Abstract

  Historically high levels of private and public debt coupled with already very low short-term interest rates appear to limit the options for stimulative monetary policy in many advanced economies today….more

  Download Working Paper No. 848 PDF (580.72 KB)
• One-Pager No. 50
  October 22, 2015

  A Public Investment Priority for Job Creation in Turkey

  Kijong Kim, İpek Ilkkaracan, and Tolga Kaya
  Abstract

  This one-pager presents the key findings and policy recommendations of the research project report The Impact of Public Investment in Social Care Services on Employment, Gender Equality, and Poverty: The…more

  Download One-Pager No. 50 PDF (3.39 MB)
• Working Paper No. 847
  October 16, 2015

  Integration, Spurious Convergence, and Financial Fragility

  Matías Vernengo and Esteban Pérez-Caldentey
  Abstract

  The Spanish crisis is generally portrayed as resulting from excessive spending by households, associated with a housing bubble and/or excessive welfare spending beyond the economic possibilities of the country. We…more

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• Working Paper No. 846
  October 09, 2015

  Secular Stagnation or Stagnation Policy?

  Eckhard Hein
  Abstract

  The current debate on secular stagnation is suffering from some vagueness and several shortcomings. The same is true for the economic policy implications. Therefore, we provide an alternative view on…more

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• Working Paper No. 845
  September 30, 2015

  The Euro’s Savior?

  Jörg Bibow
  Abstract

  This study assesses the European Central Bank’s (ECB) crisis management performance and potential for crisis resolution. The study investigates the institutional and functional constraints that delineate the ECB’s scope for…more

  Download Working Paper No. 845 PDF (2.33 MB)
• Book Series
  September 29, 2015

  Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems, Second Edition

  L. Randall Wray
  Abstract

  In a completely revised second edition, Senior Scholar L. Randall Wray presents the key principles of Modern Money Theory, exploring macro accounting, monetary and fiscal policy, currency regimes, and exchange…more

• Research Project Report
  September 22, 2015

  The Impact of Public Investment in Social Care Services on Employment, Gender Equality, and Poverty

  Kijong Kim, İpek Ilkkaracan, and Tolga Kaya
  Abstract

  Produced in partnership with the International Labour Organization, United Nations Development Programme, and UN Women, this report examines the demand-side rationale for a public investment in the social care sector—specifically,…more

  Download Research Project Report, August 2015 PDF (1.11 MB)
• Policy Note No. 5
  August 05, 2015

  The BRICS Initiatives in the Current Global Conjuncture

  Sunanda Sen
  Abstract

  Developing countries, led by China and other BRICS members (Brazil, Russia, India, and South Africa), have been successfully organizing alternative sources of credit flows, aiming for financial stability, growth, and…more

  Download Policy Note 2015/5 PDF (176.11 KB)
• Working Paper No. 844
  July 29, 2015

  A Nonbehavioral Theory of Saving

  Michalis Nikiforos
  Abstract

  We present a model where the saving rate of the household sector, especially households at the bottom of the income distribution, becomes the endogenous variable that adjusts in order for…more

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• Working Paper No. 843
  July 27, 2015

  Is a Very High Public Debt a Problem?

  Pedro Leao
  Abstract

  This paper has two main objectives. The first is to propose a policy architecture that can prevent a very high public debt from resulting in a high tax burden, a…more

  Download Working Paper No. 843 PDF (625.40 KB)
• Working Paper No. 842
  July 24, 2015

  Making the Euro Viable

  Jörg Bibow
  Abstract

  The euro crisis remains unresolved and the euro currency union incomplete and extraordinarily vulnerable. The euro regime’s essential flaw and ultimate source of vulnerability is the decoupling of central bank…more

  Download Working Paper No. 842 PDF (417.90 KB)
• Working Paper No. 841
  July 24, 2015

  Marx’s Theory of Money and 21st-century Macrodynamics

  Tai Young-Taft
  Abstract

  Marx’s theory of money is critiqued relative to the advent of fiat and electronic currencies and the development of financial markets. Specific topics of concern include (1) today’s identity of…more

  Download Working Paper No. 841 PDF (437.17 KB)
• Working Paper No. 840
  July 02, 2015

  The Effects of a Euro Exit on Growth, Employment, and Wages

  Riccardo Realfonzo and Angelantonio Viscione
  Abstract

  A technical analysis shows that the doomsayers who support the euro at all costs and those who naively theorize that a single currency is the root of all evil are…more

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• Working Paper No. 839
  June 01, 2015

  Inside Money in a Kaldor-Kalecki-Steindl Fiscal Policy Model

  Tai Young-Taft
  Abstract

  We hope to model financial fragility and money in a way that captures much of what is crucial in Hyman Minsky’s financial fragility hypothesis. This approach to modeling Minsky may…more

  Download Working Paper No. 839 PDF (909.30 KB)
• Working Paper No. 838
  May 28, 2015

  Οικονομία και μη αμειβόμενη εργασία

  Indira Hirway
  Abstract

  Η μη αμειβόμενη εργασία, η οποία εμπίπτει εντός των γενικών ορίων παραγωγής, αλλά εκτός των λογαριασμών εθνικού εισοδήματος, θεωρείται από τους εμπειρογνώμονες είτε ως «φροντίδα» είτε ως «εργασία». Η μη…more

  Download Επιστημονική Εργασία υπό Εξέλιξη (Working Paper) No. 838 PDF (604.92 KB)