Publications

1699 publications found

• Policy Notes No. 1
  February 06, 2018

  Does the United States Face Another Minsky Moment?

  L. Randall Wray
  Abstract

  It is beginning to look a lot like déjà vu in the United States. According to Senior Scholar L. Randall Wray, the combination of overvalued stocks, overleveraged banks, an undersupervised…more

  Download Policy Note 2018/1 PDF (334.91 KB)
• Research Project Report
  February 06, 2018

  The Macroeconomic Effects of Student Debt Cancellation

  Stephanie A. Kelton, Scott Fullwiler, Catherine Ruetschlin, and Marshall Steinbaum
  Abstract

  Among the more ambitious policies that have been proposed to address the problem of escalating student loan debt are various forms of debt cancellation. In this report, Scott Fullwiler, Research…more

  Download Research Project Report, February 2018 PDF (1.59 MB)
• Working Paper No. 900
  January 29, 2018

  Functional Finance

  L. Randall Wray
  Abstract

  This paper examines the views of Hyman Minsky and Abba Lerner on the functional finance approach to fiscal policy. It argues that the main principles of functional finance were relatively…more

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• Working Paper No. 899
  January 12, 2018

  Gender Pay Gaps in the Former Soviet Union: A Review of the Evidence

  Tamar Khitarishvili
  Abstract

  The goal of this paper is to examine the patterns and movements of the gender pay gaps in the countries of the former Soviet Union (FSU) and to place them…more

  Download Working Paper No. 899 PDF (212.79 KB)
• Policy Notes No. 4
  November 09, 2017

  How Time Deficits and Hidden Poverty Undermine the Sustainable Development Goals

  Ajit Zacharias
  Abstract

  The predominant framework for measuring poverty rests on an implicit assumption that everyone has enough time available to devote to household production or enough resources to compensate for deficits in…more

  Download Policy Note 2017/4 PDF (282.68 KB)
• Working Paper No. 898
  October 12, 2017

  Corporate Tax Incidence in India

  Lekha S. Chakraborty and Samiksha Agarwal
  Abstract

  The paper attempts to measure the incidence of corporate income tax in India under a general equilibrium setting. Using seemingly uncorrelated regression coefficients and dynamic panel estimates, we tried to…more

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• Working Paper No. 897
  September 20, 2017

  Quantitative Easing and Asset Bubbles in a Stock-flow Consistent Framework

  Tai Young-Taft and Cameron Haas
  Abstract

  Ever since the Great Recession, central banks have supplemented their traditional policy tool of setting the short-term interest rate with massive buyouts of assets to extend lines of credit and…more

  Download Working Paper No. 897 PDF (385.26 KB)
• Public Policy Brief No. 144
  September 08, 2017

  A Two-Tier Eurozone or a Euro of Regions?

  Jan Kregel
  Abstract

  In light of the problems besetting the eurozone, this policy brief examines the contributions of John Maynard Keynes and Richard Kahn to early debates over the design of the postwar…more

  Download Public Policy Brief No. 144, 2017 PDF (165.35 KB)
• Working Paper No. 896
  September 04, 2017

  Minsky’s Financial Fragility

  Ernani Teixeira Torres Filho, Norberto Montani Martins, and Caroline Yukari Miaguti
  Abstract

  The present paper applies Hyman P. Minsky’s insights on financial fragility in order to analyze the behavior of electricity distribution companies in Brazil from 2007 to 2015. More specifically, it…more

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• Working Paper No. 895
  August 23, 2017

  Unemployment: The Silent Epidemic

  Pavlina R. Tcherneva
  Abstract

  This paper examines two key aspects of unemployment—its propagation mechanism and socioeconomic costs. It identifies a key feature of this macroeconomic phenomenon: it behaves like a disease. A detailed assessment…more

  Download Working Paper No. 895 PDF (397.21 KB)
• Working Paper No. 894
  August 04, 2017

  An Inquiry Concerning Long-term US Interest Rates Using Monthly Data

  Tanweer Akram and Huiqing Li
  Abstract

  This paper undertakes an empirical inquiry concerning the determinants of long-term interest rates on US Treasury securities. It applies the bounds testing procedure to cointegration and error correction models within…more

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• Working Paper No. 893
  July 26, 2017

  The Neoclassicals’ Conundrum

  Oscar Valdes Viera
  Abstract

  Neoclassical economists of the current era frequently pay lip service to Adam Smith’s theories to certify the validity of natural-laws-based, laissez-faire policies. However, neoclassical theories are fundamentally disconnected from Adam…more

  Download Working Paper No. 893 PDF (210.08 KB)
• Policy Notes No. 3
  July 21, 2017

  Why the Compulsive Shift to Single Payer?

  L. Randall Wray
  Abstract

  The growing political momentum for a universal single-payer healthcare program in the United States is due in part to Republican attempts to repeal and replace the Affordable Care Act (Obamacare)….more

  Download Policy Note 2017/3 PDF (252.09 KB)
• Policy Notes No. 2
  July 07, 2017

  The Concert of Interests in the Age of Trump

  Jan Kregel
  Abstract

  If the Trump administration is to fulfill its campaign promises to this age’s “forgotten” men and women, Director of Research Jan Kregel argues, it should embrace the broader lesson of…more

  Download Policy Note 2017/2 PDF (190.65 KB)
• Working Paper No. 892
  June 21, 2017

  Understanding Financialization

  Charles J. Whalen
  Abstract

  Since the death of Hyman Minsky in 1996, much has been written about financialization. This paper explores the issues that Minsky examined in the last decade of his life and…more

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• Working Paper No. 891
  May 24, 2017

  Stock-flow Consistent Macroeconomic Models

  Gennaro Zezza and Michalis Nikiforos
  Abstract

  The stock-flow consistent (SFC) modeling approach, grounded in the pioneering work of Wynne Godley and James Tobin in the 1970s, has been adopted by a growing number of researchers in…more

  Download Working Paper No. 891 PDF (460.48 KB)
• Working Paper No. 890
  May 15, 2017

  On the Centrality of Redemption

  Abstract

  The paper presents a financial approach to monetary analysis that links the credit and state theories of money. A premise of the functional approach to money is that “money is…more

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• Working Paper No. 889
  May 08, 2017

  The Dynamics of Government Bond Yields in the Eurozone

  Tanweer Akram and Anupam Das
  Abstract

  This paper investigates the determinants of nominal yields of government bonds in the eurozone. The pooled mean group (PMG) technique of cointegration is applied on both monthly and quarterly datasets…more

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• Working Paper No. 888
  April 20, 2017

  Gender, Socioeconomic Status, and Time Use of Married and Cohabiting Parents during the Great Recession

  Ebru Kongar and Mark Price
  Abstract

  Using data from the 2003–14 American Time Use Survey (ATUS), this paper examines the relationship between the state unemployment rate and the time that opposite-sex couples with children spend on…more

  Download Working Paper No. 888 PDF (585.95 KB)
• Strategic Analysis
  April 14, 2017

  The Trump Effect: Is This Time Different?

  Gennaro Zezza and Michalis Nikiforos
  Abstract

  From a macroeconomic point of view, 2016 was an ordinary year in the post–Great Recession period. As in prior years, the conventional forecasts predicted that this would be the year…more

  Download Strategic Analysis, April 2017 PDF (403.41 KB)
• Policy Notes No. 1
  April 06, 2017

  Inequality Update: Who Gains When Income Grows?

  Pavlina R. Tcherneva
  Abstract

  Since the 1980s, economic recoveries in the United States have been delivering the vast majority of income growth to the wealthiest households. This policy note updates the analysis in One-Pager…more

  Download Policy Note 2017/1 PDF (395.43 KB)
• Working Paper No. 887
  March 20, 2017

  Trump’s Bait and Switch

  Pavlina R. Tcherneva
  Abstract

  President Trump’s faux populism may deliver some immediate short-term benefits to the economy, masking the devastating long-term effects from his overall policy strategy. The latter can be termed “welfare state…more

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• Working Paper No. 886
  March 03, 2017

  How Germany’s Anti-Keynesianism Has Brought Europe to Its Knees

  Jörg Bibow
  Abstract

  This paper investigates the (lack of any lasting) impact of John Maynard Keynes’s General Theory on economic policymaking in Germany. The analysis highlights the interplay between economic history and the…more

  Download Working Paper No. 886 PDF (431.31 KB)
• Working Paper No. 885
  February 27, 2017

  Quality of Statistical Match of Household Budget Survey and SILC for Turkey

  Thomas Masterson
  Abstract

  This paper presents the quality analysis of the statistical matching conducted for a research study on household consumption behavior, household indebtedness, and inequality for Turkey. The match has been done…more

  Download Working Paper No. 885 PDF (382.60 KB)