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Policy Note No. 2025/2Remembering Pope Francis’s Call for a Universal Basic Wage
April 21, 2025 On April 21, 2025, a day after Easter Sunday, the world mourned the passing of His Holiness Pope Francis. Five years earlier, on Easter Sunday, April 12, 2020—amid the devastating...more Publication -
BlogThe Pandemic, “Flexible” Work, and Household Labor in Brazil (Interview)
December 01, 2020 [The following is an interview by Paula Quental of Lygia Sabbag Fares, one of my coauthors for this post on how home quarantine has impacted domestic violence. The interview originally appeared in Portuguese and is posted here with permission.] Labor market deregulation is bad for all workers and even more perverse for women, says [...] Blog -
Blog
What If We Nationalized Payroll?
March 30, 2020 As the coronavirus pandemic rages on, the US Congress appropriated a whopping $2 trillion budget to tackle it (about 10% of GDP). The focus was on expanded unemployment benefits and cash assistance to families, as well as grants and loans to small firms and large corporations in hopes that they will halt the torrent of [...] Blog -
Blog
This Time Is Different: Wray on Modern Monetary Theory
February 04, 2019 Public interest in Modern Monetary Theory (MMT) is undergoing a new growth spurt, and progressive politicians are playing a key role in the current phase. Rep. Ocasio-Cortez recently referenced the heterodox framework to push back against the assumption that her ambitious policy proposals must, as a matter of financial necessity, be made budget-neutral (an assumption, as [...] Blog -
Blog
Greece, Rock Bottom, and Co-operative Banking
August 29, 2014 In a recent interview, C. J. Polychroniou asked Dimitri Papadimitriou about the idea that Greece is on the verge of economic recovery: Both the International Monetary Fund (IMF) and the European Commission (EC), in their assessments of the performance of the Greek economy, appear more optimistic on the future of Greece because of the deceleration of the negative growth [...] Blog -
Working Paper No. 687Access to Markets and Farm Efficiency
September 21, 2011 This paper presents an empirical investigation of the relationship between the spread, spatially and temporally, of market institutions and improvements in the productivity and efficiency of farmers. The data used...more Publication -
Blog
Gross Distraction
August 01, 2011 Bill Gross has weighed in on the debate about excessive sovereign debt, invoking a study produced by Kenneth Rogoff and Carmen Reinhart that purports to show a negative relation between debt and economic growth. The “Maginot line” is a debt ratio of 90%, beyond which economic growth slows by 1%. Yet Mr. Gross does not [...] Blog -
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Federal Pay Rates Frozen; How High Are They Now?
December 01, 2010 Yesterday, the Obama administration announced that it wants to freeze wages and salaries earned by federal government employees in calendar years 2011 and 2012. Most federal workers might otherwise have received a cost-of-living raise at the start of the new year. There has been some controversy about whether these workers are overpaid. In this post, [...] Blog -
Working Paper No. 623
The Meltdown of the Global Economy
September 28, 2010 The enormity and pervasiveness of the global economic crisis that began in 2008 makes it relevant to analyze the circumstances that can explain this catastrophe. This will also provide clues...more Publication -
Blog
A way out for the Euro zone
September 01, 2010 Suggestions a few months back by Germany’s chancellor that countries running consistently high deficits be expelled from the Euro zone evidently haven’t fallen on deaf ears. Even though almost everyone thinks of expulsion as a remote possibility, the notion does get factored into the thinking of bankers and investors in a way that may ultimately [...] Blog -
Policy NoteThe Collapse of Monetarism and the Irrelevance of the New Monetary Consensus
May 27, 2008 “What in monetarism, and what in the ‘new monetary consensus,’ led to a correct or even remotely relevant anticipation of the extraordinary financial crisis that broke over the housing sector,...more Publication -
Policy Note
The Collapse of Monetarism and the Irrelevance of the New Monetary Consensus
May 27, 2008 What in monetarism, and what in the “new monetary consensus,” led to a correct or even remotely relevant anticipation of the extraordinary financial crisis that broke over the housing sector,...more Publication -
Policy Note No. 1
The Collapse of Monetarism and the Irrelevance of the New Monetary Consensus
May 27, 2008 What in monetarism, and what in the "new monetary consensus," led to a correct or even remotely relevant anticipation of the extraordinary financial crisis that broke over the housing sector,...more Publication -
Public Policy Brief No. 78The War on Poverty after 40 Years
June 03, 2004 Twenty to 25 years ago, a debate was under way in academe and in the popular press over the War on Poverty. One group of scholars argued that the war,...more Publication