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  Working Paper No. 955

  Class Size, Cognitive Abilities, Bullying, and Violent Behavior

  This study uses rich administrative and survey data to investigate the effects of class size on students’ cognitive tests as well as bullying and violent behavior. I use the maximum class size rule to create a regression discontinuity (RD) relation between cohort enrollment size and class size in the public and the United Nations Relief […]
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  Blog

  Jan Kregel: Why Stimulus Cannot Solve the Pandemic Depression

  [iframe width=”495″ height=”278″ src=”https://www.youtube.com/embed/rneE9ui9F1c” frameborder=”0″ allow=”accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture” allowfullscreen></iframe]
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  Policy Notes No. 4

  Guaranteeing Employment during the Pandemic and Beyond

  The ongoing job losses, already numbering in the tens of millions, and the mass unemployment that will remain once the COVID-19 crisis has passed are of our own making, argues Pavlina R. Tcherneva, created by our inability to conceive of policies that protect and create jobs on demand. There is another option: instead of capitulating […]
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  Press Release

  COVID-19 Crisis Likely to Widen Income, Racial, and Gender Inequality, Exacerbating Spread of the Virus and Prolonging Economic Downturn, New Levy Study Says

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  Working Paper No. 954

  Household Consumption, Household Indebtedness, and Inequality in Turkey

  This paper examines whether relative income and income inequality within reference groups affect household consumption. Using the explanations of consumption behavior based on Dusenberry’s relative income hypothesis, we test if household consumption levels in Turkey are affected by the household’s relative position and inequality in the reference group between 2005–12 by employing cross-sectional household-level data. […]
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  Working Paper No. 953

  Notes on the Accumulation and Utilization of Capital

  The paper makes three contributions. First, following up on Nikiforos (2016), it provides an in-depth examination of the Federal Reserve measure of capacity utilization and shows that it is closer to a cyclical indicator than a measure of long run variations of normal utilization. Other measures, such as the average workweek of capital or the […]
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  Working Paper No. 952

  Notes on the Accumulation and Utilization of Capital

  This paper discusses some issues related to the triangle between capital accumulation, distribution, and capacity utilization. First, it explains why utilization is a crucial variable for the various theories of growth and distribution—more precisely, with regards to their ability to combine an autonomous role for demand (along Keynesian lines) and an institutionally determined distribution (along […]
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  Senior Scholar L. Randall Wray debated the Heritage Foundation’s Stephen Moore at an April 22 event sponsored by CFA Society Chicago.

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  Policy Notes No. 3

  Immigration Policy Undermines the US Pandemic Response

  Research Scholar Martha Tepepa explains how the US response to the COVID-19 crisis will be hindered by its approach to immigration policy. The administration’s “zero tolerance” immigration campaign creates a public health risk in the context of this pandemic, and the recent implementation of the “Inadmissibility on Public Charge Grounds” final rule penalizing noncitizen recipients […]
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  Senior Scholar L. Randall Wray and Yeva Nersisyan pen an April 17 op-ed for The Guardian

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  Public Policy Brief No. 149

  Pandemic of Inequality

  The costs of the COVID-19 pandemic—in terms of both the health risks and economic burdens—will be borne disproportionately by the most vulnerable segments of US society. In this public policy brief, Luiza Nassif-Pires, Laura de Lima Xavier, Thomas Masterson, Michalis Nikiforos, and Fernando Rios-Avila demonstrate that the COVID-19 crisis is likely to widen already-worrisome levels […]
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  One-Pager No. 63

  Are We All MMTers Now? Not so Fast

  As governments around the world explore ambitious approaches to fiscal and monetary policy in their responses to the COVID-19 crisis, Modern Money Theory (MMT) has been thrust into the spotlight once again. Unfortunately, many of those invoking the theory have misrepresented its central tenets, according Yeva Nersisyan and L. Randall Wray. MMT provides an analysis […]