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Working Paper No. 992Modeling Monopoly Money
August 31, 2021 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 Publication -
Working Paper No. 991
Multifactor Keynesian Models of the Long-Term Interest Rate
July 12, 2021 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 Publication -
Research Project ReportScope and Effects of Reducing Time Deficits via Intrahousehold Redistribution of Household Production
July 08, 2021 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 Publication -
Working Paper No. 990
Ecological Fiscal Transfers and State-level Budgetary Spending in India
July 02, 2021 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 Publication -
Public Policy Brief No. 155Can Biden Build Back Better?
June 30, 2021 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 Publication -
BlogPodcast on Gender Budgeting
June 18, 2021 Research Associate Lekha Chakraborty, recently chosen to join the governing council of the International Institute for Public Finance, was interviewed for an Onmanorama podcast on the question of gender budgeting and the advantages of centering care work. Chakraborty argues policymakers in India should prioritize integrating a comprehensive care economy policy package in macroeconomic management, and [...] Blog -
Strategic AnalysisThe Pandemic, the Stimulus, and the Future Prospects for the US Economy
June 17, 2021 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 Publication -
Working Paper No. 989
The Endogeneity-to-Demand of the National Emergency Utilization Rate
June 17, 2021 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 Publication -
Policy Note No. 3Why President Biden Should Eliminate Corporate Taxes to Build Back Better
June 08, 2021 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 Publication -
One-Pager No. 67Should Corporate Tax Hikes Be Included in Biden’s “Build Back Better” Plans?
June 07, 2021 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 Publication -
Working Paper No. 988
A Keynesian Approach to Modeling the Long-Term Interest Rate
June 04, 2021 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 Publication -
Policy Note No. 2
Gender and Race in the Spotlight during the COVID-19 Pandemic
May 13, 2021 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 Publication -
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Blog
The Minsky Conference Returns
April 29, 2021 After pausing last spring due to the pandemic, the Minsky Conference is back. Join us next week, May 5-6. It would be an understatement to say this has been an eventful year in world economies and financial markets. It is also a period in which we are seeing some signs of change in economic thought [...] Blog -
Blog
Direct Job Creation in Greece
April 28, 2021 Senior Scholar Rania Antonopoulos recently participated in a webinar for the European Trade Union Institute, during which she discussed the rationale behind and experience with the implementation of the “Kinofelis” direct job creation program—a limited job guarantee for Greece. Watch her presentation below (accompanying slides are here). The Levy Institute’s previous Strategic Analysis for Greece [...] Blog -
One-Pager No. 66
Anatomy of a Stock Market Bubble
April 01, 2021 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 Publication -
Working Paper No. 987
The Souk Al-Manakh
March 22, 2021 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 Publication -
Working Paper No. 986
Keynes’s Theories of the Business Cycle
March 10, 2021 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 Publication -
Blog
The “Thing” with Job Guarantee Programs…
February 21, 2021 In a February 18th front page article in the business section of the New York Times, Eduardo Porter surveys the potential for a job guarantee program. After starting with the caveat issued by Republican politicians—why trust your life choices to bureaucrats?—the piece goes on to present opinions of various experts on employment programs. It is [...] Blog -
One-Pager No. 65
COVID Relief and the Inflation Warriors
February 17, 2021 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 Publication -
Working Paper No. 985
Has Japan Been Following Modern Money Theory Without Recognizing It?
February 08, 2021 Modern Money Theory (MMT) economists have used Japan as an example of a country that demonstrates that high deficits and debt do not lead to insolvency, high interest rates, or...more Publication -
Working Paper No. 984
The Empirics of Long-Term Mexican Government Bond Yields
February 05, 2021 This paper presents empirical models of Mexican government bond (MGB) yields based on monthly macroeconomic data. The current short-term interest rate has a decisive influence on MGB yields, after controlling...more Publication -
Working Paper No. 983
Intrahousehold Allocation of Household Production
February 05, 2021 In this working paper, we analyze factors that may explain gender differences in the allocation of time to household production in sub-Saharan Africa. The study uses time use survey data...more Publication