Filter by
3497 results found
-
BlogThe IMF as Deficit Owl? What’s Wrong with This Argument?
February 04, 2021 It seems the IMF aviary has turned on the hawks and embraced the deficit owls. Has the IMF joined the policy shift to MMT? Yes, in part, but it appears to be a viral form of MMT: according to Vitor Gaspar, the IMF’s head of fiscal policy, “Nations’ first priority should be vaccination, while the [...] Blog -
Public Policy Brief No. 154Another Bretton Woods Reform Moment
February 01, 2021 This policy brief explores a route to remaking the international financial system that would avoid the contradictions inherent in some of the prevailing reform proposals currently under discussion. Senior Scholar...more Publication -
Blog
Jiu-Jitsu Comes to the Stock Market
January 29, 2021 The core philosophy of this Japanese defensive art used by the weak against the stronger Samurai is to mobilize the opponent’s greater force to your own advantage. Many have criticized the run-up in the quotation of the GameStop shares as a violation of market principles or regulations. Far from it, it simply represents the fact [...] Blog -
Working Paper No. 982The Economic Problem: From Barter to Commodity Money to Electronic Money
January 24, 2021 The success of alternative payment systems has led to discussion of various proposals to replace money with a new technology-based system, though many lack a clear idea of what exactly...more Publication -
Policy Note No. 1Keynes’s Clearing Union Is Alive and Well and Living in Your Mobile Phone
January 19, 2021 While governments may consider implementation of John Maynard Keynes’s original clearing union proposal for the international financial architecture too difficult or radical, Senior Scholar Jan Kregel notes that the private...more Publication -
Working Paper No. 981
What Jobs Should a Public Job Guarantee Provide?
January 19, 2021 The job guarantee is a viable policy option for tackling both unemployment and underemployment. Hyman P. Minsky was one of the seminal writers on this subject. The first part of...more Publication -
Blog
Why “Output Gap” Is Inadequate
January 04, 2021 by Lekha Chakraborty and Amandeep Kaur[1] The macroeconomic uncertainty during the Covid-19 pandemic is hard to measure. Economists and policymakers use the “output gap” variable to capture “slack.” It is a deviation between potential output and actual output, which is a standard representation of a “cycle.” The potential output is an unobserved variable. There is [...] Blog -
Blog
Increasing Diversity in Economics Is Not Only a Moral Obligation
December 08, 2020 November 3rd, 2019, I delivered remarks on the closing panel of The New School/UMASS Amherst Graduate workshop held in New York City. The panel theme was “Broadening the boundaries of political economy”. I have since graduated and successfully gone through the job market. I hope my remarks from last year can serve as encouragement for [...] Blog -
Blog
The 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 -
Working Paper No. 980
Balance Sheet Effects of a Currency Devaluation
December 01, 2020 This working paper empirically and theoretically analyzes the exchange rate’s role in Mexico’s development for the period 2004–19. We test the hypothesis of the re(emergence) of the balance sheet effect...more Publication -
Working Paper No. 979
Is It Time to Eliminate Federal Corporate Income Taxes?
November 20, 2020 As the nation is experiencing the need for ever-increasing government expenditures to address COVID-19 disruptions, rebuild the nation’s infrastructure, and many other worthy causes, conventional thinking calls for restoring at...more Publication -
Working Paper No. 978
Potential Impact of Daycare Closures on Parental Child Caregiving in Turkey
November 16, 2020 Daycares closed on March 16, 2020 in Turkey to prevent the spread of COVID-19. At the same time, the two most common nonparental childcare arrangements in Turkey—care of children by...more Publication -
Working Paper No. 977
A Note Concerning Government Bond Yields
November 16, 2020 This paper relates Keynes’s discussions of money, the state theory of money, financial markets, investors’ expectations, uncertainty, and liquidity preference to the dynamics of government bond yields for countries with...more Publication -
Working Paper No. 976
The Palestinian Labor Market over the Last Three Decades
November 11, 2020 This paper consists of three economic literature review essays that survey the Palestinian labor market during the last three decades. The first essay examines the economic return to schooling since...more Publication -
Working Paper No. 975
Argentina’s (Macroeconomic?) Trap
November 05, 2020 The Argentinean economy has just ended another lost decade. After the peak registered in 2011, the per capita GDP has oscillated with a decreasing trend, leaving the economy poorer than...more Publication -
Policy Note No. 6
Alternative Macro Policy Response for a Pandemic Recession
October 15, 2020 As COVID-19 infection and test positivity rates rise in the United States and federal stimulus plans expire, Senior Scholar Jan Kregel articulates an alternative approach to analyzing the economic problems...more Publication -
Strategic AnalysisWhen Will Italy Recover?
October 06, 2020 Italy was the first European country to be impacted by COVID-19, rapidly overwhelming healthcare facilities in some areas and prompting the government to shut down nonessential economic activities, with an...more Publication -
Working Paper No. 974
The General Theory as “Depression Economics”?
October 05, 2020 This paper revisits Keynes’s writings from Indian Currency and Finance (1913) to The General Theory (1936) with a focus on financial instability. The analysis reveals Keynes’s astute concerns about the...more Publication -
Working Paper No. 973
The Trade-off between Inflation and Unemployment in an MMT World
October 01, 2020 This paper is focused on Modern Monetary Theory’s (MMT) treatment of inflation from an open economy perspective. It analyzes how the inflation process is explained within the MMT framework and...more Publication -
Working Paper No. 972
In the Long Run We Are All Herd
September 30, 2020 Since the 2008 crisis, the economics literature has shown a renewed interest in Keynes’s “beauty contest” (BC) as a fundamental aspect of the functioning of financial markets. We argue that...more Publication -
-
Working Paper No. 971
Ecology, Economics, and Network Dynamics
September 28, 2020 In a seminal 1972 paper, Robert M. May asked: “Will a Large Complex System Be Stable?” and argued that stability (of a broad class of random linear systems) decreases with...more Publication -
Working Paper No. 970
Quality of Match for Statistical Matches Used in the Development of the Levy Institute Measure of Time and Consumption Poverty (LIMTCP) for Ethiopia and South Africa
September 25, 2020 This paper presents a description of the quality of match of the statistical matches used in the Levy Institute Measure of Time and Consumption Poverty (LIMTCP) estimates prepared for Ethiopia...more Publication -
Working Paper No. 969
The Empirics of UK Gilts’ Yields
September 24, 2020 This paper analyzes the nominal yields of UK gilt-edged securities (“gilts”) based on a Keynesian perspective, which holds that the short-term interest rate is the primary driver of the long-term...more Publication