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BlogJan Kregel: Why Stimulus Cannot Solve the Pandemic Depression
May 11, 2020 [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] Blog -
Policy Note No. 4Guaranteeing Employment during the Pandemic and Beyond
May 05, 2020 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...more Publication -
Working Paper No. 954Household Consumption, Household Indebtedness, and Inequality in Turkey
April 30, 2020 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...more Publication -
Working Paper No. 953
Notes on the Accumulation and Utilization of Capital
April 24, 2020 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...more Publication -
Working Paper No. 952
Notes on the Accumulation and Utilization of Capital
April 24, 2020 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...more Publication -
Policy Note No. 3
Immigration Policy Undermines the US Pandemic Response
April 20, 2020 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...more Publication -
Public Policy Brief No. 149Pandemic of Inequality
April 14, 2020 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...more Publication -
One-Pager No. 63Are We All MMTers Now? Not so Fast
April 10, 2020 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...more Publication -
Working Paper No. 951
A Simple Model of the Long-Term Interest Rate
April 10, 2020 This paper presents a simple model of the long-term interest rate. The model represents John Maynard Keynes’s conjecture that the central bank’s actions influence the long-term interest rate primarily through...more Publication -
Working Paper No. 950
Public Charge in the Time of Coronavirus
April 08, 2020 The United States government recently passed legislation and stabilization packages to respond to the COVID-19 (i.e., coronavirus disease 2019) outbreak by providing paid sick leave, tax credits, and free virus...more Publication -
Blog
What MMT Is, and Why We Should Not Wait for the Next Crisis to Live Up to Our Means
April 04, 2020 by Yeva Nersisyan and L. Randall Wray As MMT has been thrust into the spotlight, misrepresentations and misunderstanding have followed. MMT supposedly calls for cranking up the printing press, engaging in helicopter drops of cash or having the Fed finance government spending by engaging in Quantitative Easing. None of this is MMT. Instead, MMT provides [...] Blog -
Policy Note No. 2
Stabilizing State and Local Budgets through the Pandemic and Beyond
April 03, 2020 The federal government appears to have abandoned the idea of a coordinated public health response to the COVID-19 pandemic, leaving the entirety to state and local governments. Meanwhile, the economic...more Publication -
Blog
We Need Class, Race, and Gender Sensitive Policies to Fight the COVID-19 Crisis
April 02, 2020 Luiza Nassif-Pires, Laura de Lima Xavier, Thomas Masterson, Michalis Nikiforos, and Fernando Rios-Avila Disproving the belief that the pandemic affects us all equally, data collected by New York City Department of Health and Mental Hygiene and a piece published today in the New York Times shows that the novel coronavirus is “hitting low-income neighborhoods [...] 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
Home Quarantine: Confinement With the Abuser?
March 29, 2020 by Ana Luíza Matos de Oliveira, Lygia Sabbag Fares, Gustavo Vieira da Silva, and Luiza Nassif Pires Even though Covid-19 has already killed thousands worldwide and is paralyzing global economic activity, President Jair Bolsonaro insists on referring to it as a “little flu.” Despite the president’s efforts to avoid a halt to the economic activity [...] Blog -
Blog
The Coronavirus Does Not Discriminate; Unfortunately Our Economic System Does
March 27, 2020 In the last 24 hours, two big news stories regarding the economic impact of the Covid-19 pandemic have broken. The first is news that the Senate has passed a $2 trillion stimulus package that legislators claim is intended to alleviate the economic damage caused by the responses to the unfolding pandemic: closures of schools and [...] Blog -
Policy Note No. 1
When Two Minskyan Processes Meet a Large Shock
March 19, 2020 The spread of the new coronavirus (COVID-19) is a major shock for the US and global economies. Research Scholar Michalis Nikiforos explains that we cannot fully understand the economic implications...more Publication -
One-Pager No. 62
The Economic Response to the Coronavirus Pandemic
March 13, 2020 As the coronavirus (COVID-19) spreads across the United States, it has become clear that, in addition to the public health response (which has been far less than adequate), an economic...more Publication -
One-Pager No. 61
A Global Slowdown Will Test US Corporate Fragility
March 10, 2020 The rapidly growing uncertainty about the potential global fallout from an emerging pandemic is occurring against a background in which there is evidence US corporate sector balance sheets are significantly...more Publication -
Working Paper No. 949
A Labor Market–Augmented Empirical Stock-Flow Consistent Model Applied to the Greek Economy
February 12, 2020 This paper extends the empirical stock-flow consistent (SFC) literature through the introduction of distributional features and labor market institutions in a Godley-type empirical SFC model. In particular, labor market institutions,...more Publication -
Working Paper No. 948
Challenges for the EU as Germany Approaches Recession
February 10, 2020 This paper analyzes recent macroeconomic developments in the eurozone, particularly in Germany. Several economic indicators are sending signals of a looming German recession. Geopolitical tensions caused by trade disputes between...more Publication
