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  Blog

  The Pandemic, “Flexible” Work, and Household Labor in Brazil (Interview)

  [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 [...]
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  Working Paper No. 980

  Balance Sheet Effects of a Currency Devaluation

  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 due to an increase in external debt in the nonfinancial corporate sector; higher foreign debt would affect private investment after episodes of real currency depreciation, […]
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  Working Paper No. 979

  Is It Time to Eliminate Federal Corporate Income Taxes?

  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 least a portion corporate taxes eliminated by the 2017 Tax Cuts and Jobs Act, especially from progressive circles. In this working paper, Edward Lane and […]
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  Working Paper No. 978

  Potential Impact of Daycare Closures on Parental Child Caregiving in Turkey

  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 grandparents and nannies—became undesirable due to health concerns and in some cases also unfeasible due to the partial lockdown for individuals under the age of […]
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  Working Paper No. 977

  A Note Concerning Government Bond Yields

  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 monetary sovereignty. Keynes argued that the central bank can influence the long-term interest rate on government bonds and the shape of the yield curve mainly […]
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  Working Paper No. 976

  The Palestinian Labor Market over the Last Three Decades

  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 1981 until the recent period, taking into consideration the major shocks that the Palestinian economy experienced, such as the First and Second Palestinian Intifadas (1987–93 […]
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  Working Paper No. 975

  Argentina’s (Macroeconomic?) Trap

  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 it was ten years before. During these ten years, different governments with conflicting macroeconomic programs were in power, none of them able to save the […]
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  Policy Notes No. 6

  Alternative Macro Policy Response for a Pandemic Recession

  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 raised by the pandemic and organizing an appropriate policy response. In contrast to both the mainstream and some Keynesian-inspired approaches, Kregel advocates a central role […]
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  Summary No. 3

  Summary Fall 2020

  This issue of the Summary features a Strategic Analysis focused on Greece’s economy in light of the COVID-19 pandemic. Two public policy briefs also highlight pandemic-related issues, with the first focusing on the impact in Greece in light of deep cuts in healthcare expenditures and the second dealing with the implications with respect to inequality […]
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  Strategic Analysis

  When Will Italy Recover?

  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 inevitable (asymmetric) impact on production and income. Though the gradual reopening of most business activities began in 2020Q3, the extent of the shutdown’s damage is […]
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  Working Paper No. 974

  The General Theory as “Depression Economics”?

  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 stability/fragility of the banking system, especially under deflationary conditions. Keynes’s writings during the Great Depression uncover insights into how the Great Depression may have informed […]
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  Working Paper No. 973

  The Trade-off between Inflation and Unemployment in an MMT World

  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 provides empirical evidence in support of this vision. However, it also makes use of a stock-flow consistent (open economy) model to underline some limits of […]