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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 […]
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  Working Paper No. 951

  A Simple Model of the Long-Term Interest Rate

  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 the short-term interest rate, while allowing for other important factors. It relies on the geometric Brownian motion to formally model Keynes’s conjecture. Geometric Brownian motion […]
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  Press Release

  Federal Fiscal Stabilization Program Needed to Prevent Severe State and Local Budget Shortfalls from Deepening Covid-19 Recession

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  Working Paper No. 950

  Public Charge in the Time of Coronavirus

  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 testing; expanding food assistance and unemployment benefits; and increasing Medicaid funding. However, the response to the global pandemic might be hindered by the lassitude of […]
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  Blog

  What MMT Is, and Why We Should Not Wait for the Next Crisis to Live Up to Our Means

  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 [...]
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  Policy Notes No. 2

  Stabilizing State and Local Budgets through the Pandemic and Beyond

  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 standstill resulting from necessary public health measures will soon cripple state and local budgets. Alexander Williams outlines a proposal for an intragovernmental automatic stabilizer program […]