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Working Paper No. 927

Recentered Influence Functions in Stata

Recentered influence functions (RIFs) are statistical tools popularized by Firpo, Fortin, and Lemieux (2009) for analyzing unconditional partial effects on quantiles in a regression analysis framework (unconditional quantile regressions). The flexibility and simplicity of these tools has opened the possibility of extending the analysis to other distributional statistics using linear regressions or decomposition approaches. In […]

Working Paper No. 926

Fiscal Stabilization in the United States

The debate about the use of fiscal instruments for macroeconomic stabilization has regained prominence in the aftermath of the Great Recession, and the experience of a monetary union equipped with fiscal shock absorbers, such as the United States, has often been a reference. This paper enhances our knowledge about the degree of macroeconomic stabilization achieved […]

One-Pager No. 59

The Limitations of the “Populism” Explanation

Some common accounts of “populism” and its causes risk leading us away from understanding what is happening today in parts of the democratic West, according to Senior Scholar Joel Perlmann. He cautions that economic insecurity may well be a common source of populism, but such insecurity is too prevalent and too diverse to be tied […]

Fed’s Bullard says economic data should improve, yield curve steepen in coming months

Financial market ‘pause party’ makes Fed rate cut less likely

Policy Notes No. 1

A Proposal to Create a European Safe Asset

While a consensus has formed that the eurozone’s economic governance mechanisms must be reformed, and some progress has been made on this front, what has been agreed to so far falls short of what is needed to address the central imbalances caused by the eurozone setup, according to Paolo Savona. The key elements that are […]

Strategic Analysis

Can Redistribution Help Build a More Stable Economy?

Although the ongoing recovery is about to become the longest in the history of the United States, it is also the weakest in postwar history, and as we enter the second quarter of 2019, many clouds have gathered. This Strategic Analysis considers the recent trajectory, the present state, and the future prospects of the US […]

Summary No. 2

Summary Spring 2019

This issue of the Summary features a public policy brief that considers the flaws in the eurozone’s settlement and payment system and a policy note that revisits the fall of Lehman Brothers ten years later. Working papers included in this issue discuss the construction of stock-flow-consistent models that consider the specific features of the economy they […]

Working Paper No. 925

An Institutional Analysis of China’s Reform of their Monetary Policy Framework

This paper traces the history of China’s reform of its monetary policy framework and analyzes its success and problems. In the context of financial marketization and the failure of the quantity-targeting framework, the People’s Bank of China transformed its monetary policy framework toward one that targets interest rates. The reform includes two important institutional changes: […]

Research Project Report

Investing in Early Childhood Education and Care in Kyrgyz Republic

Expansion of early childhood education and care (ECEC) services for all is a matter of the choices made regarding the allocation of public resources. As such, it is as much an issue of children’s well-being and gender equality as it is an issue of economic policy and fiscal allocation. This study—authored by Institute scholars Ipek […]

For Overspending Governments, an Alternative View on Borrowing Versus Raising Taxes

Bloomberg Quick Take with the Washington Post, March 13, 2019. All rights reserved. Outlining the basics of Modern Monetary Theory, Bloomberg's Katia Dmitrieva cites the work of Levy Research Associate Pavlina Tcherneva as a leading voice in the field. Read more: https://www.washingtonpost.com/business/for-overspending-governments-an-alternative-view-on-borrowing-versus-raising-taxes/2019/03/12/13945b5a-44dc-11e9-94ab-d2dda3c0df52_story.html?noredirect=on&utm_term=.ee3a91c52dc5

Public Policy Brief No. 147

Globalization, Nationalism, and Clearing Systems

As global market integration collides with growing demands for national political sovereignty, Senior Scholar Jan Kregel contrasts two diametrically opposed approaches to managing the tensions between international financial coordination and national autonomy. The first, a road not taken, is John Maynard Keynes’s proposal to reform the postwar international financial system. The second is the approach taken […]