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One-Pager No. 71Has the Time Arrived for a Job Guarantee in Europe?
December 14, 2023 In comparison to the policy responses in the aftermath of the 2008–9 global financial crisis, the reactions of EU policymakers to the combined shocks of the COVID-19 crisis and Ukraine-Russia...more Publication -
Working Paper No. 1034Euro Interest Rate Swap Yields: A GARCH Analysis
December 08, 2023 This paper models the month-over-month change in euro-denominated (EUR) long-term interest rate swap yields. It shows that the change in the short-term interest rate has an economically and statistically significant...more Publication -
Working Paper No. 1033
The Impact of Climate Change on the Palestinian Sectoral Reallocation of Labor
November 20, 2023 The research leverages yearly variations in climate variables, such as rainfall and temperature, across the West Bank from 1999 to 2018 to assess their influence on individuals' decisions to stay...more Publication -
Working Paper No. 1032
Applying OECD Policy Evaluation Criteria to Child Protection Schemes in India
October 16, 2023 The policy evaluation is a crucial component in analyzing the efficacy of public spending in translating the money spent into desired outcomes. Using OECD evaluation criteria, we analyzed the child...more Publication -
Working Paper No. 1031
A Stock-Flow Ecological Model from a Latin American Perspective
October 09, 2023 This study aims to develop an ecological stock-flow consistent (SFC) model based on the Latin American–stylized facts regarding economic, financial, and environmental features. We combine the macro-financial theoretical framework by...more Publication -
Working Paper No. 1030
Economic Transformation and Growth in the Philippines
October 09, 2023 The main gateway for the Philippines to develop and become an upper-middle-income economy—and eventually, a high-income economy—is to expedite the shift of workers out of agriculture and to produce and...more Publication -
Working Paper No. 1029
Is Anything Left of the Debate about the Sources of Growth in East Asia Thirty Years Later?
September 07, 2023 The year 2023 commemorates the 30th anniversary of the publication of the influential, yet controversial, study The East Asian Miracle report by the World Bank (1993). An important part of...more Publication -
Policy Note No. 2023/4Effects of Forced Formalization (Demonetization) in the Indian Economy
August 23, 2023 Nischal Dhungel examines the impact of India’s demonetization experiment—an effort at “forced formalization” of the economy. He urges a more organic approach to formalization, pairing efforts to bring the unbanked...more Publication -
Working Paper No. 1028
Contractionary Effects of Foreign Price Shocks (and Potentially Expansionary Effects of Inflation)
August 21, 2023 Using the model proposed in Krugman and Taylor’s “Contractionary effects of devaluation” (1978), we examine the macroeconomic effects of shocks to foreign prices. We show that these shocks can be...more Publication -
Working Paper No. 1027
Structural Change and Gender Sectoral Segregation in Sub-Saharan Africa
August 07, 2023 Structural change has long been at the core of economic development debates. However, the gender implications of structural change are still largely unexplored. This paper helps to fill this gap...more Publication -
Working Paper No. 1026
Banking Sector, Distributive Conflict, and Monetary Theory of Distribution
August 01, 2023 This paper analyzes the implications of distributional contrast for the monetary theory of distribution. The first step is to try to introduce the banking sector within Pivetti's monetary distribution theory...more Publication -
Working Paper No. 1025
Unconventional Monetary Policy or Automatic Stabilizers?
August 01, 2023 The purpose of public policy, expansionary or contractionary, is to encourage the expansion of income, output, and employment. Theory decides the nature and kind of policy, and the underlying mechanics...more Publication -
Working Paper No. 1024
When Minsky and Godley Met Structuralism
July 26, 2023 Underdevelopment is often conceived as being reproduced domestically. This paper emphasizes the international forces that enable the persistence of underdevelopment. We first explore how the currency hierarchy imposes a dependency...more Publication -
Policy Note No. 2023/3
In Defense of Low Interest Rates
July 24, 2023 In recalling John Maynard Keynes’s revolutionary theory of interest, reviewing the doctrines Keynes sought to overthrow, and analyzing the structural transformations of the US economy, James K. Galbraith maintains there...more Publication -
Strategic AnalysisWill the US Debt Ceiling Deal Derail the Pandemic Recovery?
July 20, 2023 In this Strategic Analysis, Dimitri B. Papadimitriou, Michalis Nikiforos, Giuliano T. Yajima, and Gennaro Zezza discuss how the current state and structural features of the US economy might affect its...more Publication -
Working Paper No. 1023
Climate Change and Fiscal Marksmanship
July 14, 2023 According to the theory of efficient markets, economic agents use all available information to form rational expectations. The rational expectations hypothesis asserts that information is scarce, the economic system generally...more Publication -
Working Paper No. 1022
Has the Time for a European Job Guarantee Policy Arrived?
July 12, 2023 As country after country in the European Union is called to respond to the current challenge of our time—high inflation and declining real wages—governments must engage in a transformative agenda...more Publication -
Working Paper No. 1021
Can It Be Prevented This Time?
June 29, 2023 Since the nineties, crises have punctuated financial markets, shattering the conventional wisdom about how these markets work and how to regulate them, and forcing a deep rethinking of the supervisory...more Publication -
Working Paper No. 1020
The Macrodynamics of Indian Rupee Swap Yields
June 28, 2023 This paper econometrically models the dynamics of Indian rupee (INR) swap yields based on key macroeconomic factors using the autoregressive distributive lag (ARDL) approach. It examines whether the short-term interest...more Publication -
