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Working Paper No. 1028Contractionary 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. 2023/3In 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 -
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Policy Note No. 2023/2
The Challenges for the New Greek Government
June 26, 2023 Following the recent (June 25, 2023) elections in Greece, Institute President Dimitri B. Papadimitriou and Research Scholar Nikolaos Rodousakis outline the economic and policy challenges facing the Greek government. Publication -
Working Paper No. 1019
An Inquiry Concerning Japanese Yen Interest Rate Swap Yields
May 08, 2023 This paper econometrically models Japanese yen (JPY)–denominated interest rate swap yields. It examines whether the short-term interest rate exerts an influence on the long-term JPY swap yield after controlling for...more Publication -
Policy Note No. 2023/1
Greece: Higher GDP Growth at What Cost?
May 01, 2023 In 2022, Greek GDP grew at a higher rate than the eurozone average as the nation’s economy rebounded from the COVID-19 shock. However, it was not all welcome news. In...more Publication -
Working Paper No. 1018
The Unbearable Weight of Aging
April 21, 2023 The aging of the global population is in the headlines following a report that China’s population fell as deaths surpassed births. Pundits worry that a declining Chinese workforce means trouble...more Publication -
Working Paper No. 1017
Rentiers, Strategic Public Goods, and Financialization in the Periphery
April 12, 2023 This paper revisits a traditional theme in the literature on the political economy of development, namely how to redistribute rents from traditional exporters of natural resources toward capitalists in technology-intensive...more Publication -
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Working Paper No. 1016
Monetary Policy and the Gender and Racial Employment Dynamics in Brazil
February 23, 2023 Monetary policy has been historically concerned with controlling inflation, using the interest rate as its main tool. However, such policies are not gender- or race-neutral. This paper explores econometrically the...more Publication -
Working Paper No. 1015
CBDC Next-Level: A New Architecture for Financial “Super-Stability”
February 20, 2023 Fractional reserve regimes generate fragile banking, and full reserve regimes (e.g., narrow banking) remove fragility at the cost of suppressing the role of banks as lenders. A Central Bank Digital...more Publication