Filter by
3527 results found
-
Working Paper No. 986Keynes’s Theories of the Business Cycle
March 10, 2021 This paper traces the evolution of John Maynard Keynes’s theory of the business cycle from his early writings in 1913 to his policy prescriptions for the control of fluctuations in...more Publication -
BlogThe “Thing” with Job Guarantee Programs…
February 21, 2021 In a February 18th front page article in the business section of the New York Times, Eduardo Porter surveys the potential for a job guarantee program. After starting with the caveat issued by Republican politicians—why trust your life choices to bureaucrats?—the piece goes on to present opinions of various experts on employment programs. It is [...] Blog -
One-Pager No. 65COVID Relief and the Inflation Warriors
February 17, 2021 With the unveiling of President Biden’s nearly $2 trillion proposal for addressing the COVID-19 crisis, Democrats appear keen to avoid repeating the mistakes of the Great Recession—most notably the inadequate...more Publication -
Working Paper No. 985
Has Japan Been Following Modern Money Theory Without Recognizing It?
February 08, 2021 Modern Money Theory (MMT) economists have used Japan as an example of a country that demonstrates that high deficits and debt do not lead to insolvency, high interest rates, or...more Publication -
Working Paper No. 984
The Empirics of Long-Term Mexican Government Bond Yields
February 05, 2021 This paper presents empirical models of Mexican government bond (MGB) yields based on monthly macroeconomic data. The current short-term interest rate has a decisive influence on MGB yields, after controlling...more Publication -
Working Paper No. 983
Intrahousehold Allocation of Household Production
February 05, 2021 In this working paper, we analyze factors that may explain gender differences in the allocation of time to household production in sub-Saharan Africa. The study uses time use survey data...more Publication -
Blog
The IMF as Deficit Owl? What’s Wrong with This Argument?
February 04, 2021 It seems the IMF aviary has turned on the hawks and embraced the deficit owls. Has the IMF joined the policy shift to MMT? Yes, in part, but it appears to be a viral form of MMT: according to Vitor Gaspar, the IMF’s head of fiscal policy, “Nations’ first priority should be vaccination, while the [...] Blog -
Public Policy Brief No. 154Another Bretton Woods Reform Moment
February 01, 2021 This policy brief explores a route to remaking the international financial system that would avoid the contradictions inherent in some of the prevailing reform proposals currently under discussion. Senior Scholar...more Publication -
Blog
Jiu-Jitsu Comes to the Stock Market
January 29, 2021 The core philosophy of this Japanese defensive art used by the weak against the stronger Samurai is to mobilize the opponent’s greater force to your own advantage. Many have criticized the run-up in the quotation of the GameStop shares as a violation of market principles or regulations. Far from it, it simply represents the fact [...] Blog -
Working Paper No. 982
The Economic Problem: From Barter to Commodity Money to Electronic Money
January 24, 2021 The success of alternative payment systems has led to discussion of various proposals to replace money with a new technology-based system, though many lack a clear idea of what exactly...more Publication -
Policy Note No. 2021/1Keynes’s Clearing Union Is Alive and Well and Living in Your Mobile Phone
January 19, 2021 While governments may consider implementation of John Maynard Keynes’s original clearing union proposal for the international financial architecture too difficult or radical, Senior Scholar Jan Kregel notes that the private...more Publication -
Working Paper No. 981
What Jobs Should a Public Job Guarantee Provide?
January 19, 2021 The job guarantee is a viable policy option for tackling both unemployment and underemployment. Hyman P. Minsky was one of the seminal writers on this subject. The first part of...more Publication -
Blog
Why “Output Gap” Is Inadequate
January 04, 2021 by Lekha Chakraborty and Amandeep Kaur[1] The macroeconomic uncertainty during the Covid-19 pandemic is hard to measure. Economists and policymakers use the “output gap” variable to capture “slack.” It is a deviation between potential output and actual output, which is a standard representation of a “cycle.” The potential output is an unobserved variable. There is [...] Blog -
Blog
Increasing Diversity in Economics Is Not Only a Moral Obligation
December 08, 2020 November 3rd, 2019, I delivered remarks on the closing panel of The New School/UMASS Amherst Graduate workshop held in New York City. The panel theme was “Broadening the boundaries of political economy”. I have since graduated and successfully gone through the job market. I hope my remarks from last year can serve as encouragement for [...] Blog -
Blog
The Pandemic, “Flexible” Work, and Household Labor in Brazil (Interview)
December 01, 2020 [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 [...] Blog -
Working Paper No. 980
Balance Sheet Effects of a Currency Devaluation
December 01, 2020 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...more Publication -
Working Paper No. 979
Is It Time to Eliminate Federal Corporate Income Taxes?
November 20, 2020 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...more Publication -
Working Paper No. 978
Potential Impact of Daycare Closures on Parental Child Caregiving in Turkey
November 16, 2020 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...more Publication -
Working Paper No. 977
A Note Concerning Government Bond Yields
November 16, 2020 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...more Publication -
Working Paper No. 976
The Palestinian Labor Market over the Last Three Decades
November 11, 2020 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...more Publication -
Working Paper No. 975
Argentina’s (Macroeconomic?) Trap
November 05, 2020 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...more Publication -
Policy Note No. 6
Alternative Macro Policy Response for a Pandemic Recession
October 15, 2020 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...more Publication -
Strategic AnalysisWhen Will Italy Recover?
October 06, 2020 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...more Publication -
Working Paper No. 974
The General Theory as “Depression Economics”?
October 05, 2020 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...more Publication