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Working Paper No. 973The Trade-off between Inflation and Unemployment in an MMT World
October 01, 2020 This paper is focused on Modern Monetary Theory’s (MMT) treatment of inflation from an open economy perspective. It analyzes how the inflation process is explained within the MMT framework and...more Publication -
Working Paper No. 972
In the Long Run We Are All Herd
September 30, 2020 Since the 2008 crisis, the economics literature has shown a renewed interest in Keynes’s “beauty contest” (BC) as a fundamental aspect of the functioning of financial markets. We argue that...more Publication -
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Working Paper No. 971
Ecology, Economics, and Network Dynamics
September 28, 2020 In a seminal 1972 paper, Robert M. May asked: “Will a Large Complex System Be Stable?” and argued that stability (of a broad class of random linear systems) decreases with...more Publication -
Working Paper No. 970
Quality of Match for Statistical Matches Used in the Development of the Levy Institute Measure of Time and Consumption Poverty (LIMTCP) for Ethiopia and South Africa
September 25, 2020 This paper presents a description of the quality of match of the statistical matches used in the Levy Institute Measure of Time and Consumption Poverty (LIMTCP) estimates prepared for Ethiopia...more Publication -
Working Paper No. 969
The Empirics of UK Gilts’ Yields
September 24, 2020 This paper analyzes the nominal yields of UK gilt-edged securities (“gilts”) based on a Keynesian perspective, which holds that the short-term interest rate is the primary driver of the long-term...more Publication -
Working Paper No. 968
The COVID-19 Crisis
September 14, 2020 The COVID-19 crisis paralyzed huge parts of the planet in weeks. It not only infected the population but injected a gargantuan dose of uncertainty into the system. In that regard,...more Publication -
Working Paper No. 967
Quality of Statistical Match Used in the Estimation of the Levy Institute Measure of Time and Income Poverty (LIMTIP) for Italy 2008 and 2014 and Preliminary Results
September 07, 2020 This paper assesses the quality of the statistical matching used in the LIMTIP estimates for Italy for 2008 and 2014. The match combines the 2008–9 and 2013–14 Italian Time Use...more Publication -
Public Policy Brief No. 153Multidimensional Inequality and COVID-19 in Brazil
September 04, 2020 After spending over 6 percent of GDP responding to the COVID-19 crisis, Brazil has suffered among the worst per capita numbers in the world in terms of cases and deaths....more Publication -
One-Pager No. 64Moral Hazard and the State Budget Crisis
August 19, 2020 As congressional negotiations stall and state governments are poised to enact significant austerity, Alex Williams argues that fiscal aid to state governments should be tied to economic indicators rather than...more Publication -
Public Policy Brief No. 152
Moral Hazard in a Modern Federation
August 10, 2020 The mainstream fiscal federalism literature has led to an instinctive belief that states receiving fiscal aid during a recession are taking advantage of the federal government in pursuit of localized...more Publication -
Working Paper No. 966
Developing a Macro-Micro Model for Analyzing Gender Impacts of Public Policy
August 03, 2020 This paper discusses new methods of combined macro-micro analysis of labor demand and supply to investigate the gender impacts of public policy. In particular it examines how studies have used...more Publication -
Working Paper No. 965
First Palestinian Intifada and Intergenerational Transmission of Human Capital
July 28, 2020 This paper attempts to estimate the intergenerational transmission of human capital in Palestine. The main question is whether formal parental education improves their offspring’s cognitive skills and school achievements. I...more Publication -
Working Paper No. 964
Budget Credibility of Subnational Governments
July 27, 2020 Budget credibility, or the ability of governments to accurately forecast macro-fiscal variables, is crucial for effective public finance management. Fiscal marksmanship analysis captures the extent of errors in the budgetary...more Publication -
Working Paper No. 963
The Early Impact of COVID-19 on Job Losses among Black Women in the United States
July 16, 2020 The COVID-19 pandemic seemingly appeared out of nowhere but changed nearly everything. As the pandemic unfolded, industries deemed nonessential were leveled. Many occupations in these industries are low-wage, and women...more Publication -
Working Paper No. 962
Some Empirical Models of Japanese Government Bond Yields Using Daily Data
July 14, 2020 This paper models the dynamics of Japanese government bond (JGB) nominal yields using daily data. Models of government bond yields based on daily data, such as those presented in this...more Publication -
Working Paper No. 961
The "Kansas City" Approach to Modern Money Theory
July 13, 2020 Modern money theory (MMT) synthesizes several traditions from heterodox economics. Its focus is on describing monetary and fiscal operations in nations that issue a sovereign currency. As such, it applies...more Publication -
Policy Note No. 5Debt Management and the Fiscal Balance
July 10, 2020 In this policy note, Jan Toporowski provides an analysis of government debt management using fiscal principles derived from the work of Michał Kalecki. Dividing the government’s budget into a “functional”...more Publication -
Working Paper No. 960
Fiscal Policy in Argentina, Brazil, and Mexico and the 2030 Agenda for Sustainable Development
July 09, 2020 Fiscal policy is useful as a government instrument for supporting the economy, contributing to an increase in employment, and reducing inequality through more egalitarian income distribution. Over the past 30...more Publication -
Working Paper No. 959
Distribution and Gender Effects on the Path of Economic Growth
June 25, 2020 This paper applies a robust empirical methodology, which considers issues relating to cross-country heterogeneity and cross-sectional dependence, to inspect the contributions of gender equality and factor income distribution to an...more Publication -
BlogThe Reserve Bank’s Pandemic Predicament
June 24, 2020 by Lekha Chakraborty and Harikrishnan S As the Reserve Bank of India Governor Shri Shaktikanta Das puts it upfront, these are extraordinary times, and we need to respond with “whatever it takes” to deal with the pandemic. Over the past few days, our hope for systematically “flattening the curve” by containing the COVID-19 pandemic and [...] Blog -
Public Policy Brief No. 151
Crisis, Austerity, and Fiscal Expenditure in Greece
June 16, 2020 This policy brief provides a discussion of the relationships between austerity, Greece’s macroeconomic performance, debt sustainability, and the provision of healthcare and other social services over the last decade. It...more Publication -
Working Paper No. 958
A Stock-Flow Consistent Quarterly Model of the Italian Economy
June 12, 2020 Macroeconomists and political officers need rigorous, albeit realistic, quantitative models to forecast the future paths and dynamics of some variables of interest while being able to evaluate the effects of...more Publication -
Blog
Eulogy for Carlos Lessa
June 05, 2020 I have translated this eulogy on behalf of the Economics Institute of the Federal University of Rio de Janeiro, where I have spent many of my years of economic formation. Carlos Lessa is part of a generation of brilliant Brazilian economists that have shaped the public debate and the discipline in Brazil. This is an [...] Blog