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Working Paper No. 962Some 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. 151Crisis, 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 -
Working Paper No. 957
Notes on Intersectional Political Economy
June 05, 2020 This paper presents a critique of Karl Marx’s labor theory of value and his theory of falling profit rates from an intersectional political economy perspective. Specifically, I rely on social...more Publication -
Blog
Higher Education in Brazil: Interrupted Inclusion?
June 04, 2020 by Ana Luíza Matos de Oliveira Brazil is a highly unequal country — so is the access to its higher education system. However, in the beginning of the 21st century (2001-2015), there was a convergence between the profile of Brazilian higher education students and the Brazilian population in terms of income, race, and region, although [...] Blog -
Public Policy Brief No. 150
The Impact of Technological Innovations on Money and Financial Markets
June 03, 2020 According to Senior Scholar Jan Kregel and Paolo Savona, attempting to maintain the status quo in the face of the introduction of some recent technological innovations—chiefly cryptocurrencies and associated instruments...more Publication -
Blog
The Political Economy of Lockdown in India
June 02, 2020 by Harikrishnan S and Lekha Chakraborty As predictable as it can be, the Indian Prime Minister announced lockdown at 8 PM on March 24th 2020, giving the country and its 1.3 billion people all of four hours to get ready, evoking memories of the demonetisation announcement and the midnight launch of the GST! This was [...] Blog -
Working Paper No. 956
An Empirical Analysis of Long-Term Brazilian Interest Rates
May 19, 2020 This paper empirically models the dynamics of Brazilian government bond (BGB) yields based on monthly macroeconomic data in the context of the evolution of Brazil’s key macroeconomic variables. The results...more Publication -
Working Paper No. 955
Class Size, Cognitive Abilities, Bullying, and Violent Behavior
May 13, 2020 This study uses rich administrative and survey data to investigate the effects of class size on students’ cognitive tests as well as bullying and violent behavior. I use the maximum...more Publication -
Blog
Jan Kregel: Why Stimulus Cannot Solve the Pandemic Depression
May 11, 2020 [iframe width=”495″ height=”278″ src=”https://www.youtube.com/embed/rneE9ui9F1c” frameborder=”0″ allow=”accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture” allowfullscreen></iframe] Blog -
Policy Note No. 4
Guaranteeing Employment during the Pandemic and Beyond
May 05, 2020 The ongoing job losses, already numbering in the tens of millions, and the mass unemployment that will remain once the COVID-19 crisis has passed are of our own making, argues...more Publication -
Working Paper No. 954
Household Consumption, Household Indebtedness, and Inequality in Turkey
April 30, 2020 This paper examines whether relative income and income inequality within reference groups affect household consumption. Using the explanations of consumption behavior based on Dusenberry’s relative income hypothesis, we test if...more Publication -
Working Paper No. 953
Notes on the Accumulation and Utilization of Capital
April 24, 2020 The paper makes three contributions. First, following up on Nikiforos (2016), it provides an in-depth examination of the Federal Reserve measure of capacity utilization and shows that it is closer...more Publication -
Working Paper No. 952
Notes on the Accumulation and Utilization of Capital
April 24, 2020 This paper discusses some issues related to the triangle between capital accumulation, distribution, and capacity utilization. First, it explains why utilization is a crucial variable for the various theories of...more Publication -
Policy Note No. 3
Immigration Policy Undermines the US Pandemic Response
April 20, 2020 Research Scholar Martha Tepepa explains how the US response to the COVID-19 crisis will be hindered by its approach to immigration policy. The administration’s “zero tolerance” immigration campaign creates a...more Publication -
Public Policy Brief No. 149
Pandemic of Inequality
April 14, 2020 The costs of the COVID-19 pandemic—in terms of both the health risks and economic burdens—will be borne disproportionately by the most vulnerable segments of US society. In this public policy...more Publication
