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One-Pager No. 63Are We All MMTers Now? Not so Fast
April 10, 2020 As governments around the world explore ambitious approaches to fiscal and monetary policy in their responses to the COVID-19 crisis, Modern Money Theory (MMT) has been thrust into the spotlight...more Publication -
Working Paper No. 951A Simple Model of the Long-Term Interest Rate
April 10, 2020 This paper presents a simple model of the long-term interest rate. The model represents John Maynard Keynes’s conjecture that the central bank’s actions influence the long-term interest rate primarily through...more Publication -
Working Paper No. 950
Public Charge in the Time of Coronavirus
April 08, 2020 The United States government recently passed legislation and stabilization packages to respond to the COVID-19 (i.e., coronavirus disease 2019) outbreak by providing paid sick leave, tax credits, and free virus...more Publication -
BlogWhat MMT Is, and Why We Should Not Wait for the Next Crisis to Live Up to Our Means
April 04, 2020 by Yeva Nersisyan and L. Randall Wray As MMT has been thrust into the spotlight, misrepresentations and misunderstanding have followed. MMT supposedly calls for cranking up the printing press, engaging in helicopter drops of cash or having the Fed finance government spending by engaging in Quantitative Easing. None of this is MMT. Instead, MMT provides [...] Blog -
Policy Note No. 2Stabilizing State and Local Budgets through the Pandemic and Beyond
April 03, 2020 The federal government appears to have abandoned the idea of a coordinated public health response to the COVID-19 pandemic, leaving the entirety to state and local governments. Meanwhile, the economic...more Publication -
Blog
We Need Class, Race, and Gender Sensitive Policies to Fight the COVID-19 Crisis
April 02, 2020 Luiza Nassif-Pires, Laura de Lima Xavier, Thomas Masterson, Michalis Nikiforos, and Fernando Rios-Avila Disproving the belief that the pandemic affects us all equally, data collected by New York City Department of Health and Mental Hygiene and a piece published today in the New York Times shows that the novel coronavirus is “hitting low-income neighborhoods [...] Blog -
Blog
What If We Nationalized Payroll?
March 30, 2020 As the coronavirus pandemic rages on, the US Congress appropriated a whopping $2 trillion budget to tackle it (about 10% of GDP). The focus was on expanded unemployment benefits and cash assistance to families, as well as grants and loans to small firms and large corporations in hopes that they will halt the torrent of [...] Blog -
Blog
Home Quarantine: Confinement With the Abuser?
March 29, 2020 by Ana Luíza Matos de Oliveira, Lygia Sabbag Fares, Gustavo Vieira da Silva, and Luiza Nassif Pires Even though Covid-19 has already killed thousands worldwide and is paralyzing global economic activity, President Jair Bolsonaro insists on referring to it as a “little flu.” Despite the president’s efforts to avoid a halt to the economic activity [...] Blog -
Blog
The Coronavirus Does Not Discriminate; Unfortunately Our Economic System Does
March 27, 2020 In the last 24 hours, two big news stories regarding the economic impact of the Covid-19 pandemic have broken. The first is news that the Senate has passed a $2 trillion stimulus package that legislators claim is intended to alleviate the economic damage caused by the responses to the unfolding pandemic: closures of schools and [...] Blog -
Policy Note No. 1
When Two Minskyan Processes Meet a Large Shock
March 19, 2020 The spread of the new coronavirus (COVID-19) is a major shock for the US and global economies. Research Scholar Michalis Nikiforos explains that we cannot fully understand the economic implications...more Publication -
One-Pager No. 62
The Economic Response to the Coronavirus Pandemic
March 13, 2020 As the coronavirus (COVID-19) spreads across the United States, it has become clear that, in addition to the public health response (which has been far less than adequate), an economic...more Publication -
One-Pager No. 61
A Global Slowdown Will Test US Corporate Fragility
March 10, 2020 The rapidly growing uncertainty about the potential global fallout from an emerging pandemic is occurring against a background in which there is evidence US corporate sector balance sheets are significantly...more Publication -
Working Paper No. 949
A Labor Market–Augmented Empirical Stock-Flow Consistent Model Applied to the Greek Economy
February 12, 2020 This paper extends the empirical stock-flow consistent (SFC) literature through the introduction of distributional features and labor market institutions in a Godley-type empirical SFC model. In particular, labor market institutions,...more Publication -
Working Paper No. 948
Challenges for the EU as Germany Approaches Recession
February 10, 2020 This paper analyzes recent macroeconomic developments in the eurozone, particularly in Germany. Several economic indicators are sending signals of a looming German recession. Geopolitical tensions caused by trade disputes between...more Publication -
Working Paper No. 947
Ages of Financial Instability
February 06, 2020 Starting from the mid-nineteenth century, this paper analyzes two periods of financial instability connected with financial globalization. The first culminates with the 1929 crisis, while the second characterizes the more...more Publication -
Blog
Tcherneva on the Green New Deal and Job Guarantee in France
February 05, 2020 Pavlina Tcherneva recently participated in a hearing before a parliamentary group (La France insoumise) of France’s National Assembly on the subject of the Green New Deal and the job guarantee (the intro is in French; Tcherneva’s testimony is in English): [iframe width=”485″ height=”274″ src=”https://www.youtube.com/embed/csyE46OeS8Q” frameborder=”0″ allow=”accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture” allowfullscreen></iframe] Blog -
Working Paper No. 946
The Relationship between Technical Progress and Employment
February 03, 2020 We show that Autor and Salomons’ (2017, 2018) analysis of the impact of technical progress on employment growth is problematic. When they use labor productivity growth as a proxy for...more Publication -
Working Paper No. 945
Demand, Distribution, Productivity, Structural Change, and (Secular?) Stagnation
January 31, 2020 The present paper emphasizes the role of demand, income distribution, endogenous productivity reactions, and other structural changes in the slowdown of the growth rate of output and productivity that has...more Publication -
Public Policy Brief No. 148Can We Afford the Green New Deal?
January 31, 2020 In this policy brief, Yeva Nersisyan and Senior Scholar L. Randall Wray argue that assessing the “affordability” of the Green New Deal is a question of whether there are suitable...more Publication -
Strategic AnalysisProspects and Challenges for the US Economy
January 23, 2020 This Strategic Analysis examines the US economy’s prospects for 2020–23 and the risks that lie ahead. The baseline projection generated by the Levy Institute’s stock-flow consistent macroeconomic model shows that,...more Publication -
Strategic Analysis
Greece: In Search of Investors
January 17, 2020 2019 marked the third year of the continuing economic recovery in Greece, with real GDP and employment rising, albeit at modest rates. In this Strategic Analysis we note that the...more Publication -
Working Paper No. 944
The Empirics of Canadian Government Securities Yields
January 16, 2020 Keynes argued that the short-term interest rate is the main driver of the long-term interest rate. This paper empirically models the relationship between short-term interest rates and long-term government securities...more Publication -
Working Paper No. 943
Is China’s Low Fertility Rate Caused by the Population Control Policy?
January 15, 2020 Whether China’s low fertility rate is the consequence of the country’s strict population control policy is a puzzling question. This paper attempts to disentangle the Chinese population control policy’s impacts...more Publication
