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Working Paper No. 871Simulations of Employment for Individuals in LIMTCP Consumption-poor Households in Tanzania and Ghana, 2012
August 09, 2016 New methodology for producing employment microsimulations is introduced, with a focus on farms and household nonfarm enterprises. Previous simulations have not dealt with the issue of reduced production in farm...more Publication -
BlogBrexit Dilemma: Why Did the UK Reduce Interest Rates to Only 0.25 Percent Today?
August 04, 2016 by Abhishek Anand and Lekha Chakraborty [1] The global market was eagerly waiting for the July Monetary Policy Statement of the Bank of England (BoE). Speculation was rife that, post Brexit, the BoE would become the latest entrant into the set of central banks experimenting with negative interest rate policy (NIRP) in a desperate bid to reinvigorate [...] Blog -
Policy Note No. 3The Impact of Immigration on the Native-born Unemployed
August 04, 2016 In this policy note, Research Scholar Fernando Rios-Avila and Gustavo Canavire-Bacarreza, Universidad EAFIT, observe that immigration in the United States has a small but statistically significant impact on the labor...more Publication -
Working Paper No. 870
Unemployed, Now What?
August 01, 2016 Although one would expect the unemployed to be the population most likely affected by immigration, most of the studies have concentrated on investigating the effects immigration has on the employed...more Publication -
Blog
New Book: Rethinking Capitalism
July 21, 2016 A new book edited by Michael Jacobs and Mariana Mazzucato and featuring contributions from Joseph Stiglitz, L. Randall Wray, Stephanie Kelton, and others will be released tomorrow: The TOC is below: You can download the introductory chapter here (pdf). Blog -
Blog
Wray on Revenue, Redemption, and When Austerity Is Justified
July 12, 2016 L. Randall Wray has an essay in the recent issue of the World Economic Review. Wray’s target is the belief that “government needs tax revenue to pay for most (or even all) of its spending.” According to Wray, a version of this belief distorts our understanding of what are the limits of, say, the US federal government’s [...] Blog -
Working Paper No. 869
Have We Been Here Before?
June 24, 2016 This paper explores from a historical perspective the process of financialization over the course of the 20th century. We identify four phases of financialization: the first, from the 1900s to...more Publication -
Blog
Paul McCulley Has Had It with Orthodox Macroeconomists
June 13, 2016 Writing in The Hill, Paul McCulley argues that his profession’s fussy obsession with the Fed’s zero-point-whatever monetary policy is leading us into a dead end: “after a financial crisis, itself spawned by bursting of a bubble in private-sector debt creation, the power of monetary policy to generate robust aggregate spending growth is severely truncated.” The policy problem we need desperately to [...] Blog -
Blog
Basic Income and the Job Guarantee
June 08, 2016 Pavlina Tcherneva was interviewed by Joe Weisenthal yesterday to present the case against a universal basic income policy (a proposed version of which was just voted down in Switzerland). Watch: Tcherneva has written about the UBI versus Job Guarantee debate, including this contribution (pdf) to a special issue of the journal Basic Income Studies (paywall). She also spoke about this last [...] Blog -
Working Paper No. 868
From Antigrowth Bias to Quantitative Easing
June 06, 2016 This paper investigates the European Central Bank’s (ECB) monetary policies. It identifies an antigrowth bias in the bank’s monetary policy approach: the ECB is quick to hike, but slow to...more Publication -
Blog
Of Voices in the Air and Never-Ending Dreams of Helicopter Drops
May 31, 2016 Confusions about so-called helicopter money (HM) continue unabated. My recent letter to the editor of The Financial Times, titled “’Helicopter money’ is a muddled fiscal policy by another name,” has not met with universal approval. In fact, it seems to have ruffled some feathers and caused some annoyance. Simon Wren-Lewis is a case in point. In a [...] Blog -
Blog
Bibow on Helicopter Money in the FT
May 19, 2016 In the Financial Times, Jörg Bibow writes in reaction to an article by Stephanie Flanders on “helicopter money” — the idea of having the central bank directly credit citizens’ bank accounts (or, in the thought experiment, to print bank notes and drop them from helicopters) with the aim of generating increases in consumer spending. Bibow observes that helicopter money is really [...] Blog -
Working Paper No. 867
The Greek Public Debt Problem
May 18, 2016 This paper examines the issue of the Greek public debt from different perspectives. We provide a historical discussion of the accumulation of Greece’s public debt since the 1960s and the...more Publication -
Blog
Gexit: The Case for Germany Leaving the Euro
May 18, 2016 The case for or against a British exit from the EU – #Brexit – is headline news. For the moment the earlier quarrel about a possible Greek exit from the Eurozone – #Grexit – seems to have taken the back seat – with one or two exceptions such as Christian Lindner, leader of Germany’s liberal [...] Blog -
Blog
Donald Trump’s Printing Press Sends the Media to the Fainting Couch
May 18, 2016 Donald Trump generated some breathless commentary last week (perhaps, for once, unjustified) for suggesting, in response in part to those who have pointed out that some of the policies he has pseudo-proposed would enlarge the deficit, that the US government can always pay its bills: “This is the United States government. First of all, you never have to [...] Blog -
Working Paper No. 866
Going Forward from B to A?
May 16, 2016 After reviewing the main determinants of the current eurozone crisis, this paper discusses the feasibility of introducing fiscal currencies as a way to restore fiscal space in peripheral countries, like...more Publication -
Blog
A Global Marshall Plan for Joblessness?
May 12, 2016 The corrosive social and economic effects of what have now become ‘normal’ unemployment levels require new solutions, and trade without full employment exacerbates the problem. Global unemployment is expected to surpass 200 million people for the first time on record by the end of 2017, according a recent ILO study, and limitations of official statistics [...] Blog -
Working Paper No. 865
Measuring Poverty in the Case of Buenos Aires
May 05, 2016 We describe the production of estimates of the Levy Institute Measure of Time and Income Poverty (LIMTIP) for Buenos Aires, Argentina, and use it to analyze the incidence of time...more Publication -
Blog
Dear Time Magazine Readers, the United States Is Not Insolvent
April 25, 2016 This is apparently the latest cover of Time magazine: The idea that the US government or the nation as a whole is “insolvent” has an undying appeal. The fear of (or yearning for) some manner of budget crisis has waned somewhat over the last couple of years (one hopes this is due to the fact that most people alive today have never [...] Blog -
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Blog
The Crisis in Brazil and the “Narrow Path” for Economic Policy
April 22, 2016 The big political story in Brazil is the potential impeachment of President Dilma Rousseff (Brazil’s lower house of congress voted in favor of impeachment; the motion now moves to the senate for consideration). To get an idea of how messy this situation is, note that the man leading the impeachment attempt, Speaker of the House Eduardo Cunha, is facing 184 years in [...] Blog -
Working Paper No. 864
Maximizing Price Stability in a Monetary Economy
April 18, 2016 In this paper we analyze options for the European Central Bank (ECB) to achieve its single mandate of price stability. Viable options for price stability are described, analyzed, and tabulated...more Publication