Search

4182 results found

• 

  Summary No. 3

  Summary Fall 2020

  This issue of the Summary features a Strategic Analysis focused on Greece’s economy in light of the COVID-19 pandemic. Two public policy briefs also highlight pandemic-related issues, with the first focusing on the impact in Greece in light of deep cuts in healthcare expenditures and the second dealing with the implications with respect to inequality […]
• 

  Strategic Analysis

  When Will Italy Recover?

  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 inevitable (asymmetric) impact on production and income. Though the gradual reopening of most business activities began in 2020Q3, the extent of the shutdown’s damage is […]
• 

  Working Paper No. 974

  The General Theory as “Depression Economics”?

  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 stability/fragility of the banking system, especially under deflationary conditions. Keynes’s writings during the Great Depression uncover insights into how the Great Depression may have informed […]
• 

  Working Paper No. 973

  The Trade-off between Inflation and Unemployment in an MMT World

  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 provides empirical evidence in support of this vision. However, it also makes use of a stock-flow consistent (open economy) model to underline some limits of […]
• 

  Working Paper No. 972

  In the Long Run We Are All Herd

  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 to understand the importance of the BC, psychological and informational factors are of small importance, and a dynamic-structural approach should be followed instead: the BC […]
• 

  Remembering Senior Scholar John F. Henry, 1943–2020

• 

  Working Paper No. 971

  Ecology, Economics, and Network Dynamics

  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 increasing complexity, sparking a revolution in our understanding of ecosystem dynamics. Twenty-five years later, May, Levin, and Sugihara translated our understanding of the dynamics of […]
• 

  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

  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 and South Africa. For Ethiopia, the statistical match combines the Ethiopian Socio-economic Survey—Wave 3—2015/2016 (ESS) with the Ethiopian Time Use Survey (ETUS) 2013. For South […]
• 

  Working Paper No. 969

  The Empirics of UK Gilts’ Yields

  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 interest rate. Quarterly data are used to model gilts’ nominal yields. These models bring to light the complex dynamics relating the nominal yields on gilts […]
• 

  Working Paper No. 968

  The COVID-19 Crisis

  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, as in many others, it is a phenomenon without precedent. As of the time of writing (May–June 2020), we are witnessing, simultaneously, a health crisis, […]
• 

  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

  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 Survey (IT-TUS) with the Italian data collected for the European Survey on Income and Living Conditions (IT-SILC) in 2009 and 2015. After the matching, the […]
• 

  Public Policy Brief No. 153

  Multidimensional Inequality and COVID-19 in Brazil

  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. In this policy brief, Luiza Nassif-Pires, Laura Carvalho, and Eduardo Rawet explore how stark inequalities along racial, regional, and class lines can help account for […]