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BlogHow the Taxpayer Myth Gives Life to the Neoliberal Agenda
The taxpayer narrative is pervasive. It is present in the budgeting process, in the framing of government policies and in daily political life. Issues and debates about the public purpose are all cast in terms of the financials. The first thing asked about a proposed spending policy is “how are we going to pay for [...] -
Working Paper No. 1044Empirical Models of Chinese Government Bond Yields
This paper econometrically models the dynamics of long-term Chinese government bond (CGB) yields based on key macroeconomic and financial variables. It deploys autoregressive distributive lag (ARDL) models to examine whether the short-term interest rate has a decisive influence on the long-term CGB yield, after controlling for various macroeconomic and financial variables, such as inflation or […] -
Strategic AnalysisGreece: Time to Reduce the Dependency on Imports
In this report, Dimitri B. Papadimitriou, Nikolaos Rodousakis, Giuliano T. Yajima, and Gennaro Zezza investigate the determinants of the recent performance of the Greek economy. Despite geopolitical instability from the continuing Ukraine-Russia and Israel-Gaza wars and higher-than-expected inflation rates, the country has managed to register the highest growth rates among eurozone member-states in 2021 and […] -
Working Paper No. 1043
Interest Rate Dynamics: An Examination of Mainstream and Keynesian Empirical Studies
This paper critically reviews both mainstream and Keynesian empirical studies of interest rate dynamics. It assesses the key findings of a selected number of these studies, surveying the debates between the mainstream and the Keynesian schools. It also explores the debates on interest rate dynamics within the Post Keynesian school of thought. Lastly, the paper […] -
Working Paper No. 1042
Saving Social Security
For more than 25 years, the Social Security Trust Fund was projected to run out of money in 2033 (give or take a few years), potentially causing benefits to be severely reduced in the absence of corrective legislative action. Today (February 2024), projections are made by the Social Security Administration that indicate that future benefits […] -
The Disconnect Between Biden’s Great Economic Numbers and How Voters Feel about the Economy
Listen to Levy Scholar Pavlina Tcherneva on Back Ground Briefing with Ian Masters. Available on SoundCloud now. -
Read Senior Scholar James K. Galbraith’s article, “Entropy, the Theory of Value and the Future of Humanity” featured by the Economic Democracy Initiative.
In a keynote address to a conference on “Geopolitical Changes” at Kozminski University, Warsaw, on January 29, 2024, Professor James Galbraith called for economics to break with equilibrium dogma and re-found itself on the life principles that govern physics, biology and every existing mechanical and social system. -
Working Paper No. 1040
COP28 and Environmental Federalism: Empirical Evidence from an Emerging Economy, India
Against the backdrop of COP28, this paper investigates the impact of intergovernmental fiscal transfers (IGFT) on climate change commitments in India. Within the analytical framework of environmental federalism, we tested the evidence for the Environmental Kuznets Curve (EKC) using a panel model covering 27 Indian states from 2003 to 2020. The results suggest a positive […] -
Working Paper No. 1039
Can the Philippines attain 6.5–8 Percent Growth During 2023–28?
We expand the standard balance-of-payments–constrained (BOPC) growth rate model in three directions. First, we take into account the separate contributions of exports in goods, exports in services, overseas remittances, and foreign direct investment (FDI) inflows. Second, we use state-space estimation techniques to obtain time-varying parameters of the relevant coefficients. Third, we test for the endogeneity […] -
Working Paper No. 1041
Amazon Green Recovery and Labor Market in Brazil
Announced in June 2021, the never-implemented Green Recovery Plan for the Brazilian Legal Amazon Region (GRP) would be a green transition initiative to be carried out by the state governments of the region. The GRP represented the first large-scale proposal aiming at the transition to a low-carbon economy in Brazil and offered a preliminary framework […] -
Working Paper No. 1038
Economic Possibilities for Our Grandchildren—90 Years Later
This paper revisits Keynes’s (1930) essay titled “The economic possibilities for our grandchildren.” We discuss the three broader trends identified by Keynes that he expected would come to characterize the socio-economic evolution of advanced countries under individualistic capitalism: first, continued technological progress and capital accumulation as the main drivers of exponential growth in economic possibilities; […] -
Working Paper No. 1037
Markups, Profit Shares, and Cost-Push-Profit-Led Inflation
The post-pandemic surge in inflation was accompanied by a surge in the corporate share of profits. As a result, several economists and policy makers have given to it names such as “profit-led inflation” or “sellers’ inflation.” The present paper discusses the extent to which profit-led inflation, as an explanation for the recent surge in inflation, […]