Working Papers

Is Victorian writer Walter Bagehot, whose adage “lending freely against good collateral at a penalty rate” has been gospel for central bankers, still relevant in a post-Great Financial Crisis world?

How once-promising Black upward mobility reversed course, and what can be done about it

Despite fear-mongering about the latest Consumer Price Index, unemployment remains elevated and stimulus is needed to prevent a collapse in demand

Analyzing corporate conference calls reveals the way that countries perceive and spread risk through the global financial system

Contrary to the New Keynesian paradigm, long-term unemployment can be reversed without a significant uptick in inflation

The People’s Bank of China’s network of local currency swap arrangements provide Asian countries with a much-needed safety net, while also strengthening China’s diplomatic position

Formerly incarcerated Black people emerge from prison with far less education and social skills than white ex-cons. And they have great trouble forming families or earning a good living.

Mortality and economic data show how constraints to government spending and a skepticism of redistributive policies have made the pandemic far worse

INET’s Commission on Global Economic Transformation - Interim Report on the Global Response to the Pandemic

The New Keynesian Dynamic Stochastic General Equilibrium (DSGE) is a straightjacket for macroeconomics

A large and growing percentage of households are missed in the monthly Current Population Survey (CPS).

Conservative legal theory is based on a shoddy definition of what constitutes “efficiency”

Labor-saving advances in AI may undo the gains from globalization and pose new challenges for economic development

Recognizing that inflation of the value of output and its costs of production must be equal, we focus on a cost-based macroeconomic structuralist approach in contrast to micro-oriented monetarist analysis.

This paper analyzes the role of local spending, particularly on social welfare, and local inequality as factors in the Italian political crisis following the adoption in 2011 of more radical national austerity measures.