Working Papers

We conclude that representing dynamic realism in such models is as important as – and far more empirically tractable than – continued debate about the monetization of climate damages and ‘social cost of carbon’.

The central bank today is not just the government’s bank, but also a bankers’ bank, a truly hybrid institution

To get beyond the neoclassical fallacy, economists have to stop relying on constrained-optimization methodology

This paper argues that it is a mistake to dismiss secular demand stagnation as main cause of declining potential growth in the OECD.

Reconstituting capitalism and revitalizing the liberal international order will require revisiting first principles of Western political economy, rebalancing the emphasis it places on broad living standards as opposed to national income. The 2020 US presidential campaign has begun to do just that.

This paper records the path by which African Americans were transformed from enslaved persons in the American economy to partial participants in the progress of the economy.

Using tools from computational linguistics, we construct new measures of the impact of Brexit on listed firms in the United States and around the world

This paper provides novel insights on the changing functional distribution of income in the post–war US economy.

This paper analyzes the early stages of the formation of the Common Market.

This essay deals with the contradictory dynamics that engulfed Europe from 1959 to 1979, the year of the launching of the European Monetary System.

This essay deals with the EMS experience and its failure, with the Maastricht Treaty, and with the interregnum leading to the formation of the EMU in 1999.

Policy hype but vintage fiscal economics from Godley, Lerner, and Keynes

How antitrust law is ill-equipped to address tech mergers

The Chicago School has long used bankrupt assumptions to strangle antitrust policy.

We adapt simple tools from computational linguistics to construct a new measure of political risk faced by individual US firms: the share of their quarterly earnings conference calls that they devote to political risks.