Working Papers
-
Working Paper Series
Modeling Myths: On the Need for Dynamic Realism in DICE and other Equilibrium Models of Global Climate Mitigation
Feb 2020
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’.
-
Working Paper Series
Payment vs. Funding: The Law of Reflux for Today
Feb 2020
The central bank today is not just the government’s bank, but also a bankers’ bank, a truly hybrid institution
-
Working Paper Series
Is the Most Unproductive Firm the Foundation of the Most Efficient Economy? Penrosian Learning Confronts the Neoclassical Fallacy
Jan 2020
To get beyond the neoclassical fallacy, economists have to stop relying on constrained-optimization methodology
-
Working Paper Series
The Secular Stagnation of Productivity Growth
Jan 2020
This paper argues that it is a mistake to dismiss secular demand stagnation as main cause of declining potential growth in the OECD.
-
Commentary
Level-Up Economics: Beyond the Wealth of Nations
Jan 2020
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.
-
Working Paper Series
Inclusive American Economic History: Containing Slaves, Freedmen, Jim Crow Laws, and the Great Migration
Jan 2020
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.
-
Working Paper Series
The Global Impact of Brexit Uncertainty
Dec 2019
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
-
Working Paper Series
The Decline of the U.S. Labor Share Across Sectors
Nov 2019
This paper provides novel insights on the changing functional distribution of income in the post–war US economy.
-
Working Paper Series
The Political Economy of Europe Since 1945: A Kaleckian Perspective
Nov 2019
This paper analyzes the early stages of the formation of the Common Market.
-
Working Paper Series
Europe 1957 to 1979: From the Common Market to the European Monetary System
Nov 2019
This essay deals with the contradictory dynamics that engulfed Europe from 1959 to 1979, the year of the launching of the European Monetary System.
-
Working Paper Series
From the EMS to the EMU and...to China
Nov 2019
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.
-
Working Paper Series
Synthetic MMT: Old Line Keynesianism with an Expansionary Twist
Oct 2019
Policy hype but vintage fiscal economics from Godley, Lerner, and Keynes
-
Working Paper Series
Big Tech Acquisitions and the Potential Competition Doctrine: The Case of Facebook
Oct 2019
How antitrust law is ill-equipped to address tech mergers
-
Working Paper Series
American Gothic: How Chicago Economics Distorts “Consumer Welfare” in Antitrust
Jul 2019
The Chicago School has long used bankrupt assumptions to strangle antitrust policy.
-
Working Paper Series
Firm-Level Political Risk: Measurement and Effects
Jul 2019
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.