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“the vaccines developed by these companies were developed thanks wholly or partly to taxpayer money. Those vaccines essentially belong to the people — and yet the people are about to pay for them again, and with little prospect of getting as many as they need fast enough. … mounting pressure from poor countries at the W.T.O. should give the governments of rich countries leverage to negotiate with their pharmaceutical companies for cheaper drugs and vaccines worldwide. Leaning on those companies is the right thing to do in the face of a global pandemic; it is also the best way for the governments of rich countries to take care of their own populations, which in some cases experience more severe drug shortages than do people in far less affluent places.” — Achal Prabhala, Arjun Jayadev and Dean Baker

This research project addresses the problem of inferring causal relationships in economics. It investigates the philosophical roots of the problem and develops econometric tools which take into account the complexity of economic systems.

This research project employs a new theory and innovative empirical analysis as a new lens for understanding financial instability and financial crises, focusing on the Great Depression.

This research project focuses on the role of the representative agent in recent macroeconomics and general equilibrium theory, with a particular emphasis on how different the situation was in the economic theorizing of the first neoclassical synthesis during the 1950s.

One of the earliest attempts to tackle the problem of multiple equilibria in Macroeconomics was a byproduct of David Cass and Karl Shell’s engagement with Robert Lucas’s 1972 paper on ‘Expectations and the Neutrality of Money.’

In the global super election year of 2024, populists are threatening to experience a new upswing almost everywhere – whether in the USA, the EU or in East Germany. What makes so many citizens so dissatisfied? What could help win people back and restore their trust in liberal democracy?

This paper analyzes the performative impact of the European Commission’s model for estimating ‘potential output’, which is used as a yardstick for measuring the ‘structural budget balance’ of EU countries and, hence, is crucial for coordinating European fiscal policies.

Using a unique dataset provided by the Center for Responsive Politics (CRP), we document a direct channel through which financial institutions contribute to the net worth of members of the U.S. Congress, particularly those sitting on the finance committees in the Senate and the House of Representatives.

Should China internationalize the RMB? Will it take the lead on sustainable development? Can it maintain growth and productivity?

This blog interprets and presents critical commentary on the textbook “Microeconomic Theory” by Andreu Mas-Colell, Michael Whinston and Jerry Green, which is widely used in Ph.D. programs in economics around the world. The blog initially accompanies the course at the New School For Social Research entitled Advanced Microeconomics I (Fall of 2012, taught by Prof. Sanjay Reddy, with Raphaele Chappe as teaching assistant) and, as such, focuses on particular parts of the textbook which are used in that course. We welcome comments and contributions from interested persons anywhere.

The Arab Spring has been a fundamental event in the Arab world and yet among Middle East scholars, there is great intellectual and analytical debate about the degree of political change or continuity that the Arab Spring had produced. As reverberations of the global economic crisis have continued and the international rules of the game have fundamentally remained unchanged, the demand on post-Arab Spring governments to change policy course is high.

If Italy or the European Union have to step in to save banks, there’s no reason for them to have to do it for free

The advent of military Keynesianism is a warning against complacency about the moral superiority of the West in defending Ukrainian democracy.