This paper discusses a local, privately-run and federally-funded program to all individuals able to demonstrate their income is at, or below the poverty line. This free Certified Nursing Assistant training program enables successful participants to obtain appropriate employment in local...

The self-imposed constraint requiring the U. S. Treasury to have a positive balance in its account prior to spending combined with the Federal Reserve's desire to achieve its federal funds rate target result in six transactions being necessary when the U. S. Federal Government runs a deficit....

This paper argues that the 40-year-old Feldstein-Horioka “puzzle” (i.e., in a regression of the domestic investment rate on the domestic saving rate, the estimated coefficient is significantly larger than expected in a world with high capital mobility) should have never been labeled as such....

This chapter utilizes the social fabric matrix approach (SFM-A) to provide a detailed description of the Federal Reserve's (Fed's) daily operations and the recent financial crisis. The SFM of the Fed's operations presents the primary components- major norms, institutions, technologies- relevant...

The severe economic downturn caused by the coronavirus disease (COVID-19) pandemic has forced governments worldwide to increase spending while tax revenues simultaneously collapsed. Concurrent with this, central banks in several of these countries are financing a significant percent of their...

We use the information compiled as of 15 June 2020 by the Asian Development Bank (ADB) in the ADB COVID-19 Policy Database to analyze the measures taken by its 68 members, plus the European Central Bank, and the European Union, to combat the coronavirus disease (COVID-19) pandemic. Measures...

This post considers whether a given deficit resulting in more reserves in circulation and fewer bonds held by the non-government sector raises the likelihood of spiraling inflation, as most interpretations of the government budget constraint (GBC) assume. The approach here recognizes the...

Those warning of “helicopter drops” of money by central bankers, as Ben Bernanke is often accused of doing in 2010, actually do not understand modern monetary operations. This post demonstrates that central bank operations generally are not helicopter drops, while fiscal operations in fact...