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Recent Research Papers

Neoliberalism’s Bailout Problem

with Robert Pollin | Boston Review, June 2021 

Economics and the Left: Interviews with Progressive Economists

Book/Interview, September 2021 

The Public Banking Movement in the United States: Networks, Agenda, Initiatives, and Challenges

with Esra Ugurlu | Working Paper, March 2021

How Much Should We Trust Five-Year Averaging to Purge Business Cycle Effects?

with Simon Sturn | January 2021

Are Bankers Essential Workers?

with Esra Ugurlu | Journal Article, September 2020

The Empirical and Institutional Limits of Modern Money Theory

Journal Article, August 2020

The Federal Reserve Public Education Emergency Finance Facility: A Proposal

Policy Brief, May 2020 

The Asset Management Industry in the United States

Working Paper, January 2020 

The Modern Money Theory Free Lunch Mirage Can Produce Perverse Outcomes

Journal Article, December 2019

Webcast of Macroeconomic Policy Event

Presentation, December 2019

The Institutional, Empirical and Policy Limits of 'Modern Money Theory'

Working Paper, March 2019

The UK's Finance Curse? Costs and Processes

with Andrew Baker, Juan Antonio Montecino | Research Report, Sheffield Political Economy Research Institute (SPERI), October 2018

Do U.S. Workers Gain from U.S. Imperialism?

Essay, April 2018, in The Changing Face of Imperialism (Routledge Press) 

On the Social Efficiency of Finance

Journal Article, Development and Change, February 2018 

There's Gotta' Be Something Better than "A Better Deal"

CNN, January 2018

Trumponomics: Should We Just Say "No"?

Journal Article, Challenge, February 2017 

Overcharged: The High Cost of High Finance

with Juan Antonio Montecino | Published Study, Roosevelt Institute, July 2016

The Political Economy of QE and the Fed: Who Gained, Who Lost and Why Did it End?

with Juan Antonio Montecino | Working Paper, November 2015

Did Quantitative Easing Increase Income Inequality?
with Juan Antonio Montecino | Working Paper, October 2015
Financialization: There's Something Happening Here

Working Paper, August 2015

Banking From Financial Crisis to Dodd-Frank: Five Years On, How Much Has Changed?
with Juan Antonio Montecino | Working Paper, July 2015
Development central banking: A review of issues and experiences

Working Paper, International Labour Office, June 2015

Achieving Coherence Between Macroeconomic and Development Objectives

Working Paper, June 2015

Have Large Scale Asset Purchases Increased Bank Profits?
with Juan Antonio Montecino | Working Paper, December 2014
Restructuring finance to promote productive employment

Journal Article, European Journal of Economics and Economic Policies, October 2014 

The Last Refuge of Scoundrels: Keynes-Minsky Perspectives on the Uses and Abuses of the "Liquidity Defense"

with James Crotty | Working Paper, October 2014

The Contested Terrain Approach to the Political Economy of Central Banking

Working Paper, August 2014 

Sectoral Net Lending in Six Financial Centers

with Joao Paulo De Souza | Conference Paper, March 2014

How Big is Too Big? What Does Finance Do, and What Should We Do About It?

with Hasan Comert, Joao Paulo De Souza, and Juan Antonio Montecino | Conference Paper, March 2014 

Long-term Trends in Intra-Financial Sector Lending in the U.S.: 1950 - 2012

with Juan Antonio Montecino and Iren Levina | Working Paper, March 2014

Intra-Financial Lending, Credit, and Capital Formation

with Juan Antonio Montecino | Working Paper, March 2014

The Endogenous Finance of Global Dollar-Based Financial in the 2000s: A Minskian Approach

with Junji Tokunaga | Working Paper, January 2014

Finance and Growth: The Neglected Role of the Business Cycle

with Simon Sturn | Working Paper, May 2014

Developmental Central Banking: Winning the Future by Updating a Page from the Past

Journal Article, Review of Keynesian Economics, August 2013 

How Big Is Too Big? On the Social Efficiency of the Financial Sector in the United States

with James Crotty | Thomas Weisskopf Festschrift Conference Paper, February 2013 

SAFER: Stable, Accountable, Fair and Efficient Financial Reform

Policy Brief, July 2013


Busting the Bankers' Club
Finance for the Rest of Us

"Epstein...explains our complex, captured financial system to the lay reader. In simple, clear prose, he outlines why we are still fighting financial fires, and what we can do to bridge the Wall Street-Main Street divide." 

Rana Foroohar, Associate Editor, Financial Times

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