Pavlina R. Tcherneva
Assistant Professor, Bard College
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Welcome !
Pavlina R. Tcherneva, Ph.D., Assistant Professor of Economics at Bard College.
I specialize in the fields of modern monetary theory, fiscal policy, macroeconomic stabilization, and the economics of gender. I have previously taught at Franklin and Marshall College and the University of Missouri–Kansas City and have conducted research at the University of Cambridge Centre for Economic and Public Policy, UK, the Levy Economics Institute, NY, and the Center for Full Employment and Price Stability, MO.

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Deficit Data: Two key charts that describe what the U.S. government deficit means for the rest of the economy
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Research Areas
Current research interests include:
Government finance, Bernanke's monetary policy, monetary theory, the economics of Keynes, direct job creation, and the impact of fiscal policy on gender
Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey  
This book collects Nobel Laureate Vickrey's articles on macroeconomic theory and policy written towards the end of his career. This volume demonstrates his enduring commitment to full employment and price stability, and his rejection of conventional macroeconomic theorizing.
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An Introduction to Modern Monetary Theory (MMT)  
"Chartalism and the tax-driven approach to money" in P. Arestis and M. Sawyer (eds.), Handbook of Alternative Monetary Economics, Northampton, MA: Edward Elgar, 2006.
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Teaching Interests
Teach-ins, graduate and undergraduate courses  
Fiscal Sustainability Teach-in, 4/28/10
Hyman Minsky Graduate Summer School
Monetary Economics
Macroeconomic Stability
Women and the Economy
Labor Markets and Employment Policy
The Economics of Keynes
Latest News
Bernanke's Paradox  
"Bernanke's Paradox: Can he reconcile his position on the federal budget with his recent charge to prevent deflation?", Journal of Post Keynesian Economics, April 2011 33(3): 411-433.
Bernanke has clearly stated that the U.S. government cannot go bankrupt. This is the basis for his QE1 and QE2 moves. So why is he siding with the deficit hawks?
Short Bloomberg radio interview on The Hays Advantage discussing Bernanke's QE2 policies.
New: Reorienting Fiscal Policy after the Great Recession  
Fiscal policy as is currently practiced is backwards and therefore slow to work. This paper suggests new directions for fiscal policy after the Great Recession.
(, May 2012)
New: Inflationary and Distributional Effects of Alternative Fiscal Policies  
Not all fiscal policies are created equal. Some have greater employment-creation effects as they improve the income distribution. Others worsen income inequality and tend to be more inflationary. The baseline scenarios are examined here using a Minsky-Kalecki model.
(February 2012; do not quote without author's permission)
New: “Full Employment through Social Entrepreneurship. The Non-Profit Model for Implementing a Job Guarantee.”,  
Policy Note 2012/2, The Levy Economics Institute
A bottom-up approach to full employment based on community programs that can be implemented at all phases of the business cycle; that is, a grass-roots job-guarantee program run by the nonprofit and social entrepreneurial sectors.
Keynes's Approach to Full Employment  
What passes for fiscal policy today is not what Keynes had in mind. Economists have missed the key Keynesian message when it comes to full employment.
Blog Posts
Some blog posts.  
For more blogs from the Modern Money (MMT) perspective, click on the link below.
  • : The Long Battle for a Living Wage Goes On
  • Romney: The Little People Don't Pay Taxes
  • No, Mr. Krugman, Bernanke’s Conundrum is Completely Different
  • The Job Guarantee is not Workfare
  • Alternative Fiscal Policies: Why the Job Guarantee is Superior
  • What is MMT about Anyway and Is the Job Guarantee Crucial to the Project?
  • How I Tracked Down the Market
  • Bernanke Scraps Bold Congress Testimony for Lukewarm Version
  • Obama’s Jobs Plan: How to create millions of new jobs on a shoestring
  • Poverty, Joblessness, and the Job Guarantee
  • The Debt Ceiling and America’s Stockholm Syndrome
  • Modern Monetary Theory and Mr. Paul Krugman: a way forward
  • Is Bernanke's QE2 an act of desperation?
  • Women want jobs, not handouts.
  • Do not confuse solvency with sustainability!
  • What is responsible fiscal policy?
  • Direct Job Creation-Lessons from Argentina.
  • Think unemployment claims show a glimmer of hope? Think again.
  • Bring the unemployment numbers down now.
  • A message to President Obama: stop priming the pump, hire the unemployed.
  • more blogs
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