Pavlina R. Tcherneva
Assistant Professor, Bard College
search sitemap
Welcome !
Pavlina R. Tcherneva, Ph.D.
Assistant Professor of Economics, Bard College
Research Scholar, Levy Economics Institute
I am a macroeconomist conducting research in the fields of modern monetary theory and fiscal policy, with a focus on full employment. 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. I have collaborated with policymakers from Argentina, Bulgaria, China, Turkey, and the United States on developing and evaluating various direct job creation programs.

Bookmark and Share
Deficit Data: Two key charts that describe what the U.S. government deficit means for the rest of the economy
read more
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.
read more
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.
read more
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
New: Full Employment: The Road Not Taken  
"Full Employment: The Road not Taken” in T. Ali and D. Ashiagbor (eds.) Full Employment Revisited: Essays on the Economy, People and Fairness , London, U.K.: The Work Forum (forthcoming)
"The road not taken" is a long-term program for full employment that can be found, upon close reading, in Keynes’s own writings but that is missing from mainstream textbooks and policy initiatives. The paper elaborates on the Keynesian vision and discusses various designs of job creation policies that, not only make jobless recoveries a thing of the past, but also ensure tight full employment at all times. ( version)
New: The Social Enterprise Model for a Job Guarantee in the United States  
Policy Note 1/2014, 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.
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? ( version)
Short Bloomberg radio interview on The Hays Advantage discussing Bernanke's QE2 policies.
The Role of Fiscal Policy: Lessons from Stabilization Efforts in the U.S. During the Great Recession  
“The Role of Fiscal Policy: Lessons from Stabilization Efforts in the U.S. During the Great Recession”, International Journal of Political Economy, Spring 2012, 41 (2): 5-26.
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. ( version)
Keynes's Approach to Full Employment  
“On-the-spot Employment: Keynes’s Approach to Full Employment and Economic Transformation,” Review of Social Economy, 2012, 70 (1): 57-80.
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. ( version)
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
    Designed by: Elegant Web Templates