Mark Setterfield


Mark Setterfield is Professor of Economics in the Department of Economics at The New School for Social Research, and is also a member of faculty at Eugene Lang College. He was previously Maloney Family Distinguished Professor of Economics in the Department of Economics at Trinity College, Hartford, Connecticut, and has held visiting positions at the University of Masschusetts, Lowell, CEPREMAP (Paris, France), Downing College (Cambridge, UK), Dalhousie University (Halifax, Canada), l’Université de Paris XIII (Paris, France), and the University of Sao Paulo (Sao Paulo, Brazil). He is an Associate Member of the Cambridge Centre for Economic and Public Policy at Cambridge University, UK, a Senior Research Associate at the International Economic Policy Institute, Laurentian University, Canada, and a Member of the Centre d’Économie de l’Université Paris Nord (CEPN) at l’Université de Paris XIII (France).

Concentrations: Macroeconomics, Growth and Distribution, Post-Keynesian Economics.

Degrees Held:

PhD 1993, Dalhousie University

Recent Publications:


“Firm performance, macroeconomic conditions, and ‘animal spirits’ in a Post Keynesian model of aggregate fluctuations,” Journal of Post Keynesian Economics, 38, 1, 38-63 (2015) (with Shyam Gouri Suresh).

“Aggregate consumption and debt accumulation: an empirical examination of US household behavior,” Cambridge Journal of Economics, 39, 1, 93-112 (2015) (with Yun Kim and Yuan Mei).

“Inflation targeting and macroeconomic stability with heterogeneous inflation expectations,” Journal of Post Keynesian Economics, 37, 2, 255-79 (2014-15) (with Gilberto Lima and Jaylson da Silveira).

“The cost channel of monetary transmission and stabilization policy in a Post- Keynesian macrodynamic model,” Review of Political Economy, 26, 2, 258-81 (2014) (with Gilberto Lima).

“Aggregate structural macroeconomic analysis: a reconsideration and defence,” Cambridge Journal of Economics, 38, 4, 797-815 (2014) (with Shyam Gouri Suresh).

“Neoclassical growth theory and heterodox growth theory: opportunities for (and obstacles to) greater engagement,” Eastern Economic Journal, 40, 3, 365-86 (2014).

“A theory of aggregate consumption,” European Journal of Economics and Economic Policies: Intervention, 11, 1, 31-49 (2014) (with Yun Kim and Yuan Mei).


After the Great Recession: the Struggle for Economic Recovery and Growth New York: Cambridge University Press (2013) (with Barry Cynamon and Steven Fazzari).

Research Interests:

Kaldorian growth theory, Kaleckian growth theory, macroeconomic stabilization policy, path dependence in macroeconomics, aggregate wage and price setting behavior, agent-based macroeconomic models, macroeconomic methodology.

Awards and Honors:

  • Appointed Charles A. Dana Research Professor of Economics, Trinity College, 2013-15.
  • Awarded the 2010 Haralambos Simeonides Prize by the Brazilian Association of Graduate Programs in Economics (ANPEC) for “Pricing behaviour and the cost-push channel of monetary policy” (Review of Political Economy, 22, 1, 19-40, 2010) (with Gilberto Lima).
  • Ranked 7th in terms of total citations, 14th in terms of quality citations, 4th in terms of total citations per annum and 5th in terms of quality citations per annum amongst Associate Professors of Economics at the top 50 US liberal arts colleges in H. Bodenhorn (2003) “Economic scholarship at elite liberal arts colleges: a citations analysis with rankings,” Journal of Economic Education, Fall, 341-59.


IDEAS profile
Social Science Research Network (SSRN) profile
Curriculum Vitae

By this expert

Household Borrowing and the Possibility of “Consumption- Driven, Profit-Led Growth”

Paper Working Paper Series | | Jan 2016

We first show that, with a Kaleckian structure that is consistent with Pasinetti (1962), the relationship between distribution and growth is more robust than conventional wisdom suggests. Next, we extend our model by incorporating borrowing and emulation effects into workers’ consumption behavior, under different assumptions about how debt is serviced.

Debt Servicing, Aggregate Consumption, and Growth

Paper Working Paper Series | | Nov 2015

We develop a neo-Kaleckian growth model that emphasizes the importance of consumption behavior.

Inequality, Debt Servicing, and the Sustainability of Steady State Growth

Paper Working Paper Series | | Nov 2015

We investigate the claim that the way in which debtor households service their debts matters for macroeconomic performance.

Featuring this expert

Hysteresis and the Economy

Video | Mar 27, 2024

Do temporary economic shocks like the COVID-19 recession create lasting effects on the economy?

INET Guide to the 2017 EEA Meeting

Event Conference | Feb 23–26, 2017

A reference guide to all Institute for New Economic Thinking (INET) community presentations at the Eastern Economic Association’s (EEA) 2017 annual meeting