Archive
-
Working Paper
Woking PaperMacroeconomic Modeling in the Anthropocene
Oct 2024
Why the E-DSGE Framework Is Not Fit for Purpose and What to Do About It
-
Working Paper
Working PaperIs “Inflation First” Really “Rentiers First”? The Taylor Rule and Rentier Income in Industrialized Countries
Jul 2023
Central banks strongly favored rentier incomes in their reaction functions
-
Working Paper
Working Paper SeriesUnemployment and Income Distribution: Some Extensions of Shaikh’s Analysis
Sep 2020
Our findings confirm the existence of a negative relationship between labor market slack and the wage share, and we find no tendency to return to a ‘normal’ unemployment rate associated with a stable wage share.
-
Working Paper
Working PaperGermany and China Have Savings Gluts, the USA Is a Sump: So What?
Aug 2020
An alternative look at the “global savings glut”
-
Working Paper
Working Paper SeriesThe Economics and Politics of Social Democracy: A Reconsideration
May 2020
The popular discontent and rise of ‘populist’ political parties is closely related to the failure of New Labor to navigate social democracy’s dilemma.
-
Working Paper
Working Paper SeriesThe Secular Stagnation of Productivity Growth
Jan 2020
This paper argues that it is a mistake to dismiss secular demand stagnation as main cause of declining potential growth in the OECD.
-
Working Paper
Working Paper SeriesSynthetic MMT: Old Line Keynesianism with an Expansionary Twist
Oct 2019
Policy hype but vintage fiscal economics from Godley, Lerner, and Keynes
-
Working Paper
Working Paper SeriesDemand-determined potential output: a revision and update of Okun’s original method
May 2019
Everyone is waking up to the fact that estimates of what is possible in the economy are way off: this paper explains why
-
Working Paper
Working Paper SeriesLuigi Pasinetti and the Political Economy of Growth and Distribution
Mar 2016
This paper provides a careful and synthetic overview of his contributions as well as a reconstruction of Pasinetti’s philosophical approach to economics as a science meant to serve humanity.
-
Working Paper
Working Paper SeriesHousehold Borrowing and the Possibility of “Consumption- Driven, Profit-Led Growth”
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.
-
Working Paper
Working Paper SeriesUnderstanding the Great Recession
Dec 2015
Some Fundamental Keynesian and Post-Keynesian Insights, with an Analysis of Possible Mechanisms to Achieve a Sustained Recovery
-
Working Paper
Working Paper SeriesVeiled Repression: Mainstream Economics, Capital Theory, and the Distributions of Income and Wealth
Dec 2015
The Cambridge UK vs USA capital theory debates of the 1960s showed that the workhorse mainstream growth model relies on unsustainable assumptions. Its standard interpretation is not consistent with the last four decades of data.
-
Working Paper
Working Paper SeriesInequality, Debt Servicing, and the Sustainability of Steady State Growth
Nov 2015
We investigate the claim that the way in which debtor households service their debts matters for macroeconomic performance.
-
Working Paper
Working Paper SeriesDebt Servicing, Aggregate Consumption, and Growth
Nov 2015
We develop a neo-Kaleckian growth model that emphasizes the importance of consumption behavior.
-
Working Paper
Working Paper SeriesThe Cyclically Adjusted Budget: History and Exegesis of a Fateful Estimate
Oct 2015
This paper traces the evolution of the concept of the cyclically adjusted budget from the 1930s to the present.