Money & Banking

    Modern macroeconomics and finance have both turned their backs on the study of money and banking but, after 2008, we need new economic thinking about money and banking more than ever. We must rediscover, rework and develop the study of banking and central banking, bringing both into the globalization age.

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

    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. Read more