Recent papers and selected older articles

 

 

Public debt, functional finance and secular stagnation

 

Public debt, secular stagnation and functional finance

In Mogens O. Madsen and Finn Olesen (eds) Macroeconomics After the Financial Crisis: A Post-Keynesian Perspective, Routledge, forthcoming.

 

Functional finance and intergenerational distribution in a Keynesian OLG model

With Soon Ryoo. UMass WP 2015-13

 

Fiscal and monetary policy rules in an unstable economy

With Soon Ryoo. UMass WP 2015-15

 

Public debt in an OLG model with imperfect competition: long-run effects of austerity programs and changes in the growth rate

With Soon Ryoo. Published BE Press Journal of Macroeconomics, 2014, Vol. 14, No. 1, pp. 533-552.

 

Public debt and full employment in a stock-flow consistent model of a corporate economy

With Soon Ryoo. Revised version in Journal of Post Keynesian Economics. 2013, Vol 35(4), pp. 511-527.

 

 

Cycles

 

Growth cycles and price flexibility

Published with minor revisions in Review of Keynesian Economics, 2015, 3(3), pp. 374-386.

 

An empirical evaluation of three post Keynesian models

With Ben Zipperer. Published with minor revisions in Intervention European Journal of Economics and Economic Policies, 2012, Vol. 9(2), pp. 277-308.

 

Cyclical patterns of employment, utilization and profitability

With Ben Zipperer. Published (with minor revisions) in Journal of Post Keynesian Economics, 2011, 44 (1), pp. 25-58.

 

Dynamic patterns of accumulation and income distribution

With Ben Zipperer. Published in Kikan Keizai-Riron (Political Economy Quarterly), 2010, 46 (4), pp.34-53 (in Japanese).

 

Growth, Instability and Cycles: Harrodian and Kaleckian Models of Accumulation and Income Distribution

Published (with minor revisions) in M. Setterfield (ed.) Handbook of Alternative Theories of Economic Growth, Edward Elgar, 2010.

 

Business cycles

Published with minor revisions in J.E. King (ed.) The Elgar Companion to Post Keynesian Economics.

 

Effective Demand, Class Struggle and Cyclical Growth

International Economic Review, February 1989, pp. 231-247

 

 

Wage formation and unemployment

 

Fairness as a Source of Hysteresis in Employment and Relative Wages.

Published (with minor revisions) in Journal of Economic Behavior and Organization, Vol 57, 2005, pp. 305-331.

 

Stagflationary Consequences of `Prudent' Monetary Policy in a Unionized Economy

Oxford Economic Papers, 49, 1997, pp. 609-622

 

 

Macroeconomic methodology

 

Pluralism, the Lucas critique, and the integration of macroeconomics and microeconomics

Revised version in Review of Political Economy, 2014, 26 (4), pp. 503-515.

 

Heterodox macro after the crisis

Published (with minor revisions) in Korean Review of Social Studies, 2011, Vol. 37 (2), pp. 35-63.

 

The great detour

UMass wp 2010-07. Published (with minor revisions) in Homo Oeconomicus, 2010, Vol 27 (3), pp. 338-343.

 

Keynesian Dynamics and the AD-AS Framework

With Amitava Dutt. Published (with minor revisions) in C. Chiarella, P. Flaschel, R. Franke and C. Proano Lectures on Macrodynamic Theory, Routledge, 2010

 

Mythical Ages and Methodological Strictures - Joan Robinson's Contributions to the Theory of Economic Growth

Published (with minor revisions) in Bill Gibson (ed.) Joan Robinson's Economics: A Centennial Celebration, Edward Elgar, 2005, pp. 173-194.

 

 

Growth and development

 

Theoretical and Empirical Shortcomings of the Kaleckian Investment Function

Revised version published in Metroeconomica, 2012, Vol. 63, pp. 109-138.

 

The Real Exchange Rate and Economic Development

With Arslan Razmi and Martin Rapetti. Published (with minor revisions) in Structural Change and Economic Dynamics, 23 (2012) 151-169.

 

The Real Exchange Rate and Economic Growth: Are Developing Countries Different?

With Martin Rapetti and Arslan Razmi. Published (with minor revisions) in International Review of Applied Economics, 2012, Vol. 26, No. 6, November, pp. 735753

 

Japanese growth and stagnation

With Takeshi Nakatani. Published with minor revisions in Structural Change and Economic Dynamics, 2007, Vo. 18, Iss. 3, pp. 306-332

 

Steindlian models of growth and stagnation

With P. Flaschel. Published (with minor revisions) in Metroeconomica, 2006, 57:3, pp. 303-338.

 

Growth and Stagnation in a Two-Sector Model: Kaldor's Mattioli Lectures

Cambridge Journal of Economics, 23, 1999, pp. 353-370.

 

Uneven Development and the Liberalization of Trade and Capital Flows: the Case of Mexico

With Mehrene Larudee. Cambridge Journal of Economics, 22, 1998, pp. 277-95

 

Dynamic Effects of Trade Liberalization and Currency Overvaluation under Conditions of Increasing Returns

With J. Ros. Manchester School, 66 (4), 1998, pp. 466-89

 

The Big Push in a Open Economy with Non-Tradable Inputs

With J. Ros. Journal of Post Keynesian Economics, 20, 1, 1997, pp. 149-162

 

Cumulative Causation and the `New' Theories of Economic Growth

With P. Auerbach. Journal of Post Keynesian Economics, 17, 1995, pp.381-403.

 

Concentration, Competition and Distribution - a Critique of Theories of Monopoly Capital

With Paul Auerbach. International Review of Applied Economics, Vol. 2 no.1, 1988, pp. 42-61.

 

 

Financial instability, stock-flow consistency and financialization

 

Increasing inequality and financial instability

Published (with minor revisions) in Review of Radical Political Economics. 45 (4), December 2013, pp. 474 - 482.

 

Financialization in Kaleckian Economies With and Without Labor Constraints

With Soon Ryoo. UMass wp 2008-05. Published (with minor revisions) in Intervention - European Journal of Economics and Economic Policies, 2008.

 

Macroeconomic implications of financialization

With Soon Ryoo. Cambridge Journal of Economics, 2008, 32 (6), pp.827-862.

 

On the Modelling of Systemic Financial Fragility

In A.K. Dutt (ed.) New Directions in Analytical Political Economy, Edward Elgar, 1994, pp. 49-76.

 

Finance, Saving and Accumulation

Cambridge Journal of Economics, September 1988, pp. 339-354

 

On the `Kaldorian' Saving Function

Kyklos, 4/1981, pp. 563-581.

 

 

Climate change

 

Distributional biases in the analysis of climate change

With Leila Davis. Published (with minor revisons) in Ecological Economics, 2013, 85, pp. 188197

 

Positional goods, climate change and the social returns to investment

With Leila Davis. Forthcoming (with minor revisions) in a volume edited by Tom Michl, Armon Rezai, Lance Taylor, Routledge.

 

 

Inequality

 

Labor market reforms and wage inequality in Korea

With Hyeon-Kyeong Kim. UMass WP 2014-13

 

Power, luck and ideology - technological and institutional parameters of the agency problem for CEOs

With Frederick Guy. Abbreviated version published in Review of Radical Political Economics, 2013, 45(3), pp. 323-332.

 

Technology, power and the political economy of inequality

With Frederick Guy. Forthcoming in J. Haskell and U. Mattei (eds), Elgar.

 

Employment and Distribution Effects of the Minimum Wage

With Fabian Slonimczyk. Forthcoming (with minor revisions) in Journal of Economic Behavior and Organization. 2012, Vol. 84 (1), pp. 245 264.

 

Labor heterogeneity, inequality and institutional change

Published (with minor revisions) in C. Gehrke and N. Salvadori (eds) Keynes, Sraffa, and the Criticism of Neoclassical Theory. Essays in Honour of Heinz Kurz, Routledge, 2011.

 

Information and communications technologies, coordination and control, and the distribution of income

With Fred Guy. UMass wp 2007-11. Published (with minor revisions) in Journal of Income Distribution, 2008, 17 (3-4), pp. 71-92.

 

Power biased technological change, endogenous mismatch and institutional change

Published (with minor revisions) in The New School Economic Review, Fall 2010, Vol. 4 (1).

 

Power, productivity and profits

With Fred Guy. In M. Braham and F. Steffen (eds) Dimensions of Power: Concepts, Models, and Applications, Springer Verlag, 2008, pp. 385-404.

 

A Model of Power-Biased Technological Change

With Fred Guy. Published with minor revisions in Economics Letters, 2007, Vol. 95, No. 1, pp. 124-131.

 

Fairness as a Source of Hysteresis in Employment and Relative Wages.

Published (with minor revisions) in Journal of Economic Behavior and Organization, Vol 57, 2005, pp. 305-331.

 

Wage Inequality and Overeducation in a Model with Efficiency Wages

Published (with minor revisions) in Canadian Journal of Economics, 2006, vol. 39 (1), pp. 94-123.

 

 

Miscellaneous

 

Systematic Dangers of Self-repetition A Comment on Nentjes

Homo Oeconomicus, 2012, Vol. 29(3), pp. 95-98.

 

Paradoxical Effects of Drug Policy in a Model with Imperfect Competition and Switching Costs

With G.T. Jepsen. Journal of Economic Behavior and Organization, Vol. 48 (4), 2002, pp. 335-354.

 

Election Campaigns, Agenda Setting and Electoral Outcomes

With M. Holler. Published (with minor revisions) in Public Choice, 2005, pp. 215-228.

 

Economic Explanation, Ordinality and the Adequacy of Analytic Specification

With D. Katzner. Published (with minor revisions) in Journal of Economic Methodology, 2004, pp. 437-453.