Details about Steven Mark Fazzari

Homepage:	https://sites.wustl.edu/fazz/
Postal address:	MSC 1027-228-170 Washington University One Brookings Drive St. Louis, MO 63130
Workplace:	Department of Economics, Washington University in St. Louis, (more information at EDIRC) Forum for Macroeconomics and Macroeconomic Policies, Hans Böckler Stiftung (Hans Böckler Foundation), (more information at EDIRC)

Access statistics for papers by Steven Mark Fazzari.

Last updated 2025-01-06. Update your information in the RePEc Author Service.

Short-id: pfa87

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Jump to Journal Articles Edited books Chapters

Working Papers

2024

1. Supermultiplier Models, Demand Stagnation, and Monetary Policy: Inevitable March to the Lower Bound for Interest Rates?
   FMM Working Paper, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute
   See also Journal Article Supermultiplier Models, Demand Stagnation, and Monetary Policy: Inevitable March to the Lower Bound for Interest Rates?, Review of Political Economy, Taylor & Francis Journals (2024) (2024)

2023

2. How large are hysteresis effects? Estimates from a Keynesian growth model
   FMM Working Paper, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute View citations (8)
3. Sustainable Consumption and the Comprehensive Economic Well-Being of American Households
   Working Papers, Federal Reserve Bank of Boston

2021

4. US Employment Inequality in the Great Recession and the COVID-19 Pandemic
   Working Papers Series, Institute for New Economic Thinking View citations (9)
   See also Journal Article US employment inequality in the Great Recession and the COVID-19 pandemic, European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing (2021) View citations (8) (2021)

2018

5. Demand-led growth and accommodating supply
   FMM Working Paper, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute View citations (9)
   See also Journal Article Demand-led growth and accommodating supply, Cambridge Journal of Economics, Cambridge Political Economy Society (2020) View citations (65) (2020)

2017

6. When Do Discretionary Changes in Government Spending or Taxes Have Larger Effects?
   Discussion Papers, School of Economics, The University of New South Wales

2014

7. Inequality, the Great Recession, and Slow Recovery
   Working Papers Series, Institute for New Economic Thinking View citations (10)
   See also Journal Article Inequality, the Great Recession and slow recovery, Cambridge Journal of Economics, Cambridge Political Economy Society (2016) View citations (53) (2016)
8. State-Dependent Effects of Fiscal Policy
   Discussion Papers, School of Economics, The University of New South Wales View citations (12)
   See also Journal Article State-dependent effects of fiscal policy, Studies in Nonlinear Dynamics & Econometrics, De Gruyter (2015) View citations (100) (2015)

2013

9. Household Income, Demand, and Saving: Deriving Macro Data with Micro Data Concepts
   Working Papers Series, Institute for New Economic Thinking View citations (1)
   See also Journal Article Household Income, Demand, and Saving: Deriving Macro Data With Micro Data Concepts, Review of Income and Wealth, International Association for Research in Income and Wealth (2017) View citations (7) (2017)
10. How the Great Moderation Became a (Contained) Depression and What to Do About It
    Working Papers, Trinity College, Department of Economics View citations (3)
11. Inequality and Household Finance during the Consumer Age
    Economics Working Paper Archive, Levy Economics Institute View citations (45)

2004

12. That Elusive Elasticity: A Long-Panel Approach to Estimating the Capital-Labor Substitution Elasticity
    CESifo Working Paper Series, CESifo View citations (39)

2002

13. That Elusive Elasticity: A Long-Panel Approach To Estimating The Price Sensitivity Of Business Capital
    10th International Conference on Panel Data, Berlin, July 5-6, 2002, International Conferences on Panel Data View citations (21)

2000

14. Market Power and Inflation
    CESifo Working Paper Series, CESifo View citations (21)
    See also Journal Article Market Power and Inflation, The Review of Economics and Statistics, MIT Press (2000) View citations (18) (2000)
15. Minsky and the Mainstream: Has Recent Research Rediscovered Financial Keynesianism
    Macroeconomics, University Library of Munich, Germany
    Also in Economics Working Paper Archive, Levy Economics Institute (1999) View citations (8)

1999

16. Aggregate Demand and Micro Behavior: A New Perspective on Keynesian Macroeconomics
    Macroeconomics, University Library of Munich, Germany View citations (2)

1998

17. Capital Gains Tax Cuts, Investment, and Growth
    Macroeconomics, University Library of Munich, Germany View citations (1)
    Also in Economics Working Paper Archive, Levy Economics Institute (1995) View citations (4)
18. What Do Micro Data Reveal About the User Cost Elasticity?: New Evidence on the Responsiveness of Business Capital Formation
    Macroeconomics, University Library of Munich, Germany View citations (2)
    Also in Economics Working Paper Archive, Levy Economics Institute (1996) View citations (4)

1996

19. Financing Constraints and Corporate Investment: Response to Kaplan and Zingales
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (49)

1995

20. Aggregate Demand and Micro Behavior: Perspective on Keynesian Macroeconomics
    Economics Working Paper Archive, Levy Economics Institute
21. Three Financing Constraint Hypotheses and Inventory Investment: New Tests With Time and Sectoral Heterogeneity
    Macroeconomics, University Library of Munich, Germany View citations (5)

1994

22. Inventory (Dis)Investment, Internal Finance Fluctuations, and the Business Cycle
    Macroeconomics, University Library of Munich, Germany View citations (110)

1993

23. Economic fluctuations, market power, and returns to scale: evidence from firm-level data
    Research Working Paper, Federal Reserve Bank of Kansas City View citations (8)
    See also Journal Article Economic Fluctuations, Market Power, and Returns to Scale: Evidence from Firm-Level Data, Journal of Applied Econometrics, John Wiley & Sons, Ltd. (1994) View citations (47) (1994)
24. The Investment-Finance Link: Investment and U.S. Fiscal Policy in the 1990s
    Economics Working Paper Archive, Levy Economics Institute View citations (3)
    Also in Economics Public Policy Brief Archive, Levy Economics Institute View citations (5)

1992

25. Economic Fluctuations, Market Power, and Returns to Scale: Evidence from Micro Data
    Working Papers, Harris School of Public Policy Studies, University of Chicago

1990

26. Investment smoothing with working capital: new evidence on the impact of financial constraints
    Working Paper Series, Macroeconomic Issues, Federal Reserve Bank of Chicago View citations (3)

1989

27. Price flexibility and macroeconomic stability: an empirical simulation analysis
    Research Working Paper, Federal Reserve Bank of Kansas City View citations (1)

1988

28. Tobin's Q, non-constant returns to scale, and imperfectly competitive product markets
    Discussion Papers (REL - Recherches Economiques de Louvain), Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) View citations (2)

1987

29. Financing Constraints and Corporate Investment
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1024)
    See also Journal Article Financing Constraints and Corporate Investment, Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution (1988) View citations (2960) (1988)

Undated

30. Capital Gains Taxes and Economic Growth, Effects of a Capital Gains Tax Cut on the Investment Behavior of Firms
    Economics Public Policy Brief Archive, Levy Economics Institute View citations (2)
31. Capital Income Taxes and Economic Performance
    Economics Policy Note Archive, Levy Economics Institute View citations (1)

Journal Articles

2024

1. Supermultiplier Models, Demand Stagnation, and Monetary Policy: Inevitable March to the Lower Bound for Interest Rates?
   Review of Political Economy, 2024, 36, (5), 1801-1826
   See also Working Paper Supermultiplier Models, Demand Stagnation, and Monetary Policy: Inevitable March to the Lower Bound for Interest Rates?, FMM Working Paper (2024) (2024)

2021

2. US employment inequality in the Great Recession and the COVID-19 pandemic
   European Journal of Economics and Economic Policies: Intervention, 2021, 18, (2), 223–239 View citations (8)
   See also Working Paper US Employment Inequality in the Great Recession and the COVID-19 Pandemic, Working Papers Series (2021) View citations (9) (2021)
3. When is discretionary fiscal policy effective?
   Studies in Nonlinear Dynamics & Econometrics, 2021, 25, (4), 229-254 View citations (4)

2020

4. Demand-led growth and accommodating supply
   Cambridge Journal of Economics, 2020, 44, (3), 583-605 View citations (65)
   See also Working Paper Demand-led growth and accommodating supply, FMM Working Paper (2018) View citations (9) (2018)
5. Was Keynesian economics ever dead? If so, has it been resurrected?
   Review of Keynesian Economics, 2020, 8, (1), 46-60 View citations (2)

2017

6. Household Income, Demand, and Saving: Deriving Macro Data With Micro Data Concepts
   Review of Income and Wealth, 2017, 63, (1), 53-69 View citations (7)
   See also Working Paper Household Income, Demand, and Saving: Deriving Macro Data with Micro Data Concepts, Working Papers Series (2013) View citations (1) (2013)

2016

7. Inequality, the Great Recession and slow recovery
   Cambridge Journal of Economics, 2016, 40, (2), 373-399 View citations (53)
   See also Working Paper Inequality, the Great Recession, and Slow Recovery, Working Papers Series (2014) View citations (10) (2014)

2015

8. Rising inequality and stagnation in the US economy
   European Journal of Economics and Economic Policies: Intervention, 2015, 12, (2), 170-182 View citations (25)
9. State-dependent effects of fiscal policy
   Studies in Nonlinear Dynamics & Econometrics, 2015, 19, (3), 285-315 View citations (100)
   See also Working Paper State-Dependent Effects of Fiscal Policy, Discussion Papers (2014) View citations (12) (2014)

2013

10. Aggregate demand, instability, and growth
    Review of Keynesian Economics, 2013, 1, (1), 1-21 View citations (31)
11. Rising inequality, recession and slow recovery: A sad American tale
    Intereconomics: Review of European Economic Policy, 2013, 48, (6), 379-380 View citations (3)

2011

12. A New Approach to Estimating Production Function Parameters: The Elusive Capital--Labor Substitution Elasticity
    Journal of Business & Economic Statistics, 2011, 29, (4), 587-594 View citations (75)
13. A New Approach to Estimating Production Function Parameters: The Elusive Capital–Labor Substitution Elasticity
    Journal of Business & Economic Statistics, 2011, 29, (4), 587-594 View citations (75)
14. Aggregate Demand, Harrod’s Instability and Fluctuations
    Computational Economics, 2011, 38, (3), 209-220 View citations (4)

2010

15. Investment and the Taylor rule in a dynamic Keynesian model
    Journal of Economic Dynamics and Control, 2010, 34, (10), 2010-2022 View citations (3)

2009

16. Financing Innovation and Growth: Cash Flow, External Equity, and the 1990s R&D Boom
    Journal of Finance, 2009, 64, (1), 151-185 View citations (732)
17. Keynesian macroeconomics as the rejection of classical axioms
    Journal of Post Keynesian Economics, 2009, 32, (1), 3-18 View citations (1)

2008

18. Cash flow, investment, and Keynes-Minsky cycles
    Journal of Economic Behavior & Organization, 2008, 65, (3-4), 555-572 View citations (78)
19. Household Debt in the Consumer Age: Source of Growth--Risk of Collapse
    Capitalism and Society, 2008, 3, (2), 32 View citations (182)

2000

20. Investment-Cash Flow Sensitivities are Useful: A Comment on Kaplan and Zingales
    The Quarterly Journal of Economics, 2000, 115, (2), 695-705 View citations (376)
21. Market Power and Inflation
    The Review of Economics and Statistics, 2000, 82, (3), 509-513 View citations (18)
    See also Working Paper Market Power and Inflation, CESifo Working Paper Series (2000) View citations (21) (2000)

1999

22. How responsive is business capital formation to its user cost?: An exploration with micro data
    Journal of Public Economics, 1999, 74, (1), 53-80 View citations (262)

1998

23. Aggregate Demand and Firm Behavior: A New Perspective on Keynesian Microfoundations
    Journal of Post Keynesian Economics, 1998, 20, (4), 527-558 View citations (15)
24. Financing Constraints And Inventory Investment: A Comparative Study With High-Frequency Panel Data
    The Review of Economics and Statistics, 1998, 80, (4), 513-519 View citations (95)

1996

25. Varieties of Keynesian Investment Theories: Further Reflections
    Journal of Post Keynesian Economics, 1996, 18, (3), 359-368 View citations (3)

1994

26. Asymmetric Information and Keynesian Theories of Investment
    Journal of Post Keynesian Economics, 1994, 16, (3), 351-370 View citations (10)
27. Economic Fluctuations, Market Power, and Returns to Scale: Evidence from Firm-Level Data
    Journal of Applied Econometrics, 1994, 9, (1), 47-69 View citations (47)
    See also Working Paper Economic fluctuations, market power, and returns to scale: evidence from firm-level data, Research Working Paper (1993) View citations (8) (1993)
28. Inventory Investment, Internal-Finance Fluctuation, and the Business Cycle
    Brookings Papers on Economic Activity, 1994, 25, (2), 75-138 View citations (80)
29. Why Doubt the Effectiveness of Keynesian Fiscal Policy?
    Journal of Post Keynesian Economics, 1994, 17, (2), 231-248 View citations (17)

1993

30. Working Capital and Fixed Investment: New Evidence on Financing Constraints
    RAND Journal of Economics, 1993, 24, (3), 328-342 View citations (344)

1989

31. Keynesian theories of investment: neo-, post-, and new
    Brazilian Journal of Political Economy, 1989, 9, (4), 551-561

1988

32. Financing Constraints and Corporate Investment
    Brookings Papers on Economic Activity, 1988, 19, (1), 141-206 View citations (2960)
    See also Working Paper Financing Constraints and Corporate Investment, NBER Working Papers (1987) View citations (1024) (1987)
33. Investment, Financing Decisions, and Tax Policy
    American Economic Review, 1988, 78, (2), 200-205 View citations (156)

1987

34. Aggregate Demand Contractions with Nominal Debt Commitments: Is Wage Flexibility Stabilizing?
    Economic Inquiry, 1987, 25, (4), 583-97 View citations (16)
35. Asymmetric Information, Financing Constraints, and Investment
    The Review of Economics and Statistics, 1987, 69, (3), 481-87 View citations (81)
36. Tax reform and investment: blessing or curse?
    Review, 1987, (Jun), 23-33 View citations (2)
37. Tax reform and investment: how big an impact?
    Review, 1987, (Jan), 15-27 View citations (4)

1986

38. Macroeconomics and Credit Markets
    Journal of Economic Issues, 1986, 20, (2), 421-429 View citations (3)
39. The Investment Theories of Kalecki and Keynes: An Empirical Study of Firm Data, 1970–1982
    Journal of Post Keynesian Economics, 1986, 9, (2), 171-187 View citations (12)

1985

40. Keynes, Harrod, and the Rational Expections Reveolution
    Journal of Post Keynesian Economics, 1985, 8, (1), 66-80 View citations (2)

1984

41. Domestic Monetary Policy: If Not Monetarism, What?
    Journal of Economic Issues, 1984, 18, (1), 101-116 View citations (12)

Edited books

2014

1. After the Great Recession
   Cambridge Books, Cambridge University Press

2013

2. After the Great Recession
   Cambridge Books, Cambridge University Press View citations (36)

Chapters

2001

1. The macroeconomics of Minsky's investment theory
   Chapter 5 in Financial Fragility and Investment in the Capitalist Economy, 2001

1992

2. Rising Debt in the Private Sector: A Cause for Concern?
   Palgrave Macmillan View citations (1)