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Working Papers
2021
- Inflation in developing economies
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (2)
- Visions of the future – a socialist departure from gloom?
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics 
See also Journal Article in PSL Quarterly Review (2021)
2020
- Fiscal Policy, the Sraffian Supermultiplier and Functional Finance
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (1)
- Fiscal policy and structural transformation in developing economies
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics 
See also Journal Article in Structural Change and Economic Dynamics (2021)
- Sources of inflation and the effects of balanced budgets and inflation targeting in developing economies
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (1)
See also Journal Article in Industrial and Corporate Change (2021)
2019
- Aggregate demand policy in mature and dual economies
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (1)
2018
- Challenges for post-Keynesian macroeconomics
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (2)
2017
- Credit Constraints and Economic Growth in a Dual Economy
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics 
See also Journal Article in Structural Change and Economic Dynamics (2018)
2016
- Aggregate Demand, Functional Finance and Secular Stagnation
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (7)
See also Journal Article in European Journal of Economics and Economic Policies: Intervention (2016)
- Autonomous demand, Harrodian instability and the supply side
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (9)
See also Journal Article in Metroeconomica (2019)
- Weaknesses of 'wage-led growth'
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (5)
See also Journal Article in Review of Keynesian Economics (2017)
2015
- Fiscal and monetary policy rules in an unstable economy
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (3)
See also Journal Article in Metroeconomica (2017)
- Functional finance and intergenerational distribution in a Keynesian OLG model
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (2)
- Growth Cycles with or without price flexibility
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (4)
See also Journal Article in Review of Keynesian Economics (2015)
- Public debt, secular stagnation, and functional finance
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (7)
2014
- Labor market reform and wage inequality in Korea
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics
2013
- Power, Luck and Ideology in a Model of Executive Pay
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (3)
- Public debt in an OLG model with imperfect competition: long-run effects of austerity programs and changes in the growth rate
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics 
See also Journal Article in The B.E. Journal of Macroeconomics (2014)
- Technology, power and the political economy of inequality
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics
2012
- Employment and Distribution Effects of the Minimum Wage
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (8)
Also in UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics (2010) View citations (5)
See also Journal Article in Journal of Economic Behavior & Organization (2012)
- Pluralism, the Lucas critique, and the integration of macro and micro
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (7)
- Real exchange rates and the long-run effects of aggregate demand in economies with underemployment
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (5)
2011
- Business cycles
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (2)
- Distributional biases in the analysis of climate change
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics 
See also Journal Article in Ecological Economics (2013)
- Heterodox macro after the crisis
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (2)
- Increasing inequality and financial instability
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (9)
See also Journal Article in Review of Radical Political Economics (2013)
- Positional goods, climate change and the social returns to investment
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (2)
- Public debt and full employment in a stock-flow consistent model of a corporate economy
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (7)
See also Journal Article in Journal of Post Keynesian Economics (2013)
- Public debt in an OLG model with imperfect competition
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (2)
- The Real Exchange Rate and Economic Development
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (21)
See also Journal Article in Structural Change and Economic Dynamics (2012)
- The Real Exchange Rate and Economic Growth: are Developing Countries Different?
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (15)
See also Journal Article in International Review of Applied Economics (2012)
2010
- An empirical evaluation of three post Keynesian models
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (39)
See also Journal Article in European Journal of Economics and Economic Policies: Intervention (2012)
- Cyclical patterns of employment, utilization and profitability
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (8)
See also Journal Article in Journal of Post Keynesian Economics (2011)
- Labor heterogeneity, inequality and institutional change
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics
- The Great Detour
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (1)
2009
- The Real Exchange Rate as an Instrument of Development Policy
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (23)
- Theoretical and empirical shortcomings of the Kaleckian investment function
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (7)
See also Journal Article in Metroeconomica (2012)
2008
- Financialization in Kaleckian economies with and without labor constraints
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (27)
See also Journal Article in European Journal of Economics and Economic Policies: Intervention (2008)
- Growth, instability and cycles: Harrodian and Kaleckian models of accumulation and income distribution
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (38)
See also Chapter (2010)
2007
- Information and communications technologies,coordination and control, and the distribution of income
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (3)
See also Journal Article in Journal of Income Distribution (2008)
- Macroeconomic implications of financialization
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (36)
See also Journal Article in Cambridge Journal of Economics (2008)
- Power, productivity and profits
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (3)
See also Chapter (2008)
2006
- Japanese growth and stagnation: a Keynesian perspective
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (4)
See also Journal Article in Structural Change and Economic Dynamics (2007)
2005
- Keynesian Theory and the AD-AS Framework: A Reconsideration
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (5)
- Power-Biased Technological Change and the Rise in Earnings Inequality
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (3)
Also in Working Papers, ECINEQ, Society for the Study of Economic Inequality (2005) View citations (3)
- Prosperity and Stagnation in Capitalist Economies
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (3)
- Wage inequality and overeducation in a model with efficiency wages
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (5)
See also Journal Article in Canadian Journal of Economics/Revue canadienne d'économique (2006)
2004
- Economic Explanation, Ordinality and the Adequacy of Analytic Specification
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (5)
See also Journal Article in Journal of Economic Methodology (2001)
- Election campaigns, agenda setting and electoral outcomes
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics 
See also Journal Article in Public Choice (2005)
- Fairness as a source of hysteresis in employment and relative wages
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (1)
Also in Economics Working Papers, Department of Economics and Business Economics, Aarhus University View citations (16)
See also Journal Article in Journal of Economic Behavior & Organization (2005)
- Mythical Ages and Methodological Strictures - Joan Robinson's Contributions to the Theory of Economic Growth
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (1)
- Steindlian Models of Growth and Stagnation
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (3)
See also Journal Article in Metroeconomica (2006)
- Wage inequality and skill asymmetries
UMASS Amherst Economics Working Papers, University of Massachusetts Amherst, Department of Economics View citations (5)
Also in Economics Discussion Papers, School of Economics, Kingston University London (2003) View citations (2)
2000
- Skill asymmetries, increasing wage inequality and unemployment
Economics Discussion Papers, School of Economics, Kingston University London View citations (4)
Also in Economics Working Papers, Department of Economics and Business Economics, Aarhus University View citations (6)
1990
- EFFICIENCY WAGES, MARK-UP PRICING AND EFFECTIVE DEMAND
Working Papers, Tilburg - Center for Economic Research View citations (5)
Also in Other publications TiSEM, Tilburg University, School of Economics and Management (1990)  Discussion Paper, Tilburg University, Center for Economic Research (1990)
Undated
- Demand Policy in the Long Run
Economics Working Papers, Department of Economics and Business Economics, Aarhus University View citations (8)
- Distributional consequences of neutral shocks to economic activity in a model with efficiency wages and overeducation
Economics Working Papers, Department of Economics and Business Economics, Aarhus University View citations (4)
- The importance of setting the agenda
Economics Working Papers, Department of Economics and Business Economics, Aarhus University View citations (3)
Journal Articles
2022
- In Defense of Public Debt
The Economic Record, 2022, 98, (323), 418-421
- Supermultipliers, ‘endogenous autonomous demand’ and functional finance
Metroeconomica, 2022, 73, (1), 220-244 View citations (1)
2021
- Fiscal policy and structural transformation in developing economies
Structural Change and Economic Dynamics, 2021, 56, (C), 129-140 View citations (2)
See also Working Paper (2020)
- Sources of inflation and the effects of balanced budgets and inflation targeting in developing economies
(The macroeconomics of low inflation)
Industrial and Corporate Change, 2021, 30, (2), 409-444 View citations (5)
See also Working Paper (2020)
- Visions of the future – a socialist departure from gloom?
PSL Quarterly Review, 2021, 74, (298), 155-177 
See also Working Paper (2021)
2019
- Autonomous demand, Harrodian instability and the supply side
Metroeconomica, 2019, 70, (2), 233-246 View citations (21)
See also Working Paper (2016)
2018
- Credit constraints and economic growth in a dual economy
Structural Change and Economic Dynamics, 2018, 45, (C), 64-76 View citations (5)
See also Working Paper (2017)
2017
- Autonomous Demand and the Harrodian Criticisms of the Kaleckian Model
Metroeconomica, 2017, 68, (1), 185-193 View citations (20)
- Fiscal and Monetary Policy Rules in an Unstable Economy
Metroeconomica, 2017, 68, (3), 500-548 View citations (8)
See also Working Paper (2015)
- Functional finance and intergenerational distribution in neoclassical and Keynesian OLG models
Review of Keynesian Economics, 2017, 5, (1), 112-134 View citations (2)
- Weaknesses of 'wage-led growth'
Review of Keynesian Economics, 2017, 5, (3), 336-359 View citations (17)
See also Working Paper (2016)
2016
- Aggregate demand, functional finance, and secular stagnation
European Journal of Economics and Economic Policies: Intervention, 2016, 13, (2), 172-188 View citations (6)
See also Working Paper (2016)
- Labor Market Reforms, Temporary Workers and Wage Inequality
Metroeconomica, 2016, 67, (2), 313-333
2015
- Growth cycles with or without price flexibility
Review of Keynesian Economics, 2015, 3, (3), 374-386 View citations (3)
See also Working Paper (2015)
2014
- Pluralism, the Lucas Critique, and the Integration of Macroeconomics and Microeconomics
Review of Political Economy, 2014, 26, (4), 503-515 View citations (7)
- Public debt in an OLG model with imperfect competition: long-run effects of austerity programs and changes in the growth rate
The B.E. Journal of Macroeconomics, 2014, 14, (1), 20 View citations (4)
See also Working Paper (2013)
2013
- Distributional biases in the analysis of climate change
Ecological Economics, 2013, 85, (C), 188-197 View citations (3)
See also Working Paper (2011)
- Increasing Inequality and Financial Instability
Review of Radical Political Economics, 2013, 45, (4), 478-488 View citations (12)
See also Working Paper (2011)
- Power, Luck and Ideology – Technological and Institutional Parameters of the Agency Problem for CEOs*
Review of Radical Political Economics, 2013, 45, (3), 323-332 View citations (2)
- Public debt and full employment in a stock-flow consistent model of a corporate economy
Journal of Post Keynesian Economics, 2013, 35, (4), 511-528 View citations (18)
See also Working Paper (2011)
2012
- An empirical evaluation of three post-Keynesian models
European Journal of Economics and Economic Policies: Intervention, 2012, 9, (2), 277-307 View citations (30)
See also Working Paper (2010)
- Employment and distribution effects of the minimum wage
Journal of Economic Behavior & Organization, 2012, 84, (1), 245-264 View citations (11)
See also Working Paper (2012)
- THEORETICAL AND EMPIRICAL SHORTCOMINGS OF THE KALECKIAN INVESTMENT FUNCTION
Metroeconomica, 2012, 63, (1), 109-138 View citations (136)
See also Working Paper (2009)
- The real exchange rate and economic development
Structural Change and Economic Dynamics, 2012, 23, (2), 151-169 View citations (77)
See also Working Paper (2011)
- The real exchange rate and economic growth: are developing countries different?
International Review of Applied Economics, 2012, 26, (6), 735-753 View citations (88)
See also Working Paper (2011)
2011
- Cyclical patterns of employment, utilization, and profitability
Journal of Post Keynesian Economics, 2011, 34, (1), 25-58 View citations (25)
See also Working Paper (2010)
2008
- Financialization in Kaleckian Economies with and without Labor Constraints
European Journal of Economics and Economic Policies: Intervention, 2008, 5, (2), 357-386 View citations (29)
See also Working Paper (2008)
- Information and Communications Technologies, Coordination and Control, and the Distribution of Income
Journal of Income Distribution, 2008, 17, (3-4), 71-92 View citations (5)
See also Working Paper (2007)
- Macroeconomic implications of financialisation
Cambridge Journal of Economics, 2008, 32, (6), 827-862 View citations (108)
See also Working Paper (2007)
2007
- A model of power-biased technological change
Economics Letters, 2007, 95, (1), 124-131 View citations (17)
- Japanese growth and stagnation: A Keynesian perspective
Structural Change and Economic Dynamics, 2007, 18, (3), 306-332 View citations (15)
See also Working Paper (2006)
2006
- Comments on "Integrated Keynesian disequilibrium dynamics"
Journal of Macroeconomics, 2006, 28, (1), 131-135
- STEINDLIAN MODELS OF GROWTH AND STAGNATION
Metroeconomica, 2006, 57, (3), 303-338 View citations (45)
See also Working Paper (2004)
- Wage inequality and overeducation in a model with efficiency wages
Canadian Journal of Economics/Revue canadienne d'économique, 2006, 39, (1), 94-123 View citations (17)
Also in Canadian Journal of Economics, 2006, 39, (1), 94-123 (2006) View citations (19)
See also Working Paper (2005)
2005
- Election campaigns, agenda setting and electoral outcomes
Public Choice, 2005, 125, (1), 215-228 View citations (1)
See also Working Paper (2004)
- Fairness as a source of hysteresis in employment and relative wages
Journal of Economic Behavior & Organization, 2005, 57, (3), 305-331 View citations (61)
See also Working Paper (2004)
2002
- Paradoxical effects of drug policy in a model with imperfect competition and switching costs
Journal of Economic Behavior & Organization, 2002, 48, (4), 335-354 View citations (10)
2001
- Economic explanation, ordinality and the adequacy of analytic specification
Journal of Economic Methodology, 2001, 11, (4), 437-453 View citations (3)
See also Working Paper (2004)
2000
- Uneven Development and Bilateral Conflict
Metroeconomica, 2000, 51, (4), 380-412 View citations (1)
1999
- Economic divergence and institutional change: some observations on the convergence literature
Journal of Economic Behavior & Organization, 1999, 39, (3), 235-247 View citations (1)
- Growth and Stagnation in a Two-Sector Model: Kaldor's Mattioli Lectures: Review Article
Cambridge Journal of Economics, 1999, 23, (3), 353-70 View citations (6)
1998
- Dynamic Effects of Trade Liberalization and Currency Overvaluation under Conditions of Increasing Returns
The Manchester School of Economic & Social Studies, 1998, 66, (4), 466-89 View citations (27)
- Uneven Development and the Liberalisation of Trade and Capital Flows: The Case of Mexico
Cambridge Journal of Economics, 1998, 22, (3), 277-95 View citations (12)
1997
- Measuring Effort
Metroeconomica, 1997, 48, (3), 300-305 View citations (1)
- On the Proper Use of Ordinal Variables--A Comment
The Manchester School of Economic & Social Studies, 1997, 65, (5), 599-601
- Stagflationary Consequences of Prudent Monetary Policy in a Unionized Economy
Oxford Economic Papers, 1997, 49, (4), 609-22 View citations (56)
- The “Big Push” in an Open Economy with Nontradable Inputs
Journal of Post Keynesian Economics, 1997, 20, (1), 149-162 View citations (12)
1996
- Clower on Effective Demand
Eastern Economic Journal, 1996, 22, (1), 89-96
- Keynesian Theory and the Aggregate-Supply/Aggregate-Demand Framework: A Defense
Eastern Economic Journal, 1996, 22, (3), 313-331 View citations (5)
1995
- A Rational-Voter Explanation of the Cost of Ruling
Public Choice, 1995, 83, (1-2), 159-72 View citations (15)
- Cumulative Causation and the “New” Theories of Economic Growth
Journal of Post Keynesian Economics, 1995, 17, (3), 381-402 View citations (6)
- The economics of the profit rate--Competition, crises and historical tendencies in capitalism: Gerard Dumenil and Dominique Levy, (Edward Elgar, Aldershot, 1993), pp. xii + 390, ISBN 1 85278 760 0
European Journal of Political Economy, 1995, 11, (1), 205-207
1993
- Conflict, Wage Determination, and Hysteresis in U.K. Wage Determination
Journal of Post Keynesian Economics, 1993, 15, (3), 365-386 View citations (4)
1992
- Imperfect Competition and the Theory of the Falling Rate of Profit
Review of Radical Political Economics, 1992, 24, (1), 101-113 View citations (2)
- Introduction: Conflict, inflation and the distribution of income
European Journal of Political Economy, 1992, 8, (4), 521-525
1989
- Effective Demand, Class Struggle and Cyclical Growth
International Economic Review, 1989, 30, (1), 231-47 View citations (70)
1988
- Finance, Saving and Accumulation
Cambridge Journal of Economics, 1988, 12, (3), 339-54 View citations (10)
1985
- Increasing Returns and Involuntary Unemployment: Is There a Connection?
Journal of Post Keynesian Economics, 1985, 7, (3), 395-402
1981
- ON THE ‘KALDORIAN’ SAVING FUNCTION
Kyklos, 1981, 34, (4), 563-581 View citations (17)
- Technological Advance with Depletion of Innovation Possibilities: A Comment and Some Extensions
Economic Journal, 1981, 91, (364), 977-87 View citations (5)
Books
2008
- Conflict and Effective Demand in Economic Growth
Cambridge Books, Cambridge University Press View citations (20)
Also in Cambridge Books, Cambridge University Press (1989) View citations (116)
Chapters
2019
- Challenges for post-Keynesian macroeconomics: a behavioural and structuralist perspective
Chapter 2 in Progressive Post-Keynesian Economics, 2019, pp 16-33 View citations (1)
2010
- Growth, Instability and Cycles: Harrodian and Kaleckian Models of Accumulation and Income Distribution
Chapter 5 in Handbook of Alternative Theories of Economic Growth, 2010 View citations (16)
See also Working Paper (2008)
2008
- Power, Productivity, and Profits
Springer View citations (3)
See also Working Paper (2007)
1999
- Kaldor’s Growth Laws and the Principle of Cumulative Causation
Palgrave Macmillan
1992
- Inflation, Unemployment and the Distribution of Income
Palgrave Macmillan
1991
- Cyclical Growth in a Kaldorian Model
Palgrave Macmillan View citations (2)
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