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Review of Keynesian Economics

2013 - 2023

Current editor(s): Thomas Palley, Matías Vernengo and Esteban Pérez Caldentey

From Edward Elgar Publishing
Bibliographic data for series maintained by Phillip Thompson ().

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Volume 11, issue 4, 2023

Hysteresis and path dependence in economic analysis: formalizations, causes and implications pp. 435-459 Downloads
Amitava Krishna Dutt
Broadening the application of hysteresis in economics: institutions, policy lock-in, psychology, identity, and ideas pp. 460-488 Downloads
Thomas Palley
Revisiting the hysteresis hypothesis: an ARIMAX approach pp. 489-506 Downloads
Robert Calvert Jump and Engelbert Stockhammer
Will hysteresis effects afflict the US economy during the post-COVID-19 recovery? pp. 507-528 Downloads
Mark Setterfield
Central Bank Digital Currencies: a proper reaction to private digital money? pp. 529-553 Downloads
Sergio Cesaratto and Eladio Febrero
Secular stagnation: a Classical–Marxian view pp. 554-584 Downloads
Manuel David Cruz and Daniele Tavani
Book review: Dong Wang and Dejun Cao, Re-Globalisation: When China Meets the World Again (Routledge, London, UK 2020, ISBN 978-1-0031-2693-5) 168 pp pp. 585-587 Downloads
Oktay Özden
Book review: Louis-Phillipe Rochon and Sergio Rossi (eds), Elgar Encyclopedia of Post-Keynesian Economics (Edward Elgar Publishing, Cheltenham, UK and Northampton, MA, USA 2023, hardcover, ISBN 978-1-78897-392-2, US$305.00) 474 pp pp. 588-590 Downloads
Ivan D. Velasquez

Volume 11, issue 3, 2023

Critical notes on some recent Neo-Kaleckian contributions on capacity utilization pp. 261-289 Downloads
Santiago José Gahn
Pure Harrodian dynamics: heterogeneous expectations and the loss of three established propositions pp. 290-327 Downloads
Reiner Franke
A sectoral perspective on the persistence of economic sentiment: mere transitory effect or a long memory process? pp. 328-349 Downloads
Ivana Lolić, Petar Sorić and Marija Logarušić
Growth trajectories and political economy in a Structuralist open economy model pp. 350-376 Downloads
Gabriel Porcile, Danilo Spinola and Giuliano Yajima
The effect of public social expenditure on imports pp. 377-399 Downloads
Carlos Garcimartín, Arnoldo Lopez Marmolejo and Carlos Eggers
Why the conventional test of Thirlwall’s law is still not a ‘near-tautology’: a rejoinder to Professor Blecker pp. 400-415 Downloads
John S.L. McCombie
On empirical tests of Thirlwall’s law: a reply to Professor McCombie’s rejoinder pp. 418-426 Downloads
Robert Blecker
Book review: Charles J. Whalen, Reforming Capitalism for the Common Good: Essays in Institutional and Post-Keynesian Economics (Edward Elgar Publishing, Cheltenham, UK and Northampton, MA, USA 2022, ISBN 978-1-80392-628-5) 386 pp pp. 427-429 Downloads
Jacob Powell
Book review: Aleksandr V. Gevorkyan (ed.), Foreign Exchange Constraint and Developing Economies (Edward Elgar Publishing, Cheltenham, UK and Northampton, MA, USA 2023, ISBN 978-1-80088-049-8) 278 pp pp. 430-434 Downloads
Terence M. Yhip

Volume 11, issue 2, 2023

The first inflation problem of the twenty-first century pp. 117-128 Downloads
Brad DeLong
Price and prejudice: reflections on the return of inflation and ideology*, ** pp. 129-146 Downloads
Matías Vernengo and Esteban Pérez Caldentey
Inflation phobia, myths and dogma exacerbate policy responses* pp. 147-171 Downloads
Anis Chowdhury and Jomo Kwame Sundaram
The quasi-inflation of 2021–2022: a case of bad analysis and worse response pp. 172-182 Downloads
James K. Galbraith
Sellers’ inflation, profits and conflict: why can large firms hike prices in an emergency? pp. 183-213 Downloads
Isabella M. Webe and Evan Wasner
Recession and deflation? pp. 214-231 Downloads
David Blanchflower and Alex Bryson
Book review: James Crotty, Keynes Against Capitalism: His Economic Case for Liberal Socialism (Routledge, London, UK 2019) ISBN: 978-1138612846, 397 pp pp. 252-255 Downloads
Matías Vernengo
Book review: Jonathan Levy, Ages of American Capitalism: A History of The United States (Random House, New York, NY, USA 2021) ISBN 978-0812995015, 944 pp pp. 256-259 Downloads
Syed Mohib Ali

Volume 11, issue 1, 2023

The Godley–Tobin Memorial Lecture pp. 1-9 Downloads
Paul Krugman
Mind the wage gap: an empirical analysis of the impact of labour income inequality on economic growth* pp. 10-30 Downloads
Rebecca Gramiscelli Hasparyk, Rafael Saulo Marques Ribeiro and Ana Bottega
Asset market closure and the neo-Pasinetti theorem pp. 100–104 Downloads
Thomas Michl
Inflation dynamics: forward or backward looking? pp. 31-51 Downloads
Huiqing Li
Joan Robinson’s Phillips curve pp. 52-71 Downloads
Ian M. McDonald
Long-run effective demand and residential investment: a Sraffian supermultiplier based analysis* pp. 72-99 Downloads
Lucas Teixeira and Gabriel Petrini
Asset market closure and the neo-Pasinetti theorem – a comment pp. 105-108 Downloads
Peter Skott
Book review: Domenica Tropeano, Financial Regulation in the European Union after the Crisis. A Minskian Approach (Routledge, New York, NY, USA 2018) 173 pp pp. 109-111 Downloads
Victor Isidro Luna
Book review: Thomas Palley, Neoliberalism and the Road to Inequality and Stagnation: A Chronicle Foretold (Edward Elgar Publishing, Cheltenham, UK and Northampton, USA 2021, ISBN: 978180220 0072) 320 pp pp. 112-115 Downloads
André Roncaglia de Carvalho

Volume 10, issue 4, 2022

The international currency system revisited pp. 443-461 Downloads
Tabitha M. Benney and Benjamin J. Cohen
Theorizing dollar hegemony: the political economic foundations of exorbitant privilege pp. 462-498 Downloads
Thomas Palley
Will the Chinese renminbi replace the US dollar? pp. 499-512 Downloads
Michael Pettis
The peso problem and dollar hegemony under inflation targeting pp. 513-532 Downloads
Juan Alberto Vázquez-Muñoz and Ignacio Perrotini-Hernández
Old and new proposals for global monetary reform pp. 533-558 Downloads
Jan Priewe
Book review: Mark G. Hayes, The Economics of Keynes: A New Guide to The General Theory (Edward Elgar Publishing, Cheltenham, UK and Northampton, MA, USA 2006, ISBN 978-1-84844-056-2) 288 pp pp. 580-582 Downloads
Suranjana Nabar-Bhaduri
Book review: Robert Skidelsky, Money and Government: The Past and Future of Economics (Yale University Press, New Haven, CT, USA 2017, ISBN 978-0-24135-282-3) 492 pp pp. 583-587 Downloads
Esteban Pérez Caldentey

Volume 10, issue 3, 2022

Testing the global extent of the endogenous-money hypothesis: a panel vector autoregression approach – Online appendix pp. 1-11 Downloads
Leonardo Vera, John Cajas Guijarro and Bryan Pérez
The relation between Keynesian monetary theory and demand-led growth: a Sraffian exploration pp. 291-315 Downloads
Sergio Cesaratto and Riccardo Pariboni
Testing the global extent of the endogenous-money hypothesis: a panel vector autoregression approach* pp. 316-347 Downloads
Leonardo Vera, John Cajas Guijarro and Bryan Pérez
Understanding the consequences of IMF surcharges: the need for reform pp. 348-354 Downloads
Joseph Stiglitz and Kevin P. Gallagher
The paper studies endogenous employment and distribution dynamics in a Post-Keynesian growth model of the Kalecki–Steindl tradition. Abstract: Productivity adjustments stabilise employment and the labour share in the long run: technological change allows firms to replenish the reserve army of workers in a struggle over income shares and thereby keeps wage demands in check. Labour market dynamics follow from separate wage and price curves. The authors discuss stability conditions and the equilibrium dynamics and investigate how legal working time and its reduction affect this equilibrium pp. 355-381 Downloads
Stefan Ederer and Armon Rezai
The paper studies endogenous employment and distribution dynamics in a Post-Keynesian growth model of the Kalecki–Steindl tradition. Abstract: A particularly influential group among heterodox economists argues that a ‘competitive’ real exchange rate by itself triggers economic growth. New Developmentalism, a sub-group within this broader view, makes a valuable contribution to the discussion by assigning two different roles to the ‘competitive’ or ‘equilibrium’ exchange rate: first, it acts as a ‘light switch’ by allowing tradable sectors that employ ‘state of the art’ technology to earn the normal profit rate of the economy by selling their goods in global markets. And, second, to ensure that domestic firms have ‘access to foreign demand’, growth is accelerated through several mechanisms. This paper exclusively focuses on the first role, which has received much less attention in the literature. To do so, the authors present a formal framework inspired by the classical approach to prices and distribution that (a) captures the idea of the exchange rate as a ‘light-switch’ and (b) allows the examination of the scopes and limits of the concept of ‘Dutch disease’, the main structural feature that, according to New Developmentalism, may cause the systematic overvaluation of the exchange rate pp. 382-405 Downloads
Ariel Dvoskin and Germán David Feldman
Drivers of private consumption in the era of financialisation: new evidence for European Union countries pp. 406-434 Downloads
Ricardo Barradas
Book review: Charles Camic, Veblen: The Making of an Economist Who Unmade Economics (Harvard University Press, Cambridge, MA, USA 2020) 492 pp pp. 435-439 Downloads
William McColloch
Book review: Yanis Varoufakis, Another Now: Dispatches from an Alternative Present (The Bodley Head, London, UK 2020) 240 pp pp. 440-442 Downloads
Stefanos Ioannou

Volume 10, issue 1, 2022

The Godley-Tobin Memorial Lecture* pp. 1-24 Downloads
Marc Lavoie
Why do we think that inflation expectations matter for inflation? (And should we?) pp. 25-45 Downloads
Jeremy B. Rudd
Keynes vs Kalecki: risk and uncertainty in their theories of the rate of interest pp. 46-62 Downloads
Hubert Gabrisch
Towards a general, modern theory of animal spirits pp. 63-87 Downloads
Michael Lainé
Monetary Keynesianism before Keynes? The January 1932 Harvard memorandum on anti-depression policies pp. 88-108 Downloads
Ramesh Chandra
Hysteresis and the New Consensus three-equation model: a Post-Keynesian amendment pp. 109-122 Downloads
Nelson Barbosa-Filho
Book review: Marc Lavoie, Post-Keynesian Monetary Theory: Selected Essays (Edward Elgar Publishing, Cheltenham, UK and Northampton, MA, USA 2020, ISBN 978-1-83910-008-6) 416 pp pp. 123-125 Downloads
Pablo Bortz
Book review: Alex M. Thomas, Macroeconomics: An Introduction (Cambridge University Press, Cambridge, UK 2021) 254 pp pp. 126-128 Downloads
Santiago J. Gahn
Theorizing Varieties of Capitalism: economics and the fallacy that ‘there is no alternative (TINA)’ pp. 129-166 Downloads
Thomas Palley
In search of varieties of capitalism: hardy perennial or troublesome weed? pp. 167-183 Downloads
Mark Blyth and Herman Mark Schwartz
The politics of growth models pp. 204-221 Downloads
Lucio Baccaro and Jonas Pontusson
Rethinking Varieties of Capitalism and growth theory in the ICT era* pp. 222-241 Downloads
David Soskice
Varieties of peripheral capitalism: on the institutional foundations of economic backwardness* pp. 242-263 Downloads
Esteban Pérez Caldentey and Matías Vernengo
Varieties and interdependencies of demand and growth regimes in finance-dominated capitalism: a Post-Keynesian two-country stock–flow consistent simulation approach pp. 264-290 Downloads
Franz Prante, Eckhard Hein and Alessandro Bramucci
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