Review of Keynesian Economics

2012 - 2025

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

From Edward Elgar Publishing
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Volume 11, issue 4, 2023

Hysteresis and path dependence in economic analysis: formalizations, causes and implications pp. 435-459

Amitava Dutt

Broadening the application of hysteresis in economics: institutions, policy lock-in, psychology, identity, and ideas pp. 460-488

Thomas Palley

Revisiting the hysteresis hypothesis: an ARIMAX approach pp. 489-506

Robert Calvert Jump and Engelbert Stockhammer

Will hysteresis effects afflict the US economy during the post-COVID-19 recovery? pp. 507-528

Mark Setterfield

Central Bank Digital Currencies: a proper reaction to private digital money? pp. 529-553

Sergio Cesaratto and Eladio Febrero

Secular stagnation: a Classical–Marxian view pp. 554-584

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

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

Ivan D. Velasquez

Volume 11, issue 3, 2023

Critical notes on some recent Neo-Kaleckian contributions on capacity utilization pp. 261-289

Santiago José Gahn

Pure Harrodian dynamics: heterogeneous expectations and the loss of three established propositions pp. 290-327

Reiner Franke

A sectoral perspective on the persistence of economic sentiment: mere transitory effect or a long memory process? pp. 328-349

Ivana Lolić, Petar Sorić and Marija Logarušić

Growth trajectories and political economy in a Structuralist open economy model pp. 350-376

Gabriel Porcile, Danilo Spinola and Giuliano Yajima

The effect of public social expenditure on imports pp. 377-399

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

John S.L. McCombie

On empirical tests of Thirlwall’s law: a reply to Professor McCombie’s rejoinder pp. 418-426

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

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

Terence M. Yhip

Volume 11, issue 2, 2023

The first inflation problem of the twenty-first century pp. 117-128

Brad DeLong

Price and prejudice: reflections on the return of inflation and ideology*, ** pp. 129-146

Matías Vernengo and Esteban Pérez Caldentey

Inflation phobia, myths and dogma exacerbate policy responses* pp. 147-171

Anis Chowdhury and Jomo Kwame Sundaram

The quasi-inflation of 2021–2022: a case of bad analysis and worse response pp. 172-182

James K. Galbraith

Sellers’ inflation, profits and conflict: why can large firms hike prices in an emergency? pp. 183-213

Isabella M. Webe and Evan Wasner

Recession and deflation? pp. 214-231

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

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

Syed Mohib Ali

Volume 11, issue 1, 2023

The Godley–Tobin Memorial Lecture pp. 1-9

Paul Krugman

Mind the wage gap: an empirical analysis of the impact of labour income inequality on economic growth* pp. 10-30

Rebecca Gramiscelli Hasparyk, Rafael Saulo Marques Ribeiro and Ana Bottega

Asset market closure and the neo-Pasinetti theorem pp. 100–104

Thomas Michl

Inflation dynamics: forward or backward looking? pp. 31-51

Huiqing Li

Joan Robinson’s Phillips curve pp. 52-71

Ian M. McDonald

Long-run effective demand and residential investment: a Sraffian supermultiplier based analysis* pp. 72-99

Lucas Teixeira and Gabriel Petrini

Asset market closure and the neo-Pasinetti theorem – a comment pp. 105-108

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

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

André Roncaglia de Carvalho

Volume 10, issue 4, 2022

The international currency system revisited pp. 443-461

Tabitha M. Benney and Benjamin J. Cohen

Theorizing dollar hegemony: the political economic foundations of exorbitant privilege pp. 462-498

Thomas Palley

Will the Chinese renminbi replace the US dollar? pp. 499-512

Michael Pettis

The peso problem and dollar hegemony under inflation targeting pp. 513-532

Juan Alberto Vázquez-Muñoz and Ignacio Perrotini-Hernández

Old and new proposals for global monetary reform pp. 533-558

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

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

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

Leonardo Vera, John Cajas Guijarro and Bryan Pérez

The relation between Keynesian monetary theory and demand-led growth: a Sraffian exploration pp. 291-315

Sergio Cesaratto and Riccardo Pariboni

Testing the global extent of the endogenous-money hypothesis: a panel vector autoregression approach* pp. 316-347

Leonardo Vera, John Cajas Guijarro and Bryan Pérez

Understanding the consequences of IMF surcharges: the need for reform pp. 348-354

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

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

Ariel Dvoskin and Germán David Feldman

Drivers of private consumption in the era of financialisation: new evidence for European Union countries pp. 406-434

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

William McColloch

Book review: Yanis Varoufakis, Another Now: Dispatches from an Alternative Present (The Bodley Head, London, UK 2020) 240 pp pp. 440-442

Stefanos Ioannou

Volume 10, issue 1, 2022

The Godley-Tobin Memorial Lecture* pp. 1-24

Marc Lavoie

Why do we think that inflation expectations matter for inflation? (And should we?) pp. 25-45

Jeremy B. Rudd

Keynes vs Kalecki: risk and uncertainty in their theories of the rate of interest pp. 46-62

Hubert Gabrisch

Towards a general, modern theory of animal spirits pp. 63-87

Michael Lainé

Monetary Keynesianism before Keynes? The January 1932 Harvard memorandum on anti-depression policies pp. 88-108

Ramesh Chandra

Hysteresis and the New Consensus three-equation model: a Post-Keynesian amendment pp. 109-122

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

Pablo Bortz

Book review: Alex M. Thomas, Macroeconomics: An Introduction (Cambridge University Press, Cambridge, UK 2021) 254 pp pp. 126-128

Santiago J. Gahn

Theorizing Varieties of Capitalism: economics and the fallacy that ‘there is no alternative (TINA)’ pp. 129-166

Thomas Palley

In search of varieties of capitalism: hardy perennial or troublesome weed? pp. 167-183

Mark Blyth and Herman Mark Schwartz

The politics of growth models pp. 204-221

Lucio Baccaro and Jonas Pontusson

Rethinking Varieties of Capitalism and growth theory in the ICT era* pp. 222-241

David Soskice

Varieties of peripheral capitalism: on the institutional foundations of economic backwardness* pp. 242-263

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

Franz Prante, Eckhard Hein and Alessandro Bramucci