Review of Keynesian Economics

2013 - 2025

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

From Edward Elgar Publishing
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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

Volume 9, issue 4, 2021

Rent-seeking and asset-price inflation: a total-returns profile of economic polarization in America* pp. 435-460

Michael Hudson

Financialization revisited: the economics and political economy of the vampire squid economy pp. 461–492

Thomas Palley

Financialization, premature deindustrialization, and instability in Latin America* pp. 493–511

Esteban Pérez Caldentey and Matías Vernengo

Globalization of capital, erosion of economic policy sovereignty, and the lessons from John Maynard Keynes pp. 512–520

Biagio Bossone

Effectiveness of capital controls in dampening international shocks pp. 521–551

Chokri Zehri

China: capital flight or renminbi internationalization? pp. 552–574

Paulo van Noije, Bruno De Conti and Marina Zucker-Marques

Book review: Geoff Mann, In the Long Run, We are All Dead: Keynesianism, Political Economy, and Revolution (Verso Books, London, UK 2017) 432 pp pp. 575–578

Nina Eichacker

Book review: Zachary D. Carter, The Price of Peace: Money, Democracy, and the Life of John Maynard Keynes (Random House, New York, NY, USA 2020) 656 pp pp. 579–581

Matías Vernengo

Volume 9, issue 3, 2021

Distribution, wealth and demand regimes in historical perspective: the USA, the UK, France and Germany, 1855–2010 Online Appendices pp. 1-14

Engelbert Stockhammer, Joel Rabinovich and Niall Reddy

Household indebtedness, distribution, and bargaining power under distribution-induced technological change: a macroeconomic analysis pp. 297-318

Eric Kemp-Benedict and Y.K. Kim

Human capital accumulation, income distribution, and economic growth: a demand-led analytical framework pp. 319-336

Gilberto Lima, Laura Barbosa de Carvalho and Gustavo Pereira Serra

Distribution, wealth and demand regimes in historical perspective: the USA, the UK, France and Germany, 1855–2010 pp. 337-367

Engelbert Stockhammer, Joel Rabinovich and Niall Reddy

Omitted-variable bias in demand-regime estimations: the role of household credit and wage inequality in Brazil pp. 368-393

Julia Burle and Laura Barbosa de Carvalho

Wage- and profit-led growth regimes: a panel-data approach pp. 394-412

Guilherme de Oliveira and Eduardo Prado Souza

A note on ‘Wage-led versus profit-led demand regimes: the long and the short of it’ pp. 413-424

Lilian Rolim

Life among the Econ: 50 years on pp. 425-428

Thomas Palley

Book review: Ajit Sinha, A Revolution in Economic Theory: The Economics of Piero Sraffa (Palgrave Macmillan, Basingstoke, UK, New York, NY, USA and Melbourne, Australia 2016) 264 pp pp. 429-431

Enes Işık

Book review: Book review: Sergio Cesaratto, Heterodox Challenges in Economics: Theoretical Issues and the Crisis of the Eurozone (Springer, Cham, Switzerland 2020) 296 pp pp. 432-434

Karsten Kohler

Volume 9, issue 2, 2021

The macroeconomics of COVID-19: a two-sector interpretation pp. 165-174

Halvor Mehlum and Ragnar Torvik

Thirlwall's law is not a tautology, but some empirical tests of it nearly are pp. 175-203

Robert Blecker

A macroeconomic critique of integrated assessment environmental models: the case of Brazil pp. 204-231

Rafael Cattan and Florent McIsaac

External balance sheets of emerging economies: low-yielding assets, high-yielding liabilities pp. 232-252

Yılmaz Akyüz

Questioning the effect of the real exchange rate on growth: new evidence from Mexico pp. 253-269

Florencia Médici, Agustín Mario and Alejandro Fiorito

Expectations and exchange rates in a Keynes–Harvey model: an analysis of the Brazilian case from 2002 to 2017 pp. 270-288

Leandro Vieira Araújo Lima and Fábio Terra

Book review: Adem Yavuz Elveren, The Economics of Military Spending: A Marxist Perspective (Routledge, London, UK and New York, NY, USA 2019) 224 pp pp. 289-291

David M. Fields

Book review: Naomi Lamoreaux and Ian Shapiro (eds), The Bretton Woods Agreements: Together with Scholarly Commentaries and Essential Historical Documents (Yale University Press, New Haven, CT, USA 2019) 504 pp pp. 292-295

Adrien Faudot

Volume 9, issue 1, 2021

The Godley-Tobin memorial lecture: Animal spirits and viral popular narratives pp. 1-10

Robert J. Shiller

Can loss aversion shed light on the deflation puzzle? pp. 11-42

Jeanette Lye and Ian M. McDonald

Money creation in the modern economy: an appraisal pp. 43-60

Jacob Stevens

Explaining global imbalances: the role of central-bank intervention and the rise of sovereign wealth funds pp. 61-82

Richard Senner and Didier Sornette

The evolution of China's monetary policy: on the horns of a dilemma pp. 83-108

Ramaa Vasudevan

The evolution of China's monetary policy: on the horns of a dilemma pp. 109-138

Santiago Capraro and Carlo Panico

Monetary policy effectiveness in the liquidity trap: a switching regimes approach pp. 139-155

Dimitris Kirikos

Book review: Mauro L. Baranzini and Amalia Mirante, Luigi L. Pasinetti: An Intellectual Biography (Palgrave Macmillan, London, UK 2018) 390 pp pp. 156-159

Daniele Schilirò

Book review: George Selgin, Floored! How a Misguided Fed Experiment Deepened and Prolonged the Great Recession (CATO Institute, Washington, DC, USA 2018) 230 pp pp. 160-163

Ahmad A. Borazan