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 8, issue 4, 2020

In memoriam: Julio López Gallardo (22 September 1941 – 3 May 2020) pp. 469-471

Gerardo Gambero, Juan Carlos Moreno-Brid, Carlo Panico and Martín Puchet Anyul

What's wrong with Modern Money Theory: macro and political economic restraints on deficit-financed fiscal policy pp. 472–493

Thomas Palley

Beyond Modern Money Theory: a Post-Keynesian approach to the currency hierarchy, monetary sovereignty, and policy space pp. 494–511

Daniela Prates

Can tax competition boost demand? Causes and consequences of the global race to the bottom in corporate tax rates pp. 512–535

Ryan Woodgate

Employment hysteresis: an argument for avoiding front-loaded fiscal consolidations in the eurozone pp. 536–559

Paulo R. Mota, Abel L.C. Fernandes and Paulo B. Vasconcelos

Peripheral Europe beyond the Troika: assessing the ‘success’ of structural reforms in driving the Spanish recovery pp. 560–588

Luis Cárdenas, Paloma Villanueva, Ignacio Alvarez and Jorge Uxó

Macroeconomic performance under evolutionary dynamics of employee profit-sharing pp. 589–615

Gilberto Lima and Jaylson Silveira

Fiscal policy in a depressed economy: a note pp. 616–621

Robert Rowthorn

Book review: Aleksandr V. Gevorkyan, Transition Economies: Transformation, Development, and Society in Eastern Europe and the Former Soviet Union (Routledge, New York, NY, USA 2018) 272 pp pp. 622–623

Gonzalo Luis Fernández

Book review: Esteban Pérez Caldentey, Roy Harrod (Great Thinkers in Economics, Palgrave Macmillan, London, UK 2019) 455 pp pp. 624–628

Víctor Manuel Isidro Luna and Francisco Antonio Martínez Hernández

Volume 8, issue 3, 2020

Autonomous demand and the investment share: Online appendices pp. 1-14

Daniele Girardi and Riccardo Pariboni

Introduction to the symposium pp. 311-312

Ricardo Summa and Fabio Freitas

A baseline supermultiplier model for the analysis of fiscal policy and government debt pp. 313-338

Fabio Freitas

Workers' debt-financed consumption: a supermultiplier stock-flow consistent model pp. 339-364

Gabriel Vieira Mandarino, Claudio H. Dos Santos and Antonio Carlos Macedo e Silva

Stagnation and unnaturally low interest rates: a simple critique of the amended New Consensus and the Sraffian supermultiplier alternative pp. 365-384

Franklin Serrano, Ricardo Summa and Vivian Garrido Moreira

Some observations on endogeneity in the normal rate of capacity utilisation pp. 385-406

Brett Fiebiger

A critical evaluation of some Kaleckian proposals to deal with the issue of convergence towards normal capacity utilization pp. 407-427

Guilherme Haluska

Autonomous demand and the investment share pp. 428-453

Daniele Girardi and Riccardo Pariboni

Investment rate, growth, and the accelerator effect in the supermultiplier model: the case of Brazil pp. 454-466

Julia Braga

Book review: Nicola Acocella, Rediscovering Economic Policy as a Discipline (Cambridge University Press, Cambridge, UK 2018) 424 pp pp. 467-468

Matías Vernengo

Volume 8, issue 2, 2020

A Structuralist and Institutionalist developmental assessment of and reaction to New Developmentalism pp. 147-167

Carlos Aguiar de Medeiros

New and Classical Developmentalism compared: a response to Medeiros pp. 168-177

Luiz Carlos Bresser-Pereira

Modeling the real exchange rate: looking for evidence of wage-share effect pp. 178-194

Verónica De Jesús Romo and Julio López Gallardo

Making sense of Piketty's 'fundamental laws' in a Post-Keynesian framework: the transitional dynamics of wealth inequality pp. 195-219

Stefan Ederer and Miriam Rehm

Autonomous expenditures and induced investment: a panel test of the Sraffian supermultiplier model in European countries pp. 220-239

José A. Pérez-Montiel and Carles Manera Erbina

Distribution and capacity utilization in the United States: evidence from state-level data pp. 240-267

Luke Petach

Using non-linear estimation strategies to test an extended version of the Goodwin model on the US economy pp. 268-286

Julio Fernando Costa Santos and Ricardo Araujo

Understanding the Brazilian demand regime: a Kaleckian approach pp. 287-302

Bruno Tomio

Corrigendum pp. 303

Thomas Palley

Book review: Jane D'Arista, All Fall Down: Debt, Deregulation and Financial Crises (Edward Elgar Publishing, Cheltenham, UK and Northampton, MA, USA 2018) 240 pp pp. 304-306

Gökçer Özgür

Book review: John Smithin, Rethinking the Theory of Money, Credit, and Macroeconomics (Lexington Books, Lanham, MD, USA 2018) 239 pp pp. 307-309

Gregory A. Krohn

Volume 8, issue 1, 2020

The Godley-Tobin lecture pp. 1-20

Robert Rowthorn

Do current times vindicate Keynes and is New Keynesian macroeconomics Keynesian? pp. 21-22

Thomas Palley, Esteban Perez Caldentey and Matías Vernengo

Keynesian economics: can it return if it never died? pp. 23-35

Barry Eichengreen

THe much-exaggerated death of Keynesian economics pp. 36-45

Robert Dimand

Was Keynesian economics ever dead? If so, has it been resurrected? pp. 46-60

Steven Fazzari

Reviving Keynesianism: the modelling of the financial system makes the difference pp. 61-83

Peter Bofinger

The return of Keynes and the Phillips curve in Latin America: evidence from four countries pp. 84-101

Esteban Perez Caldentey, Nathan Perry and Matías Vernengo

Tobin (1975) meets rational expectations pp. 102-118

Emiliano Libman

Why does the history of economic thought neglect Post-Keynesian economics? pp. 119-137

Danielle Guizzo

Book review: Ann E. Davis, Money as a Social Institution: The Institutional Development of Capitalism (Routledge, New York, NY, USA 2017) 208 pp pp. 138-141

Victor Isidro Luna

Book review: Darrell M. West, The Future of Work: Robots, AI, and Automation (Brookings Institution Press, Washington, DC, USA 2018) 205 pp pp. 142-145

Kevin Cashman

Volume 7, issue 4, 2019

Thirlwall's law at 40 pp. 427–428

Esteban Perez Caldentey and Matías Vernengo

Why Thirlwall's law is not a tautology: more on the debate over the law pp. 429-443

J.S.L. McCombie

Thirlwall's law and the terms of trade: a parsimonious extension of the balanceof-payments-constrained growth model pp. 444-462

Ignacio Perrotini-Hernández and Juan Alberto Vázquez-Muñoz

Thirlwall's law and the terms of trade: a parsimonious extension of the balanceof-payments-constrained growth model pp. 463-485

Esteban Perez Caldentey and Juan Carlos Moreno-Brid

Thirlwall's law, external debt sustainability, and the balance-of-payments-constrained level and growth rates of output pp. 486-497

Gustavo Bhering, Franklin Serrano and Fabio Freitas

Growth transitions and the balance-of-payments constraint pp. 498-516

Excellent Mhlongo and Kevin Nell

New Structuralism and the balance-ofpayments constraint pp. 517-536

Gabriel Porcile and Giuliano Toshiro Yajima

Is Indonesia's growth rate balance-ofpayments-constrained? A time-varying estimation approach pp. 537-553

Jesus Felipe, Matteo Lanzafame and Gemma Estrada

Thoughts on balance-of-paymentsconstrained growth after 40 years pp. 554-567

Anthony Thirlwall

James Crotty, Capitalism, Macroeconomics and Reality: Understanding Globalization, Financialization, Competition and Crisis (Edward Elgar Publishing, Cheltenham, UK and Northampton, MA, USA 2017) 448 pp pp. 568-569

Juan Matías De Lucchi

Volume 7, issue 3, 2019

Convergence in a neo-Kaleckian model with endogenous technical progress and autonomous demand growth pp. 275-291

Won Jun Nah and Marc Lavoie

A Neo-Kaleckian model of skill-biased technological change and income distribution pp. 292-307

Antonio Neto and Rafael Ribeiro

Some obstacles to wage-led growth pp. 308-320

J.E. King

Who should bear the pain of price competition? A Kaleckian approach pp. 321-340

Shinya Fujita

Differences in wage-determination systems between regular and non-regular employment in a Kaleckian model pp. 341-360

Ryunosuke Sonoda and Hiroaki Sasaki

Risk-sharing by financial markets in federal systems: a critique of existing empirical assessments pp. 361-368

Sebastian Dullien

The process of endogenous liquidity in developing economies: the case of Mexico pp. 369-387

Luis Alfredo Castillo Polanco and Ted P. Schmidt

Interest-rate causality between the federal funds rate and long-run market interest rates pp. 388-401

Hongkil Kim

The Post-Keynesian endogenous-money supply: evidence from Poland pp. 402-418

Gracjan Robert Bachurewicz

Book review: Barry Eichengreen, Arnaud Mehl and Livia Chiţu, How Global Currencies Work: Past, Present, and Future (Princeton University Press, Princeton, NJ, USA 2017) 272 pp pp. 419-422

Aleksandr Gevorkyan

Book review: Ilene Grabel, When Things Don't Fall Apart: Global Financial Governance and Developmental Finance in an Age of Productive Incoherence (MIT Press, Cambridge, MA, USA 2018) 400 pp pp. 423-426

Guillaume Vallet

Volume 7, issue 2, 2019

The economics of negative interest rates pp. 135-136

Thomas Palley, Louis-Philippe Rochon and Guillaume Vallet

How low can we go? The limits of monetary policy pp. 137-150

Steven Pressman

The fallacy of the natural rate of interest and zero lower bound economics: why negative interest rates may not remedy Keynesian unemployment pp. 151-170

Thomas Palley

Negative interest rates: a Keynesian perspective pp. 171-184

Fiona Maclachlan

Unconventional monetary policy and negative interest rates: a Post-Keynesian perspective on the liquidity trap and euthanasia of the rentier pp. 185-200

Olivia Bullio Mattos, Felipe Da Roz, Fernanda Oliveira Ultremare and Guilherme Santos Mello

On the normality of negative interest rates pp. 201-219

Matheus R. Grasselli and Alexander Lipton

The dangerous ineffectiveness of negative interest rates: the case of Switzerland pp. 220-232

Sergio Rossi

Negative interest rates in the eurozone pp. 233-246

Domenica Tropeano

The effect of negative policy rates on the interest-rate pass-through mechanism in the eurozone pp. 247-262

Yannis Panagopoulos and Ekaterini Tsouma

Hoarding, saving, and the paradox of thrift in a financial economy pp. 263-267

Srinivas Thiruvadanthai

Reply to Srinivas Thiruvadanthai pp. 268-270

Nicholas Rowe

Book review: Amelia Correa and Romar Correa, Stock-Flow-Consistent Models and Institutional Variety (Vernon Press, Wilmington, DE, USA 2017) 126 pp pp. 271-273

Sylvio Antonio Kappes and Marcelo Milan

Volume 7, issue 1, 2019

A global macroeconomics – yes, macroeconomics, dammit – of inequality and income distribution pp. 1-5

James K. Galbraith

Combating hysteresis with output targeting pp. 6-27

Thomas Michl and Kayla M. Oliver

Time variation in the size of the multiplier: a Kalecki–Harrod approach pp. 28-42

Mark Setterfield

On Harrodian instability: two stabilizing mechanisms may be jointly destabilizing pp. 43-56

Reiner Franke

Demand effects of fiscal policy since 2008 pp. 57-74

Engelbert Stockhammer, Walid Qazizada and Sebastian Gechert

Has French budgetary policy since the 1970s been truly Keynesian? pp. 75-93

Sebastien Charles, Thomas Dallery and Jonathan Marie

The private saving glut and the developed countries' government financial balance pp. 94-107

Leon Podkaminer

China's economic success: evidence regarding the role of fiscal policy pp. 108-130

Xiao Kong and Feng Feng

Book review: Peter Temin, The Vanishing Middle Class: Prejudice and Power in a Dual Economy (MIT Press, Cambridge, MA, USA 2017) 256 pp pp. 131-134

Bradley Bordiss