Recent papers and selected older articles
A full list of publications can be found on the cv.
Endogenous cycles
Cyclical Patterns of Employment, Wage Inequality, and the Functional Distribution of Income
With Adam Aboobaker. Political Economy Quarterly, Volume 4 Issue 1, March 2025, pp. 161-195 (0pen access), (WP version: PKES Working Paper 2512)
Endogenous business cycles and economic policy
Journal of Economic Behavior and Organization, 220, 2023, 61-82. (open access)
Growth cycles in mature and dual economies
Revista Práticas de Administração Pública, v. 5 n. 3, 2021
Growth cycles with or without price flexibility
Published with minor revisions in Review of Keynesian Economics, 2015, 3(3), pp. 374-386.
Cyclical patterns of employment, utilization and profitability
With Ben Zipperer. Published (with minor revisions) in Journal of Post Keynesian Economics, 2011, 44 (1), pp. 25-58.
Published with minor revisions in J.E. King (ed.) The Elgar Companion to Post Keynesian Economics. Elgar 2012.
Effective Demand, Class Struggle and Cyclical Growth
International Economic Review, February 1989, pp. 231-247
Wage formation, unemployment and inflation
Conflict inflation: Keynesian path dependency or Marxian cumulation?
Metroeconomica, 76(3), pp. 421-438, https://doi.org/10.1111/meca.12490 (WP version: PKES Working Paper 2406)
Phillips curves, behavioral economics and post-Keynesian macroeconomics
In Jesper Jespersen and Finn Olesen (eds) Post-Keynesian Economics for the future: Sustainability, Stock-Flow Consistent modelling and Macroeconomic Theory and Methodology, Elgar, 2024.
With Guilherme Klein Martins. Published with minor revisions in Industrial and Corporate Change, 30(2), 2021 pp. 409-444. doi: 10.1093/icc/dtab006
Fairness as a Source of Hysteresis in Employment and Relative Wages.
Published (with minor revisions) in Journal of Economic Behavior and Organization, Vol 57, 2005, pp. 305-331.
Stagflationary Consequences of `Prudent' Monetary Policy in a Unionized Economy
Oxford Economic Papers, 49, 1997, pp. 609-622
Earnings inequality and power biased technological change
Labor market reforms and wage inequality in Korea
With Hyeon-Kyeong Kim. Metroeconomica, Volume 67(2), 2016, pp. 313–333.
Power, luck and ideology - technological and institutional parameters of the agency problem for CEOs
With Frederick Guy. Abbreviated version published in Review of Radical Political Economics, 2013, 45(3), pp. 323-332.
Employment and Distribution Effects of the Minimum Wage
With Fabian Slonimczyk. Published (with minor revisions) in Journal of Economic Behavior and Organization. 2012, Vol. 84 (1), pp. 245– 264.
With Fred Guy. Published (with minor revisions) in Journal of Income Distribution, 2008, 17 (3-4), pp. 71-92.
Power, productivity and profits
With Fred Guy. In M. Braham and F. Steffen (eds) Dimensions of Power: Concepts, Models, and Applications, Springer Verlag, 2008, pp. 385-404.
A Model of Power-Biased Technological Change
With Fred Guy. Short version published in Economics Letters, 2007, Vol. 95, No. 1, pp. 124-131.
Wage Inequality and Overeducation in a Model with Efficiency Wages
Published (with minor revisions) in Canadian Journal of Economics, 2006, vol. 39 (1), pp. 94-123.
Public debt, functional finance and secular stagnation
Functional finance and intergenerational distribution in a Keynesian OLG model
With Soon Ryoo. Published with minor revisions in Review of Keynesian Economics, 5(1), 2017, pp. 112-134.
Fiscal and monetary policy rules in an unstable economy
With Soon Ryoo. Revised version published in Metroeconomica, 68:3, 2017, pp. 500–548
Aggregate demand, functional finance and secular stagnation
European Journal of Economics and Economic Policies, Vol. 13( 2), 2016, pp. 172–188 (open access).
With Soon Ryoo. Published with minor revisions in BE Press Journal of Macroeconomics, 2014, Vol. 14, No. 1, pp. 533-552.
Public debt and full employment in a stock-flow consistent model of a corporate economy
With Soon Ryoo. Revised version in Journal of Post Keynesian Economics. 2013, Vol 35(4), pp. 511-527.
Economic development
With Guilherme Klein Martins. Industrial and Corporate Change, 30(2), 2021 pp. 409-444. doi: 10.1093/icc/dtab006
Fiscal policy and structural transformation in developing economies
Structural Change and Economic Dynamics, 56, 2021, pp. 129-140.
Credit constraints and economic growth in a dual economy
With Leopoldo Gomez-Ramirez. Structural Change and Economic Dynamics, 45. 2018, pp. 64-76.
The Real Exchange Rate and Economic Development
With Arslan Razmi and Martin Rapetti. Published (with minor revisions) in Structural Change and Economic Dynamics, 23 (2012) 151-169.
The Real Exchange Rate and Economic Growth: Are Developing Countries Different?
With Martin Rapetti and Arslan Razmi. Published (with minor revisions) in International Review of Applied Economics, 2012, Vol. 26, No. 6, November, pp. 735–753
Uneven Developent and the Liberalization of Trade and Capital Flows: the Case of Mexico
With Mehrene Larudee. Cambridge Journal of Economics, 22, 1998, pp. 277-95
With J. Ros. Manchester School, 66 (4), 1998, pp. 466-89
The Big Push in a Open Economy with Non-Tradable Inputs
With J. Ros. Journal of Post Keynesian Economics, 20, 1, 1997, pp. 149-162
Post-Keynesian growth theory
Models of growth, instability and cycles: Harrod, Kalecki and the supermuliplier
In Mark Setterfield (ed.) Handbook of Alternative Theories of Economic Growth, 2nd edition. Elgar, forthcoming.
Economic growth in dual and mature economies: revisiting the Pasinetti and neo-Pasinetti theorems
In Duncan Foley and Daniele Tavani (eds) Growth, Distribution, and Effective Demand -- Classical and Post-Keynesian Perspectives, Elgar, forthcoming.
Supermultipliers, `endogenous autonomous demand' and functional finance
With Jose Luiz da Costa Oreiro and Julio Fernando Costa Santos. Metroeconomica, 73(1), 2022, pp. 220-244 (open access)
Autonomous demand, instability and the supply side
Metroeconomica, 70(2), 2019, pp. 233-246.
Autonomous demand and the Harrodian criticisms of the Kaleckian model
Metroeconomica, 68(1), pp. 185–193, 2017.
Weaknesses of ‘wage-led growth
Review of Keynesian Economics, Vol. 5 No. 3, 2017, pp. 336–359
An empirical evaluation of three post Keynesian models
With Ben Zipperer. European Journal of Economics and Economic Policies, 2012, Vol. 9(2), pp. 277-308. (open access)
Theoretical and Empirical Shortcomings of the Kaleckian Investment Function
Revised version published in Metroeconomica, 2012, Vol. 63, pp. 109-138.
Published (with minor revisions) in M. Setterfield (ed.) Handbook of Alternative Theories of Economic Growth, Edward Elgar, 2010.
Japanese growth and stagnation
With Takeshi Nakatani. Published with minor revisions in Structural Change and Economic Dynamics, 2007, Vo. 18, Iss. 3, pp. 306-332
Steindlian models of growth and stagnation
With P. Flaschel. Published (with minor revisions) in Metroeconomica, 2006, 57:3, pp. 303-338.
Growth and Stagnation in a Two-Sector Model: Kaldor's Mattioli Lectures
Cambridge Journal of Economics, 23, 1999, pp. 353-370.
Concentration, Competition and Distribution - a Critique of Theories of Monopoly Capital
With Paul Auerbach. International Review of Applied Economics, Vol. 2 no.1, 1988, pp. 42-61.
Effective Demand, Class Struggle and Cyclical Growth
International Economic Review, February 1989, pp. 231-247
Financial instability, stock-flow consistency and financialization
Asset market closure and the neo-Pasinetti theorem -- a comment
Review of Keynesian Economics, 11 No. 1, Spring 2023, pp. 105–108.
Increasing inequality and financial instability
Published (with minor revisions) in Review of Radical Political Economics. 45 (4), December 2013, pp. 474 - 482.
Financialization in Kaleckian Economies With and Without Labor Constraints
With Soon Ryoo. European Journal of Economics and Economic Policies, 2008 (open access)
Macroeconomic implications of financialization
With Soon Ryoo. Cambridge Journal of Economics, 2008, 32 (6), pp.827-862.
On the Modelling of Systemic Financial Fragility
In A.K. Dutt (ed.) New Directions in Analytical Political Economy, Edward Elgar, 1994, pp. 49-76.
Finance, Saving and Accumulation
Cambridge Journal of Economics, September 1988, pp. 339-354
On the `Kaldorian' Saving Function
Kyklos, 4/1981, pp. 563-581.
Miscellaneous
Visions of the future – a socialist departure from gloom?
With Paul Auerbach. PSL Quarterly Review, 74 (298), 2021, pp. 155-177.
Pluralism, the Lucas critique, and the integration of macroeconomics and microeconomics
Revised version in Review of Political Economy, 2014, 26 (4), pp. 503-515.
Distributional biases in the analysis of climate change
With Leila Davis. Published (with minor revisons) in Ecological Economics, 2013, 85, pp. 188–197
Election Campaigns, Agenda Setting and Electoral Outcomes
With M. Holler. Published (with minor revisions) in Public Choice, 2005, pp. 215-228.
Economic Explanation, Ordinality and the Adequacy of Analytic Specification
With D. Katzner. Published (with minor revisions) in Journal of Economic Methodology, 2004, pp. 437-453.
Paradoxical Effects of Drug Policy in a Model with Imperfect Competition and Switching Costs
With G.T. Jepsen. Journal of Economic Behavior and Organization, Vol. 48 (4), 2002, pp. 335-354.
A Rational-Voter Explanation of the Cost of Ruling
With M. Paldam. Public Choice, 83, 1995, pp. 159-172.