This paper examines the relationship between aggregate demand and the wage share in the US using a vector autoregression methodology. It finds evidence of Goodwin-cycle effects – that is, profit-led demand and a profit-squeeze effect – in baseline estimates using assumptions traditionally...

The COVID-19 pandemic eventually gave rise to large increases in profits, profit shares and inflation rates. A major controversy has developed among economists and in the media about whether this was largely caused by profit inflation, that is, by increases in the percentage mark-ups set by...

This paper investigates the demand regime of the Greek economy for the period 1960-2017, using a Bhaduri/Marglin (1990) type macroeconomic demand-led model and applying the empirical methodology developed in Stockhammer et al. (2009). The analysis finds that Greece is another European economy...

The paper summarizes the discussion among Łaski's inner circle regarding the relevance of Kaleckian treatment of money under financial capitalism. The context of that debate was the project of a joint textbook in macroeconomics, the building blocks of which would be Kalecki's theory, and which...

The paper opens with a consideration of the historical developments on the nature and features of money and endogenous money, and the post-Keynesian revival of ideas of endogenous money. Particular attention is drawn to the work of Basil Moore in relation to endogenous money, including the...

While Basil Moore is well known for his view on endogenous money, very little is known about how he got there, and how his views might have evolved through time. This paper examines Moore's early views, pre-Horizontalists and Verticalists, and explains how Moore's views are rooted in a...

For Basil Moore and post-Keynesians who have followed him in developing the theory of endogenous money, accommodative central-bank behavior is a logical necessity in credit-money economies. Such central banks have no choice but to accommodate the banking system's demand for liquidity....

The 2010s have witnessed a new shift in central banking and, partially at least, in monetary economics and macroeconomic modelling. It is a fact that the endogenous money theory has been gradually clawing back popularity at the expense of the classical theory of interest rates, the financial...

This paper provides remarks on modern monetary theory (MMT) from a Kaleckian perspective in response to a paper by Drumetz/Pfister. The distinction between initial financing and final financing is drawn up to argue for clear separation of how expenditure is financed and funded, and pointing to...

Post-Keynesian macrodynamics is designed to extend the role of demand in the determination of real economic outcomes beyond the short run. The purpose of this paper is to highlight the importance of supply-side considerations in demand-led growth. Building on existing features of the supply side...