This paper creates an artificial stock market, from a minimalist heterogeneous agent model of futures speculation on a non-storable commodity, with real time gross settlement. All agents have risk neutral preferences and stochastic adaptive expectations according to different trader types...

This paper considers Kaldor's 1964 proposal for a commodity reserve currency (CRC) as a serious alternative to the current system, which has the US dollar as the world reserve currency. It argues that the reserve-currency status of the US dollar helped to create global imbalances and financial...

In 1949 Nicholas Kaldor co-authored a report whose recommendations, if implemented, would have revolutionized international economic policy-making. National and International Measures for Full Employment (NIFE) had been commissioned by the United Nations (UN). A capstone to efforts throughout...

Despite globalization, liberalized trade and growing global income, billions of people are underemployed and condemned to life-long poverty. Over two thirds of the world’s poor reside in rural regions. Inequality in living standards between developed and developing regions remains a major...

Do government budget deficits raise interest rates and thus “crowd out” private investment? This question has been the topic of a multitude of empirical studies, which proposed to evaluate the impact of financing government activity. We survey the theory and some empirical results....