Since the prolonged recession in 1980–1982 which laid the basis for the emergence of finance-led capitalism in the US there have been four phases of economic expansion. The first three ended with increasingly severe recessions in 1990–1991, 2001 and 2007–2009. The most recent expansion,...

The US economic expansion which began in 2009 was unusually prolonged but relatively weak. Profitability and investment strengthened between 2010 and 2015 but then began to falter. After Trump took office in 2017 there was a minor recovery in investment but the proceeds of major tax cuts were...

This article examines the misconceptions about modern money theory (MMT) put forward by . The author divides her critique into three categories. First, the Drumetz/Pfister article erroneously indicates that MMT focuses exclusively on the means-of-payment function of money, that it considers...

This paper is focused on modern monetary theory's (MMT) treatment of inflation from an open-economy perspective. It analyses how the inflation process is explained within the MMT framework and provides empirical evidence in support of this vision. However, it also makes use of a stock-flow...

Once every several decades, the private sector loses its mind in a bubble, leverages itself up to the hilt, and is forced into debt minimization in order to remove its debt overhang following the crash. When the private sector as a whole is deleveraging, even at record low interest rates,...

This paper outlines an approach to ecological macroeconomics based on post-Keynesian and Kaleckian ideas. It views growth as demand-driven through investment, and focuses on the conflicts between that demand-driven growth rate, the growth of the effective labour force and the 'nature...

After the global financial crisis, the Bank for International Settlements emerged as an influential voice in policy debates. Under the rubric of preventing 'financial imbalances', and concerned with the 'illusory' nature of demand management, the Bank has proposed a macro policy framework based...

In this paper we discuss some of the monetary policy issues that have involved major central banks worldwide since the 2008 financial crisis, and which remain open. We provide an excursus of the unconventional monetary policies adopted by central banks in the last decade, focusing on the...