Macroeconomics
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Working Paper Series
A Method for Agent-Based Models Validation
Mar 2016
This paper proposes a new method to empirically validate simulation models that generate artificial time series data comparable with real-world data.
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Refugees and The Economy: Lessons from History
Mar 16, 2016
What can we learn from the Vietnamese, Cuban, Rwandan, and Syrian refugees crisis?
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Working Paper Series
Comments on Paul Davidson’s “Full Employment, Open Economy Macroeconomics, and Keynes’ General Theory: Does the Swan Diagram Suffice?”
Feb 2016
This is a response to a critique by Paul Davidson of our 2013 book Keynes: Useful Economics for the World Economy and related work, where we describe, amongst other things, how the Swan diagram can be used to show how economies can use policy tools to achieve internal and external balance.
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Working Paper Series
Full Employment, Open Economy Macroeconomics, and Keynes’ General Theory: Does the Swan Diagram Suffice?
Feb 2016
This paper provides critical comments on the Peter Temin - David Vines promotion of the basic Swan Diagram as (1) a policy tool to encourage any individual debtor nation experiencing balance of payment deficits to reduce its exchange rate in order to expand exports and reduce imports and (2) the Swan Diagram as a simple model for understanding Keynes’s General Theory for an Open Economy.
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Rejoinder to Flassbeck and Lapavitsas
Jan 28, 2016
It is high time to ditch this myth for at least the following five reasons.
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Wage Moderation and Productivity in Europe
Jan 28, 2016
Recently, our analysis has been questioned by Servaas Storm who has claimed that it is untenable to blame neo-mercantilist Germany for driving a wedge into the Eurozone. [i] It is shown below that Storm’s critique has a certain aplomb, but lacks substance.
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Are Economists in Denial About What's Driving the Inequality Trainwreck?
Jan 27, 2016
Today’s richest Americans may soon blow past the tycoons of the Roaring Twenties. Lance Taylor explains why, and what to do about it.
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Friendly Fire
Jan 20, 2016
Comments on “German Wage Moderation and the Eurozone Crisis: A Critical Analysis” by Servaas Storm
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German Wage Moderation and the Eurozone Crisis: A Critical Analysis
Jan 8, 2016
It is high time to look more closely at the labor cost competitiveness myth.
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Years granted:
2014, 2015, 2016
High-Dimensional Statistics for Macroeconomic Forecasting
This project brings new mathematical tools and ideas from high-dimensional statistics to bear on the problem of creating reliable macroeconomic forecasting models.
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Working Paper Series
Understanding the Great Recession
Dec 2015
Some Fundamental Keynesian and Post-Keynesian Insights, with an Analysis of Possible Mechanisms to Achieve a Sustained Recovery
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What Can We Really Know About the Future of Stock Prices?
Nov 17, 2015
A gap between theory and reality has haunted economists.
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Working Paper Series
Debt Servicing, Aggregate Consumption, and Growth
Nov 2015
We develop a neo-Kaleckian growth model that emphasizes the importance of consumption behavior.
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Working Paper Series
Elasticity and Discipline in the Global Swap Network
Nov 2015
This paper sketches the outlines of the new international monetary system that has emerged in the aftermath of the global financial crisis.
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Working Paper Series
When Credit Bites Back: Leverage, Business Cycles and Crises
Oct 2015
This paper studies the role of credit in the business cycle, with a focus on private credit overhang.