Macroeconomics

ProMarket and the Consumer Welfare Standard An output increase is not sufficient to increase welfare. Allocation—how goods are distributed—matters.

The monetary policies of major central banks in advanced economies have had negative consequences and thus need to be fixed

Monetary policy should be guided much more by financial sector developments and much less by near-term targets for inflation.

On the reflexive relationship between inflation and inflation narratives

The effect of monetary policy on the functional distribution of income

Central banks strongly favored rentier incomes in their reaction functions

The role of speculation in the crude oil market in the increase in the WTI crude oil price.

Were the sharp increases in prices during 2020-2022 due to fundamental shifts in supply and demand or are they attributable to excessive market speculation?

Inflation and corporate profits, a further discussion, responding to Servaas Storm

Inflation and corporate profits, a further discussion

Besides changes in institutions and social norms, other phenomena could explain a rise in the profit share.

To what extent is profit-led inflation compatible with what we know about the price-setting behavior of firms and income distribution?

Current tests for mergers are in practice deeply flawed.

Antitrust econometrics relies on often-implausible assumptions

A model that captures key vulnerabilities and structural weaknesses of developing countries’ trade and production structures.