This paper has the goal to explore the functionality of the economic development in emerging countries, which are on their way of joining a currency union based on the concept of macroeconomic policy regimes (MPRs). Functional MPRs are considered those that deliver sustainable economic growth,...

The original Keynesian paradigm differs from the Neoclassical Synthesis and even more so from the New-Keynesian approach. In this paper, a modern framework for the original Keynesian paradigm is presented. It will highlight the key elements of the paradigm. A model is developed to determine...

This paper analyses several severe financial crises observed in the history of capitalism which led to a longer period of stagnation or low growth. Comparative case studies of the Great Depression, the Latin American debt crisis of the 1980s and the Japanese crisis of the 1990s and 2000s are...

In this paper the main developments in post-Keynesian macroeconomics since the mid- 1990s will be reviewed. For this purpose the main differences between heterodox economics in general, including post-Keynesian economics, and orthodox economics will be reiterated and an overview over the strands...

The Covid-19 pandemic hitting the world in 2020 also caused a high death toll in Germany and in the European Monetary Union (EMU) at large. The health crisis worldwide and the precautions against Covid-19 rapidly induced a demand and supply recession simultaneously. The Covid-19 crisis was...

This paper argues that the re-emergence of stagnation tendencies in modern capitalism can be related to financialisation and its macroeconomic failures leading to the recent crises, and in particular to the macroeconomic responses towards the crisis and the respective regime shifts in mature...

The current Covid-19 Crisis 2020 has hit the Eurozone in a highly fragile situation, with a weak and asymmetric recovery from the Great Financial Crisis, the Great Recession and the following Eurozone Crisis. These crises have also revealed the weaknesses of the macroeconomic policy institutions...

This paper examines the emergence of private debt-led growth in Canada since the Global Financial Crisis (GFC) by means of a growth regimes and macroeconomic policy regime assessment. Examining each of the four business cycles in the 1983-2020 period, roughly encompassing the entirety of the...

Demand and Growth Regimes (DGR) and Macroeconomic Policy Regimes (MPR) frameworks have taken prominence within the post-Keynesian literature. However, the majority of studies based on these conceptual frameworks have focused on developed economies. The main contribution of this paper is to...

This paper presents a stock-flow-consistent model in which growth is led by exports and government expenditure. It considers domestic and external debt dynamics and gross capital flows. Countries may choose to not fully use their external space to accumulate international reserves. The model is...