Investment-Saving Correlations and International Capital Mobility, by Jean-Pierre Berdot, Gérard Kébabdjian and Jacques LéonardAccording to conventional wisdom, international capital mobility has increased at an accelerating rate due to financial globalization for the last twenty years....

The eurozone is often considered to be the brainchild of Robert Mundell, who has often bragged about his paternity. In reality, the Eurozone setup, most specifically the TARGET2 settlement system, has several characteristics that look alike the plan for an international currency union that...

The COVID-19 pandemic eventually gave rise to large increases in profits, profit shares and inflation rates. A major controversy has developed among economists and in the media about whether this was largely caused by profit inflation, that is, by increases in the percentage mark-ups set by...

We present a simple stock-ow consistent (SFC) model to discuss some recent claims made by Angel Asensio in the Journal of Post Keynesian Economics regarding the relationship between endogenous money theory and the liquidity preference theory of the rate of interest. We incorporate Asensio's...

The purpose of this paper is to examine the intellectual roots of monetary dominance; specifically, the view that fiscal policy is largely irrelevant to counter-cyclical macro stabilisation and long-run output growth. A first step towards monetary dominance was the monetarist reinterpretation of...

This paper incorporates the role of an independently growing autonomous demand component into a neo-Kaleckian model of growth and distribution where the distribution of income reacts to changes in the employment rate. A peculiar feature of these autonomous expenditures is that in contrast to...

This paper presents a simple growth model grounded in a stock-flow monetary accounting framework. The framework ensures that all stocks and all flows are accounted for and that the real and financial sides of the economy are coherent with one another. Credit, money, equities and stocks of real...

One of the most notable features of income distribution is the widening wage differential among workers: there is a redistribution in favor of top management at the detriment of ordinary workers. The paper incorporates this distinction between overhead managerial labour and direct labour into a...