This paper uses a set of simple Post Keynesian models of growth and distribution to provide a systematic analysis of how growth affects income distribution through a number of alternative channels, thereby making possible a more complete analysis of the interaction between growth and...

This paper uses a detailed macroeconomic model characterized by demand-led growth, Sraffian pricing, and the Kaldor-Pasinetti analysis of income distribution at the macrolevel to develop a framework for evaluation of the long-term implications of monetary policy. Focus is placed on the...

The interaction between income distribution, accumulation, employment, and the utilization of capital is central to macroeconomic models in the "heterodox" tradition. This article examines the stylized pattern of these variables using U.S. data for the period after 1948. We look at the trends...

The role of monetary policy in the cyclical behavior of the labor share and capacity utilization in the U.S. economy is studied empirically. Previous estimation results remain robust; the inclusion of the rate of interest does not alter the underlying specification of the distributive demand...

López and Kriesler have argued that Kalecki not only discovered the principle of effective demand independently of Keynes, but in Kalecki's theory of price, distribution, investment, and money and finance is superior to Keynes's General Theory. These claims of superiority may hold against Old...

Many argue that the current recession is the product of a temporary stock market wobble. This paper argues that the U.S. economy confronts deeper-seated problems concerning the aggregate demand generation process. For two decades, these problems have been obscured by a range of demand...

Since the adoption of inflation targeting in New Zealand in 1990, a number of developed as well as developing and emerging market economies have followed suit. Often the sole goal of central bank policies, the strategy of inflation targeting is to reduce the inflation rate and, in some cases,...

The term "Washington Consensus" was originally used to describe a list of ten reforms that I argued were practically universally agreed in Washington to be desirable in most Latin American countries as of 1989. It acquired alternative meanings over the years, one of which was a summary of the...

This paper argues that inflation targeting, in the manner proposed by the "new consensus" in macroeconomics, is not a socially desirable monetary policy strategy and is not compatible with Keynes's political economy. Inflation targeting is likely to cause distributional changes that benefit...