This paper presents evidence that accounting (or flow-of-fund) macroeconomic models helped anticipate the credit crisis and economic recession. Equilibrium models ubiquitous in mainstream policy and research did not. This study identifies core differences, traces their intellectual pedigrees,...

This paper presents evidence that accounting (or flow-of-fund) macroeconomic models helped anticipate the credit crisis and economic recession. Equilibrium models ubiquitous in mainstream policy and research did not. This study identifies core differences, traces their intellectual pedigrees,...

A government seeks to minimise the maximum expected utility of migrants and smugglers, but has to do this under constraints. It is argued that a vote maximising government should choose policies based on the relative weight of the introduced lobby utility function, which acts as a constraint....

The oil-rich economies of Russia and Kazakhstan started growing in the 2000’s, and the consequence was a rapid rise of labour migration in the post-Soviet space. Within a decade labour migration became a highly visible phenomenon with significant economic and social consequences. It completely...