We investigate the claim that the way in which debtor households service their debts matters for macroeconomic performance. A standard Kaleckian growth model is modified to incorporate working households who borrow to finance consumption that is determined, in part, by the desire to emulate the...

We investigate the claim that the way in which debtor households service their debts matters for macroeconomic performance. A standard Kaleckian growth model is modidied to incorporate working households who borrow to finance consumption that is determined, in part, by the desire to emulate the...

We develop a Keynesian model of aggregate consumption. Our theory emphasizes the importance of the relative income hypothesis and debt finance for understanding household consumption behavior. It is shown that particular importance attaches to how net debtor households service their debts, and...

We extend Kaldor's theory of income distribution to include workers' debt accumulation and their motive to emulate rentiers' consumption. Our results show that (i) the interaction between income distribution and emulation can produce instability; (ii) instability is more likely when the workers'...

This book provides an important discussion of an alternative form of capitalism, flexicurity capitalism. Flexicurity capitalism emphasizes labor market flexibility such as the freedom of firms to fire and hire workers but also ensure that workers can obtain a job and income via institutional...

We empirically examine the relationship between U.S. output and household debt. To account for structural change due to financial liberalization, we divide the sample at the fourth quarter of 1982. We find structural differences between earlier and later business cycles for the U.S. household...

We develop a neo-Kaleckian growth model that emphasizes the importance of consumption behavior. In our model, workers first make consumption decisions based on their gross income, and then treat debt servicing commitments as a substitute for saving. Workers' borrowing is induced by their desire...

<italic>This paper develops a macrodynamic model that takes into account the potentially inflationary consequences of interest rate manipulations through the cost channel of monetary transmission. Evaluations of the macroeconomic implications of the cost channel are common in the mainstream literature....</italic>

This is an update of a guide to the thinking of the editorial collective for the Content section of the <italic>Journal of Economic Education</italic> (<italic>JEE</italic>). The authors discuss the type of papers they are looking for, what in their view constitutes a good paper, and how their review process works. They...