After demonstrating the empirical relevance of tax competition effects across OECD countries, we incorporate such effects into a Kaleckian model. Corporate tax rates are seen as affecting investment by the effect on the location of multinational enterprise (MNE) investment, not on the total size...

In the present paper, we will construct three comparable 'toy models' to evaluate the alternative uses of functional finance from Lerner, MMT, and the Sraffians. First, we will argue that the general functional finance framework can be separated from the specific views of Lerner on how the...

This paper uses input–output data from Supply and Use Tables for the year 2010 and provides empirical estimations of the static demand multipliers in a joint production framework for two representative Southern Eurozone economies, i.e., Greece and Spain, and for the Eurozone economy as a...

This note shows that the Italian Mini BOTs proposed in 2019 bore the potential neither to become Italian legal tender nor to practically increase Italian government debt, but to practically cause a mere reduction in taxation and thence in government spending or transfers. Since the Eurozone...

The framework of Financial Instability Hypothesis consist of a holistic approach to the changes within the capitalist economy of the United States and the evolution of the financial structure of the economy. Hyman Minsky always emphasized the importance of finance in the capitalist system and...

We analyze money financing of fiscal transfers (helicopter money) in two simple New Keynesian models: a "textbook" model in which all money is non-interest-bearing (e.g., all money is currency), and a more realistic model with interest-bearing reserves. In the textbook model with only...

This obituary recalls the personal and intellectual trajectory of Julio López Gallardo, who recently passed away. A friend of the authors and this Review, Julio contributed widely to the literature on the development of Latin American countries, to Kaleckian models, and to structuralism. His...

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...