This paper considers the issue of state budgetary effects on bank reserves and revisits the issue of central bank interaction with the Treasury. The neoclassical or orthodox economics perspective on Treasury-Federal Reserve relations dominates public policy. Heterodox economics has produced some...

Last year, we published an article about the implications of the growing institutional ownership of stocks. In this piece, the author takes the argument a step further. He claims that widespread institutional ownership may promote economic stagnation.

Marxian business cycle research places great importance on the turn in profit rates and profitability in driving capitalist cycles. My work emphasizes that wage growth and wage stability bring a stabilizing force to capitalism. Goldstein points out that wage growth begins to exceed revenue...

Given the important connections among profitability, investment, and economic activity, a profitability indicator can be used to assess where the economy is in the business cycle. Rising profitability suggests that the economy is on a secular growth path, while a peak or fall in profitability...