We review post-Keynesian contributions to demand and growth regime analysis. First, we distinguish the Kalecki-Steindl approach and the Sraffian supermultiplier approach as relevant theoretical foundations for demand and growth regime research, with investment-driven and distribution-led growth...

In this paper, we analyse the demand-led determinants of Spanish economic growth from 1998-2019. We apply the supermultiplier demand-led growth accounting methodology by Freitas/Dweck (2013) with two modifications: First, we incorporate consumption out of public transfers, following Haluska et...

This paper examines the emergence of private debt-led growth in Canada since the Global Financial Crisis (GFC) by means of a growth regimes and macroeconomic policy regime assessment. Examining each of the four business cycles in the 1983-2020 period, roughly encompassing the entirety of the...

This paper estimates the distribution-led regime of the US economy for the period 1947-2019. We use a time varying parameter model, which allows for changes in the regime over time. To the best of our knowledge this is the first paper that has attempted to do this. This innovation is important,...

This paper studies two formal models of long run growth with a medium-run distributive cycle, both of which feature causal links from the rise in inequality to a deterioration of long run macroeconomic performance. Both versions feature an endogenous income-capital ratio: one through the...

The early stages of recovery from the recession induced by the COVID-19 pandemic have been accompanied by a marked increase in inflation in the US and elsewhere. Much has been made of this outcomes, and the economic distress associated with it, in popular discussion of the economy. This paper...

The traditional assumption of constant factor shares (Bowley’s Law) may be misleading, for factor shares do vary in both the short run and the long run. The present chapter looks at short-run factor share movements, asking how they relate to the business cycle. Theoretical arguments differ...

The paper provides an account of the meaning and implications of TARGET2 in the eurozone (EZ) balance of payments crisis. In this context, it discusses Hans-Werner Sinn's thesis about a stealth bail-out of the EZ periphery by the ECB from a heterodox perspective. Financial liberalisation, a...

The current debate on secular stagnation is suffering from some vagueness and several other shortcomings. The same is true for the economic policy implications. Therefore, I provide an alternative view on stagnation tendencies based on Josef Steindl's contributions. In particular Steindl's...

This paper aims to show that the Sraffian supermultiplier model provides an alternative closure for the heterodox analysis of economic growth. The new closure follows from the assumption of the existence of autonomous non-capacity-creating expenditures, which implies that the ratio of the...