*Final printed articles may differ owing to Editorial Proof corrections*



Macroeconomic policy
Economic development
International financial markets and policy
Labor markets and policy
Macroeconomic theory

Macroeconomic policy:

a) Easy reading:

“Milton Friedman: The Great Laissez-faire Partisan,” Economic and Political weekly, December 9-15, 2006, Vol XLI, No.49, p.5041 - 5043.

“The Troubling Economics and Politics of the U.S. Trade Deficit,” National Strategy Forum Review, 15 (4), fall 2006, 20 – 23.

“The Questionable Legacy of Alan Greenspan,” Challenge, (November/December 2005), 5 - 19.

“From Keynesianism to Neo-liberalism: Shifting Paradigms in Economics,” in Neo-liberalism: A Critical Reader, Johnston & Saad Filho (eds.), Pluto Press: London, 2004.

“Asset Price Bubbles and the Case for Asset Based Reserve Requirements,” Challenge, 46 (May – June 2003), 53 – 72.

The Case Against Pre-funding Social Security with Equities,” Challenge, (January/February 2003), 123 – 29.

The Overvalued Dollar and the U.S. Slump,” in Bergsten and Williamson (eds.), Dollar Overvaluation and The World Economy, Institute for International Economics, Washington, DC, 2003.

Economic Contradictions Coming Home to Roost? Does the U.S. Face a Long Term Aggregate Demand Generation Problem?” Journal of Post Keynesian Economics, 25 (Fall 2002), 9 - 32.

Social Security: Pre-funding is not the Answer,” Challenge, 45 (March - April 2002), 97 - 118.

Fiscal Policy in the U.S.: Lessons from 2001,” OECD Observer, January 2002, 27 - 28.

The Over-valued Dollar: Policy Complacency and the Deepening of America’s Slump,” New Economy, 8 (December 2001), 242 - 47.

The Case Against Budget Surpluses,” Challenge, November-December, 2001, 13 - 27.

Chairman Greenspan Wants Your Job: New Rules for a New Federal Reserve,” The American Prospect, October 23, 2000, 26 - 28.

Stabilizing Finance: The Case for Asset-Based Reserve Requirements, Report issued by the Financial Markets Center, Philomont, VA, August 2000.

The Economic Expansion of the 1990s: Implications for Progressive Economics, (July/August 2000), 22 - 42.

“Financial Instability in the OECD: The Missing Dimension in Public Policy,” New Economy, September 2000, 7 (3), 179 - 84. Also published as “Industrialized Country Financial Markets: The Missing Dimension in the Stabilizing Global Finance Debate,” in Foden, Hoffman, and Scott (eds.), Globalization and the Social Contract, European Trade Union Institute, Brussels, 2001.

“Asset Based Stability,” FOMC Alert, 4 (August 2000), p.11.

"End of the Expansion: Soft landing, Hard Landing, or Crash?" Challenge, November - December, 1999, 6 - 25.

"The Structural Unemployment Policy Trap: How the NAIRU can Mislead Policymakers," New Economy, 6 (June 1999), 79 83.

"Restoring Prosperity: Why the U.S. Model is not the Right Answer for the U.S. or Europe," Journal of Post Keynesian Economics, 20 (Spring 1998), 337 54. Also published in D.Foden and P.Morris (eds.), The Search for Equity: Welfare and Security in the Global Economy, London: Lawrence and Wishart, 1998.

Zero is not the Optimal Rate of Inflation,” Challenge, 41 (January-February 1998), 7 18.

"The Sorry Politics of the Balanced Budget Amendment," Challenge, 40 (May/June 1997), 5– 13.

"Still Only Half Full: Policies for Prosperity in a Leaky World," Real Estate Finance Review, 3 (Summer 1997), 28 34.

"How to Rewrite Economic History: The Boskin Commission," Atlantic Monthly, April 1997.

"The Forces Making for an Economic Collapse: Why a Depression could Happen," Atlantic Monthly, July 1996.

"Full Employment and the Inflation Constraint" in Global Unemployment: Loss of jobs in the 1990s, J.Eatwell ed., Armonk, N.Y.: M.E.Sharpe, 1995.

- back to top -

b) Harder reading:

The Causes of High Unemployment: Labor Market Sclerosis versus Macroeconomic Policy,” in Hein, Heise and Truger (eds.), Wages, Employment, Distribution and Growth, Palgrave/Macmillan: London, forthcoming 2005. Also published in Stanford and Vosko (eds.), Challenging the Market: The Struggle to Regulate Work and Income, McGill-Queens University Press: Montreal & Kingston, 2004.

A Post Keynesian Framework for Monetary Policy: Why Interest Rate Operating Procedures are not Enough,” in Gnos, C., and L.-P. Rochon (eds), Post Keynesian Principles of Policy, Cheltenham, E. Elgar, forthcoming.

Asset Based Reserve Requirements: Reasserting Domestic Monetary Control in an Era of Financial Innovation and Instability,” Review of Political Economy, 16 (January 2004), 43– 58.

Government as Employer of Last Resort: Can it Work?” Industrial Relations Research Association, 53rd Annual Proceedings, 2001, 269 - 274.

The Case for Equilibrium Low Inflation: Some Financial Market Considerations with Special Attention to the Problems of Japan,” Eastern Economic Journal, 26 (Summer 2000), 277 - 97.

Life Expectancy and Social Security: Why Longevity Indexing the Social Security Payroll Tax Makes Good Economic Sense," Journal of Post Keynesian Economics, 22 (Spring 2000) 507 - 14.

The U.S. Inflation Process: Does Nominal Wage Inflation Cause Price Inflation, Vice versa, or Neither?" Review of Radical Political Economics, 31 (September 1999), 12 - 19.

"The Economics of Social Security: An Old Keynesian Perspective," Journal of Post Keynesian Economics, 21 (Fall 1998), 95 112.

"The Myth of Labor Market Flexibility and the Costs of Bad Macroeconomic Policy: U.S. and European Unemployment Explained," in S. Lang, M. Mayer, and C. Scherr (eds.), Jobswunder U.S.A., Munster: Westfalisches Dampfboot, 1999.

"The Institutionalization of Deflationary Policy Bias," in Advances in Monetary Theory, eds. H. Hagerman and A. Cohen, Kluwer Acadamic Publishers, 1997. Also published in Monnaie et Production, Vol.X of Economies et Societes, 1996, 247 68.

- back to top -

Economic Development:

a) Easy reading:

Combating the Natural Resource Curse with Citizen Revenue Distribution Funds: Oil and the Case of Iraq, Foreign Policy in Focus, January 2004,
Also published as “Oil and the Case of Iraq,” Challenge, May – June, 2004, 94 – 112.

The Economic Case for International Labor Standards,” Cambridge Journal of Economics, 28 (January 2004), 21 – 36.

External Contradictions of the Chinese Development Model: Export-led Growth and the Dangers of Global Economic Contraction,” forthcoming in Journal of Contemporary China, Vol. 15 (46), 2006.

The IMF, Economic Development, and the Promotion of Democratic Open Society, expert paper written for the Club de Madrid (former Presidents and Prime Ministers), and presented at the annual plenary meeting, Madrid, Spain, November 2003.

After Cancun: An Optimistic Case,” Challenge, November-December, 2003, 1 -17. Also published as After Cancun: Possibilities for a New North – South Grand Bargain on Trade, Foreign Policy in Focus, December 2003,

Lifting the Natural Resource Curse,” Foreign Service Journal, 80 (December 2003), 54 – 61.

The Case for Oil Revenue Distribution Funds in Iraq,” Transparency International Quarterly Newsletter, September 2003, p.11

“Publish What You Pay: Where’s the Money?” Open Society Institute News letter, 2003.

Does History Repeat? Some Worrying Parallels between Lula Da Silva and Ramsay MacDonald,” Momento Economico, 128 (Julio – Augusto 2003), 48 – 51.

The Child Labor Problem and the Need for International Labor Standards,” Journal of Economic Issues, XXXVI (September 2002), 601 - 615.

A New Development Paradigm: Domestic Demand-Led Growth, Foreign Policy in Focus, September 2002,
Also published as “Domestic Demand-Led Growth: A New Paradigm for Development,” in After Neo-liberalism: Economic Policies That Work for the Poor, in Jacobs, Weaver and Baker (eds.), New Rules for Global Finance, Washington, DC, 2002.

The Economic Case for Labor Standards: A Layman’s Guide,” Journal of Global Law and Business, 2 (Fall 2001), 183 - 195.

"Toward a New International Economic Order: Goodbye Washington Consensus, Hello Main Street Alternative," Dissent, Spring 1999, 48 52.

"Challenging Open Markets: The "Third Way" Involves Making Markets Work for All," New Economy, 5 (December 1998), 238 42.

"Working the Supply Side," Forum on Egalitarianism in a Global Economy, Boston Review, 22(6), December/January 1997 98, 13 15.

- back to top -

b) Harder reading:

Labor Standards, Democracy and Wages: Some Cross-country Evidence,” Journal of International Development, 17 (2005), 1 – 16.

Escaping the Debt Constraint on Growth: A Suggested Monetary Policy for Brazil,” Brazilian Journal of Political Economy, 24 (January/March 2004), 36 – 49.

Export-led Growth: Is There Any Evidence of Crowding-Out?,’ in Arestis et al. (eds.), Globalization, Regionalism, and Economic Activity, Cheltenham: Edward Elgar, 2003.

- back to top -

International financial markets & policy:

a) Easy reading:

“The Fallacy of the Revised Bretton Woods Hypothesis: Why Today’s International Financial System is Unstable”, Public Policy Brief, No. 85, Levy Economics Institute of Bard College, 2006.

“Rethinking Trade and Trade Policy: Gomory, Baumol and Samuelson on Comparative Advantage,” Public Policy Brief, No. 86, Levy Economics Institute of Bard College, 2006.

“The Economics of Outsourcing: How Should Policy Respond?” Public Policy Brief, No. 89, Levy Economics Institute of Bard College, 2007.

Monetary Policy in a Non-Optimal Currency Union: Lessons for the European Central Bank,” in Rochon and Seccareccia (eds), Dollarization: Lessons from Europe and North America, Routledge, 2003.

Destabilizing Speculation and the Case for an International Currency Transactions Tax,” Challenge, (May/June, 2001), 70 - 89.

The Economics of Globalization: A Labor View,” in Teich, Nelson, McEnaney, and Lita (eds.), Science and Technology Policy Yearbook 2000, American Association for the Advancement of Science, Washington, DC, 2000.

The Economics of Globalization: Problems and Policy Responses,” in Toward Reducing Unemployment, 5th Plenary Session of the Pontifical Academy of Social Sciences, Vatican City, 1999.

"Capital Mobility and the Threat to American Prosperity," Challenge, November December 1994, 31 9.

"The Free Trade Debate: A Left Keynesian Gaze," Social Research, 61 (Summer 1994), 379 94.

b) Harder reading:

Soros on International Capital Markets and Developing Economies: Multiple Equilibria and the Role of Policy,” Eastern Economic Journal, forthcoming.

Chilean Unremunerated Reserve Requirement Capital Controls as a Screening Mechanism,” Investigacion Economica, LXIV (January March 2005), 33 – 52.

The Economics of Exchange Rates and the Dollarization Debate: The Case Against Extremes,” International Journal of Political Economy, 33 (Spring 2003), 61 – 82.

Sovereign Debt Restructuring Proposals: A Comparative Look,” Ethics & International Affairs, 17 (2003), 26 – 33.

The Economic Case for the Tobin Tax,” in Weaver (ed.), Debating the Tobin Tax, New Rules for Global Finance, Washington, DC, 2003.

Escaping the “Policy Credibility” Trap: Reshaping the Debate Over the International Financial Architecture,” Problemas del Desarrollo, 32 (Julio/Septiembre 2001), 111 - 24.

"Why a Global Currency Union with Fixed Exchange Rates Won’t Work,” in Warner, Forstater, and Rosen (eds.), Commitment to Full Employment: The Economics and Social Policy of William S. Vickrey, M. E. Sharpe: Armonk, N.Y., 2000.

"Speculation and Tobin Taxes: Why Sand in the Wheels can increase Economic Efficiency," Journal of Economics, 69 (1999), 113 126.

"International Finance and Global Deflation: There is an Alternative,"in J.Grieve Smith and J.Michie (eds.), Global Instability: The Political Economy of World Economic Governance, Oxford: Oxford University Press, 1999.

"European Monetary Union: An Old Keynesian Guide to the Issues," Banco Nazionale del Lavoro Quarterly Review, 201 (June 1997), 147 65.

- back to top -

Labor markets and policy:

a) Easy reading:

"Building Prosperity From the Bottom Up: The New Economics of the Minimum Wage," Challenge, 41 (July August 1998), 1 13.

b) Harder reading:

Social Attitudes, Labor Law, and Union Organizing: A Socio-Economic Model of Union Density,” with Robert LaJeunesse, Journal of Economic Behavior and Organization, forthcoming.

Labor Markets and Unemployment: The Targets and Instruments Framework,” Eastern Economic Journal, 27 (Winter 2001), 83 - 84.

"Managerial Turnover and the Theory of Short termism," Journal of Economic Behavior and Organization, 32 (1997), 547 57.

"Safety in Numbers: A Theory of Managerial Herd Behavior," Journal of Economic Behavior and Organization, 28 (1995), 443 50.

"Labor Markets, Unemployment, and Minimum Wages: A New View," Eastern Economic Journal, 21 (Summer 1995), 319 26.

"The Fair Wage Effort Hypothesis: Implications for the Distribution of Income and Dual Labor Markets," Journal of Economic Behavior and Organization, 24 (1994), 195 205.

"A Theory of Downward Wage Rigidity: Job Commitment Costs, Replacement Costs, and Tacit Coordination," Journal of Post Keynesian Economics, 12 (Spring 1990), 466 486.

"The Effect of Unemployment Amongst Union Members on Union Wage Contracts," Atlantic Economic Journal, 1988, XVI(3), 19 30.

- back to top -

Macroeconomic and monetary theory:

Class Conflict and the Cambridge Theory of Distribution,” in B. Gibson (ed.), The Economics of Joan Robinson: A Centennial Celebration, Cheltenham: E. Elgar, forthcoming.

The Backward Bending Phillips Curve: Wage Adjustment with Opportunistic Firms,” The Manchester School of Economic and Social Studies, 71 (1) (January 2003), 35 – 50.

“Monetary Control in the Presence of Endogenous Money and Financial Innovation: The Case for Asset Based Reserve Requirements,” in Rochon and Rossi (eds.), Modern Theories of Money: The Nature and Role of Money in Capitalist Economies, Edward Elgar: Cheltenham, UK., 2003.

Pitfalls in the Theory of Growth: An Application to the Balance of Payments Constrained Growth Model,” Review of Political Economy, 15 (2003), 75 - 84.

“Keynesian Macroeconomics and the Theory of Economic Growth: Putting Aggregate Demand Back in the Picture,” in M. Setterfield (ed.), The Economics of Demand-Led Growth: Challenging the Supply-Side Vision of the Long Run, Aldershott: Edward Elgar, 2002.

“Pitfalls in the Theory of Growth: An Application to the Balance-of-Payments-Constrained Growth Model,” M.Setterfield (ed.), The Economics of Demand-Led Growth: Challenging the Supply-Side Vision of the Long Run, Aldershott: Edward Elgar, 2002.

Endogenous Money: What It is and Why It Matters,” Metroeconomica, 53 (May 2002), 152 – 180. Also published in Piegay and Rochon (eds.), Keynesian Heterodoxies and Endogenous Money, 2003.

“Financial Institutions and the Cambridge Theory of Distribution,” Cambridge Journal of Economics, 26 (March 2002), 275 - 77.

The e-Money Revolution: Challenges and Implications for Monetary Policy,” Journal of Post Keynesian Economics, 24 (Winter 2001-02), 217 - 34.

The Stock Market and Investment: Another Look at the Micro Foundations of q Theory,”Cambridge Journal of Economics, 25 (September 2001), 657 - 67.

"General Disequilibrium Analysis with Inside Debt," Journal of Macroeconomics, 21 (Fall 1999), 785 - 804.

"Conflict, Distribution, and Finance in Alternative Macroeconomic Traditions," Review of Radical Political Economics, 31 (December 1999), 102 - 31. Also published in Stanford, Taylor, and Houston (eds.), Power, Employment and Accumulation: Social Structures in Economic Theory and Practice, Stanford, Taylor, and Houston (eds.), M.E.Sharpe: Armonk, NY, 2001.

"The Twin Circuits: Aggregate Demand and the Expenditure Multiplier in a Monetary Economy," Review of Radical Political Economics, 30 (September 1998), 95 104.

"Walras’ Law and Keynesian Macroeconomics," Australian Economic Papers, 37 (September 1998), 330 340.

Accommodationism, Structuralism and Super structuralism," Journal of Post Keynesian Economics, 21 (Fall 1998), 175 77.

"Macroeconomics with Conflict and Income Distribution," Review of Political Economy, 10 (1998), 329 42.

"Optimal Monetary Policy in the Presence of a Monetarist Transmission Mechanism," Economics Letters, 55 (1997), 109 14.

"Endogenous Money and the Business Cycle," Journal of Economics, 65 (1997), 133 149.

"Keynesian Theory and AS/AD Analysis: Further Observations," Eastern
Economics Journal, 23 (Fall 1997), 459 68.

"Does Inflation Grease the Wheels of Adjustment? New Evidence from the U.S. Economy," International Review of Applied Economics, 11 (1997), 387 98.

"Kinked Demand Curve Theory and the Micro Foundations of Keynesian Involuntary Unemployment," Australian Economic Papers, 36 (December 1997), 351 - 61.

"Expectations, the Production Period, and Keynes’ Aggregate Supply Schedule," The Manchester School of Economic and Social Studies, LXV (June 1997), 295 309.

"Money, Fiscal Policy, and the Cambridge Theorem," Cambridge Journal of Economics, 21 (September 1997), 633 39.

"Aggregate Demand and Endogenous Growth: A Generalized Keynes Kaldor Model of Economic Growth," Metroeconomica, 48 (June 1997), 161 76.

"Some Old Wine for New Bottles: Putting Old Growth Theory back into the New," Australian Economic Papers, 35 (December 1996), 250 - 62.

"Growth Theory in a Keynesian Mode: Some Keynesian Foundations for New Endogenous Growth Theory", Journal of Post Keynesian Economics, 19 (Fall 1996), 113 35.

"Beyond Endogenous Money, Toward Endogenous Finance," in Money in Motion: The Circulation and Post Keynesian Approaches, in E.Nell and G.Deleplace (eds.), London: Macmillan Press, 1996.

"Inside Debt, Aggregate Demand, and the Cambridge Theory of Distribution," Cambridge Journal of Economics, 20 (1996), 465 74.

"Accommodationism versus Structuralism: Time for an Accommodation," Journal of Post Keynesian Economics, 18 (Summer 1996), 585 94.

"Aggregate Demand in a Reconstruction of Growth Theory," Review of Political Economy, 8 (January 1996), 23 35.

"The Demand for Money and Non GDP Transactions," Economics Letters, 48 (1995), 145 54.

"Escalators and Elevators: A Phillips Curve for Keynesians," Scandinavian
Journal of Economics, 96 (1), 1994.

"Competing Theories of the Money Supply: Theory and Evidence," Metroeconomica, 45 (1), 1994, 67 88.

“Debt, Aggregate Demand, and the Business Cycle: An Analysis in the Spirit of Kaldor and Minsky," Journal of Post Keynesian Economics, 16 (Spring 1994), 371 90.

"Uncertainty, Expectations, and the Future: if we don’t know the Answers, what are the Questions?" Journal of Post Keynesian Economics, Fall 1993, 1 20.

"Milton Friedman and the Monetarist Counter Revolution: A Reappraisal," Eastern Economic Journal, Winter 1993, 71 82.

"Under Consumption and the Accumulation Motive," Review of Radical Political Economics, 25 (March 1993), 71 86.

"Okun’s Law and the Asymmetric and Changing Nature of the U.S. Business Cycle," International Review of Applied Economics, Vol. 7(2), 1993, 144 62.

"Sectoral Shifts and Cyclical Unemployment: A Reconsideration," Economic Inquiry, 30 (January 1992), 117 133.

"Money, Credit, and Prices in a Kaldorian Macro Model," Journal of Post Keynesian Economics, 14 (Winter 1991 2), 183 204.

"The Endogenous Money Supply: Consensus and Disagreement," Journal of Post Keynesian Economics, 13 (Spring 1991), 397 403.

“Applied Fix Price Models: A Reconsideration," Atlantic Economic Journal, 1990, XVIII(3), 1 22.

"Bank Lending, Discount Window Borrowing, and the Endogenous Money Supply: A Theoretical Framework," Journal of Post Keynesian Economics, 1987, X(2), 282 303.

- back to top -


“The Open Society Institute and Global Social Policy,” Global Social Policy, 3(1) (2003), 17 – 19.

"The Academic Jungle: Social Practice and the Survival of Economic Ideas," Review of Radical Political Economics, 29 (September 1997), 22 33.

"Out of the Closet: The Political Economy of Neo classical Distribution Theory," Review of Radical Political Economics, 28 (1996), 57 76.

- back to top -