Frontiers of Heterodox Macroeconomics

Description

In the past few decades, and intensified since the global financial crisis of August 2007, heterodox macroeconomics has developed apace and its scope has broadened in a number of directions. The purpose of this volume is to review the ‘state of the art’ in heterodox macroeconomics, its strengths and weaknesses and future directions. Heterodox macroeconomics has broadened its scope through gender macroeconomics, ecological macroeconomics and further incorporated income distribution and inequality into macroeconomics analysis. New macroeconomic models, particularly stock-flow consistent modelling has become a widely used mode of analysis. Money and finance, monetary policy and fiscal policy as well as other policies have been discussed widely. The focus of this edited collection is on all of these issues, with chapters focusing on inflation, ecological sustainability and regulatory policy. Front Matter ....Pages i-xxii Critique of the New Consensus Macroeconomics and a Proposal for a More Keynesian Macroeconomic Model (Philip Arestis)....Pages 1-44 Approaching Budget Deficits, Debts and Money in a Socially Responsible Manner (Malcolm Sawyer)....Pages 45-87 Advances in the Post-Keynesian Analysis of Money and Finance (Marc Lavoie)....Pages 89-129 Why the Subprime Financial Crash Should Have Been Prevented and Implications for Current Macroeconomic and Regulatory Policy (J. S. L. McCombie, M. R. M. Spreafico)....Pages 131-172 Inflation: Failures of Inflation Targeting—A European Perspective (Elisabeth Springler)....Pages 173-221 Stock-Flow Consistent Dynamic Models: Features, Limitations and Developments (Emilio Carnevali, Matteo Deleidi, Riccardo Pariboni, Marco Veronese Passarella)....Pages 223-276 Fiscal Policy and Ecological Sustainability: A Post-Keynesian Perspective (Yannis Dafermos, Maria Nikolaidi)....Pages 277-322 Secular Stagnation and Income Class Structure in Europe: Policy and Institutional Implications (Salvador Pérez-Moreno, Elena Bárcena-Martín)....Pages 323-370 Back Matter ....Pages 371-378