New Working Paper with Giovanni Carnazza. The European fiscal framework has recently been reformed, yet the concept of structural balance still plays a crucial role within it. This paper proposes a multidimensional approach to scrutinize the pro-cyclical tendencies embedded in European economic policies arising from the European Commission’s calculation methodology […]
Understanding socialism from the outside and from the inside
The latest issue of the European Journal of Economics and Economic Policy (Intervention) features an interview conducted by André Pedersen Ystehede and myself with Alberto Chilosi. Alberto Chilosi is a former Professor of Economic Policy in the Department of Economics at the University of Pisa, Italy. After obtaining a degree […]
On the Takeover Mechanism in Market Socialism
Just published in the Journal of Economics is the paper “On the Takeover Mechanism in Market Socialism”, written with Matteo Sommacal . In the three decades since the collapse of the Soviet Union, the notion of socialism has been swept into almost total disrepute. The more recent economic literature, however, […]
Economy-Finance-Environment-Society Interconnections In a Stock-Flow Consistent Dynamic Model
This article – written with Matteo Deleidi, Riccardo Pariboni and Marco Veronese Passarella – work takes inspiration from four theoretical strands: recent developments in ecological macroeconomics; the Schumpeterian framework of evolutionary economics that emphasises the entrepreneurial role of the State; the stock-flow consistent approach to macroeconomic modelling; and the supermultiplier […]
A Modern Guide to Post-Keynesian Institutional Economics
The last couple of decades have seen the publications of many and often disparate contributions that build on the shared view of John Maynard Keynes and John Commons. A Modern Guide to Post-Keynesian Institutional Economics (PKIE) recently published by Edward Elgar and edited by Charles J. Whalen is a careful review of […]
Symposium on MMT
The “European Journal of Economics and Economic Policies: Intervention” has just published an interesting symposium on Modern Monetary Theory and its critics. The starting point was a couple of papers written by two economists of the Banque de France – Françoise Drumetz and Christian Pfister. As pointed out by Marc […]
Understanding Socialism from the Outside and from the Inside: an Interview with Alberto Chilosi
Alberto Chilosi belongs to the last generation of scholars who studied the socialist system and have been able to gain first-hand experience of its operation under “real socialism”. His extraordinary testimony features a series of analyses, thoughts, and anecdotes on the workings of this system that have often been overlooked […]
What modern monetary theory is, and what it is not
Modern monetary theory (MMT) has grown in popularity in recent years. Several central bankers have made passing comments about it. However, the publication of two papers by Drumetz and Pfister of the Banque de France in 2021 represents the first attempt at a more systematic assessment of MMT by two […]
Inequality and Exchange Rate Movements in an Open-Economy Macroeconomic Model
This article – written with Francesco Ruggeri and Marco Veronese Passarella – presents a complete macroeconomic (SFC) model to study income and wealth distribution in an open economy. We argue that exchange rates and the stock of foreign debt play a major role in shaping inequality across and within countries. Using the ‘relative […]
Competitive vs Cumulative Approach in Teaching Macroeconomics: Some Thoughts on Recent Popular Textbooks
In this paper I critically evaluate two different approaches to teaching macroeconomics at the undergraduate level through the comparison of two popular, recent handbooks: Olivier Blanchard’s Macroeconomics (2021) and William Mitchell, Randall Wray and Martin Watts’s Macroeconomics (2019). These textbooks are taken as benchmarks of two opposite views of the discipline: the cumulative as […]