Abstract – with Giuseppe Fontana and Marco Veronese Passarella – Cambridge Journal of Economics – We derive the general equilibrium condition for the terms of trade in a two-country economy model. We show that the Marshall–Lerner condition is only a special case of this condition, in which a full exchange […]
Productivity growth, Smith effects and Ricardo effects in Euro Area’s manufacturing industries
Abstract – with Antoine Godin, Stefano Lucarelli and Marco Veronese Passarella – Metroeconomica – We analyse the determinants of labour productivity across (a sample of) EA member states. We focus on the divergent dynamics before and after the financial crisis, and of core countries relative to peripheral countries. We ground […]
Frontiers of Heterodox Macroeconomics
It’s now available “Frontiers of Heterodox Macroeconomics” (edited by Philip Arestis and Malcolm Sawyer. Palgrave Macmillan). The purpose of the volume is to review the ‘state of the art’ in heterodox macroeconomics, its strengths and weaknesses and future directions. The book also features a chapter on “Stock-Flow Consistent Dynamic Models” […]