Frontiers of Heterodox Macroeconomics

1. Front Matter

   Pages i-xxii

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2. Critique of the New Consensus Macroeconomics and a Proposal for a More Keynesian Macroeconomic Model

   • Philip Arestis

   Pages 1-44

3. Approaching Budget Deficits, Debts and Money in a Socially Responsible Manner

   • Malcolm Sawyer

   Pages 45-87

4. Advances in the Post-Keynesian Analysis of Money and Finance

   • Marc Lavoie

   Pages 89-129

5. 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

6. Inflation: Failures of Inflation Targeting—A European Perspective

   • Elisabeth Springler

   Pages 173-221

7. Stock-Flow Consistent Dynamic Models: Features, Limitations and Developments

   • Emilio Carnevali, Matteo Deleidi, Riccardo Pariboni, Marco Veronese Passarella

   Pages 223-276

8. Fiscal Policy and Ecological Sustainability: A Post-Keynesian Perspective

   • Yannis Dafermos, Maria Nikolaidi

   Pages 277-322

9. Secular Stagnation and Income Class Structure in Europe: Policy and Institutional Implications

   • Salvador Pérez-Moreno, Elena Bárcena-Martín

   Pages 323-370

10. Back Matter

    Pages 371-378

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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.

• Ecological macroeconomics
• Income distribution
• New macroeconomic models
• Fiscal policy
• Monetary policy
• New Consensus Macroeconomics
• Future Macroeconomic and Regulatory Policy
• Post Keynesian Analysis of Money and Finance
• SFC Dynamic Models
• Secular stagnation
• Inflation
• Budget deficits
• Socially responsible economics
• Keynesian macroeconomics

• Department of Land Economy, University of Cambridge, Cambridge, UK

  Philip Arestis

• University of Leeds, Leeds, UK

  Malcolm Sawyer

Philip Arestis is Professor and Director of Research at the Cambridge Centre for Economics and Public Policy, Department of Land Economy, University of Cambridge, UK, and Professor at the Department of Applied Economics, University of the Basque Country, Spain. He is also Adjunct Professor, University of Utah, USA, and Research Associate, Levy Economics Institute, New York, USA.

Malcolm Sawyer is Emeritus Professor of Economics, Leeds University Business School, University of Leeds, UK. He has been the principal investigator for the European Union funded  (8 million euros) five year research project Financialisation, Economy, Society and Sustainable Development, involving 15 partner institutions across Europe and more widely.

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