Jo Michell's Outputs (38)

Theorising non-bank financial intermediation (2024)
Journal Article

The expansion of non-bank financial intermediation (NBFI) presents a challenge for monetary theories which emphasise the macroeconomic significance of commercial bank lending. The heterodox literature which has emerged since the 2008 crisis falls rou... Read More about Theorising non-bank financial intermediation.

CORE Econ: A neoclassical synthesis for the twenty-first century? (2023)
Journal Article

This paper provides a critical review of CORE Econ’s The Economy and associated materials. It argues that there is a need for reworked economics textbooks and that CORE Econ’s approach to this project – to replace mathematical abstractions with relev... Read More about CORE Econ: A neoclassical synthesis for the twenty-first century?.

Macroeconomic policy at the end of the age of abundance (2023)
Journal Article

Progressive policy proposals influenced by post-Keynesian economics emphasise the use of fiscal policy and income redistribution to maintain aggregate demand at levels which achieve full employment. Given persistent evidence of weak demand, excess ca... Read More about Macroeconomic policy at the end of the age of abundance.

In tandem: The case for coordinated economic policymaking (2023)
Report

Dollar liquidity, financial vulnerability and monetary sovereignty (2023)
Journal Article

Periods of dollar-led global monetary tightening generate negative effects in many lower- and middle-income countries. The tightening cycle which commenced in early 2022 has exacerbated the financial dislocation experienced by countries including Zam... Read More about Dollar liquidity, financial vulnerability and monetary sovereignty.

The macroeconomics of austerity (2023)
Report

A new study from the thinktank the Progressive Economics Forum (PEF), published today, uses official figures to show that the total economic damage inflicted by austerity is significantly higher than previously thought, needlessly cutting more than h... Read More about The macroeconomics of austerity.

Institutional supercycles: An evolutionary macro-finance approach (2023)
Journal Article

We build upon the Minskyan concepts of ‘thwarting mechanisms’ and ‘supercycles’ to develop a framework for analysing the dynamic evolutionary interactions between macrofinancial, institutional and political processes. Thwarting mechanisms are institu... Read More about Institutional supercycles: An evolutionary macro-finance approach.

Creating jobs in low- and middle-income countries through demand-side policies (2023)
Report

This brief focuses on demand-side policies for promoting employment in LMCs. The shifting consensus on macroeconomic policy in advanced economies, alongside growing acceptance of industrial policy, provides an important opportunity for reconsideratio... Read More about Creating jobs in low- and middle-income countries through demand-side policies.

The dangerous fiction of the "fiscal black hole" (2022)
Preprint / Working Paper

Media reporting of the economy and choices facing the new Prime Minister and Chancellor has focused on a supposed ‘black hole’ in the public finances, typically given as being around £50bn in five years’ time. This has been presented as an urgent pri... Read More about The dangerous fiction of the "fiscal black hole".

FX swaps, shadow banks and the global dollar footprint (2022)
Journal Article

The era of dollar-based financial globalisation has seen a steady rise in the use of foreign exchange (FX) swaps. We provide a macrofinancial political economy perspective on the geography of FX swaps, and the spatial effects of central bank policies... Read More about FX swaps, shadow banks and the global dollar footprint.

Progressive tax reform (2021)
Book Chapter

How is income distributed? (2020)
Book Chapter

Can the Bank of England do it? (2019)
Preprint / Working Paper

Educational attainment and the Brexit vote (2019)
Journal Article

The Brexit vote is the most significant political event in recent British history. We present bivariate choropleth maps comparing the Leave vote share with age-adjusted secondary educational attainment. This provides an immediate visual representatio... Read More about Educational attainment and the Brexit vote.

Do Shadow Banks Create Money? ‘Financialisation’ and the Monetary Circuit (2016)
Journal Article

© 2016 John Wiley & Sons Ltd The rise of the shadow banking system is viewed through the theoretical lens of Graziani's Monetary Theory of Production. Graziani's categories of ‘initial finance’ and ‘final finance’ are used to analyse the new forms... Read More about Do Shadow Banks Create Money? ‘Financialisation’ and the Monetary Circuit.

Pseudo-Goodwin cycles in a Minsky model (2016)
Journal Article

© The Author 2016. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved. Goodwin cycles result from the dynamic interaction between a profit-led demand regime and a reserve army effect in inco... Read More about Pseudo-Goodwin cycles in a Minsky model.

Book review: Interacting multiagent systems by Lorenzo Pareschi and Giuseppe Toscani (2016)
Journal Article

Book review

Money supply (2015)
Book Chapter

Income distribution and the financial and economic crisis (2015)
Book Chapter

Saving the eurozone: Modelling an alternative vison of Europe. (2015)
Report

This Policy Brief tries to envisage a different Europe. It is the second in a series of three in which future macroeconomic scenarios for Europe are analysed using projections generated by the Cambridge-Alphametrics Model (CAM). This Policy Brief exp... Read More about Saving the eurozone: Modelling an alternative vison of Europe..

The Collected Works of F. A. Hayek, Volume 7: Business Cycles Part I; The Collected Works of F. A. Hayek, Volume 8: Business Cycles Part II (2015)
Journal Article

Book Review

Critical observations on financialization and the financial process (2014)
Journal Article

© 2013, Copyright Taylor & Francis Group, LLC. The term "financialization" is a recognition that finance has come to play a key role on the modern capitalist economy. But users of the term do not agree on its meaning and recognition of the growing... Read More about Critical observations on financialization and the financial process.

Speculation, financial fragility and stock-flow consistency (2014)
Book Chapter

This paper uses a simple stock-flow consistent accounting framework as the basis for an analysis of the speculative financial behaviour of firms and households during a period of rising asset prices. Some shortcomings of Minsky’s theory of the busine... Read More about Speculation, financial fragility and stock-flow consistency.

Book review: 'Treatise on Money' by J. A. Schumpeter (2014)
Journal Article

Development, demography and migration (2014)
Book Chapter

The price mechanism and the distribution of income in Kalecki's economics and post-Kaleckian economics (2013)
Book Chapter

Review of 'Unemployment, recession and effective demand: The contributions of Marx, Keynes and Kalecki', by Claudio Sardoni (2013)
Journal Article

How can the EU Federal Government spearhead an employment-led recovery? (2013)
Other

Handbook of critical issues in finance (2012)
Book

Crisis in the eurozone (2012)
Book

The stock-flow consistent approach with active financial markets (2012)
Book Chapter

Eurozone crisis: Beggar thyself and thy neighbour (2010)
Journal Article

Do shadow banks create money? 'Financialisation' and the monetary circuit
Preprint / Working Paper

The rise of the shadow banking system is viewed throught the lens of Graziani's Monetary Theory of Production. Graziani's categories of 'initial finance' and 'final finance' are used to analyse the new forms of credit created in the shadow banking se... Read More about Do shadow banks create money? 'Financialisation' and the monetary circuit.

Working paper no.39: Finance and crisis: Marxian, institutionalist and circuitist approaches
Preprint / Working Paper

Most mainstream neoclassical economists completely failed to anticipate the crisis which broke in 2007 and 2008. There is however a long tradition of economic analysis which emphasises how growth in a capitalist economy leads to an accumulation of te... Read More about Working paper no.39: Finance and crisis: Marxian, institutionalist and circuitist approaches.

Working paper no. 41: Factors generating and transmitting the crisis: Functional distribution of income
Preprint / Working Paper

The distribution of income between capital and labour has, until very recently, been ignored by the majority of the economics profession. At the same time, the rate of wage growth has systematically lagged the growth of productivity, leading to a fal... Read More about Working paper no. 41: Factors generating and transmitting the crisis: Functional distribution of income.

Demand-side policies for employment promotion in low-and middle-income countries
Report

High rates of unemployment and underemployment are widespread in many low- and middle-income countries (LMCs). Progress has been disappointing during a period in which the historical policy focus on capital accumulation and structural transformation... Read More about Demand-side policies for employment promotion in low-and middle-income countries.

Pseudo-Goodwin cycles in a Minsky model
Preprint / Working Paper

Goodwin cycles result from the dynamic interaction between a profit-led demand regime and a reserve army effect in income distribution. The paper proposes the concept of a pseudo-Goodwin cycle. We define this as a counter-clockwise movement in output... Read More about Pseudo-Goodwin cycles in a Minsky model.

A Steindlian account of the distribution of corporate profits and leverage: A stock-flow consistent macroeconomic model with agent-based microfoundations
Preprint / Working Paper

Post Keynesian economics has largely forgotten Steindl's insight that monopolisation of the corporate sector redistributes profits to those firms least likely to invest them productively. Agent-based methods can be used to incorporate Steindl's insig... Read More about A Steindlian account of the distribution of corporate profits and leverage: A stock-flow consistent macroeconomic model with agent-based microfoundations.