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The macroeconomics of austerity (2023)
Report
Michell, J., Calvert Jump, R., Meadway, J., & Nasciemento, N. (2023). The macroeconomics of austerity. https://progressiveeconomyforum.com: Progressive Economy Forum

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
Dafermos, Y., Gabor, D., & Michell, J. (in press). Institutional supercycles: An evolutionary macro-finance approach. New Political Economy, https://doi.org/10.1080/13563467.2022.2161497

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
Michell, J., & Aboobaker, A. (2023). Creating jobs in low- and middle-income countries through demand-side policies. https://www.ilo.org: International Labour Organisation (ILO)

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)
Report
Michell, J., & Calvert Jump, R. (2022). The dangerous fiction of the "fiscal black hole". Progressive Economy Forum

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
Dafermos, Y., Gabor, D., & Michell, J. (in press). FX swaps, shadow banks and the global dollar footprint. Environment and Planning A, 0308518X2211283. https://doi.org/10.1177/0308518X221128302

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.

Demand-side policies for employment promotion in low-and middle-income countries (2022)
Working Paper
Aboobaker, A., & Michell, J. (2022). Demand-side policies for employment promotion in low-and middle-income countries

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.

Progressive tax reform (2021)
Book Chapter
Michell, J. (2021). Progressive tax reform. In P. Allen, S. J. Konzelmann, & J. Toporowski (Eds.), The Return of the State - Restructuring Britain for the Common Good (208). Agenda Publishing Limited

The Wall Street Consensus in pandemic times: What does it mean for climate-aligned development? (2021)
Journal Article
Dafermos, Y., Gabor, D., & Michell, J. (2021). The Wall Street Consensus in pandemic times: What does it mean for climate-aligned development?. Canadian Journal of Development Studies / Revue canadienne d'études du développement, 42(1-2), 238-251. https://doi.org/10.1080/02255189.2020.1865137

The COVID-19 pandemic has reinforced the dominance of what Daniela Gabor calls the Wall Street Consensus (WSC) as the hegemonic approach to sustainable development. Public commitments to “green recoveries” and climate resilience, growing fiscal defic... Read More about The Wall Street Consensus in pandemic times: What does it mean for climate-aligned development?.

Education and the geography of Brexit (2020)
Journal Article
Calvert Jump, R., & Michell, J. (2023). Education and the geography of Brexit. Journal of Elections, Public Opinion and Parties, 33(1), https://doi.org/10.1080/17457289.2020.1839471

While it is well established that educational attainment is highly correlated with Brexit voting patterns, the predictive capacity of education has attracted less attention. Using full-sample and split-sample exercises, this paper demonstrates that e... Read More about Education and the geography of Brexit.

Institutional supercycles: An evolutionary macro-finance approach (2020)
Working Paper
Dafermos, Y., Gabor, D., & Michell, J. (2020). Institutional supercycles: An evolutionary macro-finance approach

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

How is income distributed? (2020)
Book Chapter
Michell, J. (2020). How is income distributed?. In Recharting the History of Economic Thought (111-130). Macmillan

Educational attainment and the Brexit vote (2019)
Journal Article
Jump, R. C., & Michell, J. (2020). Educational attainment and the Brexit vote. Environment and Planning A, 52(5), 829-832. https://doi.org/10.1177/0308518X19866465

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
Michell, J. (2017). Do Shadow Banks Create Money? ‘Financialisation’ and the Monetary Circuit. Metroeconomica, 68(2), 354-377. https://doi.org/10.1111/meca.12149

© 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
Stockhammer, E., & Michell, J. (2017). Pseudo-Goodwin cycles in a Minsky model. Cambridge Journal of Economics, 41(1), 105-125. https://doi.org/10.1093/cje/bew008

© 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.

Money supply (2015)
Book Chapter
Michell, J., & Stockhammer, E. (2015). Money supply. In L. Rochon (Ed.), The Encyclopedia Of Central Banking, 368-369. Edward Elgar