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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?.

Climate Change, Financial Stability and Monetary Policy (2018)
Journal Article
Dafermos, Y., Nikolaidi, M., & Galanis, G. (2018). Climate Change, Financial Stability and Monetary Policy. Ecological Economics, 152, 219-234. https://doi.org/10.1016/j.ecolecon.2018.05.011

© 2018 The Authors Using a stock-flow-fund ecological macroeconomic model, we analyse (i) the effects of climate change on financial stability and (ii) the financial and global warming implications of a green quantitative easing (QE) programme. Empha... Read More about Climate Change, Financial Stability and Monetary Policy.

Climate change challenges for central banks and financial regulators (2018)
Journal Article
Campiglio, E., Dafermos, Y., Monnin, P., Ryan-Collins, J., Schotten, G., & Tanaka, M. (2018). Climate change challenges for central banks and financial regulators. Nature Climate Change, 8(6), 462-468

The academic and policy debate regarding the role of central banks and financial regulators in addressing climate-related financial risks has rapidly expanded in recent years. This Perspective presents the key controversies and discusses potential re... Read More about Climate change challenges for central banks and financial regulators.

Debt cycles, instability and fiscal rules: A Godley-Minsky synthesis (2017)
Journal Article
Dafermos, Y. (2018). Debt cycles, instability and fiscal rules: A Godley-Minsky synthesis. Cambridge Journal of Economics, 42(5), 1277-1313. https://doi.org/10.1093/CJE/BEX046

© The Author(s) 2017. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved. Wynne Godley and Hyman Minsky were two macroeconomists who 'saw the crisis coming'. This paper develops a simple mac... Read More about Debt cycles, instability and fiscal rules: A Godley-Minsky synthesis.

A stock-flow-fund ecological macroeconomic model (2016)
Journal Article
Dafermos, Y., Nikolaidi, M., & Galanis, G. (2017). A stock-flow-fund ecological macroeconomic model. Ecological Economics, 131, 191-207. https://doi.org/10.1016/j.ecolecon.2016.08.013

© 2016 The Authors This paper develops a stock-flow-fund ecological macroeconomic model that combines the stock-flow consistent approach of Godley and Lavoie with the flow-fund model of Georgescu-Roegen. The model has the following key features. Firs... Read More about A stock-flow-fund ecological macroeconomic model.

A new ecological macroeconomic model: Analysing the interactions between the ecosystem, the financial system and the macroeconomy (2015)
Journal Article
Dafermos, Y., Galanis, G., & Nikolaidi, M. (2015). A new ecological macroeconomic model: Analysing the interactions between the ecosystem, the financial system and the macroeconomy

Our economy, environment and financial system cannot be viewed in isolation: each interacts with the other. However, the current models that inform policy making lack a clear understanding of the links between these systems. This is a significant gap... Read More about A new ecological macroeconomic model: Analysing the interactions between the ecosystem, the financial system and the macroeconomy.

The ‘other half’ of the public debt-economic growth relationship: A note on reinhart and rogoff (2015)
Journal Article
Dafermos, Y. (2015). The ‘other half’ of the public debt-economic growth relationship: A note on reinhart and rogoff. European Journal of Economics and Economic Policies: Intervention, 12(1), 20-28. https://doi.org/10.4337/ejeep.2015.01.03

© 2015 Edward Elgar Publishing Ltd. Reinhart/Rogoff (2010) and Reinhart et al. (2012) document a negative relationship between public debt and economic growth. However, by classifying the observations of their data set into public debt categories and... Read More about The ‘other half’ of the public debt-economic growth relationship: A note on reinhart and rogoff.

Linking functional with personal income distribution: a stock-flow consistent approach (2015)
Journal Article
Dafermos, Y., & Papatheodorou, C. (2015). Linking functional with personal income distribution: a stock-flow consistent approach. International Review of Applied Economics, 29(6), 787-815. https://doi.org/10.1080/02692171.2015.1054365

© 2015 Taylor & Francis. This paper develops a benchmark stock-flow consistent model that links functional with personal income distribution. The model consists of various household groups that receive income from different sources or from the same... Read More about Linking functional with personal income distribution: a stock-flow consistent approach.

Finance, Monetary Policy and the Institutional Foundations of the Phillips Curve (2013)
Journal Article
Argitis, G., & Dafermos, Y. (2013). Finance, Monetary Policy and the Institutional Foundations of the Phillips Curve. Review of Political Economy, 25(4), 607-623. https://doi.org/10.1080/09538259.2013.837326

The purpose of this paper is to examine the influence of financial commitments on the short-run Phillips curve, under different institutional structures of the labour and product market, degrees of euphoria and ratios of firms' to workers' outstandin... Read More about Finance, Monetary Policy and the Institutional Foundations of the Phillips Curve.

What drives inequality and poverty in the EU? Exploring the impact of macroeconomic and institutional factors (2013)
Journal Article
Dafermos, Y., & Papatheodorou, C. (2013). What drives inequality and poverty in the EU? Exploring the impact of macroeconomic and institutional factors. International Review of Applied Economics, 27(1), 1-22. https://doi.org/10.1080/02692171.2012.696590

Employing panel data techniques, we investigate the macroeconomic and institutional determinants of inequality and poverty in the EU over the period 1994-2008. We pay particular attention to the effects of macroeconomic environment, social protection... Read More about What drives inequality and poverty in the EU? Exploring the impact of macroeconomic and institutional factors.

Liquidity preference, uncertainty, and recession in a stock-flow consistent model (2012)
Journal Article
Dafermos, Y. (2012). Liquidity preference, uncertainty, and recession in a stock-flow consistent model. Journal of Post Keynesian Economics, 34(4), 749-776. https://doi.org/10.2753/PKE0160-3477340407

This paper develops a stock-flow consistent model that explicitly integrates the role of liquidity preference and perceived uncertainty into the decision-making process of households, firms, and commercial banks. Emphasis is placed on (1) the link be... Read More about Liquidity preference, uncertainty, and recession in a stock-flow consistent model.

Finance, inflation and employment: A post-Keynesian/Kaleckian analysis (2011)
Journal Article
Argitis, G., & Dafermos, Y. (2011). Finance, inflation and employment: A post-Keynesian/Kaleckian analysis. Cambridge Journal of Economics, 35(6), 1015-1033. https://doi.org/10.1093/cje/ber002

The purpose of this paper is to contribute to the post-Keynesian/Kaleckian macroeconomic literature. We develop a macroeconomic model that explicitly integrates the role of borrowing and cash payment commitments on outstanding debt (interest plus pri... Read More about Finance, inflation and employment: A post-Keynesian/Kaleckian analysis.