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All Outputs (16)

CORE Econ: A neoclassical synthesis for the twenty-first century? (2023)
Journal Article
Michell, J. (2023). CORE Econ: A neoclassical synthesis for the twenty-first century?. Advances in Economics Education, 2(2), 145–162

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
Michell, J. (2023). Macroeconomic policy at the end of the age of abundance. European Journal of Economics and Economic Policies: Intervention, 20(2), 369-387. https://doi.org/10.4337/ejeep.2023.0122

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.

Dollar liquidity, financial vulnerability and monetary sovereignty (2023)
Journal Article
Jump, R. C., & Michell, J. (2023). Dollar liquidity, financial vulnerability and monetary sovereignty. Development and Change, 55(5), 1087-1113. https://doi.org/10.1111/dech.12799

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.

Institutional supercycles: An evolutionary macro-finance approach (2023)
Journal Article
Dafermos, Y., Gabor, D., & Michell, J. (2023). Institutional supercycles: An evolutionary macro-finance approach. New Political Economy, 28(5), 693-712. 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.

FX swaps, shadow banks and the global dollar footprint (2022)
Journal Article
Dafermos, Y., Gabor, D., & Michell, J. (2023). FX swaps, shadow banks and the global dollar footprint. Environment and Planning A, 55(4), 949-968. 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.

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?.

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.

Critical observations on financialization and the financial process (2014)
Journal Article
Michell, J., & Toporowski, J. (2014). Critical observations on financialization and the financial process. International Journal of Political Economy, 42(4), 67-82. https://doi.org/10.2753/IJP0891-1916420404

© 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.