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All Outputs (8)

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.

Do shadow banks create money? 'Financialisation' and the monetary circuit
Working Paper
Michell, J. (2016). Do shadow banks create money? 'Financialisation' and the monetary circuit

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. 41: Factors generating and transmitting the crisis: Functional distribution of income
Working Paper
Michell, J. (2014). Working paper no. 41: Factors generating and transmitting the crisis: Functional distribution of income. Leeds

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.

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

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.

A Steindlian account of the distribution of corporate profits and leverage: A stock-flow consistent macroeconomic model with agent-based microfoundations
Working Paper
Michell, J. (2014). A Steindlian account of the distribution of corporate profits and leverage: A stock-flow consistent macroeconomic model with agent-based microfoundations

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.