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Publications

Publications

Selected Recent Publications of Members of the Centre 2018-2015

Papers

2018

Magacho G.R., McCombie, J.S.L. and Guilhoto, J.J.M. (2018). Impacts of Trade Liberalization on Countries’ Sectoral Structure of Production and Trade: A Structural Decomposition Analysis, Structural Change and Economic Dynamics, (forthcoming).

Magacho, G.R. and McCombie, J.S.L. (2018). A Sectoral Explanation of Per Capita Income Convergence and Divergence: Estimating Verdoorn’s Law for Countries at Different Stages of Development. Cambridge Journal of Economics, (forthcoming).

Romero, J.P. and McCombie, J.S.L. (2018). Thirlwall's law and the Specification of Export and Import Functions. Metroeconomica, Vol. 69. No. 2, pp. 366-395.

Arestis P.,  Filho F.F.  and Terra  F.H.B. (2018).  Keynesian Macroeconomic Policy: Theoretical Analysis and Empirical Evidence” Panoeconomicus, Vol. LXV, No. 1, pp. 1-20.

Arestis P. and P. Reinado (2018). Explaining, Restoring Low Productivity Growth in the UK, Challenge: The Magazine of Economic Affairs, pp. 1-13.

Arestis, P. and Phelps, P. (2018). Inequality Implications of EMU Membership: A Reassessment Environment and Planning A, Forthcoming.

McCombie J.S.L and M.R.M. Spreafico (2018). Brexit and its possible implications for the UK economy and its regions: A post‐Keynesian perspective. Papers in Regional Science Vol. 97.1: 133-149.

2017

Ribeiro, R.S.M, McCombie, J.S.L. and Lima G.T. (2017). Some unpleasant Currency-devaluation Arithmetic in a Post Keynesian Macromodel”, Journal of Post Keynesian Economics, Vol. 40 No. 2, pp. 145-167.

Arestis P., Cunha Resende M.F., Alencar D.A.,  Barbosa L. and G. Diniz (2017). The Finance-Investment and Saving-Funding Circuit in the Closed and Open Economies with Government”, International Review of Applied Economics, Vol. 31, No. 6, pp. 832-845

 Arestis P., and A.R. González-Martinez  (2017).  Importance of Demographics for Housing in the OECD Economies, Bulletin of Economic Research, Vol. 69, No. 1 pp. 1-22

Arestis P.  and  Fábio Henrique Bittes Terra (2017). Monetary Policy in the Post Keynesian Theoretical Framework,  Brazilian Journal of Political Economy Vol. 37, No. 1 146, pp. 45-64.

Arestis P., Fontana G., and P. Phelps (2017). Regional Financialisation and Financial Systems Convergence: Evidence from Italy, Environment and Planning A, Vol. 49, No. 1, pp. 141-167.

Arestis P., and A.R. Gonzalez-Martinez (2017). Housing Market in Israel: Is there a Bubble? Panoeconomicus, Vol. 64, No. 1, pp. 1-16.

 Arestis P., and C. Baltar (2017). Income Distribution and Economic Growth: A Critical Approach, Panoeconomicus, Vol. 64, No. 2, pp. 125-138.

 Arestis P.,  González-Martínez A. R. and D. Lukui Jia (2017) House Price Overvaluation in Hong Kong: Identifying the Market Fundamentals and Understanding the ‘Bubble’ International Journal of Housing Markets and Analysis (IJHMA), Vol. 10, No. 2, pp. 282-304.

Arestis P. and P. Phelps (2017) Financial Market Implications of Monetary Policy Coincidences: Evidence from the UK and Euro Area Government-Bond Markets, Journal of International Financial Markets, Institutions & Money, Vol. 49, No. 2,  pp. 88-102.

McCombie J. S. L., Spreafico, M. R. and S. Xu (2017). Productivity growth of the cities of Jiangsu province, China: a Kaldorian approach. International Review of Applied Economics, pp. 1-22.

Magacho, G. R. and J.S.L McCombie (2017). A Sectoral Explanation of Per Capita Income Convergence and Divergence: Estimating Verdoorn’s Law for Countries at Different Stages of Development, Cambridge Journal of Economics, https://doi.org/10.1093/cje/bex064

Magacho, G. R. and J.S.L McCombie (2017), Verdoorn’s law and productivity dynamics: An empirical investigation into the demand and supply approaches, Journal of Post Keynesian Economics, Vol. 40, No. 4, pp. 600-621 

Ribeiro R. S. M., McCombie, J. S. L. and G. Tadeu Lima (2017). A reconciliation proposal of demand-driven growth models in open economies. Journal of Economic Studies, Vol. 44(2), pp.226-244.

Arestis P.,  Kaya A. and H. Şen (2016). “Does Fiscal Consolidation Promote Economic Growth and Employment? Evidence from the PIIGGS Countries” European Journal of Economics and Economic Policies: Intervention (EJEEP) (November, 2017)

 

2016

Romero J. P., and J.S.L. McCombie (2016). The Multi-Sectoral Thirlwall’s Law: evidence from 14 developed European countries using product-level data. International Review of Applied Economics, Vol. 30(3), pp. 301-325.

Romero J. P., and J.S.L. McCombie,  (2016). Differences in increasing returns between technological sectors: A panel data investigation using the EU KLEMS database. Journal of Economic Studies, Vol. 43(5), pp. 863-878.

Ribeiro R. S., McCombie, J. S. L., and G.T. Lima (2016). Exchange rate, income distribution and technical change in a balance-of-payments constrained growth model. Review of Political Economy, Vol. 28(4), pp. 545-565.

McCombie J.S.L. and M.R.M. Spreafico (2016). Could the Icelandic Banking Collapse of 2008 have been Prevented? The Role of Economists Prior to the Crisis. European Journal of Economics and Economic Policies: Intervention, Vol. 13(3), pp. 323-338.

Arestis P., (2016). Can the Report of the ‘Five Presidents’ Save the Euro?, European Journal of Economics and Economic Policies: Intervention, Vol. 13, No. 1, pp. 28-38.

Arestis P., and  A.R. González-Martinez(2016). Income Inequality: Implications and Relevant Economic Policies, Panoeconomicus, Vol. 63, No. 1, pp. 1-24.

Arestis P., and P Phelps (2016). Endogeneity Analysis of Output Synchronization in the Current and Prospective EMU, Journal of Common Market Studies, Vol. 54, No. 3 pp. 525-543.

Arestis P. and C.T. Baltar (2016). Brazilian Economic Performance since the Emergence of the Great Recession: the Effects of Income Distribution on Consumption.  Panoeconomicus, Vol. 63, No. 2, pp. 157-174.

Arestis P. and A.R. González-Martinez  (2016). Revisiting the Accelerator Principle in a World of Uncertainty: Some Empirical Evidence. Economic Modelling, Vol. 56, No. C, pp. 35-42.

Arestis P., Karoglou M. and K. Mouratidis (2016). Monetary Policy Preferences of the EMU and the UK. Manchester School of Economic and Social Research, Vol. 84, No. 4, pp.  528–550.

 Arestis P., González-Martínez, A.R.  and Ó. Dejuán. (2016.) Investment, Financial Markets and Uncertainty.  Economia e Sociedade Vol. 25, No. 3(58), pp. 511-532).

Arestis P.,  and A.R. González-Martinez (2016). “House Prices and Current Account Imbalances in OECD Countries, International Journal of Finance and Economics, Vol. 21,

 

2015

McCombie J. S. L., and M.R. Spreafico, (2015). Kaldor’s ‘technical progress function’ and Verdoorn’s law revisited. Cambridge Journal of Economics, Vol 40(4), pp. 1117-1136.

Felipe J., and McCombie, J. S. L. (2014). The aggregate production function: ‘Not even wrong’. Review of Political Economy, Vol. 26(1), pp. 60-84.

Arestis P., and A.R. González-Martinez (2015). Is Job Insecurity a Driver of the Housing Cycle? Some Evidence in the Spanish Case, Panoeconomicus, Vol. 62, No. 1 pp. 1-14.

Arestis P., and M.F. da Cunha Resende (2015). Fiscal Policy and the Substitution between National and Foreign Savings”, Journal of Post Keynesian Economics, Vol. 37, No. 3, pp. 436–458)

Arestis P. (2015). Coordination of Fiscal with Monetary and Financial Stability Policies Can Better Cure Unemployment”, Review of Keynesian Economics, Vol. 3, No. 2, pp. 233-247.

Arestis P. (2015). Current and Future European Central Bank Monetary Policy, Brazilian Keynesian Review, Vol. 37, No. 3, pp. 436-458.

Arestis P., and with A.R. González-Martinez (2015). Residential Construction Activity in OECD Economies. Manchester School of Economic and Social Research, Vol. 83, No. 4, pp. 451-474.

Arestis P., Chortareas G. and G. Magkonis (2015). The Financial Development and Growth Nexus: A Meta-Analysis", Journal of Economic Surveys, Vol. 29, No. 3, pp. 549–565.

Arestis P.,  (2015). On the Sustainability of the Euro, Wirtschaft und Management, Band 22, pp. 51-64.

Arestis P., Charles, A. and G. Fontana (2015). Power, Intergroup Conflicts and Social Stratification in the United States: What Has the Global Crisis Taught Us? Review of Social Economy, Vol. LXXIII, No. 4.

 

 Books

Felipe, J., & McCombie, J. S. L. (2013). The Aggregate Production Function and the Measurement of Technical Change: ‘Not Even Wrong’., Edward Elgar Publishing (ppb 2015).

Arestis, P. and Sawyer, M. (2015), Finance and the Macroeconomics of Environmental Policies, Palgrave Macmillan.

Arestis, P. and Sawyer, M. (2016), Emerging Economies During and After the Great Recession, Palgrave Macmillan.  

 Arestis, P. and Sawyer, M. (2016), Financial Liberalisation: Past, Present and Future, Palgrave Macmillan.

 Arestis, P. and Sawyer, M. (2017), Economic Policies since the Global Financial Crisis, Palgrave Macmillan.

 Arestis, P., Baltar, C.T. and Prates, D.M. (2017), The Brazilian Economy since the Great Financial Crisis of 2007/2008, Palgrave Macmillan.

 Arestis, P. (2018), Alternative Approaches in Macroeconomics: Essays in Honour of John McCombie, Palgrave Macmillan.

Arestis, P. and Sawyer, M. (2018), Inequality: Trends, Causes, Consequences, Relevant Policies, Forthcoming, Palgrave Macmillan

 

Working Papers Series

Publications

NumberPaper title and authors
CCEPP WP 03-16

The Share Of The Top One Percent: Is It Due To The Marginal Product Of Labour Or Financialisation?

John S.L. McCombie & Marta R.M. Spreafico

CCEPP WP 02-16

Thirlwall’s Law and the Specification of Export and Import Demand
Functions: An Investigation of the Impact of Relative Productivity
Growth on Trade Performance1

João P. Romero and John S. L. McCombie

CCEPP WP 01-16

The Conundrum of Greece and the Eurozone: Puzzles, Paradoxes and Contradictions

Yiannis Kitromilides

CCEPP WP 04-15

The Multi-Sectoral Thirlwall’s Law: Evidence from 14 Developed European
Countries using Product-level Data

João P. Romero and John S. L. McCombie

CCEPP WP 03-15

Productivity Growth, Spatial Inequality and Returns to Scale:
The Case of the Cities of the Province of Jiangsu, China

J.S.L. McCombie, M.R.M. Spreafico and S. Xu*

CCEPP WP 02-15

Kaldor’s “Technical Progress Function” and the Verdoorn Law Revisited

John McCombie and Marta Spreafico

CCEPP WP 01-15

Income Inequality and Growth: Problems with the Orthodox Approach  

John McCombie and Marta Spreafico

CCEPP WP12-14

A Model of Economic Growth for an Open Developing Country: Empirical Evidence for Brazil

Carolina Troncoso Baltar

CCEPP WP11-14

Inflation and Economic Growth in an Open Developing Country: The Case of Brazil

Carolina Troncoso Baltar

CCEPP WP10-14

Aggregate Production Functions and the Accounting Identity Critique: Criticisms and Misunderstandings with Special Reference to Temple

Jesus Felipe and John McCombie∗

CCEPP WP08-14

On Economic Paradigms, Rhetoric and the Microfoundations of Macroeconomics

John S.L. McCombie and Ioana Negru

CCEPP WP07-14

Could the Icelandic Banking Collapse of 2008 been Prevented? The Role of Economists in its Unfurling

J.S.L. McCombie and M. Spreafico*

CCEPP WP06-14

Economic Geography And Cluster Policy, With Special Reference To Kazakhstan

J.S.L.Mccombie And Marta Spreafico

CCEPP WP05-14

The ‘Fallacy of Composition’ Market Failure: A Sufficient Reason for the Necessity of Macroeconomics and the Futility of Microfoundations

Yiannis Kitromilides and Thanos Skouras

CCEPP WP04-14

Current and Future Regulatory Role of the ECB

Philip Arestis

CCEPP WP03-13

Residential Construction Activity in OECD Economies.

Philip Arestis and Ana Rosa González

CCEPP WP02-13

Modelling the Housing Market in OECD Countries. Philip

Arestis and Ana Rosa González

CCEPP WP01-13

Bank Credit and the Housing Market in OECD Countries.

Philip Arestis and Ana Rosa González

CCEPP WP04-12

 Problems with Regional Production Functions and Estimates of Agglomeration Economies: a Caveat Emptor for Regional Scientists.

Jesus Felipe and John McCombie

CCEPP WP03-12

Lessons Not Learnt: From the Collapse of Long-Term Capital Management to the Subprime Crisis.

Nigel F.B. Allington, John S.L. McCombie and Maureen Pike

CCEPP WP02-12

The end of the consensus in macroeconomic theory? Amethodological inquiry .

John McCombie and M. Pike

CCEPP WP01-12

 The tyranny of the accounting identity works full time: A rejoinder to temple.

Jesus Felipe and John McCombie

CCEPP WP01-10

On Accounting Identities, Simulation Experiments and Aggregate Production Functions: A Cautionary Tale for (Neoclassical) Growth Theorists.

Jesus Felipe and John McCombie

CCEPP WP10-09

Classifying Monetary Economics: Fields and Methods from Past to Future.

Philip Arestis and Alexander Mihailov

CCEPP WP09-09

Inflation Targeting in Brazil.

Philip Arestis, Luiz Fernando de Paula and Fernando Ferrari-Filho

CCEPP WP08-09

Subprime Mortgage Market and the Current Financial Crisis.

Philip Arestis and Elias Karakitos

CCEPP WP07-09

Financial Liberalization and the Geography of Poverty.

Philip Arestis and Asena Caner

CCEPP WP06-09

Fiscal Policy within the New Consensus Framework.

Philip Arestis

CCEPP WP05-09

New Consensus Macroeconomics: A Critical Appraisal.

Philip Arestis

CCEPP WP04-09

Capital Account Liberalization and Poverty: How Close the Link?

Philip Arestis and Asena Caner

CCEPP WP03-09

On the Motion of the Planets and Temple’s “Aggregate Production Functions and Growth Economics”.

Jesus Felipe and John McCombie

CCEPP WP02-09

Why the Data Tell Us Nothing about Returns to Scale and Externalities to Economic Growth.

Jesus Felipe and John McCombie

CCEPP WP01-09

On Accounting Identities, Simulation Experiments and Aggregate Production Functions: A Cautionary Tale for (Neoclassical) Growth Theorists.

Jesus Felipe and John McCombie

CCEPP WP03-08

Productivity Growth and Space: A Multilevel Verdoorn Model.

Gustavo Britto

CCEPP WP02-08

Increasing Returns to Scale at the Firm Level: A Panel Data Study for Brazil.

Gustavo Britto

CCEPP WP01-08

Thirlwall’s Law and the Long-term Equilibrium Growth Rate: An Application for Brazil (1951-2006).

Gustavo Britto

CCEPP WP01-07

Endogenous regional growth: a critical survey.

Mark Roberts and Mark Setterfield

CCEPP WP03-06

Some New Estimates of Returns to Scale for EU Regional Manufacturing, 1986-2002.

Alvaro Angeriz, John McCombie, and Mark Roberts

CCEPP WP02-06

Monetary Policy in the UK.

Alvaro Angeriz and Philip Arestis

CCEPP WP01-06

The conditional convergence properties of simple Kaldorian growth models.

Mark Roberts

CCEPP WP12-05

Inflation Targeting: assessing the evidence.

Alvaro Angeriz and Philip Arestis

CCEPP WP11-05

An Empirical Investigation of Inflation Targeting in Emerging Economies.

Alvaro Angeriz and Philip Arestis

CCEPP WP10-05

Assessing Inflation Targeting through Intervention Analysis.

Alvaro Angeriz and Philip Arestis

CCEPP WP08-05

Unpacking the Black Box: an econometric analysis of investment strategies in real world firms.

Michelle Baddeley

CCEPP WP07-05

Structural Shifts in UK Unemployment 1980-2002: the twin impacts of financial deregulation and computerisation.

Michelle Baddeley

CCEPP WP06-05

Financial Structure and Economic Growth

Philip Arestis, Ambika D Luintel and Kul B Luintel

CCEPP WP05/05

Financial Liberalisation and the relationship between finance and growth.

Philip Arestis

CCEPP WP04-05

A Soft Landing for the US Property Market?

Philip Arestis and Elias Karakitsos

CCEPP WP03-05

A Policy-Game Framework for the Dollar-Euro Exchange Rate.

Philip Arestis and Elias Karakitsos

CCEPP WP02-05

Power and Institutions in Macroeconomic Theory.

John Cornwall and Wendy Cornwall

CCEPP WP01-05

A Future for Keynesian Macroeconomics.

Wendy Cornwall and John Cornwall

CCEPP WP01-04

On the US Post-‘New Economy’ Bubble: Should Asset Prices be Controlled?

Philip Arestis and Elias Karakitsos

WP02-04

Hoarding, Low investment, and the Great Recession

A Vicious Circle:

Ahmad Seyf

CCEPP WP01-18

The Theoretical Basis of the CGIL’s Analysis of the Italian Economic Decline

Guglielmo Forges Davanzati* and Nicolò Giangrande#

CCEPP WP02-18

 MARX MEETS KALDOR: PUBLIC DEBT, LABOUR MARKET DEREGULATION AND LABOUR PRODUCTIVITY IN ITALY