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Selected Recent Publications of Members of the Centre 2019-2015



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.


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), 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)



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,



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.



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