You can find a full list of my publications on my CV , or on my page at the U. Here are a few, first working papers, followed by published papers:

Working Papers

Globalization as coordination failure: A Keynesian perspective

New School for Social Research Working Paper 02/2012, April 2012

Abstract: This paper (co-authored with Daniele Tavani and Laura Barbosa de Carvalho) presents an(other) investigation of the links between growth and distribution. We discuss a Neo--Kaleckian two country model with fixed mark--ups, where repercussions between the two countries matter. We assume that demand is wage--led in autarky but profit--led with trade, and study the effect of home country redistribution toward labor on aggregate demand in both countries. We derive closed form results for two identical countries, and run simulations to consider different economic structures (initial trade balance, relative country size, trade openness) and behavioral parameters (investment, savings and import elasticities). First, redistribution towards labor in one country always increases demand globally. Second, even with conservative parameterizations, the demand increase in the redistributing (appreciating) country can be positive, although the demand increase is definitely larger in the depreciating country. Therefore, third, globalization generates incentives for individual countries to suppress labor, which depresses global demand.

Global imbalances and the transfer problem

University of Utah, Dept. of Economics Working Paper

Abstract: This paper (co-authored with Prabheesh KP) puts forth a Neo-Kaleckian open economy model of two countries in order to investigate adjustment of US-China external imbalances. The issue is approached as a transfer problem. First, a stylized fixed mark-up model is presented, and discussed based on graphical analysis. Second, we present estimates of bilateral income and price elasticities of imports. Third, we employ the model for simulation analysis. Specifically, we randomly distribute the expenditure transfer across government, investment and imports and calculate the exchange rate change necessary to effect it. Doing so repeatedly allows to estimate probability distributions of endogenous variable changes.

Publications

Labor productivity and energy use in a three-sector model: An application to Egypt

Development and Change, 2011, 42:6, 1323-48

Abstract: This paper (co-authored with Codrina Rada) presents a model of a developing economy with three sectors--industry, agriculture and energy. Industry and energy are assumed to be demand-constrained, but agriculture supply-constrained. The model highlights (a) structural transformation, through labour transfer from agriculture to industry, (b) inflation, driven by the interaction of demand and the supply constraint in agriculture, and (c) the link between energy use and labour productivity. Employing a Kaldor-Verdoorn productivity rule in industry augmented with energy intensity--energy per unit of labour--as an argument, we emphasize that labour productivity growth is driven by energy intensity rather than energy productivity growth. As a consequence, emissions reduction without North-South technology transfer and financial assistance costs growth.

Wage policy in an open economy Kalecki-Kaldor model: A simulation study

Metroeconomica, 2011, 62:2, 235-264

Abstract: This paper discusses a Post-Keynesian model of income, production and trade. The one-country, one-sector model features Kaleckian investment demand, Kaldorian productivity and a labor market module based on a wage- price spiral. The model is first presented for a closed economy with exogenous real wages; second, for a closed economy with endogenous real wages; third, for an economy open to trade with endogenous real wages. Simulations with different calibrations show key characteristics of the model. Monte Carlo simulations over reasonable parameter ranges shed some light on the effectiveness of wage policies in open economies.

Recession and rebalancing: How the housing and credit crisis will impact real activity

Journal of Policy Modeling, 2009, 31:3, 309-324

Abstract: This paper assesses how the current housing and credit crisis will impact US real activity, and how recession interacts with adjustment of global imbalances. A simple real-side model with decreasing returns to factors and non-clearing goods and labor markets is disaggregated into traded and non-traded sectors and three regions (US, EU and Asia). A three region model offers two degrees of freedom and six candidate variables for endogeneity in international accounts. Applying standard income and elasticities approaches as well as a less standard 'Bretton Woods II' closure in simulations suggests external imbalances can be reduced in the current recession with a mix of fiscal expansion and some Asian real appreciation.

World Bank trade models and the Doha debate

In Philip Arestis and Gennaro Zezza, (editors), Advances in Monetary Policy and Macroeconomics, London, Palgrave Macmillan, 2007; (with Lance Taylor)

This model was written under the guidance and with the help of Lance Taylor. It was first published as Oxfam research report, and support for research is gratefully acknowledged. The paper presents a simple replica of the World Bank's Linkage model, and shows that optimistic projections of the impact of trade liberalization depend crucially on rather controversial assumptions; i.e., full employment and balanced trade. The paper available here is a shorter version published in an edited volume.