25th FMM-Conference 2021

25th FMM Conference: Macroeconomics of Socio-Ecological Transition

Veranstalter: Hans-Böckler-Stiftung
Ort: Berlin-Steglitz, Best Western Hotel Steglitz
vom: 28.10.2021, 09:00 Uhr
bis: 30.10.2021, 20:00 Uhr

Social inequalities, climate change and environmental pollution question the sustainability of capitalist modes of pro-duction, consumption and policies. Macroeconomists of both orthodox and heterodox traditions have long focussed on economic growth as the central means to development of the global South, prosperity and solution to distributional conflicts. However, the externalities of economic growth should be taken into account, because they have an impact on welfare and its distribution – within and between countries, within and between generations. At our conference, we will discuss what macroeconomists can contribute to this debate and learn from other fields. How does global capital-ism shape the environment? What can macroeconomic policies do to facilitate a just transition towards a sustainable world economy? What are the feedbacks from distributional effects and ecological developments back to the macro economy? How to improve macroeconomic modelling by including socio-ecological dimensions? 

The submission of papers in the following areas is particularly encouraged:

  • Conditions and effects of green growth vs. de-growth, capitalism without growth
  • Green New Deal - institutional constraints, public investment and taxation
  • Globalisation and impact of catching up of the global South
  • Macroeconomic modelling and empirics of socio-ecological transition
  • Green monetary policy, public investment and taxation
  • Labor market effects of socio-ecological transition

Submissions on the general subjects of the FMM, macroeconomics and macroeconomic policies, are encouraged as well. We particularly welcome submissions for graduate student sessions. Those who already presented a paper at a student session in previous FMM conferences should submit to the regular sessions to improve chances for newcomers. There will also be a day of introductory lectures for graduate students prior to the opening panel on 28 October. Hotel costs will be covered for graduate student presenters (max. four nights from 27-31 October). A limited number of travel stipends for graduate student presenters will be sponsored by INET’s Young Scholar Initiative (YSI) based on a motivation-for-funding statement. Details will be announced in decision letters by mid-August.

Programme (pdf)

Sabine Nemitz

Social inequalities, climate change and environmental pollution question the sustainability of our current modes of production and consumption as well as our economic policies. Macroeconomists of both orthodox and heterodox traditions have long focused on economic growth as the central means to development of the Global South, prosperity, full employment and resolve distributional conflicts. However, the externalities of economic growth, it is increasingly clear, need to be taken into account, because they have an impact on welfare and its distribution – within and between countries, within and between generations – and, without major changes in the nature of output, risk making the planet uninhabitable. At our conference, we discussed what macroeconomists can contribute to this debate and what they can learn from other fields. How does global capitalism shape the environment? What can macroeconomic policies do to facilitate a just transition towards a sustainable world economy? What are the feedbacks from distributional outcomes and ecological developments back to the macro economy? How to improve macroeconomic modelling by including socio-ecological dimensions?


Eckhard Hein, Berlin School of Economics and Law, Germany
Eckhard Hein opens the introductory lecture series on the subject of “History and fundamentals of Post-Keynesian macroeconomics”. He gives an overview of the characteristic features of the Post-Keynesian paradigm and summarizes recent debates within Post-Keynesian economics.

Waltraud Schelkle, London School of Economics, GB
In the second introductory lecture, Waltraud Schelkle talks about “The political economy of monetary integration”. She expands on why heterogeneity between euro member states is not a weakness. On the contrary, it is an asset since risks can be diversified better in the common insurance pool.

Michael Roos, Ruhr-University Bochum, Germany
In the last lecture of the introductory workshop, Michael Roos discusses “Climate change from the perspective of Complexity Economics”. In his lecture, he gives an introduction to Complexity Economics and demonstrates how the perspective can aid in the understanding of the economics of socio-ecological transition and the related policy measures.

After the introductory lectures, Heike Joebges (HTW Berlin), spokeswoman of FMM, inaugurates the main part of the conference on Thursday evening


Plenary Session I: Modelling Socio-Ecological Transformation

Chair: Heike Joebges (HTW Berlin)

Emanuele Campiglio: Neoclassical and heterodox modelling of low-carbon transitions
Emanuele Campiglio, University of Bologna, opens the first plenary, giving an overview of the state-of-the art of modelling the socio-ecological transition.

Maria Nikolaidi: Assessing climate policy mixes: an ecological stock-flow consistent perspective
In the second talk, Maria Nikolaidi, University of Greenwich, speaks from the perspective of ecological Post-Keynesian stock-flow consistent modelling and shows how the DEFINE (Dynamic Ecosystem-FINance-Economy) model can be used to evaluate green fiscal, monetary and financial as well as regulatory policies and their consequences.  

Andrea Roventini: The cost and opportunity of climate change: policies for the green transition
Before the first panel discussion starts, Andrea Roventini, Sant‘ Anna School of Advanced Studies, presents the agent-based “Dystopian Schumpeter Meeting Keynes Model” and shows that policy intervention for the green transition is needed to avoid lock-in effects and the overshooting of tipping points in the model. Command-and-control policies in combination with green subsidies are seen as the best policy mix to achieve the green transition.

Panel Discussion I



In Memoriam: Peter Flaschel (1943 – 2021) Christian Proaño    
Christian Proaño (University of Bamberg) gives a eulogy in the memory of Peter Flaschel (1943-2021).



Plenum II: Global Implications of Socio-Ecological Transformation

Chair: Sebastian Gechert, Chemnitz University of Technology

Isabella M. Weber: How China escaped shock therapy
Isabella M. Weber, University of Massachusetts Amherst, opens the second plenum by describing how China escaped shock therapy in the 1980s, developing its own model of economic development. This analysis illustrates the need to assess socio-ecological transition models and ask if they work for the many and if they work in different national contexts.

Antoine Godin: Strong sustainability trajectories: navigating between constraints, vulnerabilities and opportunities
Antoine Godin, Agence Française de Développement, continues, calling attention to the multidimensionality of sustainability by highlighting social, ecological and economic dimensions of transition. He develops an approach based on local and global contexts making the constraints, vulnerabilities and opportunities explicit in achieving transitions towards sustainability.

Usha Natarajan: Environmental Justice and the Global South: Transnational Solidarity for Sustainability
In her talk, Usha Natarajan, Columbia University, gives a perspective on the socio-ecological transition from the Global South and identifies four central environmental injustices: Distributive injustice from the exposure to environmental hazards, procedural injustice and exclusion from environmental decision-making, corrective injustice in unequal enforcement of laws redressing environmental harm done, as well as social injustice in the intertwining of environmental harm with structural ills such as poverty and racism.   

Panel Discussion II



Plenum III: Policies of Socio-Ecological Transformation

Chair: Andrew Watt, IMK Macroeconomic Policy Institute

Zsolt Darvas: European policy space and priorities for sustainable growth
The last plenary is opened by Zsolt Darvas, Bruegel, with a talk on European policies and the difficulties of their implementation to achieve sustainability of the climate, of social relations and of public finances. He calls for green investment to be at least partially excluded from EU fiscal rules.

Julia Steinberger: Living well within planetary limits: is it possible? And what will it take?
Julia Steinberger, University of Lausanne, opens her talk by illustrating the grave consequences of inaction when confronting the climate crisis. She expands on the living well within limits-framework in which biophysical boundaries must not be transgressed while social goals are achieved. She sees reducing consumption while preserving and enhancing well-being as playing a central role in not transgressing biophysical boundaries.

Miriam Rehm: Distribution, growth, ecology: squaring the circle?
Miriam Rehm, University of Duisburg-Essen, reconciles ideas from Post-Keynesian and Ecological Economics. She finds many points of consensus between the schools while also highlighting existing contradictions.

Panel Discussion III


Waiting for the transition: The role of expectations and narratives in the decarbonisation of the electricity sector
Louis Daumas (CIRED), Louison Cahen-Fourot, Emanuele Campiglio, Michael Gregor Miess, Andrew Yardley

A European Wealth Tax for a Fair and Green Recovery
Rafael Wildauer (University of Greenwich), Jakob Kapeller, Stuart Leitch

Taxing Dirty Assets: a proposal for a Carbon Wealth Tax
Jose Pedro Bastos Neves (The New School for Social Research), Willi Semmler

Fixing long-term price paths for fossil energy –  a necessary incentive for limiting global warming
Stephan Schulmeister (WiFo)


Post-Growth Macroeconomics – Theoretical reflections, policy implications
Elena Hofferberth (Leeds University Business School)

Macroeconomic implications of climate policies in the EU for the Global South
Anne Löscher (Siegen University), Chandni Dwarkasing

Buying into inequality: how accelerated obsolescence contributes to a more unequal (and polluting) society
Antoine Monserand (Université Paris 13)

Biophysically flow-limited macroeconomics
Eric Kemp-Benedict (Stockholm Environment Institut)


Primary Market Demand for German Government Bonds
Jakob Shida (University of Duisburg-Essen)

The evolution of debtor-creditor relationships within a monetary union: Trade imbalances, excess reserves and economic policy
Bernhard Schütz (Johannes Kepler University Linz), Claudius Gräbner, Philipp Heimberger, Jakob Kapeller, Michael Landesmann

Roles, Options and Limits of Monetary Policy  in the Context of Climate Change
Marián Suchánek (Masaryk University, Brno)

The RRP multiplier effects on the Greek economy
Nikolaos Rodousakis (Centre of Planning and Economic Research), George Soklis


Woytinsky, Hilferding and the fiscal orthodoxy of interwar social democracy
Engelbert Stockhammer (King‘s College London)

Households‘ liquidity preference, banks‘ capitalization and the macroeconomy: a theoretical investigation
Marco Missaglia (Università di Pavia), Alberto Botta

A monetary theory of endogenous economic growth
Stefan Collignon (LSE)

Sources of inflation and the effects of balanced budgets and inflation targeting in developing economies
Guilherme Klein Martins (UMass Amherst), Peter Skott


When is the Long Run? - Historical Time and Adjustment Periods in Demand-led Growth Models
Ettore Gallo (The New School for Social Research)

The effect of forward guidance on Euro Area Economic activity in a DSGE model with interest rate expectations
Ansgar Rannenberg (National Bank of Belgium), Gregory de Walque, Thomas Lejeune

Optimism, Pessimism and Panics in a Full Macroeconomic Model with a Banking Sector
Naira Kotb (Otto-Friedrich-Universität Bamberg)

Wage inequality and induced innovation in a classical-Marxian growth model
Marco Stamegna (University of Rome)


Financialisation and macroeconomic regimes in emerging capitalist countries before and after the Great Recession
Ümit Akcay (HWR Berlin), Eckhard Hein, Benjamin Jungmann

Demand and growth regimes in finance-dominated capitalism and the role of the macroeconomic policy regime: a post-Keynesian comparative study on France, Germany, Italy and Spain before and after the Great Financial Crisis and the Great Recession
Eckhard Hein (HWR Berlin), Judith Martschin

Multinational Corporations and Commercialised States: Can State Aid Serve as the Basis for an FDI-Driven Growth Strategy?
Ryan Woodgate (HWR Berlin/ Université Sorbonne Paris Nord)

Growth and macroeconomic policy regimes: The puzzling case of Italy
Alessandro Bramucci (HWR Berlin)


Who should pay for the transition? Climate change, debt and inequalities in a demand-driven stock-flow consistent macrodynamic model
Stanislas Augier (Université Grenoble Alpes), Antoine Godin, Devrim Yilmaz

Financing the energy transition: a biophysical, stock-flow consistent model at a global scale
Pierre Jacques (Catholic University of Louvain), Antoine Godin, Devrim Yilmaz, Hervé Jeanmart

Green Bonds for the Transition to a Low Carbon Economy
Andreas Lichtenberger (The New School for Social Research), Joao Paulo Braga, Willi Semmler, Marieme Toure, Erin Hayde

Real Exchange Rate and Structural Change
Guilherme Klein Martins (UMass Amherst), Arslan Razmi


Germany’s Labour Market in Coronavirus Distress – New Challenges to Safeguarding Employment
Lennert Peede (University of Münster), Alexander Herzog-Stein, Patrick Nüß, Ulrike Stein

Payday effect - Does getting paid increase people’s propensity to enter long-term contracts?
Benedikt Horstenkamp (Technical University of Munich)

Job Polarisation and Wage Inequality - The Effects of Globalisation and Technological Change: Evidence from European Survey Data
Thomas Rabensteiner, Alexander Guschanski

Is there a heterogeneous impact of European integration on the competitiveness of EU member states?
Theresa Hager (Johannes Kepler University Linz)


Financialisation and economic structure: a two way relationship
Jimena Castillo (Leeds University)

Bringing Subordinated Financialisation Down to Earth:  The Political Ecology of Finance-Dominated Capitalism
Jeffrey Althouse (Paris 13 University, Sorbonne Paris Cité), Romain Svartzman

Could a Post-Growth Transition Trigger a Financial Market Crash? Analysis Via an Heterogeneous Agent Model
Anja Janischewski (Chemnitz University of Technology)

The effectiveness and risks of loose monetary policy under financialisation
Sara Feiner Solís (Deutscher Bundestag)


A Penrosian view of the firm - stagnation or growth
Lesslie Valencia (University of Leeds)

The growth regimes of selected advanced capitalist economies and drivers of regime change after the Great Recession
Marcel Dimke (Berlin School of Economics and Law)

Growth drivers in emerging capitalist economies before and after the Global Financial Crisis
Benjamin Jungmann (HWR Berlin)

The Emergence of Debt and secular Stagnation in an unequal Society: A stock-flow consistent agent-based approach
Anna Hornykewycz (Johannes Kepler University Linz), Bernhard Schütz, Claudius Gräbner


Personal income distribution and the endogeneity of the demand regime
Lorenzo Tonni (University of Rome)

The Determinants of Wealth Inequality in the UK, the USA and France
Ben Tippet (University of Greenwich), Özlem Onaran, Rafael Wildauer

An empirical analysis of the asymmetry of consumption
Claudio Cantaro (Rome Tre University)

Social Consumption and Private Savings
Daniel Mayerhoffer (Bamberg Otto-Friedrich-University), Jan Schulz


Leverage, Financial Openness and the Transmission of Monetary Policy: Empirical Insights from the Euro Area
Sven Schnellbacher (Karlsruhe University of Applied Sciences)

The unintentional costs of austerity
Dennis Gottschlich (Heinrich-Heine University Duesseldorf), Andreas Lichter

State Capitalism and Fiscal and Monetary Response to COVID-19
Bernadette Louise Halili (Universidad del País Vasco)

Debt-deflation and Counter Cyclical Fiscal Policy:  The Principle of the Stock Flow Consistency Model
Yuki Tada (The New School for Social Research)


Climate change from the perspective of complexity economics
Michael Roos (Ruhr-Universität Bochum)

The transboundary risks of climate change in a North-South Economic Model
Etienne Espagne (Agence Française de Développement), Devrim Yilmaz

Assessing the Speed of the Green Transition: Directed Technical Change Towards Decarbonization
Oriol Valles Codina (University for College London)

Exploring the theoretical link between profitability and luxury emissions
Stefano Di Bucchianico (Roma Tre University), Federica Cappelli


The case for a job guarantees in Europe
Dany Lang (Sorbonne Paris Nord)

Zooming in on Monetary Policy - Labor Share and Production Dynamics of Two Million Firms
Lea Steininger (Wirtschaftsuniversitaet Wien/ Humboldt Universitaet zu Berlin), Jan P. Fritsche

Beyond Job Guarantee: the Employer of Last Resort Scheme as a tool to promote the Energy Transition
Giuliano Toshiro Yajima (Università di Roma)

Management Opposition, Strikes and Union Threats
Patrick Nüß (Kiel University)


Public consumption multiplier in slack and 2 periods: evidence from the Euro area
Marco Amendola (Università degli Studi di Napoli)

The longer, the weaker? Incorporating long-term unemployment in a non-linear Phillips curve
Davide Romaniello (University of Roma Tre)

Quantifying fiscal multipliers in Italy: A Panel SVAR analysis using regional data
Matteo Deleidi (University of Rome), Francesca Tosi, Davide Romaniello

Generic and public R&D fiscal policies: An empirical assessment for OECD Countries
Giovanna Ciaffi (Roma Tre University)


Assessing the Economic Impact of Lockdowns in Italy: A Computational Input-Output Approach
Severin Reissl (RFF-CMCC EIEE), Alessandro Caiani, Francesco Lamperti, Mattia Guerini, Fabio Vanni, Giorgio Fagiolo, Tommaso Ferraresi, Leonardo Ghezzi, Mauro Napoletano, Andrea Roventini

Pandemics and Economic Activity: a Framework for Policy Analysis
Roberto Veneziani (Queen Mary University of London)

Less Work, More Labor: School Closures and Work Hours during the COVID-19 Pandemic in Austria
Lisa Hanzl (Duisburg-Essen University)

On the economic and health impact of the Covid-19 shock on Italian regions: A value-chain approach
Tommaso Ferraresi (IRPET)


A supermultiplier model with two non-capacity-generating autonomous demand components
Olivier Allain (Université de Paris)

Growth theory and the growth models perspective: insights from the supermultiplier
 Nikolas Passos (Scuola Normale Superiore), Guilherme Spinato Morlin, Riccardo Pariboni

A Tale of Three Prices: Monetary Policy and Autonomous Consumption in the US Economy
Maria Cristina Barbieri Góes (Roma Tre University)

Debt hierarchy: autonomous demand composition, growth and indebtedness in a supermultiplier model
Ítalo Pedrosa (Federal University of Rio de Janeiro), Lídia Brochier, Fabio Freitas


Economics of climate change adaptation in a small country in transition – The case of Georgia
Markus Flaute (GWS), Maximilian Banning

Economics of climate change adaptation in a resource-based economy – The case of Kazakhstan
Anett Großmann (GWS Institute of Economic Structures Research), Frank Hohmann

Economics of climate change adaptation in a highly  vulnerable economy – The case of Vietnam
Katja Heinisch (Halle Institute for Economic Research), Christoph Schult, Andrej Drygalla

Debt and currency value, focus on the global south
Behrooz Gharleghi (Arden University, Berlin Campus)


Monetary Policy Autonomy and the New Keynesian „-lemmas“ debate: a post Keynesian critique
Nathalie Marins (UNICAMP)

Classical Political Economy and Secular Stagnation
Daniele Tavani (Colorado State University), Manuel Cruz Luzuriaga

Woytinsky, Hilferding and the fiscal orthodoxy of interwar social democracy
Engelbert Stockhammer (King‘s College London)

Autonomous Demand and Output Determination: An Empirical Investigation for the US Economy
Maria Cristina Barbieri Góes (Roma Tre University), Matteo Deleidi


Towards new fiscal rules in the euro area?  
Catherine Mathieu (OFCE),Henri Sterdyniak

Reform of the Macroeconomic Imbalance Procedure: a crucial contribution to EU economic governance reform
Andrew Watt (IMK Macroeconomic Policy Institute)

Enviromental impact evaluation of a European Silk Road
Mario Holzner (WiiW), Katharina Weber, Maximilian  Zangl, Muhammad Usman Zahid

Climate change and the Eurosystem collateral framework
Yannis Dafermos (University of the West of England), Daniela Gabor, Maria Nikolaidi, Frank van Lerven


Germany’s struggle for price competitiveness. An analysis of wage and unit labour costs developments and their effects on exports and overall growth since the mid-1990s
Heike Joebges (HTW Berlin, FMM Fellow), Rudolf Zwiener, Nora Albu

A Monetary Keynesian View of Modern Monetary Theory
Sebastian Dullien (IMK Macroeconomic Policy Institute), Silke Tober

Why do central banks need banks? Hajo Riese‘s answer after 2008
Waltraud Schelkle (London School of Economics and Political Science)

The role of monetary and fiscal policy actors in a monetary economy: Bringing policy back into the economic system
Martina Metzger (HWR Berlin)


Zero growth and macroeconomic stability: a post-Keynesian approach
Valeria Jimenez (HWR Berlin), Eckhard Hein

The economics of climate change – green growth, zero- or de-growth?
Jan Priewe (HTW Berlin)

Zero-Growth and Regulated Capitalism
Hansjörg Herr (HWR Berlin)

Would a zero growth economy be achievable and be sustainable?
Giuseppe Fontana (Roma Tre University), Malcolm Sawyer


Financialization of Monetary Policy in a Dollarized Economy: the case of Georgia
Ia Eradze (Kassel University)

Carry trade and negative interest rate policy in Switzerland: Low-lying fog or storm?
Bruno Tomio (Univ. Grenoble Alpes/Univ. de Blumenau), Guillaume Vallet

Macroprudential Policies and External Restriction: A stock Flow approach
Lorenzo Nalin (National Autonomous University of Mexico), Esteban Peréz Caldentey, Leonardo Rojas Rodriguez

The new normal. Measuring balance-of-payments vulnerability vis-à-vis climate (transition) risks  
Anne Löscher (Siegen University)


Grasping Argentina’s Green Transition: Insights from a Stock-Flow Consistent Input-Output Model
Sebastian Valdecantos (Aalborg University)

Understanding the macroeconomic consequences of the Colombian low-carbon transition
Antoine Godin (Agence Française de Développement)

Economic impacts of climate change, an empirical stock-flow consistent model for Vietnam
Etienne Espagne (Agence Française de Développement), Thi Thu Ha Nguyen

Developing Countries’ Macroeconomic Exposure and Vulnerability to the Ecological Transition
Guilherme Magacho (UFABC), Antoine Godin, Devrim Yilmaz, Etienne Espagne


Financing a Global Green New Deal: Is Blended Finance a Feasible Option?
Gary Dymski (University of Leeds), Maria Gavris, Gissell Huaccha

The scope of green finance research: Research streams, influential works, intellectual exchange and future research paths
Lennart Ante (Blockchain Research Lab)

How, if at all, can we distinguish between sustainable and unsustainable investments?
Maximilian Krahe (University Duisburg-Essen)

Stranded fossil-fuel assets translate into major losses for private investors and pensions in advanced economies
Gregor Semieniuk (UMass Amherst), Philip B. Holden, Jean-Francois Mercure, Pablo Salas, Hector Pollitt, Katharine Jobson, Pim Vercoulen, Unnada Chewpreecha, Neil R. Edwards, Jorge Viñuales


Macroeconomic Effects of Global Value Chains
Petra Dünhaupt (HWR Berlin), Hansjörg Herr

Looking Beyond the Dyadic Power Relations in GVCs: The Role of Financial Markets
Christoph Scherrer (University of Kassel)

Social Upgrading in the Global South: Comparing the Role of Industrial Relations Institutions
Christina Teipen (HWR Berlin), Fabian Mehl

The Growth and Exchange Rate Nexus: The Role of Global Value Chains
Alejandro Márquez-Velázquez (Freie Universität Berlin)


Revisiting Latin American Economics:  Some Contributions of the Monetary Keynesianism
Alrich Nicolas (Université d‘Etát Haiti)

Currency Hierarchy and the Nature of the  Internationalisation of Peripheral Currencies
Bianca Orsi (University of Leeds), Annina Kaltenbrunner, Gary Dymski

The metamorphosis of external vulnerability from ‘original sin’ to ‘original sin redux’:  Currency hierarchy and financial globalisation in emerging economies
Barbara Fritz (FU Berlin, FMM fellow), Luiz Fernando de  Paula, Daniela Prates

What remains? How can Hajo Riese‘s ideas be made fruitful for socially relevant research
Ulrich Fritsche (Hamburg University)


Do corporate tax cuts boost economic growth?
Philipp Heimberger (Vienna Institute for International Economic Studies), Sebastian Gechert

Saving lives and the economy: the role of fiscal policy in the Covid-19 recession
Laura Barbosa de Carvalho (University of Sao Paulo), Rodrigo Toneto, Matias Rebello Cardomingo

Do Consumers Spend What They Plan To? Evidence From German COVID Stimulus Transfers
Sebastian Gechert (Chemnitz University of Technology), Jan Behringer

The role of commodity speculation and household debt accumulation during financialization: A Classical-Keynesian analysis  
Stefano Di Buccianico (Roma Tre University)


Productive Development, Structural Change and International Capital Flows: The Role of Macroprudential Policy for Transformative Post-Covid Recovery
Alberto Botta (University of Greenwich Business School), Giuliano Toshiro Yajima, Gabriel Porcile

Characterizing structural change in the developing world
Adrián Rial (Complutense University of Madrid), Paulo Morceiro, Milene Tessarin

The effects of financial inclusion on poverty and income inequality: a simultaneous equation model analysis
Thereza Balliester Reis (SOAS University of London)

Industrial policy for prematurely deindustrialized economies after the Covid-19 pandemic crisis: Integrating economic, social and environmental goals with policy proposals for Brazil
André Nassif (Fluminense Federal University), Paulo Morceiro


Employment and income distribution turbulence due to Artificial Intelligent: a stock-flow consistent model approach
Lida-Vrisiida Vandorou (National and Kapodistrian University of Athens)

Estimating a time-varying distribution-led regime
Michalis Nikiforos (University of Geneva), Paul A. Carrillo

The post-war trajectory of the US labor share:  Structural change and secular stagnation
Rudi von Arnim (University of Utah)

How Financially Fragile can Households Become? Household Borrowing, the Welfare State, and Macroeconomic Resilience
Yun K. Kim (University of Massachusetts Boston), Mark Setterfield


Interest rates, public debt-to-GDP ratio and Co2 emissions growth: an Input Output – Stock Flow Consistent approach
Lorenzo Di Domenico (University of Warsaw)

Climate Change, Loss of Agricultural Production and The Macroeconomy: The Case of Tunisia
Devrim Yilmaz (Agence Francaise de Developpement), Sawsen Ben-Nasr, Issam Daghari, Nihed Ben-Khalifa,  Achilleas Mantes, Antoine Godin

Ecological Transition in Natural-Resource Exporter Countries: a Structural Stock and Flow Consistent Model
Guilherme Magacho (UFABC), Antoine Godin, Devrim Yilmaz, Danilo Spinola

A scenario discovery approach to identify policy alternatives for a fair low-carbon transition
Till Heydenreich (University of Barcelona), Nicola Campigotto, Marco Catola, André Cieplinski, Simone D‘Alessandro, Tiziano Distefano


Income distribution, productivity growth and workers’ bargaining power in a macroeconomic AB model
Lilian N. Rolim (University of Campinas), Carolina Troncoso Baltar, Gilberto Tadeu Lima

Distributional Effects of Fiscal Devaluations
Alexander Behrend (University of Duisburg-Essen), Christian Breuer

What has driven the delinking of wages from productivity? A political economy-based
investigation for high-income economies

Walter Paternesi Meloni (University of Naples Federico II), Antonella Stirati

Induced Technical Change and Income Distribution: the Role of Public R&D and Labor Market Institutions
Luca Zamparelli (University Roma1)


Permanent scars: the effects of wages on productivity
Claudia Fontanari (Roma Tre University), Antonella Palumbo

Chronic Excess Capacity in EU Countries. A Structural Approach
Federico Bassi (Universita cattolica del sacro cuore di Milano)

Growth and debt stability in a supermultiplier model with public expenditures and foreign trade
Guilherme Spinato Morlin (University of Siena)

Defining and implementing policy targets together: Two concrete examples (WBIF and SDGs)
Massimo Cingolani (EIB)


Growth Regimes and Uneven Development in Open Economies: Demand and distribution regimes in the context of Global Value Chains
Arpan Ganguly (University of Johannesburg), Danilo Spinola

The Effect of Global Value Chain Participation on the Labour Share – Industry Level Evidence from Emerging Economies
Alexander Guschanski (University of Greenwich), Ozlem Onaran

Financial subordination of peripheral emerging economies:  A Keynesian-structuralist approach
Luiz Fernando de Paula (University of Rio de Janeiro), Júlia Leal, Mateus Ferreira


Sectoral real exchange rates and manufacturing exports: A case study of Latin America
Thomas Goda (Universidad EAFIT), Alejandro Torres García, Cristhian Larrahondo

The role of the real exchange rate in the symbiosis between manufacturing and modern services
Wallace Pereira (CEDEPLAR/UFMG), Fabricio Missio, Frederico Gonzaga Jayme Jr.

The Effects of Social Infrastructure and Gender Equality on Output and Employment: The Case of South Korea
Cem Oyvat (University of Greenwich), Özlem Onaran

Testing Baumol‘s Diseases in the German Economy
Adrián Rial (Complutense University of Madrid), Daniel Herrero


Theoretical analysis and empirical evidence of countercyclical economic policies implemented during the subprime and COVID-19 crises: The Brazilian case
Fernando Ferrari-Filho (Federal University of Rio Grande do Sul/ Brazilian National Council for Science and Technology Development), Eliane Araujo, Elisangela Araujo

Global uncertainty shocks and external monetary vulnerability. What determines cross-country heterogeneity?
Karsten Kohler (Leeds University Business School), Bruno Bonizzi, Annina Kaltenbrunner

Monetary Policy in Small Open Developing Economies: Taming the financial cycle
Achilleas Mantes (Agence Française de Développement), Devrim Yilmaz, Antoine Godin

Fixed or Flexible Exchange Rates - Wolfgang Stützel vs. the German Council of Economic Experts
Johannes Schmidt (Karlsruhe University of Applied Sciences)

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