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:The Macroeconomic Policy Institute (IMK)

The Macroeconomic Policy Institute (IMK) is an independent academic institute within the Hans-Böckler-Foundation, a non-profit organisation fostering co-determination and promoting research and academic study. The Foundation is linked to the German Confederation of Trade Unions (DGB). The IMK was founded in 2005 to strengthen the macroeconomic perspective both in economic research and in the economic policy debate. The IMK analyses business cycle developments and conducts economic policy research, notably on fiscal and monetary policy, labour markets, income distribution and financial markets. The Institute seeks to address the challenges facing macroeconomics and economic policy in the wake of the global financial crisis.


Post-Keynesian economics, based on the original works of Keynes, Kalecki, Kaldor, Joan Robinson, Minsky and oth-ers, has been the main alternative to orthodox and mainstream macroeconomics for decades and has inspired the FMM since its beginning. The 2022 conference aims to take stock of post-Keynesian and other critical contributions with a focus on how they deal with current global macroeconomic challenges.

Grafik zur FMM Konferenz 2022

8th International FMM Summer School

The summer school aims at providing an introduction to Keynesian macroeconomics and to the problems of European economic policies to interested graduate students (MA and PhD) and junior researchers. It will consist of overview lectures, a panel discussion, student study groups, an SFC lab, and a poster session.

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Current Publications

FMM Working Paper No. 80 : Exporting differently? The political economy of alternative export-led strategies

The paper enters the current debate at the intersection of comparative political economy and international trade on the role of price and non-price competitiveness in influencing export. Through an econometric exploration, we identify price competitiveness as a non-negligible factor in driving export, for a set of OECD countries from 1994 to 2019. The documented price sensitiveness, combined with the institutions and policies adopted to promote export-led growth, casts an unsettling light on the prospects for a recovery, particularly for the Euro area. These worrying conclusions are not, however, unescapable. The emergence of the export-led growth model – with its twin brother, the debt-led one – answered the demand-generating problems created by years of wage share decreases and a steady retreat of the State from its traditional demand management role.

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IMK Policy Brief No. 130 : European industrial policy: a crucial element of strategic autonomy

A sea change in the geopolitical environment and the ‘green and the digital revolution’ are forcing Europe to rethink its approach to industrial policy. Russia’s war in Ukraine has ushered in a new era for Europe’s economic diplomacy, supply security, and military spending. The war poses a fundamental challenge, and the EU has also set ambitious goals on decarbonisation and digitalisation. The EU’s past approach to industrial policy mostly assumes an absence of great power rivalry, a limited relevance of economies of scale, and benign approaches by other countries to international trade. But other countries are now weaponising economic dependencies and markets for many advanced and emerging technologies when these technologies are found in high concentration and have significant spillover effects within the home country of dominating firms.

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FMM Working Paper No. 79 : QMDE: A Quarterly Empirical Model for the Danish Economy: A Stock-Flow Consistent Approach

In this paper, we present a quarterly model for the Danish economy while focusing on the main assumptions behind the model and the construction of the databank behind the model. The purpose of the model is to build a platform for analysing the interdependencies between the real and financial sides of the economy, which is an important feature of the stock-flow consistent approach. The model parameters are estimated using quarterly Danish data over the period 2005–2020. We validate the model from both an empirical and theoretical perspective.

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FMM Working Paper No. 78 : An Evaluation of neo-Kaleckian Supermultiplier and neo-Goodwinian Models: Pseudo-Goodwin Cycles, External Markets and Pro-Cyclical Labour Productivity

This paper provides a theoretical and empirical evaluation of neo-Kaleckian supermultiplier and neo-Goodwinian models. The benchmark structuralist and Harrodian neo-Goodwinian models posit a macro economy with only one asset: the capital stock. Demand leakages presuppose that at least one sector is able to realise an excess of revenues over expenditures as a positive accumulation of net financial assets vis-à-vis other sectors. Models with a single real asset – and which assume each sector always has nil net lending/borrowing – provide pseudo explanations of real world economic activity.

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FMM Working Paper No. 77 : Varieties of the rat race. Working hours in the age of abundance

We ask why working hours in the rich world have not declined more sharply or even risen at times since the early 1980s, despite a steady increase in productivity, and why they vary so much across rich countries. We use an internationally comparable database on working hours (Bick et al., 2019) and conduct panel data estimations for a sample of 17 European countries and the United States over the period 1983-2019. We find that high or increasing top-end income inequality, decentralized labor relations, and limited government provision of education and other in-kind services contribute to long working hours. Our results are consistent with the hypothesis that upward-looking status comparisons in positional consumption (“Veblen effects”) contribute to a “rat race” of long working hours that is more or less pronounced in different varieties of capitalism.

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FMM Working Paper No. 76 : Theorizing varieties of capitalism: economics and the fallacy that “There is no alternative (TINA)”

The VoCs approach to capitalism has the potential to transform economics. It tacitly emphasizes the plasticity of economies, whereby their character and outcomes are significantly a matter of choice. This paper augments VoCs theory to include a distinction between varieties and varietals of capitalism. Drawing on biology, varieties correspond to species and varietals correspond to sub-species. The paper proposes an analytical framework that unifies VoCs theory. It adds a mesoeconomics that links macroeconomics and microeconomics. That mesoeconomics concerns the institutions, behavioral norms, rules and regulations, and policies that characterize the economy and influence its performance.

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