Mark Setterfield
Charles A. Dana Research Professor of Economics and
Maloney Family Distinguished Professor of Economics
Department of Economics
Trinity College
Hartford, CT
06106, USA
Tel: +1-860-297-2132
Fax: +1-860-297-2163
email: mark.setterfield AT trincoll.edu
PROFILE
Mark Setterfield is the Charles A. Dana Research Professor of Economics and the Maloney Family Distinguished Professor of Economics in the Department of Economics at Trinity College, Hartford, Connecticut. He is also an Associate Member of the Cambridge Centre for Economic and Public Policy at Cambridge University (UK), a Senior Research Associate at the International Economic Policy Institute, Laurentian University (Canada), and a Member of the Centre d’Économie de l’Université Paris Nord (CEPN) at l'Université Paris XIII (France). His main research interests are macrodynamics (with a particular focus on the development and application of concepts of path dependence) and Post-Keynesian economics.
He is the author of Rapid Growth and Relative Decline: Modelling Macroeconomic Dynamics with Hysteresis (Macmillan, 1997), the editor (or co-editor) of seven volumes of essays, and has published in numerous journals including the Cambridge Journal of Economics, Journal of Post Keynesian Economics, European Economic Review, Review of Political Economy, Journal of Economic Issues and The Manchester School. He was ranked 4th in terms of total citations per annum and 5th in terms of quality citations per annum amongst Associate Professors of Economics at the top 50 US liberal arts colleges in H. Bodenhorn's "Economic Scholarship at Elite Liberal Arts Colleges: A Citations Analysis with Rankings" (Journal of Economic Education, Fall 2003, 341-59).
Click here to view my Trinity College faculty profile.
Click here to view my profile at IDEAS; click here to view my profile on the Social Science Research Network.
I currently serve on the editorial boards of the Review of Political Economy, Journal of Economic Education, Circus: Revista Argentina de Economía, European Journal of Economics and Economic Policies: Intervention, International Journal of Political Economy, Review of Keynesian Economics (see also here), and Revista de EconomiA.
CURRENT WORKING PAPERS
Copies of my most recent working papers can be found in the Department of Economics Working Paper Series on RePEc
SELECTED PUBLICATIONS
Books
Rapid Growth and Relative Decline: Modelling Macroeconomic Dynamics with Hysteresis, London, Macmillan (1997).
Edited Volumes
After the Great Recession: The Struggle for Economic Recovery and Growth, New York, Cambridge University Press (2013) (with Barry Cynamon and Steven Fazzari).
A recent article summarizing the substance of this book can be found here.
Handbook of Alternative Theories of Economic Growth, Cheltenham, Edward Elgar (2010; paperback edition 2011)
Macroeconomic Theory and Macroeconomic Pedagogy, London, Palgrave Macmillan (2009; paperback edition 2010) (with Giuseppe Fontana).
Complexity, Endogenous Money and Macroeconomic Theory: Essays in Honour of Basil J. Moore
, Cheltenham, Edward Elgar (2006).Interactions in Analytical Political Economy:Theory, Policy and Applications, Armonk, NY, M.E. Sharpe (2005).
The Economics of Demand-Led Growth: Challenging the Supply Side Vision of the Long Run, Cheltenham, Edward Elgar (2002) and Madrid, Ediciones Akal, S.A. (2005).
Growth, Employment and Inflation: Essays in Honour of John Cornwall, London, Macmillan (1999).
Journal Articles and Chapters in Books
"Exploring the supply side of Kaldorian growth models," Review of Keynesian Economics, 1, 1, 22-36 (2013).
"Wages, demand, and US macroeconomic travails: diagnosis and prognosis," in B.Z. Cynamon, S.M. Fazzari and M. Setterfield (eds) After the Great Recession: The Struggle for Economic Recovery and Growth, New York, Cambridge University Press, 158-84 (2013).
"Real sector imbalances and the Great Recession," in H. Herr, T. Niechoj, C. Thomasberger, A. Truger and T. von Treeck (eds) From Crisis to Growth? The Challenge of Debt and Imbalances, Marburg, Metropolis Verlag, 61-80 (2012).
"Stabilization policy with an endogenous commercial bank," in L.P. Rochon and S.Y. Olawaye (eds) Monetary Policy and Central Banking: New Directions in Post-Keynesian Theory, Cheltenham, Edward Elgar, 21-36 (2012) (with Kurt von Seekamm).
"Faith-based macroeconomics: a critique of recent developments in NAIRU estimation," in L.P. Rochon, C. Gnos and D. Tropeano (eds) Employment, Growth and Development: A Post-Keynesian Approach, Cheltenham, Edward Elgar, 96-107 (2012) (with Dany Lang).
"A Kaleckian model of growth and distribution with conflict-inflation and Post Keynesian nominal interest rate rules," Journal of Post Keynesian Economics, 34, 3, 497-519 (2012) (with L.P. Rochon).
"The remarkable durability of Thirlwall's Law," PSL Quarterly Review, 64, 259, 393-427 (2011). Reprinted in E. Soukiazis and P.A. Cerqueira (eds) Models of Balance of Payments Constrained Growth: History, Theory and Empirical Evidence, London, Palgrave Macmillan, 83-110 (2012).
"Anticipations of the crisis: on the similarities between post-Keynesian Economics and Regulation Theory," Revue de la régulation, 10, 2e semestre (2011).
"Post Keynesian macrodynamics and path-dependent growth," INTERVENTION: European Journal of Economics and Economic Policies, 8, 2, 299-316 (2011).
"A Keynes-Kalecki model of cyclical growth with agent-based features," in P. Arestis (ed.) Microeconomics, Macroeconomics and Economic Policy: Essays in Honour of Malcolm Sawyer, London, Palgrave Macmillan, 228-50 (2011) (with Andrew Budd).
"Post Keynesian interest rate rules and macroeconomic performance: a comparative evaluation," in C. Gnos and L.P. Rochon (eds) Credit, Money and Macroeconomic Policy: A Post-Keynesian Approach, Cheltenham, Edward Elgar, 116-41 (2011) (with Louis-Philippe Rochon).
"Macrodynamics for a better society: the economics of John Cornwall," Review of Political Economy, 22, 4, 481-98 (2010) (with A.P. Thirlwall).
"Endogenous regional growth: a critical survey" in M. Setterfield (ed.) Handbook of Alternative Theories of Economic Growth, Cheltenham, Edward Elgar, 431-50 (2010) (with Mark Roberts).
"Gender equality and the sustainability of steady-state growth paths" in M. Setterfield (ed.) Handbook of Alternative Theories of Economic Growth, Cheltenham, Edward Elgar, 360-75 (2010) (with Stephanie Seguino).
"Pricing behaviour and the cost-push channel of monetary policy," Review of Political Economy, 22, 1, 19-40 (2010) (with Gilberto Tadeu Lima).
"Path dependency, hysteresis and macrodynamics," in P. Arestis and M. Sawyer (eds) Path Dependency and Macroeconomics (International Papers in Political Economy 2009), London, Palgrave Macmillan, 37-79 (2009).
"Macroeconomics, endogenous money and the contemporary financial crisis: a teaching model," International Journal of Pluralism and Economics Education, 1, 1/2, 130-47 (2009) (with Giuseppe Fontana).
"Fiscal and monetary policy interactions: lessons for revising the EU Stability and Growth Pact," Journal of Post Keynesian Economics, 31, 4, 623-43 (2009).
"An index of macroeconomic performance," International Review of Applied Economics, 23, 5, 625-49 (2009).
Companion Figures for "An Index of Macroeconomic Performance"
"A simple (and teachable) macroeconomic model with endogenous money," in G. Fontana and M. Setterfield (eds) Macroeconomic Theory and Macroeconomic Pedagogy, London, Palgrave Macmillan, 144-68 (2009) (with Giuseppe Fontana).
"Macroeconomics without the LM curve: an alternative view," Cambridge Journal of Economics, 33, 2, 273-93 (2009).
"Is inflation targeting inimical to unemployment?" in P. Arestis and J.S.L. McCombie (eds) Unemployment: Past and Present, London, Palgrave, 181-201 (2009)
"The political economy of interest rate setting, inflation, and income distribution," International Journal of Political Economy, 37, 2, 5-25 (2008) (with Louis-Philippe Rochon).
"Inflation targeting and macroeconomic stability in a Post Keynesian economy," Journal of Post Keynesian Economics, 30, 3, 435-61 (2008) (with Gilberto Tadeu Lima).
"Interest rates, income distribution and monetary policy dominance: Post-Keynesians and the 'fair rate' of interest," Journal of Post Keynesian Economics, 30, 1, 13-42 (2007) (with Louis-Philippe Rochon).
"The rise, decline and rise of incomes policies in the US during the post-war era: An institutional-analytical explanation of inflation and the functional distribution of income," Journal of Institutional Economics, 3, 2, 127-46 (2007).
"Is there a stabilizing role for fiscal policy in the new consensus?" Review of Political Economy, 19, 3, 405-18 (2007).
"What is endogenous growth theory?" in P.Arestis, M. Baddeley and J.S.L. McCombie (eds) Economic Growth: New Directions in Theory and Policy, Cheltenham, Edward Elgar, 14-31 (2007) (with Mark Roberts).
"Are functional relations always the alter ego of Humean Laws? Review of Political Economy, 19, 2, 203-17 (2007).
"History versus equilibrium? On the possibility and realist basis of a general critique of traditional equilibrium analysis," Journal of Post Keynesian Economics, 29, 2, 191-209 (2006-07) (with Dany Lang)
"Balancing the macroeconomic books on the backs of workers: a simple Analytical Political Economy model of contemporary US capitalism," International Journal of Political Economy, 35, 3, 46-63 (2006). (Erratum, International Journal of Political Economy, 37, 4, 104 (2008-09).)
"Thirlwall's law and Palley's pitfalls: a reconsideration," in P. Arestis, J. McCombie, and R. Vickerman (eds) Growth and Economic Development: Essays in Honour of A.P. Thirlwall, Cheltenham, Edward Elgar, 47-59 (2006).
"Aspirations, bargaining power and macroeconomic performance," Journal of Post Keynesian Economics, 29, 1, 117-48 (2006) (with Ted Lovejoy)
"Effective demand and endogenous money in a path-dependent economy: towards a 'Moorian' credit supply curve - and a reconciliation between horizontalists and structuralists?" in M. Setterfield (ed.) op. cit. (2006).
"Is inflation targeting compatible with Post Keynesian economics?" Journal of Post Keynesian Economics, 28, 4, 653-71 (2006).
"Monetary policy, labour market institutions and US macroeconomic performance during the 1990s," in C. Gnos and L.P. Rochon (eds) Post-Keynesian Principles of Economic Policy, Cheltenham, Edward Elgar, 164-82 (2006).
"Central bank behaviour and the stability of macroeconomic equilibrium: a critical examination of the New Consensus," in P. Arestis, M. Baddeley and J.S.L. McCombie (eds) The New Monetary Policy: Implications and Relevance, Cheltenham, Edward Elgar, 23-49 (2005).
"Worker insecurity and US macroeconomic performance during the 1990s," Review of Radical Political Economics, 37, 2, 155-77 (2005).
"Central banking, stability and macroeconomic outcomes: A comparative analysis of New Consensus and Post-Keynesian monetary macroeconomics," in M. Lavoie and M. Seccareccia (eds) Central Banking in the Modern World: Alternative Perspectives, Cheltenham, Edward Elgar, 35-56 (2004).
"Financial fragility, effective demand and the business cycle," Review of Political Economy, 16, 2, 207-23 (2004).
"What is Anlaytical Political Economy?" International Journal of Political Economy, 33, 2, 4-16 (2003).
"Separate identity or Post Walrasian future: whither Analytical Political Economy?" International Journal of Political Economy, 33, 2, 82-6 (2003).
"Critical realism and formal modelling: incompatible bedfellows?", in P. Downward (ed.) Applied Economics and the Critical Realist Critique, London, Routledge, 71-88 (2003).
"Globalization, distributional conflict and inflation: the case of the US economy during the 1990s" in P. Arestis, M. Baddeley and J.S.L. McCombie (eds) Globalization, Regionalism and Economic Activity, Cheltenham, Edward Elgar 60-79 (2003).
"The Phillips curve and US macroeconomic performance during the 1990s," International Review of Applied Economics, 17, 4,361-76 (2003) (with Kristen LeBlond).
"Neo-Kaleckian growth dynamics and the state of long run expectations: wage- versus profit-led growth reconsidered," in N. Salvadori (ed.) Old and New Growth Theories: An Assessment, Cheltenham, Edward Elgar, 321-39 (2003).
"Keynes's dialectic?" Cambridge Journal of Economics, 27, 3, 359-76 (2003).
"Supply and demand in the theory of long-run growth: introduction to a symposium on demand-led growth" Review of Political Economy, 15, 1, 23-32 (2003). Reprinted in Circus: Revista Argentina de Economía, 1, 1, 38-50 (2007).
"A model of Kaldorian traverse: cumulative causation, structural change and evolutionary hysteresis," in M.A. Setterfield (ed.) op. cit., 215-33 (2002).
"A neo-Kaldorian perspective on the rise and decline of the Golden Age," in M.A. Setterfield (ed.) op. cit., 67-82 (2002) (with John Cornwall).
"John Cornwall: a brief appreciation," in and P. Arestis, M.C. Baddeley and J.S.L. McCombie (eds) What Economic Crisis? London, Palgrave, 244-50 (2001).
"Macrodynamics," in S. Pressman and R. Holt (eds) A New Guide to Post-Keynesian Economics, London, Routledge, 92-101 (2001).
"Expectations, endogenous money and the business cycle: an exercise in open systems modelling", Journal of Post Keynesian Economics, 23, 1, 77-105 (2000).
"Comprehensive industrial policies and the contemporary coordination nexus," in W. Elsner and J. Groenewegen (eds) Industrial Policy After 2000, London, Kluwer Academic Publishers, 75-111 (2000) (with Pascal Petit).
"Expectations, path dependence and effective demand: a macroeconomic model along Keynesian lines," Journal of Post Keynesian Economics, 21, 3, 479-501 (1999). (Erratum, Journal of Post Keynesian Economics, 22, 2, 340 (2000).)
"Modelling a path dependent economy: lessons from John Cornwall’s macrodynamics," in M.A. Setterfield (ed.) op. cit., 57-71 (1999).
"History versus equilibrium: Nicholas Kaldor on historical time and economic theory," Cambridge Journal of Economics, 22, 5, 521-37 (1998).
"Demand shocks and long run growth," Économie Appliquée, 51, 2, 7-27 (1998).
"Adjustment asymmetries and hysteresis in simple dynamic models," The Manchester School, 66, 3, 283-301 (1998).
"Should economists dispense with the notion of equilibrium?" Journal of Post Keynesian Economics, 20, 1, 47-76 (1997).
"History versus equilibrium and the theory of economic growth," Cambridge Journal of Economics, 21, 3, 365-78 (1997).
"Using the NAIRU as a basis for macroeconomic policy: an appraisal," in B.K. MacLean and L. Osberg (eds.) The Unemployment Crisis: All For Nought?, Montreal and Kingston, McGill-Queen’s Press, 56-72 (1996).
"Hysteresis and uncertainty: complementary or conflicting visions of economic evolution?" in S. Pressman (ed.) Interactions in Political Economy: Malvern After Ten Years, London, Routledge, 133-58 (1996).
"A note on mark-up pricing and the distribution of income," Review of Political Economy, 8, 1, 79-85 (1996).
"Historical time and economic theory," Review of Political Economy, 7, 1, 1-27 (1995).
"Recent developments in growth theory: a Post Keynesian view," in P. Davidson and J. Kregel (eds) Employment, Growth and Finance: Economic Reality and Economic Growth, Aldershot, Edward Elgar, 112-27 (1994).
"Nexus or not? Productivity and inflation in Canada," Canadian Business Economics, 1, 2, 44-52 (1993) (with Brian MacLean).
"Review article: Change or permanence? Growth and development in capitalist economies," Review of Income and Wealth, 39, 2, 217-23 (1993).
"A model of institutional hysteresis," Journal of Economic Issues, 27, 3, 755-74 (1993).
"Towards a long run theory of effective demand: modelling macroeconomic systems with hysteresis," Journal of Post Keynesian Economics, 15, 3, 347-64 (1993).
"Review Article: Socialist economics: which way now?" Review of Radical Political Economics, 24, 3 & 4, 192-209 (1992) (with Paul Bowles and Brian MacLean).
"Searching for a Will o' the Wisp: an empirical study of the NAIRU in Canada," European Economic Review, 36, 119-36 (1992) (with Dan Gordon and Lars Osberg).