PROFILE

    Mark Setterfield is Professor of Economics in the Department of Economics at Trinity College, Hartford, Connecticut, Associate Member of the Cambridge Centre for Economic and Public Policy at Cambridge University (UK), and Senior Research Associate at the International Economic Policy Institute, Laurentian University (Canada). 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 of Growth, Employment and Inflation: Essays in Honour of John Cornwall (Macmillan, 1999), Demand-Led Growth: Challenging the Supply Side Vision of the Long Run (Edward Elgar, 2002), Interactions in Analytical Political Economy: Theory, Policy and Applications (M.E. Sharpe, 2005), and Complexity, Endogenous Money and Macroeconomic Theory: Essays in Honour of Basil J. Moore (Edward Elgar, 2006), 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.

I currently serve on the editorial boards of the Review of Political Economy (since 1996), Journal of Economic Education (since 2007), Circus: Revista Argentina de Economía (since 2007), and INTERVENTION: European Journal of Economics and Economic Policies (since 2007).

CURRENT WORKING PAPERS

Click on the links below to download copies of the following papers:

CAMBRIDGE CENTRE FOR ECONOMIC AND PUBLIC POLICY WORKING PAPERS

SELECTED PUBLICATIONS

Books

Rapid Growth and Relative Decline: Modelling Macroeconomic Dynamics with Hysteresis, London, Macmillan (1997).

Edited Volumes

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

"Inflation targeting and macroeconomic stability in a Post Keynesian economy," Journal of Post Keynesian Economics, 30, 3, 435-61 (2008) (with Gilberto 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).

"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).

"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).