In: Iberian Journal of the History of Economic Thought, 2015, vol. 2, no. 1, p. 48-60
In this paper we analyze Augusto Graziani’s numerous contributions to the monetary theory of production, which he developed from a theoretical but also a policy-oriented perspective. We focus on the rejection of the neoclassical dichotomy, the causal relation between production and money creation, and the definition of macroeconomic saving. These three dimensions of Graziani’s work can be...
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In: International Journal of Political Economy, 2016, vol. 45, no. 1, p. 72-84
This article explains why the euro has to be abandoned in order to integrate the euro- area member countries monetarily. It first recalls the negative consequences of the adoption of a single European currency by a number of countries whose economies are still too different on structural grounds to support the financial constraints elicited by the fiscal and monetary policy straightjacket. It...
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In: Ola Financiera, 2018, vol. 11, no. 31, p. 100-127
Este ensayo examina de cerca esta llamada "guerra civil", y si conlleva a alguna consecuencia para el desarrollo futuro de la macroeconomía, o si es solo una tormenta de microfundamentos en una tetera. Al hacerlo, se argumenta que si bien la crítica disidente es ciertamente bienvenida desde una perspectiva poskeynesiana, no equivale al rechazo del pensamiento o modelos actuales, sino a...
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In: Revista de Economía Crítica, 2019, vol. 27, p. 86-99
This paper sets off from the monetary–structural origins of the euro-area crisis, which is not a sovereign debt crisis, but a crisis due to a lack of payment finality at international level. The first section explains that international payments across the euro area are not, to date, final for the countries concerned, as the European Central Bank does not operate as settlement institution...
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In: Review of Keynesian Economics, 2019, vol. 7, no. 2, p. 220-232
This paper argues that the negative interest rate adopted by the Swiss National Bank in 2015 has elicited a series of negative consequences across the Swiss economy. It has led an increasing number of agents to invest their savings in the real-estate market, whose prices have overheated, threatening the eruption of a housing crisis. It has also induced a number of financial institutions to turn...
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In: Archivio Storico Ticinese, 2015, vol. 52, no. 157, p. 27-45
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In: Archivio Storico Ticinese, 2017, vol. 54, no. 162, p. 72-86
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In: Bulletin of Political Economy, 2020, vol. 14, no. 2, p. 203-217
Financial stability has been a largely-debated issue since the bursting of the global financial crisis in 2008. Central banks seem to have discovered that price stability on the market for produced goods and services is not enough to avoid financial instability through monetary policy interventions. This paper explains that, in fact, both pre- and postcrisis interventions by monetary...
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In: Review of Keynesian Economics, 2015, vol. 3, no. 2, p. 213-225
This paper shows how a defective architecture for domestic and international payments has made it possible for banks to exploit the endogenous nature of money in a variety of purely speculative financial-market transactions that have led to the eruption of a global systemic crisis. I elaborate on a monetary–structural reform, which should make sure that no bank will any longer be in a...
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In: Annals of Botany, 2013, vol. 112, no. 9, p. 1911-1920
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