Tag Archives: Zezza

Segnaliamo la pubblicazione di un working paper di Gennaro e mio, quasi un contro storia degli ultimi cinquant'anni. Qui sotto abstract e introduzione. La pubblicazione completa qui e a breve anche sui working paper di Siena Farsi male da soli Disciplina esterna, domanda aggregata e il declino economico italiano Sergio Cesaratto° – Gennaro Zezza+ December 2018 AbstractIn questo saggio ripercorriamo la storia dell’economia italiana a partire dagli anni del miracolo...

Economia e politica ha pubblicato una piccola cronaca di alcuni aspetti del workshop di Berlino. Impressioni da Berlino Sergio Cesaratto Il 7 e 8 giugno ho avuto la fortuna di partecipare a un workshop sulla riforma dell’eurozona organizzato da economisti post-keynesiani e sostenuto da fondazioni di area SPD/sinistra SPD. Due presentazioni hanno particolarmente attirato la mia attenzione, non a caso di due studiosi tedeschi vicini all’establishment. Essi esprimono la filosofia...

In one graph. Source is this twitt from Gennaro Zezza. Real consumption per capita, not GDP (just making sure nobody gets confused). Note that while the crisis is considerably less profound (right axis for the current one), it is already going to be considerably more prolonged. Not sure what's worse really.

From Papadimitriou, Nikiforos, and Zezza's new Levy Strategic Analysis: "over the last 25 years policymakers in Washington have become increasingly fiscally conservative. The current recovery is the only one in the postwar period during which government expenditure has decreased in real terms. Fiscal austerity, together with weak foreign demand, has put the entire burden of supporting aggregate demand on the private sector spending in excess of its income and borrowing. This has led to a...

Short note on Thirlwall's Law by Lance Taylor available here. As he notes on Thirlwall's Law:  "Insofar as they [the conditions to generate it] are 'extreme,' the plausibility of (3) [Thirlwall's Law] is open to doubt," which is one of the points I raised in my recent debate with Jaime Ros. Causality here remains from exports to growth, which was reversed in Clavijo and Ros, but there is a healthy skepticism about the generality of the law.Arguably Godley had a version of Thirlwall's Law...