Mark Setterfield

New School for Social Research

Professor of Economics

6 East 16th Street

New York, NY 10003

United States

SCHOLARLY PAPERS

42

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2,008

CITATIONS
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Top 27,097

in Total Papers Citations

9

Scholarly Papers (42)

1.

Path Dependency, Hysteresis and Macrodynamics

Number of pages: 61 Posted: 24 Nov 2008 Last Revised: 20 Jan 2009
Mark Setterfield
New School for Social Research
Downloads 126 (170,679)
Citation 2

Abstract:

hysteresis, path dependency, macrodynamics

2.

Anticipations of the Crisis: On the Similarities between Post Keynesian Economics and Regulation Theory

Number of pages: 32 Posted: 10 Sep 2010
Mark Setterfield
New School for Social Research
Downloads 86 (220,139)
Citation 1

Abstract:

Post Keynesian Economics, Regulation Theory, Great Recession, financial crisis

Inequality, Debt Servicing, and the Sustainability of Steady State Growth

Number of pages: 29 Posted: 24 Oct 2014 Last Revised: 19 Nov 2014
Mark Setterfield, Yun K. Kim and Jeremy Rees
New School for Social Research, University of Massachusetts Boston and Trinity College (Hartford CT)
Downloads 55 (323,574)

Abstract:

Consumer debt, emulation, income distribution, Golden Age regime, Neoliberal regime, expenditure cascades, growth

Inequality, Debt Servicing, and the Sustainability of Steady State Growth

Institute for New Economic Thinking Working Paper Series No. 31
Number of pages: 30 Posted: 19 Nov 2015
Mark Setterfield, Yun Kim and Jeremy Rees
New School for Social Research, University of Massachusetts Boston - Department of Economics and Trinity College (Hartford CT)
Downloads 28 (422,961)

Abstract:

Consumer debt, emulation, income distribution, Golden Age regime, Neoliberal regime, expenditure cascades, growth

Neoclassical Growth Theory and Heterodox Growth Theory: Opportunities for and Obstacles to Greater Engagement

Number of pages: 34 Posted: 17 Dec 2009
Mark Setterfield
New School for Social Research
Downloads 80 (263,373)
Citation 1

Abstract:

Neoclassical growth theory, heterodox growth theory, endogenous growth

Neoclassical Growth Theory and Heterodox Growth Theory: Opportunities for (and Obstacles to) Greater Engagement

Eastern Economic Journal, Vol. 40, Issue 3, pp. 365-386, 2014
Number of pages: 22 Posted: 06 Jun 2014
Mark Setterfield
New School for Social Research
Downloads 0
Citation 1
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Abstract:

5.

Economic Growth and Development

Trinity College Department of Economics Working Paper No. 14-04
Number of pages: 28 Posted: 27 Apr 2014
Mark Setterfield
New School for Social Research
Downloads 79 (214,203)

Abstract:

Economic growth, divergence, demand-led growth, Keynesian growth theory

6.

A Theory of Aggregate Consumption

Trinity College of Economics Working Paper 13-01
Number of pages: 30 Posted: 03 Feb 2013
Yun Kim, Mark Setterfield and Yuan Mei
Trinity College (Hartford CT), New School for Social Research and Trinity College (Hartford CT) - Department of Economics
Downloads 76 (199,558)

Abstract:

consumption, household borrowing, household debt, relative income hypothesis

7.
Downloads 74 (273,209)
Citation 2

The Remarkable Durability of Thirlwall’s Law

PSL Quarterly Review, Forthcoming
Number of pages: 35 Posted: 02 May 2012 Last Revised: 04 May 2012
Mark Setterfield
New School for Social Research
Downloads 48 (345,154)
Citation 2

Abstract:

Thirlwall’s law, balance-of-payments-constrained growth, export-led growth, demand-led growth, natural rate of growth

The Remarkable Durability of Thirlwall’s Law

Trinity College Department of Economics Working Paper No. 11-05
Number of pages: 38 Posted: 03 Jun 2011
Mark Setterfield
New School for Social Research
Downloads 26 (433,346)
Citation 2

Abstract:

Thirlwall’s Law, Balance-of-Payments-Constrained Growth, Export-Led Growth, Demand-Led Growth, Natural Rate of Growth

8.

Real Wages, Aggregate Demand, and the Macroeconomic Travails of the US Economy: Diagnosis and Prognosis

Trinity College Department of Economics Working Paper No. 10-05
Number of pages: 38 Posted: 29 Aug 2010
Mark Setterfield
New School for Social Research
Downloads 73 (253,284)
Citation 2

Abstract:

real wage growth, productivity growth, aggregate demand, household debt, Great Recession

9.

A Keynes-Kalecki Model of Cyclical Growth with Agent-Based Features

MICROECONOMICS, MACROECONOMICS AND ECONOMIC POLICY: ESSAYS IN HONOUR OF MALCOLM SAWYER, P. Arestis, ed., Palgrave, 2010
Number of pages: 36 Posted: 16 Sep 2010
Mark Setterfield and Andrew Budd
New School for Social Research and affiliation not provided to SSRN
Downloads 66 (257,078)

Abstract:

Kaleckian Model, Growth, Cycles, Agent-Based Computational Economics

10.

Endogenous Growth: A Kaldorian Approach

Number of pages: 41 Posted: 02 May 2010
Mark Setterfield
New School for Social Research
Downloads 58 (259,034)
Citation 1

Abstract:

endogenous growth, Kaldor, path dependence, demand-led growth, technical change, institutions, natural rate of growth

Debt Servicing, Aggregate Consumption, and Growth

Number of pages: 34 Posted: 08 Dec 2013
Mark Setterfield and Yun Kim
New School for Social Research and Trinity College (Hartford CT)
Downloads 29 (418,105)

Abstract:

Consumer debt, emulation, income distribution, Golden Age regime, Neoliberal regime, expenditure cascades, growth

Debt Servicing, Aggregate Consumption, and Growth

Institute for New Economic Thinking Working Paper Series No. 30
Number of pages: 34 Posted: 19 Nov 2015
Mark Setterfield and Yun Kim
New School for Social Research and University of Massachusetts Boston - Department of Economics
Downloads 27 (428,009)

Abstract:

Consumer debt, emulation, income distribution, Golden Age regime, Neoliberal regime, expenditure cascades, growth

12.

Post-Keynesian Macrodynamics and Path-Dependent Growth

Trinity College Department of Economics Working Paper 10-09
Number of pages: 29 Posted: 08 Oct 2010
Mark Setterfield
New School for Social Research
Downloads 51 (284,117)

Abstract:

Post-Keynesian growth theory, neoclassical growth theory, endogenous growth, path dependence

13.

Aggregate Structural Macroeconomic Modelling: A Reconsideration and Defence

Number of pages: 38 Posted: 19 Aug 2012
Mark Setterfield and Shyam Gouri Suresh
New School for Social Research and Davidson College
Downloads 50 (286,429)

Abstract:

Macroeconomics, microfoundations, macrofoundations, aggregate structural models

14.

The Cost Channel of Monetary Policy in a Post Keynesian Macrodynamic Model of Inflation and Output Targeting

Trinity College Department of Economics Working Paper No. 11-02
Number of pages: 37 Posted: 10 May 2011
Mark Setterfield and Gilberto Tadeu Lima
New School for Social Research and University of Sao Paulo (USP) - Department of Economics
Downloads 47 (316,152)

Abstract:

cost channel of monetary policy, incomes policy, inflation targeting, macroeconomic stability

Household Borrowing and the Possibility of 'Consumption-Driven, Profit-Led Growth'

Institute for New Economic Thinking Working Paper Series No. 39
Number of pages: 26 Posted: 22 Feb 2016
Mark Setterfield and Yun K. Kim
New School for Social Research and University of Massachusetts Boston
Downloads 32 (404,320)

Abstract:

Borrowing, saving, emulation, debt servicing, wage-led growth, profit-led growth

Household Borrowing and the Possibility of 'Consumption-Driven, Profit-Led Growth'

The New School for Social Research, Working Paper 01/2016
Number of pages: 27 Posted: 01 Feb 2016
Mark Setterfield and Yun K. Kim
New School for Social Research and University of Massachusetts Boston
Downloads 14 (502,588)

Abstract:

Borrowing, saving, emulation, debt servicing, wage-led growth, profit-led growth

16.

Heterodox Economics, Social Ontology, and the Use of Mathematics

Number of pages: 11 Posted: 08 Mar 2015
Mark Setterfield
New School for Social Research
Downloads 43 (224,663)

Abstract:

Mathematical modeling, social ontology, open systems, critical realism, heterodox economics

17.

Aggregate Consumption and Debt Accumulation: An Empirical Examination of US Household Behavior

Trinity College Department of Economics Working Paper No. 12-04
Number of pages: 54 Posted: 27 Jun 2012
Yun Kim, Mark Setterfield and Yuan Mei
Trinity College (Hartford CT), New School for Social Research and Trinity College (Hartford CT) - Department of Economics
Downloads 38 (345,395)

Abstract:

Consumption, household borrowing, household debt, life cycle hypothesis, relative income hypothesis

18.

Exploring the Supply Side of Kaldorian Growth Models

Trinity College Department of Economics Working Paper No. 12-06
Number of pages: 28 Posted: 22 Jul 2012
Mark Setterfield
New School for Social Research
Downloads 37 (310,837)

Abstract:

demand-led growth, potential rate of growth, natural rate of growth, Kaldorian growth models

19.

Real and Financial Crises

Trinity College Department of Economics Working Paper No. 13-09
Number of pages: 36 Posted: 23 Jul 2013
Bill Gibson and Mark Setterfield
University of Vermont - Department of Economics and New School for Social Research
Downloads 32 (361,551)

Abstract:

stock market, crash, bubbles, herding, adaptation, agent-based models

20.

Real Sector Imbalances and the Great Recession

Trinity College Economics Working Paper No. 12-01
Number of pages: 22 Posted: 02 Feb 2012
Mark Setterfield
New School for Social Research
Downloads 29 (390,824)

Abstract:

Real wage growth, productivity growth, aggregate demand, household debt, Great Recession

21.

Rising Income Inequality, Increased Household Indebtedness, and Post-Keynesian Macrodynamics

Number of pages: 11 Posted: 05 Nov 2014 Last Revised: 19 Nov 2014
Mark Setterfield
New School for Social Research
Downloads 27 (354,975)

Abstract:

Consumer debt, emulation, income distribution, Golden Age growth regime, Neoliberal growth regime

22.

An Essay on Horizontalism, Structuralism and Historical Time

Trinity College Department of Economics Working Paper No. 14-02
Number of pages: 14 Posted: 05 Mar 2014
Mark Setterfield
New School for Social Research
Downloads 24 (313,466)

Abstract:

Endogenous money, horizontalism, structuralism, historical time, supply of credit

23.

Inflation Targeting and Macroeconomic Stability with Heterogeneous Inflation Expectations

DEPARTMENT OF ECONOMICS, FEA-USP WORKING PAPER Nº 2013-11,
Number of pages: 28 Posted: 13 Oct 2013
University of Sao Paulo (USP) - Department of Economics, New School for Social Research and Federal University of Santa Catarina
Downloads 24 (398,860)

Abstract:

Inflation target, macroeconomic stability, heterogeneous expected inflation, satisficing evolutionary dynamics

24.

How the Great Moderation Became a (Contained) Depression and What to Do about It

Trinity College Department of Economics Working Paper 13-03
Number of pages: 13 Posted: 20 Feb 2013
Barry Z. Cynamon, Steven M. Fazzari and Mark Setterfield
Federal Reserve Bank of Saint Louis, Washington University in St. Louis and New School for Social Research
Downloads 22 (398,860)

Abstract:

Great Recession, Great Moderation, economic recovery, Keynesian macroeconomics

25.

Multi-Agent Systems as a Tool for Analyzing Path-Dependent Macrodynamics

Number of pages: 41 Posted: 07 Nov 2014 Last Revised: 19 Nov 2014
Mark Setterfield and Shyam Gouri Suresh
New School for Social Research and Davidson College
Downloads 17 (426,256)

Abstract:

Multi-agent systems, agent based models, path dependence, macrodynamics

26.

A Simple Analytical Model of the Adverse Real Effects of Inflation

Number of pages: 36 Posted: 31 Aug 2015
Eduardo F Bastian and Mark Setterfield
Universidade Federal do Rio de Janeiro (UFRJ) and New School for Social Research
Downloads 15 (305,615)

Abstract:

Inflation, strato-inflation, hyper-inflation, indexation, conflicting claims, uncertainty, growth.

27.

Using Interest Rates as the Instrument of Monetary Policy: Beware Real Effects, Positive Feedbacks, and Discontinuities

Number of pages: 8 Posted: 20 Dec 2013
Mark Setterfield
New School for Social Research
Downloads 11 (441,598)

Abstract:

Interest rates, monetary policy, central banking, New Consensus, Post Keynesian Economics

28.

Did CNBC Contribute to the Great Moderation or the Great Recession?

Trinity College Department of Economics Working Paper No. 13-07
Number of pages: 33 Posted: 29 Mar 2013
Shyam Gouri Suresh and Mark Setterfield
Davidson College and New School for Social Research
Downloads 8 (508,909)

Abstract:

Aggregate fluctuations, animal spirits, cyclical growth, multi-agent system, sentiment

29.

Intermediation, Money Creation, and Keynesian Macrodynamics in Multi-Agent Systems

Number of pages: 15 Posted: 18 May 2015
Bill Gibson and Mark Setterfield
University of Vermont - Department of Economics and New School for Social Research
Downloads 6 (472,880)

Abstract:

Multi-agent system, intermediation, endogenous money, Keynesian macroeconomics

30.

Won't Get Fooled Again – Or Will We? Monetary Policy, Model Uncertainty, and ‘Policy Model Complacency’

Number of pages: 18 Posted: 19 Jul 2015
Mark Setterfield
New School for Social Research
Downloads 3 (483,376)

Abstract:

Monetary policy, central banking, model uncertainty, Lucas critique, Tinbergen principle

31.

Time Variation in the Size of the Multiplier: A Kalecki-Harrod Approach

Number of pages: 17 Posted: 23 Sep 2015
Mark Setterfield
New School for Social Research
Downloads 2 (441,598)

Abstract:

Multiplier, investment, crowding in, Kalecki, Harrod

32.

Path Dependency

Number of pages: 14 Posted: 23 Sep 2015
Mark Setterfield
New School for Social Research
Downloads 1 (421,340)

Abstract:

Path dependency, cumulative causation, lock in, hysteresis, equilibrium, fundamental uncertainty, resilience

33.

Is the Balance of Payments Constrained Growth Rate Time-Varying? Exchange Rate Over Valuation, Policy-Induced Recessions, Deindustrialization, and Long Run Growth

The New School for Social Research, Working Paper 26/2017
Number of pages: 24 Posted: 28 Aug 2017
Mark Setterfield and Selen Ozcelik
New School for Social Research and The New School - Department of Economics
Downloads 0 (532,278)

Abstract:

Exchange rate, policy-induced recession, deindustrialization, balance-ofpayments- constrained growth, path dependence

34.

Political Aspects of Household Debt

Number of pages: 31 Posted: 23 Aug 2017
Yun K. Kim, Gilberto Tadeu Lima and Mark Setterfield
University of Massachusetts Boston, University of Sao Paulo (USP) - Department of Economics and New School for Social Research
Downloads 0 (483,376)

Abstract:

Consumer debt, employment rent, cost of job loss, bargaining power, income distribution, growth, stability

35.

Modern (American) Capitalism: A Three Act Tragedy

The New School for Social Research Department of Economics Working Paper No. 22/2017
Number of pages: 24 Posted: 22 Jun 2017
Mark Setterfield
New School for Social Research
Downloads 0 (462,482)

Abstract:

Neoliberalism, Supply-Side Economics, Zapping Labor, Incomes Policy Based on Fear, Household Debt, Financial Fragility

36.

Nominal Exchange Rate Shocks and Inflation in an Open Economy: Towards a Structuralist Inflation Targeting Agenda

Number of pages: 55 Posted: 08 Jun 2017
Eduardo F Bastian and Mark Setterfield
Universidade Federal do Rio de Janeiro (UFRJ) and New School for Social Research
Downloads 0 (462,482)

Abstract:

inflation, strato-inflation, nominal exchange rate shocks, conflicting claims, hysteresis, capital controls, industrial policy

37.

Long-Run Variation in Capacity Utilization in the Presence of a Fixed Normal Rate

The New School for Social Research Working Paper 04/2017
Number of pages: 34 Posted: 08 Mar 2017
Mark Setterfield
New School for Social Research
Downloads 0 (488,478)

Abstract:

Normal rate of capacity utilization, Harrodian instability, Kaleckian growth theory

38.

Expectations and Stability in the Kaleckian Growth Model

The New School for Social Research, Working Paper 2/2016
Number of pages: 24 Posted: 11 Apr 2016
Gilberto Tadeu Lima and Mark Setterfield
University of Sao Paulo (USP) - Department of Economics and New School for Social Research
Downloads 0 (333,401)

Abstract:

Keynesian stability condition, expectations, Kaleckian growth model

39.

Macrodynamics for a Better Society: The Economics of John Cornwall

Posted: 29 Sep 2009
Mark Setterfield and A. P. Thirlwall
New School for Social Research and University of Kent, Canterbury

Abstract:

John Cornwall, macrodynamics, institutions, growth, inflation

40.

Stabilization Policy with an Endogenous Commercial Bank

Posted: 09 Jul 2009
Kurt von Seekamm and Mark Setterfield
affiliation not provided to SSRN and New School for Social Research

Abstract:

stabilization policy, central bank, commercial bank

41.

Macroeconomics Without the Lm Curve: An Alternative View

Cambridge Journal of Economics, Vol. 33, Issue 2, pp. 273-293, 2009
Posted: 12 Mar 2009
Mark Setterfield
New School for Social Research

Abstract:

New consensus, Post-Keynesian economics, Monetary policy, Fiscal policy, Incomes policy, Inflation targeting, Stagnationism

42.

Notes and Comments. Cumulative Causation, Interrelatedness and the Theory of Economic Growth: A Reply to Argyrous and Toner

Cambridge Journal of Economics, Vol. 25, No. 1, January 2001
Posted: 11 Jun 2001
Mark Setterfield
New School for Social Research

Abstract: