Mark Setterfield

New School for Social Research

Professor of Economics

6 East 16th Street

New York, NY 10003

United States

SCHOLARLY PAPERS

56

DOWNLOADS
Rank 19,112

SSRN RANKINGS

Top 19,112

in Total Papers Downloads

3,294

SSRN CITATIONS
Rank 15,493

SSRN RANKINGS

Top 15,493

in Total Papers Citations

42

CROSSREF CITATIONS

32

Scholarly Papers (56)

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 199 (190,801)
Citation 2

Abstract:

Loading...

hysteresis, path dependency, macrodynamics

2.

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 192 (196,082)

Abstract:

Loading...

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

3.

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 150 (242,258)
Citation 2

Abstract:

Loading...

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

4.

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 Bastian and Mark Setterfield
Universidade Federal do Rio de Janeiro (UFRJ) and New School for Social Research
Downloads 149 (243,641)

Abstract:

Loading...

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

5.

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 149 (243,641)
Citation 1

Abstract:

Loading...

Neoclassical growth theory, heterodox growth theory, endogenous growth

6.
Downloads 144 (250,361)
Citation 1

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 86 (361,854)
Citation 2

Abstract:

Loading...

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

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 58 (450,751)

Abstract:

Loading...

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

7.

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 137 (260,422)
Citation 1

Abstract:

Loading...

consumption, household borrowing, household debt, relative income hypothesis

8.

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 125 (279,086)
Citation 2

Abstract:

Loading...

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

9.

Endogenous Growth: A Kaldorian Approach

Number of pages: 41 Posted: 02 May 2010
Mark Setterfield
New School for Social Research
Downloads 124 (280,793)
Citation 4

Abstract:

Loading...

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

10.

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 109 (307,714)
Citation 5

Abstract:

Loading...

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

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 66 (421,775)
Citation 1

Abstract:

Loading...

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 36 (550,795)
Citation 1

Abstract:

Loading...

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

12.

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 98 (330,294)
Citation 3

Abstract:

Loading...

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

13.

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 93 (341,567)
Citation 2

Abstract:

Loading...

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

14.

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 89 (351,151)

Abstract:

Loading...

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

15.

Path Dependency

Number of pages: 14 Posted: 23 Sep 2015
Mark Setterfield
New School for Social Research
Downloads 84 (363,770)

Abstract:

Loading...

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

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 57 (454,648)
Citation 2

Abstract:

Loading...

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 24 (627,194)

Abstract:

Loading...

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

17.

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 81 (371,709)

Abstract:

Loading...

Macroeconomics, microfoundations, macrofoundations, aggregate structural models

18.

A Simple Analytical Model of the Adverse Real Effects of Inflation

Number of pages: 36 Posted: 31 Aug 2015
Eduardo Bastian and Mark Setterfield
Universidade Federal do Rio de Janeiro (UFRJ) and New School for Social Research
Downloads 77 (382,744)
Citation 1

Abstract:

Loading...

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

19.
Downloads 76 (385,669)
Citation 6

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 39 (534,861)

Abstract:

Loading...

Consumer debt, emulation, income distribution, Golden Age regime, Neoliberal regime, expenditure cascades, 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 37 (545,251)
Citation 7

Abstract:

Loading...

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

20.

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 76 (385,669)
Citation 1

Abstract:

Loading...

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

21.

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 São Paulo (USP) - Department of Economics and New School for Social Research
Downloads 73 (394,398)
Citation 3

Abstract:

Loading...

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

22.

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 70 (403,558)
Citation 2

Abstract:

Loading...

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

23.

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 São Paulo (USP) - Department of Economics
Downloads 65 (419,687)
Citation 2

Abstract:

Loading...

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

24.

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 São Paulo (USP) - Department of Economics and New School for Social Research
Downloads 64 (423,067)

Abstract:

Loading...

Keynesian stability condition, expectations, Kaleckian growth model

25.

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 62 (429,860)

Abstract:

Loading...

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

26.

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 49 (478,686)

Abstract:

Loading...

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

27.

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
Better Future Forward, Washington University in St. Louis and New School for Social Research
Downloads 46 (491,343)
Citation 1

Abstract:

Loading...

Great Recession, Great Moderation, economic recovery, Keynesian macroeconomics

28.

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 42 (509,294)
Citation 3

Abstract:

Loading...

Multiplier, investment, crowding in, Kalecki, Harrod

29.

Contemporary Macroeconomic Outcomes: A Tragedy in Three Acts

This paper is excerpted from Capitalism, Inclusive Growth, and Social Protection: Inherent Contradiction or Achievable Vision? (Edward Elgar, Forthcoming).
Number of pages: 49 Posted: 09 Mar 2021
Bielefeld University - Department of Business Administration and Economics, Fakultät für Bildungswissenschaften, affiliation not provided to SSRN, Otto-Friedrich-Universität Bamberg and New School for Social Research
Downloads 39 (523,537)

Abstract:

Loading...

Neoliberalism, incomes policy based on fear, household debt, Goodwin pattern

30.

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 39 (523,537)
Citation 7

Abstract:

Loading...

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

31.

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
Gilberto Tadeu Lima, Mark Setterfield and Jaylson Silveira
University of São Paulo (USP) - Department of Economics, New School for Social Research and Universidade Federal de Santa Catarina (UFSC)
Downloads 39 (523,537)
Citation 6

Abstract:

Loading...

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

32.

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 39 (523,537)
Citation 2

Abstract:

Loading...

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

33.

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 33 (554,246)

Abstract:

Loading...

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

34.

The Great Deception: The ‘Science’ of Monetary Policy and the Great Moderation Revisited

The New School for Social Research, Department of Economics, Working Paper 29/2017
Number of pages: 24 Posted: 01 Nov 2017
Gilberto Tadeu Lima, Mark Setterfield and Jaylson Silveira
University of São Paulo (USP) - Department of Economics, New School for Social Research and Universidade Federal de Santa Catarina (UFSC)
Downloads 30 (570,897)

Abstract:

Loading...

Great Moderation, monetary policy, inflation targeting, macroeconomic stability, heterogeneous inflation expectations, satisficing evolutionary dynamics

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 30 (570,897)

Abstract:

Loading...

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

36.

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 30 (570,897)
Citation 3

Abstract:

Loading...

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

37.

Managing the Discontent of the Losers

The New School for Social Research Working Paper 16/2018
Number of pages: 27 Posted: 14 Nov 2018
Mark Setterfield
New School for Social Research
Downloads 28 (582,892)

Abstract:

Loading...

social structure of accumulation, capital-citizen accord, household debt, consumption inequality, populism

38.

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 28 (582,892)

Abstract:

Loading...

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

39.

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 25 (602,015)

Abstract:

Loading...

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

40.

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 25 (602,015)
Citation 1

Abstract:

Loading...

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

41.

Hysteresis in the Normal Rate of Capacity Utilization: A Behavioural Explanation

The New School for Social Research, Department of Economics, Working Paper 07/2019
Number of pages: 34 Posted: 19 Jun 2019
Mark Setterfield and Joana David Avritzer
New School for Social Research and New School for Social Research
Downloads 22 (622,351)
Citation 4

Abstract:

Loading...

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

42.

Political Aspects of ‘Buffer Stock’ Employment: A Reconsideration

UNSW Business School Research Paper Forthcoming
Number of pages: 27 Posted: 13 Oct 2020
Peter Kriesler, joseph Halevi and Mark Setterfield
UNSW Australia Business School, School of Economics, Mcquarie University and New School for Social Research
Downloads 18 (650,614)

Abstract:

Loading...

employer of last resort, job guarantee, buffer stock employment, political aspects of full employment

43.

Is Capacity Utilization Variable in the Long Run? An Agent-Based Sectoral Approach to Modeling Hysteresis in the Normal Rate of Capacity Utilization

Number of pages: 58 Posted: 01 Jul 2020
Federico Bassi, Tom Bauermann, Dany Lang and Mark Setterfield
affiliation not provided to SSRN, affiliation not provided to SSRN, University of Angers - Centre d'économie de l'Université de Paris Nord (CEPN) and New School for Social Research
Downloads 17 (657,762)

Abstract:

Loading...

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

44.

Editorial to the Special Issue: The Monetary Economics of Basil J. Moore

Number of pages: 12 Posted: 17 Apr 2020
Mark Setterfield
New School for Social Research
Downloads 13 (687,714)

Abstract:

Loading...

Basil J. Moore, monetary economics, horizontalism

45.

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 11 (703,359)

Abstract:

Loading...

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

46.

Whatever Happened to the ‘Goodwin Pattern’?

Number of pages: 34 Posted: 18 Feb 2021
Mark Setterfield
New School for Social Research
Downloads 9 (719,035)
Citation 1

Abstract:

Loading...

Goodwin pattern, distributional conflict, worker insecurity, incomes policy based on fear

47.

Tolerable Ranges of Variation in the Rate of Capacity Utilization and Corridor Instability: A Reply to Florian Botte

Number of pages: 11 Posted: 12 Jun 2019
Mark Setterfield
New School for Social Research
Downloads 6 (742,698)

Abstract:

Loading...

normal rate of capacity utilization, Harrodian instability, corridor instability

48.

Harrodians and Kaleckians: A Suggested Reconciliation and Synthesis

Number of pages: 22 Posted: 04 Jun 2021
Mark Setterfield
New School for Social Research
Downloads 5 (750,555)

Abstract:

Loading...

Keynesian stability condition, Harrodian instability, corridor instability, shifting equilibrium, Kaleckian pseudo-instability, normal rate of capacity utilization

49.

Real and Financial Crises in the Keynes–Kalecki Structuralist Model: An Agent‐Based Approach

Metroeconomica, Vol. 69, Issue 3, pp. 566-592, 2018
Number of pages: 27 Posted: 02 Jul 2018
Bill Gibson and Mark Setterfield
University of Vermont - Department of Economics and New School for Social Research
Downloads 1 (787,313)
  • Add to Cart

Abstract:

Loading...

50.

Can Monetary Policy Survive Policy Model Mis‐Specification? Model Uncertainty and the Perils of 'Policy Model Complacency'

Metroeconomica, Vol. 69, Issue 1, pp. 2-15, 2018
Number of pages: 14 Posted: 04 Jan 2018
Mark Setterfield
New School for Social Research
Downloads 1 (787,313)
  • Add to Cart

Abstract:

Loading...

51.

Hysteresis in the Normal Rate of Capacity Utilization: A Behavioral Explanation

Metroeconomica, Vol. 71, Issue 4, pp. 898-919, 2020
Number of pages: 22 Posted: 20 Oct 2020
Mark Setterfield and Joana David Avritzer
New School for Social Research and affiliation not provided to SSRN
Downloads 0 (804,313)
  • Add to Cart

Abstract:

Loading...

Harrodian instability, hysteresis, Kaleckian growth theory, normal rate of capacity utilization

52.

Varieties of Capitalism, Increasing Income Inequality, and the Sustainability of Long-Run Growth

Posted: 08 Aug 2018
Mark Setterfield and Yun Kim
New School for Social Research and University of Massachusetts Boston - Department of Economics

Abstract:

Loading...

varieties of capitalism, neoliberalism, inequality, growth, financial fragility, financial sustainability

53.

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 Campus

Abstract:

Loading...

John Cornwall, macrodynamics, institutions, growth, inflation

54.

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:

Loading...

stabilization policy, central bank, commercial bank

55.

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:

Loading...

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

Abstract:

Loading...