Mark Setterfield

New School for Social Research

Professor of Economics

6 East 16th Street

New York, NY 10003

United States

SCHOLARLY PAPERS

48

DOWNLOADS
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Top 17,897

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2,605

CITATIONS
Rank 26,982

SSRN RANKINGS

Top 26,982

in Total Papers Citations

9

Scholarly Papers (48)

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 167 (174,581)
Citation 2

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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 137 (205,645)

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

3.

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 127 (218,354)

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consumption, household borrowing, household debt, relative income hypothesis

4.

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 118 (230,751)

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

5.

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 111 (241,153)

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

6.

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 109 (244,385)
Citation 1

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

7.

Endogenous Growth: A Kaldorian Approach

Number of pages: 41 Posted: 02 May 2010
Mark Setterfield
New School for Social Research
Downloads 101 (257,675)
Citation 1

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

8.

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 101 (257,675)
Citation 1

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Neoclassical growth theory, heterodox growth theory, endogenous growth

9.

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 98 (262,818)
Citation 2

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

10.
Downloads 97 (264,569)
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 55 (369,360)
Citation 2

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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 42 (415,502)
Citation 2

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

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 60 (353,577)

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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 33 (453,874)

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

12.

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 90 (277,542)

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

13.

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 77 (307,525)

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

14.

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 76 (307,525)

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Macroeconomics, microfoundations, macrofoundations, aggregate structural models

15.

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 75 (309,800)

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

16.

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 69 (324,566)

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

17.

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 67 (329,727)

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

18.

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 65 (334,956)

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

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 47 (396,734)

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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 17 (546,045)

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Borrowing, saving, emulation, debt servicing, wage-led growth, profit-led 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 31 (463,544)

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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 31 (463,544)

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

21.

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 61 (345,953)

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Keynesian stability condition, expectations, Kaleckian growth model

22.

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 60 (348,764)

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

23.

Path Dependency

Number of pages: 14 Posted: 23 Sep 2015
Mark Setterfield
New School for Social Research
Downloads 53 (370,027)

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

24.

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 52 (373,132)

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

25.

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 46 (393,069)

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

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 46 (393,069)

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

27.

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 38 (422,734)

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Multiplier, investment, crowding in, Kalecki, Harrod

28.

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 Sao Paulo (USP) - Department of Economics, New School for Social Research and Federal University of Santa Catarina
Downloads 36 (430,767)

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

29.

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 36 (430,767)

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Great Recession, Great Moderation, economic recovery, Keynesian macroeconomics

30.

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 35 (434,850)

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

31.

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 34 (438,979)

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

32.

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 31 (452,055)

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

33.

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 26 (476,543)

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

34.

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 25 (481,933)

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

35.

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 25 (481,933)

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

36.

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 Sao Paulo (USP) - Department of Economics, New School for Social Research and Federal University of Santa Catarina
Downloads 22 (498,426)

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

37.

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 22 (498,426)

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

38.

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 21 (504,053)

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

39.

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 19 (515,412)

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

40.

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 10 (567,594)

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

41.

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 (633,216)
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42.

Austerity: The History of a Dangerous Idea

Eastern Economic Journal, Vol. 44, Issue 2, 2018
Number of pages: 2 Posted: 24 Apr 2018
Mark Setterfield
New School for Social Research
Downloads 1 (633,216)
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43.

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 (633,216)
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44.

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

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

45.

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

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John Cornwall, macrodynamics, institutions, growth, inflation

46.

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

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stabilization policy, central bank, commercial bank

47.

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

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

48.

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

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