Research

Working papers: 

1. "Stable profit rates in a time of rising market power: The role of financial and intangible assets", with Joao de Souza. Accepted at Industrial and Corporate Change. 

2. "Asset ownership, differential rates of return, and the U.S. working class", with Charalampos (Harry) Konstantinidis.  Political Economy Research Institute Working Paper No. 614.

Journal articles: 

1. Profits and markups during the post-COVID-19 inflation shock in the U.S. economy: a firm-level lens. 2024. European Journal of Economics and Economic Policies: Intervention, Vol. 21(2), pp. 309-330. 

2. The inverted yield curve in a 3-equation model (with Thomas R. Michl). 2024. Available online first at Eastern Economic Journal. 

3. Listing, delisting, and the dissemination of financial norms: A quantile decomposition of firm balance sheets (with Joao de Souza and Gonzalo Hernández). 2023. Available as online preprint at Journal of Evolutionary Economics. 

4. What are firms borrowing for? The role of financial assets (with Joao de Souza, YK Kim and Giacomo Rella). 2023.  Economic Modelling, Vol. 125. 

5. Teaching upper-intermediate macroeconomics with a dynamic 3-equation model (with Leopoldo Gómez-Ramírez). 2022. Journal of Economic Education, Vol. 53 (4), pp. 348-367. [Please email me for a copy of the Excel simulation file]. 

6. Churning and profitability in the U.S. corporate sector (with Joao de Souza). 2022. Metroeconomica, Vol. 73, pp. 924-957. 

7. Secular stagnation and the financialization of the non-financial firm (with Shane McCormack, UMass Boston Applied Economics MA, Class of 2020). 2021. Review of Evolutionary Political Economy, Vol. 2, pp. 459-491. 

8. Competition and monopoly in the U.S. economy: What do the industrial concentration data show? (with Özgür Orhangazi). 2021. Competition & Change, Vol. 25(1), pp. 3-30. 

9. An empirical analysis of Minsky regimes in the post-1970 U.S. economy (with Joao de Souza and Gonzalo Hernández). 2019. Cambridge Journal of Economics, Vol. 43(4), pp. 541-583. 

10. Financialization, shareholder orientation, and the cash holdings of U.S. corporations. 2018. Review of Political Economy, Vol. 30(1), pp. 1-27. 

11. Financialization and the nonfinancial corporation: An investigation of firm-level investment behavior in the U.S. 2017. Metroeconomica, Vol. 69(1), pp. 270-307. 

12. Financialization and investment: A survey of the empirical literature. 2017. The Journal of Economic Surveys, Vol. 31(5), pp. 1332-1358.

13. A proposal for a 'federalized' unemployment insurance mechanism for Europe (with Harry Konstantinidis and Yorghos Tripodis). 2017. European Journal of Economics and Economic Policies: Intervention, Vol. 14(1), pp. 92-116. 

14. Identifying the 'financialization' of the nonfinancial corporation in the U.S. economy: A decomposition of firm-level balance sheets. 2016. Journal of Post Keynesian Economics, Vol. 39(1), pp. 115-141, 2016. 

15. Distributional biases in the evaluation of climate change (with Peter Skott). 2013. Ecological Economics, Vol. 85, pp. 188-197. 

Book chapters: 

1. "What determines investment? The real economy versus the dominance of finance". In Bourgrine, Hasan, Louis-Philippe Rochon, and Mario Seccareccia, eds. Intermediate Macroeconomics: Theory, Policy and Competing Perspectives. Edward Elgar. Forthcoming. 

2. "Stylized facts on the evolution of profit rates in the U.S.: Evidence from firm-level data", with Joao de Souza. In Tavani, Daniele, Duncan Foley, and Mark Setterfield, eds. Growth and Effective Demand: Classical and Post-Keynesian Perspectives. Routledge.  Accepted. Working paper version. 

3. "Positional goods, climate change and the social returns to investment" (with Peter Skott). In Lance Taylor et al, eds. Social Fairness and Economics: Economic Essays in the Spirit of Duncan Foley, pp. 101-121. New York: Routledge. 

Work in progress: 

1. "Household financial fragility and the borrowing costs of the U.S. working class", with Charalampos (Harry) Konstantinidis. 

2. "Democratizing savings? The Postal Savings System in the early 20th century United States", with Leticia Arroyo Abad and Sarah Quincy.