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A Model of External Debt Sustainability and Monetary Hierarchy 外债可持续性和货币等级模型
IF 0.8 3区 经济学
Metroeconomica Pub Date : 2026-10-10 Epub Date: 2025-11-25 DOI: 10.1111/meca.70001
Nicolás M. Burotto
{"title":"A Model of External Debt Sustainability and Monetary Hierarchy","authors":"Nicolás M. Burotto","doi":"10.1111/meca.70001","DOIUrl":"https://doi.org/10.1111/meca.70001","url":null,"abstract":"<div>\u0000 \u0000 <p>I develop a dynamic macroeconomic model of a small open economy to identify two key vulnerabilities that prevent emerging markets from fully integrating into global markets: high financial integration costs and their low position in the international monetary hierarchy. These vulnerabilities make them susceptible to financial traps, jeopardize debt sustainability and increase volatility. I show that the weak response of capital flows to interest rates further limits the ability of monetary policy to stabilize the system. As a result, these economies have restricted policy options and often resort to mimicking external monetary policy strategies in times of financial distress.</p>\u0000 </div>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"77 4","pages":"341-364"},"PeriodicalIF":0.8,"publicationDate":"2026-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149146743","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Pseudo, or Not? Neo-Goodwinian Growth Cycles With Financial Linkages 伪还是伪？具有金融联系的新古德温增长周期
IF 0.8 3区 经济学
Metroeconomica Pub Date : 2026-10-10 Epub Date: 2026-02-18 DOI: 10.1111/meca.70015
Rudiger von Arnim, Luis Felipe Eick
{"title":"Pseudo, or Not? Neo-Goodwinian Growth Cycles With Financial Linkages","authors":"Rudiger von Arnim,&nbsp;Luis Felipe Eick","doi":"10.1111/meca.70015","DOIUrl":"https://doi.org/10.1111/meca.70015","url":null,"abstract":"<p>A profit-led Goodwin mechanism generates the observed counterclockwise activity–labor share cycle. Introducing a financial linkage can reproduce this pattern even when demand is not profit-led. This paper extends neo-Goodwinian theory by incorporating the valuation ratio into a four-dimensional model. We show that the model can generate a limit cycle and that the Goodwin pattern arises in simulations without profit-led demand when financial interactions are present. Redistribution affects cyclical dynamics but has no steady-state growth effects.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"77 4","pages":"422-437"},"PeriodicalIF":0.8,"publicationDate":"2026-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/meca.70015","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149146536","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Intertemporal General Equilibrium: Role in the First Phase of the Cambridge Controversy; and Why Indefensible 跨期一般均衡：在剑桥论战第一阶段中的作用为什么站不住脚
IF 0.9 3区 经济学
Metroeconomica Pub Date : 2026-06-09 Epub Date: 2025-04-08 DOI: 10.1111/meca.12497
Fabio Petri
{"title":"Intertemporal General Equilibrium: Role in the First Phase of the Cambridge Controversy; and Why Indefensible","authors":"Fabio Petri","doi":"10.1111/meca.12497","DOIUrl":"https://doi.org/10.1111/meca.12497","url":null,"abstract":"<div>\u0000 \u0000 <p>The existing reconstructions of the Cambridge capital controversy do not grasp the role played by cryptic references to neo-Walrasian intertemporal general equilibrium theory in the contributions by Solow and Samuelson to the first rounds of debate; these references were not well understood by Joan Robinson or Pasinetti. This allows some clarifications concerning the Solow–Pasinetti exchange on the rate of return. Pasinetti's scarce interest in neo-Walrasian equilibrium models appears with hindsight to have been fully justified: intertemporal general equilibrium theory is totally indefensible, as confirmed by some new criticisms that show intertemporal equilibria do not exist.</p>\u0000 </div>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"77 3","pages":"230-242"},"PeriodicalIF":0.9,"publicationDate":"2026-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148208871","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
On the Notion of ‘Factor of Production’ in Economic Theory 论经济理论中的“生产要素”概念
IF 0.9 3区 经济学
Metroeconomica Pub Date : 2026-06-09 Epub Date: 2024-11-14 DOI: 10.1111/meca.12489
Saverio M. Fratini
{"title":"On the Notion of ‘Factor of Production’ in Economic Theory","authors":"Saverio M. Fratini","doi":"10.1111/meca.12489","DOIUrl":"https://doi.org/10.1111/meca.12489","url":null,"abstract":"<div>\u0000 \u0000 <p>In the marginalist view, production results from the services of the factors, with wages, rent and interest understood as rewards for their contributions. The principle of marginal productivity provided a logical foundation for this idea; but this mechanism requires factors measured in ‘technical units’, so it cannot be used when capital is understood in value terms. The theory then shifted towards a Walrasian conception with heterogenous capital goods and fixed-coefficient methods. Initially, some scholars believed this approach could be consistent with viewing distribution variables as rewards for factor contributions. The capital theory controversy revealed that this is not the case.</p>\u0000 </div>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"77 3","pages":"251-264"},"PeriodicalIF":0.9,"publicationDate":"2026-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148209034","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Rate of Interest and Intertemporal Preferences in Multisectoral Frameworks: A Critical View 多部门框架中的利率和跨期偏好：一个批判的观点
IF 0.9 3区 经济学
Metroeconomica Pub Date : 2026-06-09 Epub Date: 2025-02-15 DOI: 10.1111/meca.12495
Enrico Bellino, Gabriel Brondino
{"title":"Rate of Interest and Intertemporal Preferences in Multisectoral Frameworks: A Critical View","authors":"Enrico Bellino,&nbsp;Gabriel Brondino","doi":"10.1111/meca.12495","DOIUrl":"https://doi.org/10.1111/meca.12495","url":null,"abstract":"<p>This paper analyses a closure of Sraffa's price system found in some neoclassical literature, which involves equating the rate of interest with the rate of time preference. This closure aims to reconnect the rate of interest with individuals' intertemporal preferences. We identify two significant shortcomings of this approach: its reliance on the notion of capital as a single factor and the restrictions on individual preferences arising from intertemporal consumption choices. These limitations cast doubt on the plausibility of linking the interest rate to intertemporal preferences, particularly regarding the thriftiness of an economic system, thereby highlighting ongoing challenges in neoclassical capital theory.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"77 3","pages":"243-250"},"PeriodicalIF":0.9,"publicationDate":"2026-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/meca.12495","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148209036","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Solow's attempt to revive the concept of ‘social rate of return’ and Pasinetti's critique 索洛复兴 "社会收益率 "概念的尝试和帕西内蒂的批评
IF 0.9 3区 经济学
Metroeconomica Pub Date : 2026-06-09 Epub Date: 2024-06-26 DOI: 10.1111/meca.12473
Heinz D. Kurz, Neri Salvadori
{"title":"Solow's attempt to revive the concept of ‘social rate of return’ and Pasinetti's critique","authors":"Heinz D. Kurz,&nbsp;Neri Salvadori","doi":"10.1111/meca.12473","DOIUrl":"10.1111/meca.12473","url":null,"abstract":"<p>The paper deals with Robert Solow's attempt to revive the concept of the ‘social rate of return’ and Luigi Pasinetti's critique of it. By means of this concept Solow thought to be able to circumnavigate the capital theoretical attack on the marginalist theory by claiming that the rate of interest is an accurate measure of, and can be seen as being determined by, the ‘social rate of return’. His analysis focused on a switch-point between two techniques, in which, alas, the rate of interest is already fixed. Pasinetti objected that, by construction, Solow established the opposite of what he thought he had done. Since in a switch-point also the prices of capital goods are known, the ‘quantity of capital’ employed is fixed: it depends on the rate of interest and therefore cannot be taken as given independently of it and the corresponding system of prices.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"77 3","pages":"214-229"},"PeriodicalIF":0.9,"publicationDate":"2026-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141507777","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Capital Goods, Employment and Dynamics 资本货物、就业和动态
IF 0.9 3区 经济学
Metroeconomica Pub Date : 2026-06-09 Epub Date: 2025-08-20 DOI: 10.1111/meca.12513
Christian Bidard, Guido Erreygers
{"title":"Capital Goods, Employment and Dynamics","authors":"Christian Bidard,&nbsp;Guido Erreygers","doi":"10.1111/meca.12513","DOIUrl":"https://doi.org/10.1111/meca.12513","url":null,"abstract":"<div>\u0000 \u0000 <p>Pasinetti's thought on economic growth evolved from a study of regular growth to a theory of structural change, while maintaining a double reference to the Classical and to the Keynesian theories, a specific attention being paid to the possibility and the conditions of full employment. The paper points at some questions set by the presence of capital goods in his regular growth model and by their absence in his later creative destruction model.</p>\u0000 </div>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"77 3","pages":"289-301"},"PeriodicalIF":0.9,"publicationDate":"2026-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148208985","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Luigi Pasinetti and Adolph Lowe: Bridging Capital Theory and Institutional Analysis Luigi Pasinetti和Adolph Lowe：桥梁资本理论和制度分析
IF 0.9 3区 经济学
Metroeconomica Pub Date : 2026-06-09 Epub Date: 2025-12-23 DOI: 10.1111/meca.70008
Michael J. Murray
{"title":"Luigi Pasinetti and Adolph Lowe: Bridging Capital Theory and Institutional Analysis","authors":"Michael J. Murray","doi":"10.1111/meca.70008","DOIUrl":"https://doi.org/10.1111/meca.70008","url":null,"abstract":"<p>This article examines the convergence of Luigi Pasinetti's and Adolph Lowe's political economy, linking capital theory, institutions, and normative methodology. Pasinetti's two-stage approach and Lowe's instrumental method share a common emphasis on the structural requirements and institutional arrangements for attaining and maintaining full employment. Pasinetti's analysis of structural dynamics and Lowe's traverse analysis are complementary methodologies for analyzing the employment consequences of structural and technological change within dynamic industrial economies. Synthesizing the methodology of Pasinetti and Lowe underscores the policy relevance of government-led intervention to attain and maintain full employment and provide a robust foundation for normative macroeconomic analysis.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"77 3","pages":"265-273"},"PeriodicalIF":0.9,"publicationDate":"2026-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/meca.70008","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148209105","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Luigi Pasinetti on Capital: Critical and Constructive Aspects 路易吉·帕西内蒂谈资本：关键的和建设性的方面
IF 0.9 3区 经济学
Metroeconomica Pub Date : 2026-06-09 Epub Date: 2026-05-28 DOI: 10.1111/meca.70023
Enrico Bellino, Ariel L. Wirkierman
{"title":"Luigi Pasinetti on Capital: Critical and Constructive Aspects","authors":"Enrico Bellino,&nbsp;Ariel L. Wirkierman","doi":"10.1111/meca.70023","DOIUrl":"https://doi.org/10.1111/meca.70023","url":null,"abstract":"","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"77 3","pages":"210-213"},"PeriodicalIF":0.9,"publicationDate":"2026-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148208862","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Capital in Motion: Synthesizing the Circulation and Reproduction in a Multi-Sector Growth Model 运动中的资本：综合多部门增长模型中的流通与再生产
IF 0.9 3区 经济学
Metroeconomica Pub Date : 2026-06-09 Epub Date: 2025-08-16 DOI: 10.1111/meca.12511
Takashi Satoh
{"title":"Capital in Motion: Synthesizing the Circulation and Reproduction in a Multi-Sector Growth Model","authors":"Takashi Satoh","doi":"10.1111/meca.12511","DOIUrl":"https://doi.org/10.1111/meca.12511","url":null,"abstract":"<p>This paper analyzes Capital in Motion (CIM) in a capitalist economy, based on Karl Marx's Capital, Volume 2. It examines the circuit of capital, distinguishing between stock and flow variables, and integrates a multi-sector growth model that combines the circuit and turnover of capital with the reproduction scheme. The positivity of profit rates and prices is validated through the Fundamental Marxian Theorem. Additionally, the simultaneous determination of growth and profit rates is demonstrated via the expansion frontier and Cambridge equation. CIM framework offers a dynamic perspective on capital's transformation and inter-sectoral flows, crucial for understanding economic growth.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"77 3","pages":"274-288"},"PeriodicalIF":0.9,"publicationDate":"2026-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/meca.12511","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148208887","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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