Inequality and Exchange Rate Movements in an Open-Economy Macroeconomic Model

References

• Abiad, A., N. Oomes, and K. Ueda. 2008. ‘The Quality Effect: Does Financial Liberalization Improve the Allocation of Capital?’ Journal of Development Economics 87 (2): 270–282.
   Web of Science ®Google Scholar
• Aït-Youce, C. 2019. ‘How Index Investment Impacts Commodities: A Story About the Financialisation of Agricultural Commodities.’ Economic Modelling 80: 23–33.
   Web of Science ®Google Scholar
• Behringer, J., and T. van Treeck. 2019. ‘Income Distribution and Growth Models: A Sectoral Balances Approach.’ Politics & Society 47 (3): 303–332.
   Web of Science ®Google Scholar
• Belabed, C. A., T. Theobald, and T. van Treeck. 2018. ‘Income Distribution and Current Account Imbalances.’ Cambridge Journal of Economics 42 (1): 47–94.
   Web of Science ®Google Scholar
• Bhaduri, A. 2011. ‘A Contribution to the Theory of Financial Fragility and Crisis.’ Cambridge Journal of Economics 35 (6): 995–1014.
   Web of Science ®Google Scholar
• Blecker, R. A. 2011. ‘Open Economy Models of Distribution and Growth.’ In A Modern Guide to Keynesian Macroeconomics and Economic Policies, edited by E. Hein, and E. Stockhammer, 215–239. Cheltenham, UK: Edward Elgar Publishing.
   Google Scholar
• Botta, A., E. Caverzasi, A. Russo, M. Gallegati, and J. E. Stiglitz. 2021. ‘Inequality and Finance in a Rent Economy.’ Journal of Economic Behavior & Organization 183: 998–1029.
   Web of Science ®Google Scholar
• Bottan, N., B. Hoffmann, and D. Vera-Cossio. 2020. ‘The unequal impact of the coronavirus pandemic: Evidence from seventeen developing countries’. IDP Working Papers Series 15 (10). Washington (D.C., USA): Inter-American Development Bank.
   Google Scholar
• Bowles, S., and Y. Park. 2005. ‘. ‘Emulation, Inequality, and Work Hours: Was Thorsten Veblen Right?’ ‘ The Economic Journal 115 (507): F397–F412.
   Web of Science ®Google Scholar
• Cardaci, A., and F. Saraceno. 2016. ‘Inequality, Financialisation and Credit Booms: a Model of Two Crises.’ SEP Working Papers 2016/2. Rome (Italy): LUISS School of European Political Economy.
   Google Scholar
• Carnevali, E. 2021. ‘A New, Simple SFC Open Economy Framework.’ Review of Political Economy. Article, doi:10.1080/09538259.2021.1899518.
   Web of Science ®Google Scholar
• Carnevali, E., M. Deleidi, R. Pariboni, and M. Veronese Passarella. 2021. ‘Cross-Border Financial Flows and Global Warming In a Two-Area Ecological SFC Model.’ Socio-Economic Planning Sciences 75.
   Web of Science ®Google Scholar
• Carnevali, E., G. Fontana, and M. Veronese Passarella. 2020. ‘Assessing the Marshall-Lerner Condition Within a Stock-Flow Consistent Model.’ Cambridge Journal of Economics 44 (4): 891–918.
   Web of Science ®Google Scholar
• Christen, M., and R. M. Morgan. 2005. ‘Keeping up with the Joneses: Analyzing the Effect of Income Inequality on Consumer Borrowing.’ Quantitative Marketing and Economics 3 (2): 145–173.
   Web of Science ®Google Scholar
• Cynamon, B. Z., and S. M. Fazzari. 2013. ‘Inequality and Household Finance during the Consumer Age.’ Working Paper 752. Annandale-on-Hudson (New York, USA): Levy Economics Institute of Bard College.
   Google Scholar
• Dabla-Norris, E., K. Kochhar, F. Ricka, N. Suphaphiphat, and E. Tsounta. 2015. ‘Causes and consequences of income inequality: a global perspective.’ IMF Staff Discussion Note 15/13. Washington (D.C., USA): International Monetary Fund.
   Google Scholar
• Darvas, Z. 2016. ‘Some are more equal than others: new estimates of global and regional inequality.’ Bruegel Working Paper 2016/08. Brussels (Belgium): Bruegel. Available from: http://bruegel.org/2016/11/some-are-more-equal-than-others-new-estimates-of-global-and-regional-inequality/.
   Google Scholar
• de Haan, J., and J. E. Sturm. 2017. ‘Finance and Income Inequality: A Review and new Evidence.’ European Journal of Political Economy 50 (C): 171–195.
   Google Scholar
• Denk, O., and B. Cournede. 2015. ‘Finance and income inequality in OECD countries.’ OECD Economics Department Working Papers 1224. Paris: OECD Publishing.
   Google Scholar
• Detzer, D. 2018. ‘Inequality, Emulation and Debt: The Occurrence of Different Growth Regimes in the age of Financialisation in a Stock-Flow Consistent Model.’ Journal of Post Keynesian Economics 41 (2): 284–315.
   Web of Science ®Google Scholar
• Dodig, N., and E. Hein. 2015. ‘Finance-dominated Capitalism, Distribution, Growth and Crises – Long-run Tendencies.’ In The Demise of Finance-Dominated Capitalism: Explaining the Financial and Economic Crises, edited by E. Hein, D. Detzer, and N. Dodig. Cheltenham (UK): Edward Elgar.
   Google Scholar
• D’Orazio, P. 2019. ‘Income Inequality, Consumer Debt, and Prudential Regulation: An Agent-Based Approach to Study the Emergence of Crises and Financial Instability.’ Economic Modelling 82: 308–331.
   Web of Science ®Google Scholar
• Dosi, G., G. Fagiolo, M. Napoletano, and A. Roventini. 2013. ‘Income Distribution, Credit and Fiscal Policies in Anagent-Based Keynesian Model.’ Journal of Economic Dynamics and Control 37 (8): 1598–1625.
   Web of Science ®Google Scholar
• Douglas, M., and B. Isherwood. 1978. The World of Goods. New York (USA): Basic Books.
   Google Scholar
• Duesenberry, J. S. 1949. Income, Saving and the Theory of Consumer Behaviour. Cambridge (Massachusetts, USA): Harvard University Press.
   Google Scholar
• Dünhaupt, P. 2017. ‘Determinants of Labour’s Income Share in the era of Financialisation.’.’ Cambridge Journal of Economics 41 (1): 283–306.
   Web of Science ®Google Scholar
• Epstein, G. 2019. The Political Economy of Central Banking. Cheltenham (UK): Edward Elgar Publishing, pp. 380-406.
   Google Scholar
• Fitoussi, J. P., and F. Saraceno. 2010. ‘Europe: How Deep is the Crisis? Policy Responses and Structural Factors Behind Diverging Performances.’ Journal of Globalization and Development 1 (1): 1–19.
   Google Scholar
• Frank, R. H. 1985. Choosing the Right Pond: Human Behavior and the Quest for Status. Oxford (UK): Oxford University Press.
   Google Scholar
• Frank, R. H., A. S. Levine, and O. Dijk. 2014. ‘Expenditure Cascades.’ Review of Behavioral Economics 1 (1–2): 55–73.
   Google Scholar
• Friedman, M. 1957. A Theory of the Consumption Function. Princeton (New Jersey, USA): Princeton University Press.
   Google Scholar
• Gaertner, W. 1974. ‘A Dynamic Model of Interdependent Consumer Behavior.’ Zeitschrift für Nationalökonomie/Journal of Economics H 3/4: 327–344.
   Google Scholar
• Goda, T., and P. Lysandrou. 2014. ‘The Contribution of Wealth Concentration to the Subprime Crisis: A Quantitative Estimation.’ Cambridge Journal of Economics 38 (2): 301–327.
   Web of Science ®Google Scholar
• Godechot, O. 2016. ‘Financialisation Is Marketization! A Study of the Respective Impacts of Various Dimensions of Financialisation on the Increase in Global Inequality.’ Sociological Science 3: 395–519.
   Google Scholar
• Godley, W. 1996. ‘Money, Finance and National Income Determination: An Integrated Approach.’ Levy Institute Working Paper 167.
   Google Scholar
• Godley, W., and M. Lavoie. 2007. Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth. London: Palgrave MacMillan.
   Google Scholar
• Hayakawa, H., and Y. Venieris. 1977. ‘Consumer Interdependence via Reference Groups.’ Journal of Political Economy 85 (3): 599–615.
   Web of Science ®Google Scholar
• Hein, E. 2015. ‘Finance Dominated Capitalism and Re-Distribution of Income: A Kaleckian Perspective.’ Cambridge Journal of Economics 39 (3): 907–934.
   Web of Science ®Google Scholar
• Hein, E., and N. Dodig. 2015. ‘Finance-dominated Capitalism, Distribution, Growth and Crisis–Long-run Tendencies.’ In The Demise of Finance-Dominated Capitalism, edited by E. Hein, D. Detzer, and N. Dodig, 54–11. Cheltenham (UK): Edward Elgar Publishing.
   Google Scholar
• Hein, E., P. Dünhaupt, A. Alfageme, and M. Kulesza. 2018. ‘A Kaleckian Perspective on Financialisation and Distribution in Three Main Eurozone Countries Before and After the Crisis: France, Germany and Spain.’ Review of Political Economy 30 (1): 41–71.
   Web of Science ®Google Scholar
• Jauch, S., and S. Watzka. 2012. ‘Financial development and income inequality: a panel data approach.’ CESifo Working Papers 3687. Munich (Germany): CESifo.
   Google Scholar
• Jaumotte, F., S. Lall, and C. Papageorgiou. 2013. ‘. ‘Rising Income Inequality: Technology, or Trade and Financial Globalization?’ ‘ IMF Economic Review 61 (2): 271–309.
   Web of Science ®Google Scholar
• Jaumotte, F., and C. Osorio Buitron. 2015. ‘Inequality and labor market institutions.’ IMF Staff Discussion Note 15/14. Washington (D.C., USA): International Monetary Fund.
   Google Scholar
• Kapeller, J., and B. Schutz. 2014. ‘Debt, Boom, Bust: A Theory of Minsky-Veblen Cycles.’ Journal of Post Keynesian Economics 36 (4): 781–814.
   Web of Science ®Google Scholar
• Krelle, W. 1972. ‘Dynamics of the Utility Function.’ Zeitschrift fur Nationalekonomie 32: 59–70.
   Web of Science ®Google Scholar
• Krippner, G. R. 2005. ‘The Financialization of the American Economy.’ Socio-economic Review 3 (2): 173–208.
   Google Scholar
• Krugman, P., and L. Taylor. 1978. ‘Contractionary Effects of Devaluation.’ Journal of International Economics 8 (3): 445–456.
   Web of Science ®Google Scholar
• Kumhof, M., M. Lebarz, M. Ranciere, M. Richter, and M. Throckmorton. 2012. ‘Income inequality and current account imbalances.’ IMF Working Papers, No 2012/008.
   Google Scholar
• Kumhof, M., R. Ranciere, and P. Winant. 2015. ‘Inequality, Leverage and Crises.’ American Economic Review 105 (3): 1217–1245.
   Web of Science ®Google Scholar
• Lavoie, M. 2015. Post-Keynesian Economics. New Foundations. Cheltenham (UK): Edward Elgar.
   Google Scholar
• Li, J., and H. Yu. 2014. ‘Income Inequality and Financial Reform in Asia: The Role of Human Capital.’ Applied Economics 46 (24): 2920–2935.
   Web of Science ®Google Scholar
• Lysandrou, P. 2011. ‘Global Inequality, Wealth Concentration and the Subprime Crisis: A Marxian Commodity Theory Analysis.’ Development and Change 42 (1): 183–208.
   Web of Science ®Google Scholar
• Modigliani, F. 1986. ‘Life Cycle, Individual Thrift, and the Wealth of Nations.’ American Economic Review 76 (3): 297–313.
   Web of Science ®Google Scholar
• Nassif-Pires, L., L. de Lima Xavier, T. Masterson, M. Nikiforos, and F. Rios-Avila. 2020. ‘Pandemic of inequality.’ Public Policy Brief No. 149. Annandale-on-Hudson (New York, USA): Levy Economics Institute.
   Google Scholar
• Ostvik-White, B. 2003. ‘Income Inequality and Median House Prices in 200 School Districts’. Cornell University Institute of Public Policy Masters Thesis, Ithaca, New York (USA).
   Google Scholar
• Ouyanga, R., and X. Zhang. 2020. ‘Financialisation of Agricultural Commodities: Evidence from China.’ Economic Modelling 85: 381–389.
   Web of Science ®Google Scholar
• Perry, B. L., B. Aronson, and B. A. Pescosolido. 2021. ‘Pandemic Precarity: COVID-19 is Exposing and Exacerbating Inequalities in the American Heartland.’ Proceedings of the National Academy of Sciences 118 (8).
   Web of Science ®Google Scholar
• Pollak, R. A. 1976. ‘Interdependent Preferences.’ American Economic Review 66 (3): 309–320.
   Web of Science ®Google Scholar
• Qureshi, Z. 2020. ‘Tackling the Inequality Pandemic: Is There a Cure?’ In Reimagining the Global Economy: Building Back Better, edited by B. S. Coulibaly, K. Derviş, H. Kharas, and Z. Qureshi. Washington (DC, US): Brookings Institution.
   Google Scholar
• Rajan, R. G. 2010. Fault Lines: How Hidden Fractures Still Threaten the World Economy. Princeton (New Jersey, USA): Princeton University Press.
   Google Scholar
• Russo, A., L. Riccetti, and M. Gallegati. 2016. ‘Increasing Inequality, Consumer Credit and Financial Fragility in an Agent Based Macroeconomic Model.’ Journal of Evolutionary Economics 26 (1): 25–47.
   Web of Science ®Google Scholar
• Stockhammer, E. 2010. ‘Financialization and the Global Economy.’ Political Economy Research Institute Working Paper 242 (40): 1–17.
   Google Scholar
• Stockhammer, E. 2015. ‘Rising Inequality as a Cause of the Present Crisis.’ Cambridge Journal of Economics 39 (3): 935–958.
   Web of Science ®Google Scholar
• Tobin, J. 1969. ‘A General Equilibrium Approach to Monetary Theory.’ Journal of Money, Credit and Banking 1 (1): 15–29.
   Google Scholar
• Van Arnum, B. M., and M. I. Naples. 2013. ‘Financialisation and Income Inequality in the United States, 1967–2010.’ The American Journal of Economics and Sociology 72 (5): 1158–1182.
   Web of Science ®Google Scholar
• van Treeck, T. 2014. ‘Did Inequality Cause the US Financial Crisis?’ Journal of Economic Surveys 28 (3): 421–448.
   Web of Science ®Google Scholar
• Veblen, T. 1899. The Theory of the Leisure Class. 1994 Edition. New York (USA): Dover Publications.
   Google Scholar