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  • Faculty

  • Mark Setterfield

    Professor and Chair of Economics

    Email
    mark.setterfield@newschool.edu

    Office Location
    D - Albert & Vera List Academic Center - 6 East 16th Street

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    Mark Setterfield

    Profile

    Mark Setterfield is Professor of Economics in the Department of Economics at The New School for Social Research, and is also a member of faculty at Eugene Lang College. He was previously Maloney Family Distinguished Professor of Economics in the Department of Economics at Trinity College, Hartford, Connecticut, and has held visiting positions at the University of Masschusetts, Lowell, CEPREMAP (Paris, France), Downing College (Cambridge, UK), Dalhousie University (Halifax, Canada), l'Université de Paris XIII, Sorbonne Paris Cité (Paris, France), and the University of Sao Paulo (Sao Paulo, Brazil). He is an Associate Member of the Cambridge Centre for Economic and Public Policy at Cambridge University, UK, a Senior Research Associate at the International Economic Policy Institute, Laurentian University, Canada, a Member of the Centre d’Économie de l’Université Paris Nord (CEPN) at l'Université Sorbonne Paris Nord, France, and a Fellow of the Forum for Macroeconomics and Macroeconomic Policies (FMM) at the Macroeconomic Policy Institute (IMK) of the Hans-Böckler Foundation, Germany.

    Office hours: TR 2:30 - 4:00pm (Spring 2020)

    Awards

    • Awarded the 2019 EAEPE-Kapp Prize by the European Association for Evolutionary Political Economy for “Political aspects of household finance: debt, wage bargaining, and macroeconomic (in)stability,” (Journal of Post Keynesian Economics, 42, 1, 16-38, 2019) (with Yun Kim and Gilberto Lima)
    • Appointed VIP (Visiting International Professor), Ruhr-Universität Bochum, 2019
    • Appointed Charles A. Dana Research Professor of Economics, Trinity College, 2013-15.
    • Awarded the 2010 Haralambos Simeonides Prize by the Brazilian Association of Graduate Programs in Economics (ANPEC) for “Pricing behaviour and the cost-push channel of monetary policy” (Review of Political Economy, 22, 1, 19-40, 2010) (with Gilberto Lima).

    Concentrations: Macroeconomics, Growth and Distribution, Post-Keynesian Economics.

    Research Interests: Kaldorian growth theory, Kaleckian growth theory, macroeconomic stabilization policy, path dependence in macroeconomics, aggregate wage and price setting behavior, agent-based macroeconomic models, macroeconomic methodology.


    Degrees Held

    MA 1992, Cambridge University

    PhD 1993, Dalhousie University


    Professional Affiliation

    Centre d’Économie de l’Université Paris Nord (CEPN), Université Paris XIII, Sorbonne Paris Cité, France

    Cambridge Centre for Economic and Public Policy, Cambridge University, UK

    International Economic Policy Institute, Laurentian University, Canada

     


    Recent Publications

    Articles and Book Chapters

    “Is there scientific progress in macroeconomics? The case of the NAIRU,” European Journal of Economics and Economic Policies: Intervention, 17, 1, 19-38 (2020) (with Dany Lang and Ibrahim Shikaki).

    “Tolerable ranges of variation in the rate of capacity utilization and corridor instability: a reply to Florian Botte,” Cambridge Journal of Economics, 44, 2, 483-88 (2020).

    "Managing the discontent of the losers," Review of Social Economy, 78, 1, 77-97 (2020). 

    “Long-run variation in capacity utilization in the presence of a fixed normal rate,” Cambridge Journal of Economics, 43, 2, 443-63 (2019).

    “Political aspects of household finance: debt, wage bargaining, and macroeconomic (in)stability,” Journal of Post Keynesian Economics, 42, 1, 16-38 (2019) (with Yun Kim and Gilberto Lima).

    “Time variation in the size of the multiplier,” Review of Keynesian Economics, 7, 1, 28-42 (2019).

    “Intermediation, money creation, and Keynesian macrodynamics in multi-agent systems,” Review of Political Economy, 30, 2, 154-71 (2018) (with Bill Gibson). Supplemental materials: Online appendix (sensitivity analysis); NetLogo program

    “Maybe you can but perhaps you shouldn’t! Saving undergraduate macroeconomics from DSGE modelling,” Journal of Economic Education, 49, 3, 237-41 (2018).

    “Real and financial crises in the Keynes-Kalecki structuralist model: an agent-based approach,” Metroeconomica, 69, 3, 566-92 (2018) (with Bill Gibson).

    “Is the balance of payments constrained growth rate time-varying? Exchange rate over valuation, policy-induced recessions, deindustrialization, and long run growth,” in P. Arestis (ed.) Alternative Approaches in Macroeconomics: Essays in Honour of John McCombie, London, Palgrave Macmillan, 331-53 (2018) (with Selen Ozcelik).

    “Can monetary policy survive policy model mis-specification? Model uncertainty and the perils of ‘policy model complacency’,” Metroeconomica, 69, 1, 2-15 (2018).

    “An essay on horizontalism, structuralism and historical time,” in L.P. Rochon and S. Rossi (eds) Advances in Endogenous Money Analysis, Cheltenham, Edward Elgar, 398-410 (2017).

    “Wage- versus profit-led growth after 25 years: an introduction to the fourth special issue,” Review of Keynesian Economics, 5, 3, 303-6 (2017).

    “Economic growth: conflicting visions,” in R.S. Rycroft (ed.) The American Middle Class: An Economic Encyclopedia of Progress and Poverty, 2 Vols., Santa Barbara, CA, Greenwood Press, 116-20 (2017).

    “Wage- versus profit-led growth after 25 years: an introduction to the third special issue,” Review of Keynesian Economics, 5, 2, 143-5 (2017).

    “Household borrowing and the possibility of ‘consumption-driven, profit-led growth’,” Review of Keynesian Economics, 5, 1, 43-60 (2017) (with Yun Kim).

    “Wage- versus profit-led growth after 25 years: an introduction to the second special issue,” Review of Keynesian Economics, 5, 1, 1-3 (2017).

    "Wage- versus profit-led growth after 25 years: an introduction," Review of Keynesian Economics, 4, 4, 367–372 (2016).

    “Expectations and stability in the Kaleckian growth model,” Brazilian Keynesian Review, 2, 1, 11-25 (2016) (with Gilberto Lima).

    “Economic growth and development,” in L.P. Rochon and S. Rossi (eds) An Introduction to Macroeconomics: A Heterodox Approach to Economic Analysis, Cheltenham, Edward Elgar, 211-33 (2016).

    “Multi-agent systems as a tool for analyzing path-dependent macrodynamics,” Structural Change and Economic Dynamics, 38 (September), 25-37 (2016) (with Shyam Gouri Suresh).

    “Heterodox economics, social ontology, and the use of mathematics,” in J. Morgan (ed.) What is Neoclassical Economics? Debating the Origins, Meaning and Significance, London, Routledge, 221-37 (2016).

    “Inequality, debt servicing, and the sustainability of steady-state growth,” Review of Political Economy, 28, 1, 45-63 (2016) (with Yun Kim and Jeremy Rees).

    “Debt servicing, aggregate consumption, and growth,” Structural Change and Economic Dynamics, 36 (March), 22-33 (2016) (with Yun Kim).

    Books and Edited Volumes

    Heterodox Macroeconomics: Models of Demand, Distribution and Growth Cheltenham, UK: Edward Elgar (2019) (with Robert Blecker)

    After the Great Recession: the Struggle for Economic Recovery and Growth  New York: Cambridge University Press (2013) (with Barry Cynamon and Steven Fazzari).

    Public Scholarship

    “How the Great Moderation became a (contained) depression and what to do about it,” The World Financial Review, March-April, 10-14 (2013) (with Barry Z. Cynamon and Steven M. Fazzari).


    Portfolio

    IDEAS profile

    Social Science Research Network (SSRN) profile

    Curriculum Vitae


    Current Courses

    Admin Chair Assoc Chair (Fall 2019)

    Advanced Macroeconomics 1

    Advanced Macroeconomics 1 (Fall 2019)

    Bayesian Econometrics Workshop

    Computer Language Workshop

    Computer Language Workshop (Fall 2019)

    Directed Dissertation Study

    Directed Dissertation Study (Fall 2019)

    Economics Department Seminars

    Economics Department Seminars (Fall 2019)

    Ind Senior Project

    Ind Senior Project (Fall 2019)

    Independent Study

    Independent Study (Fall 2019)

    Intermediate Macroeconomics

    Internship

    Internship (Fall 2019)

    Mentored Research

    Mentored Research (Fall 2019)

    Post-Keynesian Economics

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