• Faculty

  • Mark Setterfield

    Professor and Chair of Economics

    Email
    mark.setterfield@newschool.edu

    Office Location
    Albert and Vera List Academic Center

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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, and a Member of the Centre d’Économie de l’Université Paris Nord (CEPN) at l'Université de Paris XIII, Sorbonne Paris Cité (France).

    Awards

    • 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.

     

    Supplemental data and underlying research materials for "Intermediation, money creation, and Keynesian macrodynamics in multi-agent systems" (with Bill Gibson):

    "Real and financial crises in the Keynes-Kalecki structuralist model: an agent-based approach": Metroeconomica online publication; working paper

    Online appendix (sensitivity analysis)

    NetLogo program


    Degrees Held

    PhD 1983, 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

    “Intermediation, money creation, and Keynesian macrodynamics in multi-agent systems,” Review of Political Economy, 30, 2, 154-71 (2018) (with Bill Gibson).

    “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).

    “A simple analytical model of the adverse real effects of inflation,” Journal of Post Keynesian Economics, 38, 4, 637-65 (2015) (with Eduardo Figueiredo Bastian).

    “Firm performance, macroeconomic conditions, and ‘animal spirits’ in a Post Keynesian model of aggregate fluctuations,” Journal of Post Keynesian Economics, 38, 1, 38-63 (2015) (with Shyam Gouri Suresh).

    “Aggregate consumption and debt accumulation: an empirical examination of US household behavior,” Cambridge Journal of Economics, 39, 1, 93-112 (2015) (with Yun Kim and Yuan Mei).

    “Inflation targeting and macroeconomic stability with heterogeneous inflation expectations,” Journal of Post Keynesian Economics, 37, 2, 255-79 (2014-15) (with Gilberto Lima and Jaylson da Silveira).

    Books and Edited Volumes

    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

    Advanced Macroeconomics 1

    Post-Keynesian Economics

    Computer Language Workshop

    Independent Study

    Internship

    Mentored Research

    Economics Department Seminars

    Directed Dissertation Study

    Independent Study

    Ind Senior Project

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