An Important Inconsistency at the Heart of the Standard Macroeconomic Model.

with Wynne Godley, Journal of Post Keynesian Economics, Vol. 24, No. 3. [Download PDF 216KB]

Is Personal Debt Sustainable?

with Dimitri Papadimitriou, Claudio dos Santos, and Gennaro Zezza, Strategic Analysis, November, 2002, The Levy Economics Institute of Bard College. [Download PDF 1.5MB]