martedì 6 aprile 2021

Audio-video del Seminario "Dopo le crisi. Un dialogo interdisciplinare sul futuro dell'Europa"


Registrazione audio-video del Seminario "Dopo le crisi. Un dialogo interdisciplinare sul futuro dell'Europa", 21-22 gennaio 2021 online

Relazioni di Sergio Cesaratto, Omar Chessa, Carlo Clericetti, Guido Comparato, Marco Dani, Andrea Guazzarotti, Federico Losurdo, Luigi Testa, Luigi Melica, Edmondo Mostacci, Francesco Saitto, Fiammetta Salmoni, Alessandro Somma, Antonella Stirati.

New Working Paper: Keynes’s finance, the monetary and demand-led circuits: a Sraffian assessment


Keynes’s finance, the monetary and demand-led circuits: a Sraffian assessment

Working Paper n.851 - Marzo 2021

Sergio Cesaratto DEPS, USiena

Riccardo Pariboni DEPS, USiena


This paper aims to stimulate the convergence of the Sraffian approach to demand-led growth theory with insights from monetary circuit theory and stock-flow models. The first Sraffian contribution to this convergence we identify is the extension of Garegnani’s interpretation of Keynes’ General Theory’s originality and limitations to Keynes’ 1937 papers on “finance.” In both cases, it is a question of freeing Keynes from the ties of marginalist theory. After discussing some troubles of the monetary circuit, we identify a complementarity between the Keynesian concept of finance, some insights of the monetary circuit, and the role attributed by the Sraffian take of demand-led growth to the autonomous components of demand (which are also Kalecki’s external markets). This seems to us to be the second Sraffian contribution to this convergence towards a monetary theory of demand-led growth.


Keynes, Finance, Monetary Circuit, Effective Demand, Supermultiplier

Jel Codes

B26, E12, E43, E50

domenica 4 aprile 2021

Karlsruhe in English


 New Brave Europe ha pubblicato una traduzione dell'intervista al Sussidiario.

Sergio Cesaratto – Eurobond: Italy’s move to avoid austerity and debt restructuring

Without Eurobonds, Italy risks a debt restructuring accompanied by austerity. The currently planned Recovery Fund is not enough to solve the EU’s problems

Sergio Cesaratto is Professor of Growth and Development Economics and of Monetary and Fiscal Policies in the European Monetary Union, University of Siena. His newest book,Heterodox Challenges in Economics – Theoretical Issues and the Crisis of the Eurozone” was recently published by Springer Read our review here

Interview by Lorenzo Torrisi

The original Italian version at Il Sussidiario can be read here

mariodraghi 14 lapresse1280 640x300

Brussels does not seem to be concerned about the stop to the ratification of the Recovery Fund that came from the German Constitutional Court at the end of last week. “We are convinced that the recovery plan will be launched as planned and our goal remains to complete the ratification process by the end of the second quarter of this year,” an EU spokesman said. Almost at the same time as the Karlsruhe judges pronounced their decision, Mario Draghi relaunched Eurobonds at the last European Council. “I know it’s a long road, but we have to get started. It’s a long-term goal, but it’s important to have a political commitment,” said Draghi, who added: “We have to design a framework for fiscal policy that is able to lead us out of the crisis”. Just a coincidence? “Probably not entirely – is the opinion of Sergio Cesaratto, Professor of European Monetary Policy at the University of Siena.