Marco Veronese Passarella

Marco Veronese Passarella

Lecturer of Economics

+44(0)113 34 34515
Academic, Economics
Room 2.08, 20 Lyddon Terrace

Marco is a lecturer of economics, based in the Economics Division. He got his ‘Laurea’ (BSc and MSc) in economics from the University of Bologna (Italy) in 2001 and gained his PhD in history of economic thought in 2008 from the University of Florence (Italy). From 2009 to 2011 Marco worked as a teaching fellow and a research fellow for the universities of Bergamo, Pavia, and Varese. He has been working for the University of Leeds since January 2012. His areas of expertise are theories of value and distribution, macroeconomic dynamics, monetary economics, and history of economic thought. Marco has authored several articles in scientific journals and chapters in collective volumes. He has been a member of the editorial staff of ‘Economia e Politica’ online magazine since the summer of 2015.


Marco's PhD dissertation was about the theory of monetary circuit. Marco has been working on monetary dynamics, financial instability, and macroeconomic modelling ever since. His current research interests continue to focus on those topics. Marco is also concerned with the history of economic thought, particularly with the Classical theory of value and distribution and the endogenous theory of money and finance. Marco was involved, as a research fellow, in the FESSUD project (a European multidisciplinary project aiming to understand how finance can better serve economic, social and environmental needs) and the iBuild project (a UK project dealing with infrastructure business models and their interactions with value and scale) in 2012-2014. 


Marco is currently module leader for the following modules:

LUBS2040 - Theories of Growth, Value and Distribution

LUBS5100M - Macroeconomics 1

LUBS5228M - Understanding the Global Economy: Capitalist Institutions, Growth and Crisis


21. 'Introduction: the Theoretical Legacy of Augusto Graziani' (with R. Bellofiore), Review of Keynesian Economics, 2016, 4(3), pp. 243-249.

20. ‘The monetary circuit in the age of financialisation. A stock-flow consistent model with a twofold banking sector’ (with M. Sawyer), Metroeconomica, 2015, published online, doi: 10.1111/meca.12103.

19. ‘Monetary Theories of Production’, in T. Jo, L. Chester and C. D’Ippoliti (eds.), Handbook of Heterodox Economics, London: Routledge, 2015, forthcoming.

18. ‘Capital’s humpback bridge. Financialisation and the rate of turnover in Marx’s economic theory’ (with H. Baron), Cambridge Journal of Economics, 2015, 39(5), pp. 1415-1441.

17. ‘Moneta, finanza e crisi: Marx nel circuito della moneta’ [Money, finance and the crisis: Marx in the monetary circuit], Iride. Filosofia e Discussione Pubblica, 2015, 28(74), pp. 67-78

16. ‘Financial integration’, in L.-P. Rochon and S. Rossi (eds.), The Encyclopedia of Central Banking, Northampton: Edward Elgar, 2015, pp. 195-197.

15. ‘Minsky’, in L.-P. Rochon and S. Rossi (eds.), The Encyclopedia of Central Banking, Northampton: Edward Elgar, 2015, pp. 315-318.

14. ‘Financialization and the monetary circuit: a macro-accounting approach’, Review of Political Economy, 2014, 26(1), pp. 128-148.

13. ‘Welfare, mercato e piano: critica del paradigma liberoscambista’ [Welfare, market and the economic planning: a critique of the free-market paradigm], Ragion Pratica, 2014, 42(1), pp. 9-33.

12. Review of ‘Inequality and instability’ by James K. Galbraith, Economic Issues, 2012, 17(2), pp. 114-115.

11. ‘A simplified stock-flow consistent dynamic model of the systemic financial fragility in the ‘New Capitalism’’, Journal of Economic Behavior & Organization, 2012, 83(3), pp. 570-582.    

10. ‘New Research Perspectives in the Monetary Theory of Production: an Introduction’ (with S. Lucarelli), in S. Lucarelli and M. Passarella (eds.), New Research Perspectives in the Monetary Theory of Production, Bergamo: Bergamo University Press of Sestante Edizioni, 2012, pp. 13-21.

9. ‘A re-formulation of Minsky’s ‘two-price model’’, in S. Lucarelli and M. Passarella (eds.), New Research Perspectives in the Monetary Theory of Production, Bergamo: Bergamo University Press of Sestante Edizioni, 2012, pp. 109-126.

8. ‘Finanse i problem realizacji u Róży Luksemburg: interpretacja ‘cyrkulatywistyczna’’ [Finance and the realization problem in Rosa Luxemburg: a ‘circuitist’ reappraisal] (with R. Bellofiore), Praktyka Teoretyczna, 2012, 6(1), pp. 275-298.

7. ‘L’austerità è di destra. E sta distruggendo l’Europa’ [Austerity is a right-wing policy. And it is destroying Europe] (with E. Brancaccio), Milan: Il Saggiatore, 2012.

6. ‘From the village fair to Wall Street. The Italian reception of Minsky’s economic thought’, Rassegna Economica, 2011, 74(1), pp. 111-132.

5. ‘The paradox of tranquility revisited. A Lotka-Volterra model of the financial instability’, Rivista Italiana degli Economisti (Italian Economic Journal), 2010, 15(1), pp. 69-104.

4. ‘Minsky in the ‘new’ capitalism. The new clothes of the Financial Instability Hypothesis’ (with R. Bellofiore and J. Halevi), in D. Papadimitriou and L.R. Wray (eds.), The Elgar Companion to Hyman Minsky, Northampton: Edward Elgar, 2010, pp. 84-99.

3. ‘Concorrenza senza equilibrio. La ‘Scoperta Imprenditoriale’ nella Teoria Economica Austriaca’ [Competition without equilibrium. The ‘Entrepreneurial Discovery’ in Austrian Economics] (with H. Baron), Storia e Politica, 2010, 2(2), pp. 416-442.

2. ‘Marx in the matrix. L’algebra del ‘lavoro vivo’’ [The algebra of the ‘living labour’], History of Economic Thought and Policy, 6(2), 2009, pp. 31-48.

1. ‘Finance and the realization problem in Rosa Luxemburg: a ‘circuitist’ reappraisal’ (with R. Bellofiore), in J.F. Ponsot and S. Rossi (eds.), The Political Economy of Monetary Circuits: Tradition and Change in Post-Keynesian Economics, Basingstoke & New York: Palgrave Macmillan, 2009, pp. 98-115.

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