Giuseppe Fontana

Giuseppe Fontana

Professor of Monetary Economics

Email:
gf@lubs.leeds.ac.uk
Telephone:
+44 (0)113 343 4503
Fax:
+44 (0)113 343 4465
Categories:
Academic, Economics
Location:
G.20, Maurice Keyworth Building
Profile

Qualifications

Chair of Monetary Economics, University of Leeds, 2007 to present 
Postgraduate Certificate in Learning and Teaching in Higher Education (PGCLTHE), University of Leeds, 2000
PhD in Economics, University of Leeds, 1999
Dottorato di Ricerca in Economics, University Federico II of Naples, Italy, 1997
M.A. in Economics, University of Leeds, 1995
Laurea in Economics, First Class Honours cum Lauda, University of Naples, 1993

Short Biography

Giuseppe Fontana is Professor of Monetary Economics at the University of Leeds (UK), Associate Member at the Cambridge Centre for Economic and Public Policy (CCEPP, University of Cambridge, UK), Life Member Fellow at Clare Hall (University of Cambridge, UK), Research Associate at the Levy Economics Institute (USA), and Associate Professor at the University of Sannio (Italy). He is member of the co-ordinating team/executive board and work-package leader of the €8 million EU FP7 research project FESSUD (http://fessud.eu/). At the 2015 ASSA meetings in Boston he was elected President of the Association for Social Economics (http://www.socialeconomics.org).


He is an expert of the Endogenous Money theory and the New Consensus Macroeconomics theory, and of monetary and fiscal policies. He has authored and co-authored over thirthy book chapters, and over fifty international journal papers including publications in the Cambridge Journal of Economics, Ecological Economics, Environment and Planning A, Feminist Economics, the International Review of Applied Economics, the Journal of Economic Psychology, the Journal of Economic Issues, the Journal of Post Keynesian Economics, Metroeconomica, Review of Political Economy, Review of Social Economy, and the Scottish Journal of Political Economy. He has also co-edited several books, including Macroeconomic Theory and Macroeconomic Pedagogy (Palgrave/Macmillan, 2010) with Mark Setterfield, and The Global Economic Crisis: New Perspectives on the Critique of Economic Theory and Policy (Routledge, 2011) with Emiliano Brancaccio. He has also published the monograph Money, Time, and Uncertainty (Routledge, 2010).

Research

Endogenous Money Theory
Financial Crisis, The Great Recession and Labour Market Segregation
New Consensus Macroeconomics Theory
Fiscal & Monetary Policies
Economics of Risk and Uncertainty

Teaching

Macroeconomics (MA Level)
Advanced Macroeconomics (Undergraduate Level 3)
Monetary Economics (MA Level)
Monetary Economics (Undergraduate Level 3)
Intermediate Macroeconomics (Undergraduate Level 3)
Quantitative Methods (Undergraduate Level 1)
Personal Supervision (Undergraduate Level 3, MA Level and PhD Level)

Responsibilities

Head, Economics Division, January 2011 to December 2013
Member of Leading Co-ordinator Team, FESSUD, Framework Programme 7 European Commission, "Changing the role of the financial system to better serve economic, social and environmental objectives", €8.000,000 (2011-2016).
External Examiner, UG and PG Degree Programmes, Economics, University of Sheffield, 2009 to 2012.

Grants

 €8.000.000, 2011-2016. Member of Co-ordinator Team , Framework Programme 7 European Commission, Co-operation Work Package, Theme 8, Activity 8.1: Growth, employment and competitiveness in a knowledge society – the European case, Area 8.1.2: Structural changes in the European knowledge economy and society; Topic for a large scale integrating research project addressing (SSH.2010.1.2-1):  Changing the role of the financial system to better serve economic, social and environmental objectives, Prepared for submission.

Publications

Books:

The Global Economic Crisis: New Perspectives on the Critique of Economic Theory and Policy, Co-edited with Emiliano Brancaccio, London, Routledge, 2011.

Macroeconomics, Finance and Money: Essays in Honour of Philip Arestis, Co-edited with John McCombie and Malcolm C. Sawyer, Basingstoke (UK), Palgrave/Macmillan, 2010.

Macroeconomic Theory and Macroeconomic Pedagogy, Co-edited with Mark Setterfield, Basingstoke (UK), Palgrave/Macmillan, 2009 (hardback), 2010 (paperback ammended version).

Money, Uncertainty and Time, Abingdon (UK), Routledge, 2009 (hardback), 2010 (paperback amended version).

Fiscal Policy in the EU, Co-edited with Jesus Ferreiro and Felipe Serrano, Basingstoke (UK), Palgrave/Macmillan, 2008.

The Monetary Theory of Production: Tradition and Perspectives, Co-edited with Riccardo Realfonzo, 297 pp., Basingstoke (UK), Palgrave Macmillan, 2005.

Chapters in Books:

The Conventional Views of the Global Crisis: A Critical Assessment, Co-author Emiliano Brancaccio, in P. Arestis, R. Sobreira, J.L. Oreiro, The Financial Crisis: An Assessment of the Global Impact of the Financial Crisis, Basingstoke (UK), Palgrave/Macmillan, 2011.

Single Period Analysis and Continuation Analysis of Endogenous Money: A Revisitation of the Debate between Horizontalists and Stucturalists, in Geoff C. Harcourt, Handbook of Post-Keynesian Economics, Vol 1, Oxford, OUP, 2011.

“Are the Macro Econometrics Models of the Federal Reserve Board, the Bank of Canada, and the Sveriges Riksbank Consistent with the New Consensus Macroeconomics model?” Co-author Jerome Creel, pp. 3-18, in Giuseppe Fontana, John McCombie and Malcolm C. Sawyer (eds.), Macroeconomics, Finance and Money: Essays in Honour of Philip Arestis, Basingstoke (UK), Palgrave/Macmillan, 2010.

Whither New Consensous Macroeconomics?, in Eckhard Hein, Torsten Niechoj and Englebert Stockhammer (eds.), Macroeconomic Policies on Shaky Foundations - Whither Mainstream Economics?, Marburg, Metropolis Verlag, 2009.

A Simple (and Teachable) Mecroeconomic Model with Endogenous Money, Co-author Mark Setterfield, in Giuseppe Fontana and Mark Setterfield (eds.), Macroeconomic Theory and Macroeconomic Pedagogy, Basingstoke (UK), Palgrave/Macmillan, 2009.

Fiscal Policy in Today's Endogenous Money World, in Jerome Creel and Malcolm Sawyer (eds.), Current Thinking on Fiscal Policy, Basingstoke (UK) Palgrave/Macmillan, 2009.

The Unemployment Bias of the New Consensus View of Macroeconomics, in Philip Arestis and John McCombie (eds.), Unemployment: Past and Present, Basingstoke (UK), Palgrave/Macmillan, 2009.

Monetary Theory and Policy in Perspective: The Modern ‘New Consensus’ Macroeconomics View and Its Policy Implications, in Maurizio Caserta and Stefano Figuera (eds.), Rileggere Keynes: La Lezione di John Maynard Keynes a 70 anni dalla Pubblicazione della Teoria Generale, Milano, Giuffrè, 2009.

Are Long Run Stability and Short Run Output Stabilization All Monetary Policy Can Aim For?, in Ente per gli Studi Monetari, Bancari e Finanziari Luigi Einaudi, 40 Anni di Attività dell’Ente Einaudi (1965-2005), Roma, Centro Stampa Banca D’Italia, 2007.

Keynesian Uncertainty and Money, in Philip Arestis and Malcolm Sawyer (eds.), The Handbook of Alternative Monetary Economics, pp. 438-453, Cheltenham (UK), Edward Elgar, 2006

Telling Better Stories in Macroeconomic Textbooks: Monetary Policy, Endogenous Money and Aggregate Demand, in Mark Setterfield (ed.), Complexity, Endogenous Money and Macroeconomic Theory: Essays in Honour Of Basil J. Moore, Cheltenham (UK), Edward Elgar, 2006

Is There an Active Role for Monetary Policy in the Endogenous Money Approach?, Co-author Alfonso Palacio-Vera, in Claude Gnos and Louis-Philip Rochon (eds.), Post-Keynesian Principles of Economic Policy, Cheltenham (UK), Edward Elgar, 2006

Fraternal Twins: Why The Fed and the ECB are More Similar than often Suggested’ by Henrik Enderlein. A Comment, in Jens Hölscher and Horst Tomann (eds.), Globalization of Capital Markets and Monetary Policy, pp. 127-129, Abingdon (UK), Routledge, 2005

Introduction: The Monetary Theory of Production, Co-author Riccardo Realfonzo, in Giuseppe Fontana and Riccardo Realfonzo (eds.), The Monetary Theory of Production: Tradition and Perspectives, Basingstoke (UK), Palgrave Macmillan, 2005

The Endogenous Money Hypothesis: Some Answers, Further Questions in Mark Setterfield (ed.), Complexity, Endogenous Money and Exogenous Interest Rate, Edward Elgar, Cheltenham (UK), 2004.

Monetary Policy in the Information Economy: Old Problems and New Challenges (co-author Michelle Baddeley) in Philip Arestis and John McCombie (eds.), 'New Monetary Policy: Implications and Relevance, Edward Elgar, Cheltenham (UK), 2004.

A Suggestion for Simplifying the Post Keynesian Theory of Endogenous Money, in Victoria Chick (ed.), Proceedings of Berlin Conference on Endogenous Money (March 2001), 2003.

A Post Keynesian Theory of Decision-Making Under Uncertainty (co-author Bill Gerrard), in Klaus Nielsen (ed.), "Uncertainty in Economic Decision-Making Ambiguity, Mental Models and Institutions", Edward Elgar, Cheltenham (UK), 2003.

Aggregate Demand, in AA.VV. (eds.), "Economics and Economic Change", The Open University, Milton Keynes (UK), 2002.

Modern Theory and Practice of Central Banking: An Endogenous Money Perspective (co-author Alfonso Palacio Vera), in Louis-Philip Rochon and Sergio Rossi (eds.), "Modern Theories of Money: The Nature and the Role of Money in Capitalist Economies", Edward Elgar, Cheltenham (UK), 2002.

Some Notes on the Monetary Debate Within the Post Keynesian School, in Sheila Dow and John Hillard (eds.), "Keynes, Uncertainty and the Global Economy: Beyond Keynes", vol. 2, pp. 148-164, Edward Elgar, Cheltenham (UK), 2002.

The Encompassing Principle as an Emerging Methodology for Post Keynesian Economics (co-author Bill Gerrard), in Philip Arestis, Meghnad Desai and Sheila Dow (eds.), "Methodology, Microeconomics and Keynes: Essays in Honour of Victoria Chick", vol. 2, pp. 95-105, Routledge, London, 2002.

Bank Credit and the Creation of Deposits: the Original Contribution of Emile Mireaux, in P. Dockès, L. Frobert, G. Klotz, J.-P. Potier, A. Tiran (eds.), Les Traditions Économiques Françaises 1848-1939, Paris, Editions du CNRS, 2000.

La Revalorisation de la Théorie Monétaire d’Emile Mireaux, in P. Dockès et al. (eds.), "Les Traditions Économiques Françaises 1848-1939", pp. 235-246, Editions du CNRS, Paris, 2000.

Disequilibrium States and Adjustment Processes: Towards a Historical-Time Analysis of Behaviour Under Uncertainty (co-author Bill Gerrard), in Sheila Dow and Peter Earl (eds.), "Contingency, Complexity and the Theory of Firm: Essays in Honour of Brian Loasby", vol. 2, pp. 235-253, Edward Elgar, Cheltenham (UK), 1999.

Journal Papers:

From Maestro to Villain of Modern Monetary Policy: A Critical Assessment of the ‘Greenspan Put’ as the Main Cause of the Global Crisis, Co-author Emiliano Brancaccio, History of Economic Ideas, Forthcoming 2011.

India, China and the East Asian Miracle: A Human Capital Development Path to High Growth Rates and Declining Inequalities, Co-authors Aurélie Charles and Abhinav Srivastava, Cambridge Journal of Regions, Economy and Society, Forthcoming 2011.

Financial Crisis and the Great Recession: Alternative Views of Key Issues, Co-author Riccardo Realfonzo, History of Economic Ideas, Forthcoming.

The Return of Keynesian Economics: A Contribution in the Spirit of John Cornwall’s Work, Review of Political Economy, 22(4), 517-533, 2010.

Macroeconomic Theory and Macroeconomic Pedagogy: A Response to Some Criticisms, Special Forum Discussion, Intervention: European Journal of Economics and Economic Policies, 7(2), 271-277, 2010.

Macroeconomics, Endogenous Money and the Contemporary Financial Crisis: A Teaching Model, Opening Paper, Co-author Mark Setterfield, International Journal of Pluralism and Economic Education, 1(1), 2009.

The Transmission Mechanism of Fiscal Policy: ACritical Assessment of Current Theories and Empirical Methodologies, Journal of Post Keynesian Economics, 31(4), 587-604, 2009.

Inflation Targeting: Is There a Credible Alternative? Co-author Mark Hayes and Jonathan Perraton, Intervention Journal of Economics, 6(1), 61-63, 2009.

A Human Capital Approach to Inequalities: The Case of the East Asian Miracle and India, Co-author Abhinav Srivastava, Journal of Economic Issues, 43(2), 523-530, 2009.

Structural Models and Monetary Policy at the Federal Reserve Board: Last Vestiges of the Neoclassical Synthesis or Pragmatic New Consensus?Ekonomia, 11(2), 69-88, 2008.

Why Money Matters: Wicksell, Keynes and the ‘New Consensus View’ on Monetary Policy, Journal of Post Keynesian Economics, 30(1), 43-60, 2007

The Federal Reserve and the European Central Bank: A Theoretical Comparison of Their Legislative Mandates, Journal of Post Keynesian Economics, 28(3), 433-450, 2006.

The Theory of the Monetary Circuit: A View from the Fringe, Co-author Riccardo Realfonzo, Storia del Pensiero Economico, 3(2), 105-114, 2006.

The ‘New Consensus’ View of Monetary Policy: A New Wicksellian Connection?, Intervention Journal of Economics, 3(2), 263-278, 2006.

Mr Keynes and the ‘Classics’ Again: A Methodological Enquiry, Special Issue on 60th Year Anniversary of the Publication of J.M. Keynes’s General Theory, Atlantic Economic Journal, 34(2), 161-174, 2006

A History of Post Keynesian Economics Since 1936: Some Hard Questions (and not so Hard) Questions for the Future, Journal of Post Keynesian Economics, 27(3), 409-421, 2005

A Post Keynesian Theory of Decision-Making Under Uncertainty, co-author Bill Gerrard, Journal of Economic Psychology, 25(5), 619-637, 2004.

Monetary Policy Uncovered: Theory and Practice, co-author Alfonso Palacio Vera, International Review of Applied Economics, 18(1), 25-41, 2004. 

Hicks on Monetary Theory and History: Money as Endogenous Money, Cambridge Journal of Economics, 28(1), 73-88, 2004.

Reflections on the Development of Post Keynesian Economics, History of Economic Ideas, 11(3), 87-94, 2003. 

Endogenous Money: An Analytical Approach, co-author Ezio Venturino, Scottish Journal of Political Economy, 50 (4), 398-416, 2003. 

A Post Keynesian Analysis of the Credit Market and the Reserve Market, co-author Ezio Venturino, Journal of Computational Methods in Science and Engineering, 3 (3), 311-317, 2003. 

Is There an Active Role for Monetary policy in the Endogenous Money Approach?, co-author Alfonso Palacio Vera, Journal of Economic Issues, 37 (2), 511-517, 2003. 

Post Keynesian Approaches to Endogenous Money: A Time Framework Explanation, Review of Political Economy, 15(3), 291-314, 2003.

Entrepreneurs, Banks and the Monetary Circuit: A Single Period Investigation, co-author Ezio Venturino, I, 9(4), 451-476, 2003.

An Endogenous-Money Theory of Economic Evolution, co-author Ezio Venturino, International Journal of Applied Mathematics, 9(2), 189-206, 2002.

The Significance of the Monetary Context of Economic Behaviour, co-author Bill Gerrard, Review of Social Economy, 60(2), 243-262, 2002

The Making of Monetary Policy in Endogenous Money Theory: An Introduction, Journal of Post Keynesian Economics, 24 (4), pp. 503-509, 2002. 

Monetary Policy Rules: What Are We Learning?, co-author Alfonso Palacio Vera, Journal of Post Keynesian Economics, 24 (4), pp. 547-568, 2002.

Keynes on the ‘Nature of Economic Thinking’: The Principle of Non-Neutrality of Choice and the Principle of Non-Neutrality of Money, American Journal of Economics and Sociology, 60 (4), 711-743, 2001.

Post Keynesians and Circuitists on Money and Uncertainty: An Attempt at Generality, Journal of Post Keynesian Economics, 23 (1), pp. 27-48, 2000. 

Disequilibrium States and Adjustment Processes: Toward a Historical-Time Analysis of Behaviour Under Uncertainty, co-author Bill Gerrard, Philosophical Psychology, 12 (3), pp. 311-324, 1999. 

Bank Deposits versus Saving: The theory of Émile Mireaux, Studi Economici, 64 (1), pp. 129-145, 1998.

La Théorie du Credit d’Émile Mireaux: ‘Les Miracles du Crédit’, Revue Economie Politique, 107 (2), pp. 285-294, 1997.

Book Reviews:

Post Keynesian Macroeconomics, edited by Mat Forstater, Gary Mongiovi, and Steve Pressman, History of Economic Ideas, 17(1), 220-223, 2009.

Introduction to

Post-Keynesian Economics, by Marc Lavoie, Eastern Economic Journal, 34(1), 131-133, 2008.

Editorial: The ‘New Monetary Policy’: A Critical Appraisal, Co-authors Claude Gnos and Achim Truger, Intervention Journal of Economics, 3(2), 243-244, 2006

Credit, Interest Rates and the Open Economy edited by Louis-Phillippe Rochon and Matias Vernengo, Eastern Economic Journal, 31(2), 308-310, 2005.

The Theory of Money and Financial Institutions by Martin Shubik, 2 vol.s, co-author Alfonso Palacio Vera, Review of Political Economy, 15(1), 134-137, 2003.

Evolution, Time, Production and the Environment by Malte Faber and John L.R. Proops (with the cooperation of Dr. Reiner Manstetten), co-author Pura Granero Gomez, Review of Political Economy, 15(1), 134-137, 2003.

Repertorio Bio-bibliografico degli scrittori di economic in Campania by Liliana Costabile and Rosario Patalano (eds.), HET Newsletter, 66, 9-11, 2001.

Pluralism in Economics: New Perspectives in History and Methodology by Andrea Salanti and Ernesto Screpanti (eds.), Review of Political Economy, 12(1), 130-134, 2000.

John Maynard Keynes: Keynesianism into the Twenty-first Century by Soumitra Sharma (ed.), Kyklos, 52(3), 476-478, 1999.

Money in Motion: The Post Keynesian and Circulation Approaches by Ghislain Deleplace and Edward J. Nell (eds.), Review of Radical Political Economics, 30(3), 169-174, 1998

Inflation and Wage Behaviour in Europe by Paul De Grauwe, Stefano Micossi and Giuseppe Tullio (eds.), Scottish Journal of Political Economy, 45(3), 346-347, 1998.

The Methodology of Macroeconomic Thought: A Conceptual Analysis of Schools of Thought in Economics by Sheila Dow, Studi Economici, 171-174, 1997.

Working Papers:

Whither New Consensus Macroeconomics? The Role of Government and Fiscal Policy in Modern Macroeconomics, Levy Economics Institute Working Paper Series, No. 563, 2009.

The ‘New Consensus’ View of Monetary Policy: A New Wicksellian Connection?,Levy Economics Institute Working Paper Series, No. 476, 2006.

Are Long Run Stability and Short Run Output Stabilization All Monetary Policy Can Aim For? Co-author Alfonso Palacio Vera,Levy Economics Institute Working Paper Series, No. 430, 2005

First Steps Toward Teaching Real World Macroeconomics, C-FEPS, University of Missouri – Kansas City, Kansas City (USA), 06/2002.

Rethinking Endogenous Money: A Constructive Interpretation of the Debate between Accommodationists and Structuralists, Leeds University Business School, E01/02.

The encompassing Principle as an Emerging Methodology for Post Keynesian Economics (co-author Bill Gerrard), Leeds University Business School, E00/02.

The Monetary Context of Economic Behaviour: a Post Keynesian-Circuitist Perspective (co-author Bill Gerrard), Leeds University Business School, E97/09.

The Credit Theory of Émile Mireaux: ‘Les Miracles du Crédit’, Leeds University Business School, E96/14.

État et Perspective de la Coopération Midi-Pyrénées, Campanie et Piémont en Matière de Sous-Traitance Aéronautique, Report European Union, March 1993.

Others:

"Would the Comprehensive Spending Review Make Britain Richer?", Interview, Breakfast Show with Martin Kelner and Katherine Hannah, BBC Radio Leeds, 21st October 2010.

The Comprehensive Spending Review, Interview, Breakfast Show with Martin Kelner and Katherine Hannah, BBC Radio Leeds, 14th October 2010.

The Effects of the Financial Crisis in UK, Interview, “Gets West Yorkshire talking” with Alex Belfield”, BBC Radio Leeds, 14th September 2010.

The Fed, the ECB and the Current Crisis, Eleftherotypia, Sunday Edition, Full-page Interview, 22nd August 2010.

51 economists back Labour's stimulus spend, Letter to the Sydney Morning Herald, and Brisbane Times, Economy Section, Monday 16th August 2010.

Perché conviene che l’Europa investa in istruzione e sanità,EconomiaePolitica, Rivista online di critica della politica economica, Friday 11th June 2010, pp.1-2.

Why Britain Must Invest in Health and Education, The Science of Business Column, Yorkshire Post, Business Section, Tuesday 25th May 2010.

Non soffochiamo la ripresa, Intervista, Il Sole 24 Ore, Saturday 19th February 2010.

First priority must be to restore growth, Letters, Financial Times, Friday 18th February 2010.

Keynes’ thinking is alive and well, Letters, Financial Times, Monday 18th Jaunary 2010, p. 12

How Heterodox is the Mainstream? Economic Theory and Economic Policy Advice in the English-speaking Area: A Survey,Intervention, 4(1), 7-22, 2007.

Keynes’s A Treatise on Money, Elgar Companion to Post Keynesian Economics, John King (ed.), Edward Elgar, Cheltenham, 237-241, 2003.

Post Keynesian Models of Endogenous Money in a Closed Economy (co-author Ezio Venturino), in J. Vigo-Aguiar, B.A. Wade (eds.), Computational and Mathematical methods in Science and Engineering, Proceedings of the CMMSE, vol. 3, 113-122, Alicante (Spain), 2002. 

Circular flow of income, Economics, vol. 5, Grolier Education, Danbury (Connecticut), 11, 2000.

Macroeconomics, Economics, vol. 5, Grolier Education, Danbury (Connecticut), 61-62, 2000.

Money: its supply and demand, Economics, vol. 5, Grolier Education, Danbury (Connecticut), 72-73, 2000.

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