Gerald Epstein

About

Gerald Epstein is a Professor of Economics at the University of Massachusetts Amherst and Co-Director of the Political Economy Research Institute (PERI). He holds a Ph.D. in Economics from Princeton University, an M.P.P. in Public Policy from the Woodrow Wilson School at Princeton, and a B.A. in Political Science from Swarthmore College. His research interests include macroeconomic policy, central banking, and international finance. Epstein has contributed to the development of alternative approaches to monetary policy, emphasizing employment generation and poverty reduction, and has engaged in research on financialization, globalization, and the international financial system. He has been involved in numerous research projects funded by institutions such as the European Central Bank, the Institute for New Economic Thinking, and the United Nations, and has published extensively on topics related to monetary policy, financial regulation, and economic development. Epstein has also held visiting scholar positions in France, China, Senegal, and Italy, and has served as Chair of the Department of Economics at UMass Amherst. His work is characterized by a focus on progressive economic policies and the critique of mainstream financial and monetary practices.

Research topics

• Macroeconomics
• Economics
• Epistemology
• Neoclassical economics
• Econometrics
• Anatomy
• Public economics
• Monetary economics
• Keynesian economics
• Biology

Selected publications

• Financialization, rentier interests and central bank policy

  Edward Elgar Publishing eBooks · 2019-08-30 · 147 citations

  book-chapter1st authorCorresponding

  “Financialization” refers to the increasing importance of financial markets, financial motives, financial institutions, and financial elites in the operations of the economy and its governing institutions, both at the national and international levels. Many questions arise when considering the increased role of finance in the world economy. What are its dimensions? What is causing it? What impact is it having on income distribution within and between countries? What is its impact on economic gro…

  PublisherDOI

• Central Banks as Agents of Economic Development

  Scholarworks (University of Massachusetts Amherst) · 2022-05-02 · 87 citations

  preprintOpen access1st authorCorresponding

  In the last two decades, there has been a global sea change in the theory and practice of central banking. The currently dominant “best practice” approach to central banking consists of the following: (1) central bank independence (2) a focus on inflation fighting (including adopting formal “inflation targeting”) and (3) the use of indirect methods of monetary policy (i.e., short-term interest rates as opposed to direct methods such as credit ceilings). This paper argues that this neo-liberal ap…

  PublisherDOI

• Proposals for Effectively Regulating the U.S. Financial System to Avoid Yet Another Meltdown

  Scholarworks (University of Massachusetts Amherst) · 2021-09-20 · 32 citations

  preprintOpen accessSenior author

  It is now clear that we are in the midst of the worst financial crisis since the Great Depression. This crisis is the latest phase of the evolution of financial markets under the radical financial deregulation process that began in the late 1970s. This evolution has taken the form of cycles in which deregulation accompanied by rapid financial innovation stimulates powerful financial booms that end in crises. Governments respond to crises with bailouts that allow new expansions to begin. As a res…

  PublisherDOI

• Developmental central banking: winning the future by updating a page from the past

  Edward Elgar Publishing eBooks · 2019-08-30 · 32 citations

  book-chapter1st authorCorresponding

  The ongoing Great Financial Crisis that began in 2007–2008 has dramatically called into question the previously dominant neoliberal approach to macroeconomic and financial policy. Unfortunately, these lessons are being learned in a highly uneven manner – and in some important circles, not at all. In light of this struggle to adopt developmentally friendly financial structures, it is critical that the history and practices of these policies, as well as their costs and benefits, be well understood…

  PublisherDOI

• DOMESTIC STAGFLATION AND MONETARY POLICY: THE FEDERAL RESERVE AND THE HIDDEN ELECTION

  Edward Elgar Publishing eBooks · 2019-08-30 · 24 citations

  book-chapterOpen access1st authorCorresponding

  As Jerry Ford left the White House he handed Jimmy Carter three envelopes, instructing him to open them one at a time as problems became overwhelming. After a year, Carter opened the first envelope. It said, "attack Jerry Ford." He did. A year later, Carter opened the second envelope. It said, "attack the Federal Reserve." He did. Three years into his term, and even more overwhelmed by the economy, Iran, Afghanistan and so forth, Carter opened the third envelope. It said: "prepare three envelope…

  PublisherOA PDFDOI

Frequent coauthors

• James Crotty

  The Open University

  77 shared

• Tom Schlesinger

  University of Massachusetts Amherst

  66 shared

• Matías Vernengo

  Bucknell University

  66 shared

• Patrick Bond

  64 shared

• Robert A. Blecker

  American University

  64 shared

• Elissa Braunstein

  Colorado State University

  40 shared

• Jose

  Universidade Federal do Rio de Janeiro

  36 shared

• Nelson H. Barbosa‐Filho

  36 shared

Awards & honors

• Samuel F. Conti Faculty Fellowship Award, University of Mass…
• Chancellor’s Medal, University of Massachusetts Amherst | 20…
• Award for Outstanding Accomplishments in Research and Creati…

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