PKE6 Representative Agent Meets Class Structure: Imperfect Competition and the Balanced-Budget Multiplier(2005), Cambridge Journal of Economics, Vol. 30, N° 5. It presents a critique to the recent New-Keynesian results regarding the relationship between imperfect competition and the size of the budget-balanced multiplier. We show that a Kaleckian approach, where class structure matters, offers a richer set of results. We demonstrate, that even in a general equilibrium optimizing framework, when class structure is taken into account the balanced-budget multiplier is strictly decreasing in the degree of monopoly.

PKE5 Can Recession Feed Inflation? A Conflicting Claims Framework (2005), Review of Political Economy, Volume 17, Number 4, 1–19, October.  Within a conflicting claims framework the paper develops a rationale for the recession-induced inflation hypothesis. We show how ex-post adjustments in nominal income after a slump may involve changes in prices rather than changes in income aspirations or output. Simple simulations are provided.

PKE4 Macroeconomic Adjustment under an External and Fiscal Constraint: A Fix Price/Flex Price Approach(2005),Metroeconomica,Vol.56, N° 1, pp. 126–156. The paper presents a dual economy model of the fix-price/flex-price kind that explicitly allows for the existence of a government budget constraint in a fully open economy. Short-run impacts of policy-induced variables and changes in exogenous external financing are analyzed. Relevant trade-offs, especially between output and inflation, appear in the short-run but these may be mitigated in the medium run since capital-augmenting public investment may increase the supply of basics goods and reduce their prices.

PKE3 Recession, High Interest Rates and Instability: Simple Macro-Dynamics, (2004), Economics Letters, Vol. 85, pp. 171–177. A highly stylized closed economy macro-model that recreates some empirically verified aspects of financial and macroeconomic instability in emerging markets. Simple dynamics show how a recession may lead to a shortfall of liquidity of banks which in turn may be forced to acquire additional liabilities and increase deposit rates. We show that an unstable path may emerge as a result of high interest rates paid on deposits and low output levels.

PKE2 Empleo, Distribución y Crecimiento: La Macroeconomía del Grado de Oligopolio(1998), Nueva Economía, Vol. 7, No. 11.  The paper shows how to construct a prototype model of imperfect competition along Kaleckian lines. The micro-determinants of market power are shown to determine output and income in the short-run. The model is extended to evaluate the relationship between income distribution and growth. The existence of different regimes (profit-led and wage-led) is explained by parametric configurations.

PKE1 Aproximaciones y Aspectos Particulares de la Inflación por Conflicto Distributivo, (1997). Published in Vera, L. (1997) "Contribuciones al Análisis de la Inflación: Anotaciones para el caso Venezolano," Ediciones EVE-FACES, Caracas. This paper reviews and integrates different developments regarding the relationship between distributive conflict and inflation. Issues such as the incidence of real shocks, the evolution of market power over cycle, the acceleration of inflation and the variation of the period of indexation are addressed. The paper also explains the relationship between income distribution, growth and inflation under conditions of steady state and non-liner dynamics. It exposes the literature that conceives conflict inflation as a distributive strategic game.