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The European Journal of Economics and Economic Policies: Intervention (EJEEP) is a peer-reviewed journal which serves as a forum for studies in macroeconomic theory, economic institutions and economic policies. The managing editors aim for productive debates involving one or more variants of heterodox economics, and invite contributions acknowledging the pluralism of research approaches. The submission of both theoretical and empirical work is encouraged. The managing editors contend that a wide variety of institutional and social factors shape economic life and economic processes. Only a careful study and integration of such factors into economics will lead to theoretical progress and to competent economic policy recommendations. This was clearly demonstrated by the inadequacy of orthodox economics, based on neoclassical foundations, to provide suitable explanations and responses to recent financial and economic crises.

The roots of the EJEEP go back to 2004, when the first issue of Intervention. Journal of Economics was published. In 2008 the journal was re-launched as Intervention. European Journal of Economics and Economic Policies. With the change of publisher in 2013 it has since become the European Journal of Economics and Economic Policies: Intervention (EJEEP).

Managing Editors

  • Eckhard Hein, Berlin School of Economics and Law, Germany
  • Marc Lavoie, University of Paris 13, France and University of Ottawa, Canada
  • Torsten Niechoj, Rhine-Waal University of Applied Sciences, Germany (Lead Editor)
  • Gennaro Zezza, University of Cassino, Italy and Levy Economics Institute at Bard College, USA

Editorial Board

  • Randy Albelda, University of Massachusetts Boston, USA
  • Philip Arestis, University of Cambridge, UK and University of the Basque Country, Bilbao, Spain
  • Giorgos Argitis, University of Athens, Greece
  • Dirk Bezemer, University of Groningen, The Netherlands
  • Amit Bhaduri, Council for Social Development, New Delhi, India, and University of Pavia, Italy
  • Jörg Bibow, Skidmore College, Saratoga Springs, USA
  • Robert Blecker, American University, Washington, D.C., USA
  • Emiliano Brancaccio, DEMM Università del Sannio, Benevento, Italy
  • Victoria Chick, University College London, UK
  • Amitava Dutt, University of Notre Dame, USA
  • Gary Dymski, University of Leeds, UK
  • Stefan Ederer, Austrian Institute for Economic Research - WIFO, Austria
  • Wolfram Elsner, University of Bremen, Germany
  • Fernando Ferrari Filho, Federal University of Rio Grande do Sul, Porto Allegre, Brazil
  • Jesus Ferreiro, University of the Basque Country, Bilbao, Spain
  • Peter Flaschel, University of Bielefeld, Germany
  • Giuseppe Fontana, University of Leeds, UK and University of Sannio, Italy
  • Ullrich Fritsche, University of Hamburg, Germany
  • Barbara Fritz, Free University of Berlin, Germany
  • John Grahl, Middlesex University Business School, UK
  • Fritz Helmedag, Chemnitz University of Technology, Germany
  • Hansjörg Herr, Berlin School of Economics and Law, Germany
  • Gustav Horn, Macroeconomic Policy Institute, IMK at Hans Boeckler Foundation, Duesseldorf, Germany
  • Jesper Jespersen, University of Roskilde, Denmark
  • John E. King, La Trobe University, Melbourne, Australia
  • Jürgen Kromphardt, Technical University of Berlin, Germany
  • Dany Lang, University of Paris 13, France
  • Edwin Le Heron, Science Po Bordeaux, France
  • Pedro Leao, University of Lisbon, Portugal
  • Ewald Nowotny, Austrian National Bank, OeNB, Vienna, Austria
  • Özlem Onaran, Greenwich University London, UK
  • Alfonso Palacio-Vera, Complutense University Madrid, Spain
  • Thomas I. Palley, New America Foundation, Washington, D.C., USA
  • Luiz Fernando de Paula, University of the State of Rio de Janeiro, Brazil
  • Jan Priewe, HTW University of Applied Sciences, Berlin, Germany
  • Louis-Philippe Rochon, Laurentian University, Greater Sudbury, Canada
  • Malcolm Sawyer, University of Leeds, UK
  • Juliet Schor, Boston College, USA
  • Mario Seccareccia, University of Ottawa, Canada
  • Mark Setterfield, New School for Social Research, New York, USA
  • Elisabeth Springler, FH bfi Vienna, Austria
  • Engelbert Stockhammer, King’s College London, UK
  • Servaas Storm, Delft University of Technology, The Netherlands
  • Andrea Terzi, Franklin University Switzerland
  • Hans Michael Trautwein, Carl von Ossietzky University, Oldenburg, Germany
  • Achim Truger, Berlin School of Economics and Law, Germany
  • Till van Treeck, University of Duisburg-Essen, Germany
  • Herbert Walther, Vienna University of Economics and Business, Austria


Three issues a year
ISSN Print 2052-7764 
ISSN Online 2052-7772

2022 subscription prices:

Individuals: £91/$146/€107 (online and print); £71/$114/€83 (online only)
Institutions: £305/$469/€360 (online and print); £262/$403/€309 (online only)
Students: £36.00/$57/€42 (online and print); £26/$41/€31 (online only);

Single print issue: £65/$100

30% discount for new subscribers when taking out a subscription to both EJEEP and Review of Keynesian Economics

To place a subscription (worldwide):

The Subscriptions Dept
Marston Book Services Ltd
160 Milton Park, Abingdon
Tel: +44 1235 465574 Fax: +44 1235 465556

Developing Countries Access

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Developing Countries Access Application Form

Call for Papers

Call for papers: Special issue on 'The stock-flow consistent (SFC) approach and theory of the monetary circuit (TMC)'.
Special issue editors: Marc Lavoie and Gennaro Zezza
The European Journal of Economics and Economic Policies: Intervention invites submissions for publication in a special issue exploring the links between the stock-flow consistent (SFC) approach and the theory of the monetary circuit (TMC), also sometimes called the monetary theory of production or the Franco-Italian circuit school of monetary theory.
The deadline for submission is 31 August 2021. Please send your paper to, indicating in the subject line of the email that the paper is for the SFC and TMC special issue. For more information please confer this PDF.

Author Guidelines

The editors seek high quality academic contributions of no more than 8,000 words including references and bibliography. The journal focuses on original research, articles, commentaries and book reviews and will be aimed predominantly at academics and intellectuals. All articles will be double blind peer-reviewed prior to acceptance for publication. The editors welcome submissions for future editions.

Article manuscripts should be submitted as Adobe PDF files and emailed to

Book Reviews

Book reviews should be submitted in English (consistent British or American English) and should refer to monographs or anthologies no older than 18 months. Please keep book reviews between 800 to 2000 words.

Book review submissions should be sent to:

Style/Submissions Guide

Article manuscripts should be prepared in accordance with our house style guidelines: EJEEP Article Guidelines

Book Reviews should be prepared in accordance with these guidelines: EJEEP Book Review Guidelines

The final version of your article should be accompanied by a completed copy of the Author Information Form: EJEEP Author Information Form

Terms of publication

If your article is accepted for publication, you will be asked to sign our standard Contributor Agreement: EJEEP Licence to Publish

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Information for librarians

In the absence of a separate license agreement, Edward Elgar Publishing follows the SERU guidelines for subscriptions to EJEEP, as published at the NISO SERU website:

Edward Elgar is also able to enter in to a signed license agreement with institutions if this is preferred. Two copies must be signed and sent to: Edward Elgar Publishing Ltd, The Lypiatts, 15 Lansdown Road, Cheltenham, GL50 2JA, UK, email: with any queries. Or go to our license page.

Journal Interlibrary Loan Policy

Subscribing not-for-profit institutions may share single printed copies of articles among other not-for-profit academic libraries on behalf of end users, to fulfil individual requests by authorised users of those institutions for the purpose of research or private study. Subscribing institutions may also supply secure electronic versions (up to a maximum of five articles per year from any one journal to any one library) by secure electronic transmission including fax, Ariel or its equivalents, whereby the electronic version is deleted after printing.

Rights and Permissions

Please direct any requests to:

Download a flyer

EJEEP Journal Flyer

Download our Journals Ethics Policy

EJEEP Publication Ethics and Malpractice Statement

Open Access in Elgar Journals

All Elgar Journals give to authors the option of making their article Open Access via the Gold Open Access route, under the following criteria:

  • Requests will only be considered after the article has been submitted, peer-reviewed and accepted for publication by the Journal.
  • An author processing charge of £1200 per article is applicable.
  • The Article will be made publicly available on Elgaronline under a Creative Commons license (CC-BY-NC), both in free-flowing HTML and as a PDF download.
  • The version of the Article made available on Elgaronline will be the final published version of the full Article, both in free-flowing HTML and as a PDF download.
  • Authors can embed a link into any public repository or web-page which links directly to the final version of the full article on Elgaronline.

Download our Self Archiving Policy document 

Self Archiving Policy

Abstracting and Indexing

  • Scopus
  • EconLit, American Economics Association
  • RePEC
  • Qualis Da Área De Economia
  • Handelsblatt
  • CNRS
  • The Standard Periodical Directory
  • Emerging Sources Citation Index
  • J-Gate
  • ProQuest Social Science Premium Collection
  • ProQuest International Bibliography of the Social Sciences (IBSS)
  • ProQuest ABI/INFORM Collection
  • FMS Journal Rating Guide (China)

Discovery Services

  • Ex Libris Primo Central Index
  • ProQuest Summon® Service
  • OCLC WorldCat
  • EBSCO Discovery Service
  • Google Scholar
  • CrossRef

Digital Preservation Services

  • Portico

Developing Countries Access

Edward Elgar are proud to work in partnership with the following organizations, aiming to provide developing countries with access to academic materials:

  • Electronic Information for Libraries (EIFL): a not-for-profit organization that works with libraries to enable free access to knowledge in developing countries across Africa, Asia Pacific, Europe and Latin America.
  • Global Online Access to Legal Information (GOALI): a new programme of the Research4Life group, which aims to provide free or low-cost online access to law-related academic and professional content to institutions in over 115 countries. Research4Life’s other programmes include Hinari, AGORA, OARE, and ARDI. This new programme will launch in March 2018.

As part of this collaboration, Edward Elgar have agreed to provide access to all journal content and a Development studies eBook collection.


Volume 18, Issue 3 2021

Table of Contents


‘We need long-term commitments in the form of public investment’. Interview with Mario Seccareccia
Marc Lavoie

The methodology for assessing interest rate policy rules: some comments
Martin Watts

The methodology for assessing interest rate policy rules: reply
John Smithin

Saving and Investment in the Twenty-First Century: The Great Divergence – some comments from a post-Keynesian perspective
Eckhard Hein

On Capital, Saving and Investment in the Twenty-First Century: a reply to Hein
Carl Christian von Weizsäcker and Hagen M. Krämer

Central banks and inflation: Where do we stand and how did we get here?
Karl Whelan

The political economy of inflation
Frances Coppola


Migrant inflows, capital outflows, growth and distribution: should we control capital rather than immigration?
Emiliano Brancaccio, Andrea Califano and Fabiana De Cristofaro

Does a job guarantee pay off? The fiscal costs of fighting long-term unemployment in Austria
Simon Theurl and Dennis Tamesberger

The Troika’s conditionalities during the Greek financial crisis of 2010–2014: the Washington Consensus is alive, well, and here to stay
John Marangos

Book Reviews

Hansjörg Herr, Michael Heine (2021): The European Central Bank, Newcastle upon Tyne, UK (208 pages, Agenda Publishing, softcover, ISBN 978-1-78821-295-3, hardback, ISBN 9781788212946, e-book, ISBN 9781788212960)
Torsten Niechoj

Beker, Victor A. (2021): Preventing the Next Financial Crisis, UK and New York, USA (172 pages, Routledge, hardcover, ISBN 978-0-367-48398-2)
Guillermo J. Escudé

Most Read

Post-Keynesian dynamic stochastic general equilibrium theory
Roger E.A. Farmer
Volume 14, Issue 2

The IMF and the New Fiscalism: was there a U-turn?
Brett Fiebiger and Marc Lavoie
Volume 14, Issue 3

A theory of aggregate consumption
Yun K. Kim, Mark Setterfield and Yuan Mei
Volume 11, Issue 1


Most Cited

A simple approach to overcome the problems arising from the Keynesian stability condition
Reiner Franke
Volume 14, Issue 1

The origins and evolution of the debate on wage-led and profit-led regimes

Marc Lavoie
Volume 14, Issue 2

The Sraffian supermultiplier as an alternative closure for heterodox growth theory
Franklin Serrano and Fabio Freitas
Volume 14, Issue 1

Citation figures supported by Scopus 2019


Relevant Papers

On 12 December, 2019, Mark Hayes, author and member of the Editorial Board of EJEEP, and long-time Secretary of the Post-Keynesian Economics Society (formerly the Post-Keynesian Econmics Study Group), sadly passed away. In 2009, he edited a special issue on “Inflation Targeting: Is there A Credible Alternative”, together with Giuseppe Fontana and Jonathan Perraton, to which he contributed a joint paper with Angelo Asensio. In 2008, he published a short piece on the Post-Keynesian Economics Study Group in our journal.

Special Issue “Inflation Targeting: Is there A Credible Alternative”
Editor: Guiseppe Fontana, Mark Hayes and Jonathan Perraton
Volume 6, Issue 1

The Post Keynesian alternative to inflation targeting
Angel Asensio and Mark Hayes
Volume 6, Issue 1

The Post-Keynesian Economics Study Group – After 20 Years
Mark Hayes
Volume 5, Issue 2

On 08 March, 2018, the influential post-Keynesian economist Basil Moore passed away. In 2010, EJEEP published an interview with him, which sheds light on Basil Moore's vita and the cornerstones of his thinking.

Forum: "We are all Horizontalists now!" Interview with Basil Moore
Interview conducted by Eckhard Hein and Torsten Niechoj
Volume 7, Issue 1

On May 16, 2018, Fernando Cardim de Carvalho, member of the editorial board of this journal, author of EJEEP and a co-founder of the Brazilian Keynesian Association, sadly passed away. In 2013, EJEEP conducted an interview with him which, among other things, deals with his motivation to become an economist. Moreover, we recently published one of his papers in our Advance Access section.

"It is a classic Keynesian depression, I would not refrain from the term"
Interview conducted by Marc Lavoie and Torsten Niechoj
Volume 10, Issue 3

Arguments for austerity, old and new: the British Treasury in the 1920s and the Bundesfinanzministerium in the 2010s
Fernando J. Cardim de Carvalho
Volume 15, Issue 3


Free articles

In every EJEEP issue, at least one article is free to access. This includes:

Interview with Jerzy Osiatyński: Linking economics with economic policy-making
Grzegorz Konat
Volume 18, Issue 1

Monetary economics after the global financial crisis: what has happened to the endogenous money theory?
Giuseppe Fontana, Riccardo Realfonzo and Marco Veronese Passarella
Volume 17, Issue 3

Fiscal and financial conditions for a stronger euro area
Vítor Constâncio
Volume 17, Issue 2

Inflation targeting, disinflation, and debt traps in Argentina
Emiliano Libman and Gabriel Palazzo
Volume 17, Issue 1

Nicholas Kaldor and Kazimierz Łaski on the pitfalls of the European integration process
Michael A. Landesmann
Volume 16, Issue 3

An update on Kalecki–Minsky modelling
Engelbert Stockhammer
Volume 16, Issue 2

From the European Monetary Union to a euro–bancor: a stock–flow consistent assessment
Jacques Mazier and Sebastian Valdecantos
Volume 16, Issue 1

All issues older than two years are free to access, indicated by a green dot.


Back to Contents


EJEEP is co-hosting an online workshop on ‘De-growth, zero growth and/or green growth? Macroeconomic implications of ecological constraints’.
Papers of the workshop are going to be published in a forthcoming volume of EJEEP. For registration and more information on this workshop please confer the website of IPE Berlin.