Jose A. Pérez-Montiel - Representative Research

Perez-Montiel & Pariboni (2026).pdf

Pérez-Montiel & Pariboni (2026): "Permanent demand, instability, and growth. Óscar Dejuán’s contribution to post-Keynesian economics", in: Febrero, E.; Cadarso, M. A.; Portella-Carbó, F. (eds.) Classical-Keynesian Approach to Macroeconomics: Growth, Production and the Environment. London: Routledge. In press.

Abstract: This chapter systematizes Óscar Dejuán’s contribution to demand-led growth theory and, in particular, to the modern supermultiplier approach. We first situate Dejuán’s work within the intellectual development of Post-Keynesian economics in Spain and abroad, highlighting the influences and debates that shaped his early research. We then focus on Dejuán’s main contribution to macroeconomic debates by reassessing the canonical multiplier–accelerator (MA) framework and its central obstacle—Harrodian dynamic instability—by reviewing both traditional formulations and the baseline autonomous-demand-led synthesis associated with recent supermultiplier and neo-Kaleckian models. The core contribution of the chapter is to formalize Dejuán’s alternative investment mechanism, which separates permanent (trend-following) from transitory (gap-closing) investment and introduces a prudence-based rule for updating firms’ long-run growth expectations. This reformulation yields a triangular, contractive dynamic system that eliminates the Harrodian knife-edge, delivers global stability, and generates convergence speeds consistent with empirical adjustment. The chapter concludes by discussing how Dejuán’s framework bridges Keynesian, Kaleckian, and Sraffian insights and clarifies ongoing debates on stability, utilization, and structural change in demand-led growth models.

Alvarez y Perez-Montiel (2023).pdf

Hidalgo-Cruz; Villena-Oliver & Pérez-Montiel (2024): "Marginalism and Institutions in the Making of the Economics Profession: Spain, 1900–1959".

Abstract: This article examines how economists emerged as a distinct professional community in Spain between the early twentieth century and the Stabilization Plan of 1959. It argues that the historical significance of marginalism lay not in establishing a unified economic doctrine but in providing the common analytical language through which economists forged a shared professional identity. By distinguishing economists from competing expert communities, this methodological framework strengthened their claims to scientific authority and technical competence. Yet marginalism alone does not explain the growing political influence of economists. Combining intellectual history, institutional analysis, and social network analysis, the article shows that the consolidation of the profession also depended upon the gradual construction of an institutional and social network linking universities, financial institutions, government ministries, research institutes, specialist journals, and international organizations. Together, these institutions transformed a shared methodological language into professional authority and professional authority into political and administrative influence. The Stabilization Plan of 1959 therefore appears less as the starting point of Spain's technocratic transformation than as the culmination of a longer process through which economists became one of the Franco regime's principal expert communities.

Prueba_Paper_con_Andreu (50).pdf

Pérez-Montiel & Sansó (2025): "Different specifications and implications of the Supermultiplier model". Structural Change & Economic Dynamics, 74, 963-969

Abstract: We analyze, compare, and discuss two different econometric specifications of the supermultiplier model. In particular, we compare the empirical approach to study the relationship between output (𝑦) and autonomous demand (𝑧) with the econometric specification to approach the relationship between induced demand (𝑥) and 𝑧 . Both specifications are theoretically valid from a macroeconomic point of view; however, we use econometric theory to demonstrate that they may yield different results in terms of cointegration and causality. This paper does not undermine the results of the existing empirical research on the supermultiplier model, based on the specification 𝑦 vs 𝑧 ; however, these results must be taken with caution, especially those regarding Granger causality running unidirectionally from autonomous demand to output.

Cruz et al. 2025.pdf

Cruz et al. (2025): "More than a Method: History and Outward Institutionalization of Post-Keynesian Economics in Spain". Review of Political Economy, 37 (4), 1422-1445

Abstract: Since the first Spanish economists and their disciples rejected the historical and institutional approach, a methodological monoculture was imposed in Spain in the 1940s. It has operated until today as an effective restriction to everything that cannot be confined within it. Despite this, heterodoxy made its way thanks to personal relationships with international economists. At the end of the 1970s, Josep Maria Bricall imported post-Keynesian economics from France, where he had established contact with heterodox economists of diverse backgrounds thanks to the network of contacts established by Gérard de Bernis with Alain Parguez -among others. Moreover, at the University of Barcelona, Bricall inspired a young Óscar Dejuán, who, after earning his PhD at the New School for Social Research, returned to Spain in the 1990s and began to publish and disseminate work on post-Keynesian economics. He was joined in this task by Eladio Febrero, Carlos J. Rodríguez Fuentes, Jesús Ferreiro, Felipe Serrano, Alfonso Palacio Vera, and Julián Sánchez González, most of whom had been abroad and established contact with post-Keynesians. In the late nineties, Ferreiro and Serrano initiated a fruitful relationship with Philip Arestis and Malcolm Sawyer that led to the organization of the International Conference Developments in Economic Theory and Policy (DETP) in Bilbao in 2004, which constituted an attempt to "institutionalize" post-Keynesian economics in Spain. The DETP became one of the main forums for debate on post-Keynesian economics at the European level. After the pandemic, the DETP was dismantled due to a lack of funding; and the Economía Crítica Conference became the only vehicle for transmitting and creating national and international contacts for post-Keynesian economics in Spain.