Journal of Economics Bibliography

Why fiscal and Phillips Curve theories of inflation are not working

John GREENWOOD — Sat, 17 Jan 2026 00:00:00 +0000

During the 2016-17 bull market in the US investors have been subjected to two main market scares – the possibility of near term inflation and the threat of an imminent recession, both spelling the end of the business cycle expansion. This paper examines first two commonly cited theories of inflation: the fiscal theory of the price level, and the Phillips curve (or output gap). Each is a form of reduced form analysis that omits any reference to the underlying monetary causes of inflation. I show that both in the US and more broadly across the OECD money and credit growth remain subdued. Since inflation is ultimately a monetary phenomenon, no sharp upswing in inflation can occur without a sustained period of faster money and credit growth. Second, the paper reviews briefly the basis for an extended business cycle expansion. The shape of the yield curve, money growth and the health of private sector balance sheets imply there is currently no basis for predicting an imminent recession. This justifies the view that the current expansion will continue for several more years with low inflation.

Keywords. Fiscal theory of the price level; Phillips curve; Inflation; Monetary growth.

JEL. E62; H54; O40.

Government finance and the demand for Money: The relation between taxation and the acceptability of fiat money

Mack OTT , John A. TATOM — Sat, 17 Jan 2026 00:00:00 +0000

Requiring taxes to be paid in domestic money provides a valuable characteristic for a state’s money. In the case of a state’s fiat money, it is the foundation for money demand and hence to the development of a financial system built around state money. Except for relatively highly taxed countries, where taxes may encourage tax avoidance and holding bank deposits, the level of taxation is a positive factor boosting financial development. Granger causality tests for 65 countries over the past half-century test the relationship between money and government finance. Except for the low-income countries, where there are only five with adequate data, the causal relationship between taxation and money demand is generally supported in the 60 countries making up the three higher income groups.

Keywords. Taxation; Financial development; Money demand; Emerging markets.

JEL. O11; O23; E51; E63.

Building an Olive-Shaped Society: Economic Growth, Income Distribution and Public Policies in China. By CICC Research, CICC Global Institute Publisher, Springer 2025

Hideo Takeo FUMIO — Sat, 17 Jan 2026 00:00:00 +0000

This book, authored by CICC Research and the CICC Global Institute, analyzes China's ambitious goal of transitioning its income distribution structure from a "pyramid shape" (with a large population at the low-income end) to an "olive shape" (characterized by a large, stable middle-income group and small high and low-income groups). This strategic shift is imperative for the new stage of China's development, which requires balancing growth and equity amid significant internal and external changes. The volume first details the current state of China's income and wealth distribution, noting a significant increase in the Gini coefficient of wealth along with economic development since the 1978 reform and opening-up. It explores the primary sources of income disparity, including urban–rural, regional, and intergenerational disparities. Crucially, the book analyzes the limitations of the current redistribution mechanisms, noting the insufficient effects of fiscal redistribution due to the high share of the government sector in primary distribution and the regressive nature of some indirect taxes like VAT. Finally, it proposes a comprehensive policy roadmap, including reforms related to technological progress and the digital economy, external and internal adjustments to address demographic challenges (like revising the retirement age), and exploring paths for public charity with Chinese characteristics.

Keywords. Olive-Shaped Society; Income Distribution; China Economic Growth; Public Policies in China; Gini Coefficient; Wealth Inequality; Fiscal Redistribution; Urban–Rural Disparity.

JEL. D31; H23; J11; O53; P35.

Conference Notes on the 2025 International Conference on Economic Literature and Knowledge Management (ICELKM 2025).

EconSciences Library — Sat, 17 Jan 2026 00:00:00 +0000

The International Conference on Economic Literature and Knowledge Management (ICELKM 2025), held in London from November 3–6, 2025, offered an unparalleled platform for scholars, librarians, information scientists, and policy analysts concerned with the organization, curation, and dissemination of economic knowledge. With the publication of a comprehensive Abstract Book and Proceedings Book, ICELKM 2025 provided an extensive record of innovations in bibliographic methodologies, research evaluation, database development, and digital infrastructure for economic scholarship. These Conference Notes synthesize the major contributions of ICELKM 2025, emphasizing bibliometric trends, research organization, metadata curation, and the role of economic literature in guiding policy and academic research. Given the focus of Journal of Economics Bibliography, particular attention is given to systematic approaches for literature classification, knowledge mapping, and the integration of digital technologies in economic research dissemination.

Keywords. Economic knowledge; Database development; Knowledge management; Economic research dissemination. Fiscal Redistribution.

JEL. A10; A20; C88; O30; Y10.

Front Matter

EconSciences Library — Sat, 17 Jan 2026 00:00:00 +0000

Front Matter