Below you can find my list of publications. Alternatively, see my publications on Google Scholar, ORCiD, SSRN, Academia or TUHAT (University of Helsinki database).

Peer-Reviewed Journal Articles

  1. “Money Creation under Full-Reserve Banking: A Stock-Flow Consistent Model”, Cambridge Journal of Economics, forthcoming? (also published as Levy Economics Institute Working Paper No. 851, October 2015).
    1. EViews codes of model REFORM: baseline (“old” steady state) and money creation experiment (transition to “new” steady state).
  2. Proposals for Full-Reserve Banking: A Historical Survey from David Ricardo to Martin Wolf”, Economic Thought 4 (2), 1–19, 2015.
    1. Charles Goodhart and Meinhard Jensen’s commentary.
  3. Leading Indicators of Systemic Banking Crises: Finland in a Panel of EU Countries”, with Juho Nyholm and Peter Sarlin, Review of Financial Economics 24 (1), 18–35, 2015 (also published as ECB Working Paper No. 1758/2015 and Bank of Finland Discussion Paper No. 14/2014).
    1. Supplementary interactive dashboard.

Non Peer-Reviewed Journal Articles

  1. Jälkikeynesiläisyydestä Tervalalle” [”On Post-Keynesianism to Tervala”], Finnish Economic Journal 112 (2), 244–247, 2016.
  2. Finland in front of the euro crisis” (also published in Italian “I paradossi dell’austerità: La Finlandia nella crisi dell’euro”), Economia e Politica, April 2014.
  3. Tuotannon rahateoria” [”Monetary Theory of Production”], Peruste 4 (4), 16–23, 2013.

Working Papers

  1. Seignorage from Full-Reserve Banking”, SSRN Working Paper No. 3065319, November 2017.
  2. Keskuspankkitili kaikille” [“Central Bank Accounts for Everybody”], Left Forum Finland, Aloite No. 1/2015.
  3. Rahoituskriisien ennakoiminen: indikaattorit ja vastasyklinen pääomapuskuri Suomessa” [“Anticipating Financial Crises: Indicators and Countercyclical Capital Buffer in Finland”], Bank of Finland, BoF Online No. 6/2013.
  4. What Will the EU Become When It Grows Up? Young people’s visions on the future of the European Union“ (also published in Finnish ”Mikä EU:sta tulee isona? Nuorten näkemys EU:n tulevaisuudesta” and in Swedish ”Hur blir det ’vuxna’ EU? De ungas syn på EU:s framtid”), with working group, Prime Minister’s Office Publication No. 4/2013 (in Finnish 2/2013 and in Swedish 3/2013).
  5. Kuntien valtionosuuksien leikkaamisen ja velvoitteiden vähentämisen tulonjaolliset vaikutukset” [”Income Distributional Effects of Cutting Government Assistance for Municipalities and Decreasing Municipalities’ Obligations”], Left Forum Finland e-Publication, 2013.

Seminar Papers

  1. “Keynesian Multipliers in a Stock-Flow Consistent Framework”, paper presented at Fourth Nordic Post-Keynesian Conference, Aalborg, Denmark, 20 April 2017.
  2. “Meta-Theory as a Uniting Framework for Economics and Global Political Economy”, paper presented at Varieties of Explanation in Economics, Politics and Global Political Economy Seminar, Helsinki, 4 May 2016).
  3. “Introduction to Stock-Flow Consistent Modeling”, paper presented at Sovereign Money Research Day, Hague, Netherlands, 24 November 2016.
  4. “Exogenous and Endogenous Theories of Money and Banking”, paper presented at World Politics Post-Graduate Seminar, Helsinki, 1 October 2015.
  5. “Approaching the Dynamics of Debt and Financialization in Global Monetary Systems”, paper presented at World Politics Post-Graduate Seminar, Helsinki, 11 April 2013.
  6. “How to Approach the Dynamic Effects of Debt and Financialization?”, paper presented at Politics of Crises: Democracy, Political Thought and Policy-Making in the Era of Uncertainty Seminar, Paris, France, 17 October 2012.

Edited Books

  1. Eurosta ulos vai euro uusiksi? [Exit or Reform the Euro?], Helsinki: Left Forum Finland Report No. 2/2016.

Book Reviews

  1. Keynesiläisyydestä kansantajuisesti” [”On Keynesianism in Plain English”], book review of Pääoman voitto: kasvun, rahan ja kriisien historia [The Victory of Capital] by Ulrike Herrmann, Peruste 7 (1–2), 101–103, 2016.


  1. “Full-Reserve Banking: Separating Money Creation from Bank Lending”, PhD Thesis in Political Science, University of Helsinki, forthcoming.
  2. Dynamic Effects of Total Debt and GDP: A Time-Series Analysis of the United States”, Aalto University School of Economics, Master’s Thesis in Economics, 2011.
  3. “Materiaalisen kulutuksen rajoittaminen ilmastonmuutoksen hallinnassa” [”Constraining Material Consumption in Climate Change Management”], Bachelor’s Thesis in Economics, Aalto University School of Economics, 2008

Other Publications

  1. Rahareformin hyödyt” [“Benefits of Monetary Reform”], with Toma Kavonius, Mika Kolehmainen and Lauri Väisänen, Economic Democracy Finland Publication No. 5, July 2015.
  2. Täyttä rahaa: ehdotus rahatalousjärjestelmän vakauttamiseksi” [”Full Money: A Proposal to Stabilize the Monetary Economic System”], with Mika Kolehmainen, Tomi Meilahti and Toma Kavonius, Economic Democracy Finland Publication No. 4, October 2013.
  3. Pankin maksukyvyttömyys” [“Insolvency of a Bank”], with Tomi Meilahti, Economic Democracy Finland Publication No. 3, March 2013.
  4. Väärinkäsityksiä pankkitoiminnasta” [”Misconceptions of Banking”], with Tomi Meilahti and Anu Taskinen, Economic Democracy Finland Publication No. 2, January 2013.
  5. Pankkitoiminnan perusteet” [“Banking 101”], with Tomi Meilahti and Toma Kavonius, Economic Democracy Finland Publication No. 1, November 2012 (Revised in January 2013).