Research Network Macroeconomics and Macroeconomic Policies (FMM)

Organisation

Research Network Macroeconomics and Macroeconomic Policies (FMM)
www.network-macroeconomics.org
Macroeconomic Policy Institute (IMK)
at the Hans Böckler Foundation
Hans-Böckler-Str. 39
40476 Düsseldorf
Germany
www.imk-boeckler.de
Organising committee
Hansjörg Herr
Berlin School of Economics and Law
***

 

Conference Programme
– Second, preliminary version –
From crisis to growth?
The challenge of imbalances, debt, and limited resources
28 – 29 October 2011
with introductory lectures on
post-Keynesian Economics on 27 October 2011
15th Conference
of the Research Network Macroeconomics and
Macroeconomic Policies (FMM)
Venue:
Best Western Hotel Steglitz International
Albrechtstr. 2
12165 Berlin
Germany
2

Torsten Niechoj
IMK
Claus Thomasberger
HTW Berlin
Achim Truger
IMK
Till van Treeck
IMK
Contact
Susanne Stoeger
Phone: +49(0)211 – 7778-121
Email: [e-mail]
Till van Treeck
Phone: +49(0)211 – 7778-334
Email: [e-mail]
CONFERENCE OVERVIEW
3
CONFERENCE OVERVIEW
THURSDAY, 27 OCTOBER 2011
Introductory lectures on post-Keynesian Economics for graduate students
09.00 – 09.30 Welcoming and information on the network and its summer school
09.30 – 11.00 Introductory lecture I
11.00 – 11.30 Coffee break
11.30 – 13.00 Introductory lecture II
13.00 – 14.30 Lunch
14.30 – 16.00 Introductory lecture III
FRIDAY, 28 OCTOBER 2011
10.30 – 12.00 Arrival and registration
12.00 – 12.15 Welcome and introduction
12.15 – 14.15 Plenary session I
14.15 – 15.00 Coffee break
15.00 – 17.00 Parallel graduate student sessions S
S1 Debt
and economic policy I
S2
The European crisis I
S3
Topics in macro-economics I
S4
International imbalances I
S5
Distribution and growth I
S6
Topics in macro-economics II
Room: Ballsaal
Room: Steglitz
Room: Lankwitz
Room: Zehlendorf
Room: Atrium
Room: Studio
17.00 – 17.30 Coffee break
17.30 – 19.30 Parallel sessions A
A1 Topics in macro-economics III
A2
The European Crisis II
A3
Financial instability I
A4
Investment and growth
A5
Limited resources and inequality
A6
Special session: Developing Quantitative Marxian Economics
Room: Ballsaal
Room: Steglitz
Room: Lankwitz
Room: Zehlendorf
Room: Atrium
Room: Studio
19.30 – 20.30 Panel discussion
20.30 Dinner
CONFERENCE OVERVIEW
4
SATURDAY, 29 OCTOBER 2011
09.00 – 11.00 Parallel sessions B
B1
Debt and economic policy II
B2
The European Crisis III
B3
Special session: Financial instability II
B4
International imbalances III
B5
Distribution and growth II
B6
Labour market and social security
Room: Ballsaal
Room: Steglitz
Room: Lankwitz
Room: Zehlendorf
Room: Atrium
Room: Studio
11.00 – 11.30 Coffee break
11.30 – 13.30 Parallel sessions C
C1
Debt and economic policy III
C2
The European Crisis IV
C3
Special session: Financial instability III
C4
International imbalances IV
C5
Inequality
C6
Topics in macro-economics IV
Room: Ballsaal
Room: Steglitz
Room: Lankwitz
Room: Zehlendorf
Room: Atrium
Room: Studio
13.30 – 15.00 Lunch
15.00 – 17.00 Parallel sessions D
D1
Debt
and economic policy IV
D2
The European crisis V
D3
Financial instability IV
D4
International imbalances II
D5
Distribution and growth III
D6
Topics in macro-economics V
Room: Ballsaal
Room: Steglitz
Room: Lankwitz
Room: Zehlendorf
Room: Atrium
Room: Studio
17.00 – 17.45 Coffee break
17.45 – 19.45 Plenary session II
20.00 Dinner
DETAILED PROGRAMME
5
THURSDAY, 27 – FRIDAY, 28 OCTOBER 2011
DETAILED PROGRAMME
THURSDAY, 27 OCTOBER 2011
Introductory workshop on post-Keynesian Economics
09.00 – 09.30
Welcoming and information on the network and its summer school Steglitz
N.N.
09.30 – 11.00
Introductory workshop I Steglitz
Post-Keynesian and New Keynesian Economics
Philip Arestis, University of Cambridge, UK, and University of the Basque Country, Spain
11.00 – 11.30 Coffee break
11.30 – 13.00
Introductory workshop II Steglitz
A post-Keynesian macroeconomic model of inflation, distribution and employment
Eckhard Hein, Berlin School of Economics and Law, Germany
13.00 – 14.30 Lunch
14.00 – 16.00
Introductory workshop III Steglitz
Modelling post-Keynesian macrodynamics: expectations, animal spirits and ‘shifting equilibrium’
Mark Setterfield, Trinity College, Hartford, CT, USA
FRIDAY, 28 OCTOBER 2011
10.30 – 12.00 Arrival and registration
12.00 – 12.15
Welcome and introduction Ballsaal
N.N.
12.15 – 14.15
Plenary session I Ballsaal
Imbalances and debt
Chair: N.N.
 European imbalances and the crisis of the European Monetary Union
Jan Priewe, HTW Berlin, Germany
 The Keynes solution for preventing global imbalances
Paul Davidson, University of Tennessee, Knoxville, TS, USA
 Imbalances? What imbalances? A dissenting view
Randall Wray, University of Missouri, Kansas City, USA
14.15 – 15.00 Coffee break
15.00 – 17.00 Parallel graduate student sessions S
17.00 – 17.30 Coffee break
17.30 – 19.30 Parallel sessions A
19.30 – 20.30
Panel discussion Ballsaal
The European crisis: Causes and solutions
Chair: Sebastian Dullien, HTW Berlin, Germany
Jakob von Weizsäcker, Ministry for Economy, Labour and Infrastructure, Government of Thuringia, Germany
Randall Wray, University of Missouri, Kansas City, USA
20.30 Dinner
PARALLEL SESSIONS S
6
Friday, 28 OCTOBER 2011 15.00 – 17.00
PARALLEL SESSIONS S
S1 Ballsaal
S2 Steglitz
Debt and economic policy I
Chair: N.N.
The European crisis I
Chair: N.N.
 Explaining Automatic Stabilisers in a Cross-Section of Countries - It's the Welfare State
Dominik Bernhofer, ÖH Bundesvertretung, Austria
 The Keynesian Multiplier,Credit-Money and Time
Sebastian Gechert, Chemnitz University of Technology, Germany
 Seigniorage – Where does it come from and who gets it? The quantity theory, the money multiplier, money creation and seigniorage
Jens Reich, Goethe Universität Frankfurt, Germany
 Current Account Imbalance in the Euro Area. An Empirical Analysis of Main Determinants in Germany, Spain and Greece
Jan Behringer, Eberhard-Karls-Universität, Tübingen, Germany
 New Policy perspectives from the Baltic States
Alexander Pfannkuche, Bremen University of Applied Science, University of Hamburg, Germany
 Public debt in the euro area and the European integration: can we create a positive link?
Thibault Cuénoud, ESCEM Paris, France
S3 Lankwitz
S4 Zehlendorf
Topics in macroeconomics I
Chair: N.N.
International imbalances I
Chair: N.N.
 An agent-based structuralist model of cycles and growth
Christian Schoder The New School for Social Research, New York, USA
 Industrial seigniorage, the other face of competition
Jordan Melmiès, University of Lille 1, France
 The Kaleckian model in the long run: Economies of Scale as a source for Hysteresis
Michalis Nikiforos, New School for Social Research, N.Y., USA
 Trade balances in Germany and the United States: Demand dominates price
Enno Schröder, New School for Social Research, USA
 Exchange rate misalignments and economic growth
Nabil Aflouk, Paris North University; France
 On the determinants of exchange rate misalignments
Jamel Saadaoui, University of Paris North, France
 Brazil and its recent capital controls
Bruno Thiago Tomoi, Berlin School of Economics and Law, Germany; Mohamed Amal
S5 Atrium
S6 Studio
Distribution and growth I
Chair: N.N.
Topics in macroeconomics II
Chair: N.N.
 Workers’ borrowing in a basic post-Keynesian model of growth and income distribution
Emilia Marsellou, National and Kapodistrian University of Athens, Greece
 Income inequality, over-indebtedness and financial instability. Essay on a Keynes-Goodwin-Minsky macrodynamic model
Elom K. Ezuho, Université d’Auvergne, France
 Balance of payments constrained growth and income distribution
Almut Kretschmann, Berlin School of Economics and Law, Germany
 The Impact of Sectoral Volatility and Transaction Costs on Long Term Growth: An Application for EU Countries
Fatih Sahan, Çankırı Karatekin University, Turkey, Abdullah Karasan
 The ECB and its monetary policy – Between nostalgia and anti-growth agenda
Christopher Knupp, Berlin School of Economics and Law, Germany
 New Instruments for Banking Regulation and Monetary Policy after the Crisis Daniel Detzer, Berlin School of Economics and Law, Germany
17.30 – 19.30 FRIDAY, 28 OCTOBER 2011
PARALLEL SESSIONS A
7
PARALLEL SESSIONS A
A1 Ballsaal
A2 Steglitz
Topics in macroeconomics III
Chair: N.N.
The European Crisis II
Chair: N.N.
 Aggregate demand, instability, and growth Steven M. Fazzari, Washington University, St. Louis, USA; Piero E. Ferri, Edward G. Greenberg, Anna Maria Variato
 The monetary and fiscal nexus of neo-chartalism: A friendly critical look
Marc Lavoie,University of Ottawa, Canada
 The Post Keynesian case for low interest rates
Basil Moore, Stellenbosch University, South Africa
 Peripheral Europe’s Debt and German Wages. The Role of Wage Policy in the Euro Area
Engelbert Stockhammer, Kingston University, UK
 Current account imbalances, Monetary Policy and “European Southernification Giuseppe Fontana, University of Leeds, UK; Emiliano Brancaccio
 Asymmetries and macroeconomic imbalances in the euro-zone
Catherine Sifakis-Kapetanakis, Université Pierre Mendès- France, Grenoble, France
 The tragedy of UK fiscal policy
Malcolm Sawyer, University of Leeds, UK
A3 Lankwitz
A4 Zehlendorf
Financial instability I
Chair: N.N.
Investment and growth
Chair: N.N.
 Modeling Financial Instability Toichiro Asada, Chuo University, Tokyo, Japan
 Increasing inequality and financial instability
Peter Skott, University of Massachusetts, Amherst, USA
 The two-price model revisited. A Minskian-Kaleckian reading of the process of ‘financialization’
Marco Passarella, University of Bergamo, Italy
 Financial instability and financial reform projects: The message from the General Theory
Elisabetta De Antoni, University of Trento, Italy
 Aggregate savings, financial savings, and investment Fernando J. Cardim de Carvalho, Federal University of Rio de Janeiro, Brazil
 Modelling Accumulation: An Empirical Application of the Acceleration Principle under Uncertainty
Ana Rosa González Martínez, University of Castilla-La Mancha, Spain; Philip Arestis, Óscar Dejuán
 Profit Trends and Investment Levels amongst Developed Economies
Jonathan Perraton, University of Sheffield, United Kingdom
A5 Atrium
A6 Studio
Limited resources and constraints on growth
Chair: N.N.
Special session: Developing Quantitative Marxian Economics
Chair: Peter Flaschel
 Decoupling Economic Growth and Natural Resource Use: Are there Socially Feasible Alternatives to Zero-Growth?
Florian Hartmann, University of Osnabrück, Germany
 Short-run and long-run post-crisis policies: Are there better options to achieve sustainable growth?
Richard Werner, University of Southampton, UK
 National innovation system and external constraint on growth: theoretical approach and some empirical evidence
Marco Flávio da Cunha Resende, UFMG, Brazil; Daniela Almeida Raposo Torres
 The Sources of Profitability
Nils Fröhlich, TU Chemnitz, Germany; Peter Flaschel
 Exploitation and Profits: A General Axiomatic Approach with Heterogeneous Agents Roberto Veneziani, Queen Mary University, London, UK; Naoki Yoshihara
 Exploitation and the Unequal Exchange of Labour: An Axiomatic Approach Naoki Yoshihara, Hitotsubashi University, Tokyo, Japan; Roberto Veneziani
DETAILED PROGRAMME
8
SATURDAY, 29 OCTOBER 2011
DETAILED PROGRAMME
SATURDAY, 29 OCTOBER 2011
09.00 – 11.00 Parallel sessions B
11.00 – 11.30 Coffee break
11.30 – 13.30 Parallel sessions C
13.30 – 15.00 Lunch
15.00 – 17.00 Parallel sessions D
17.00 – 17.45 Coffee break
17.45 – 19.45
Plenary session II Ballsaal
Growth: perspectives for theory and policy
Chair: N.N.
 Towards a social and sustainable growth model
Hansjörg Herr, Berlin School of Economics and Law, Germany
 Exploring the supply side of Kaldorian growth models
Mark Setterfield, Trinity College, Hartford, CT, USA
 Power, uncertainty and income distribution: Towards a theory of crisis
Amitava Dutt, University of Notre Dame, IN, USA
20.30 Dinner
PARALLEL SESSIONS B
9
09.00 – 11.00 SATURDAY, 29 OCTOBER 2011
PARALLEL SESSIONS B
B1 Ballsaal
B2 Steglitz
Debt and economic policy II
Chair: N.N.
The European Crisis III
Chair: N.N.
 Quantitative easing, Functional Finance, and the “neutral” interest rate
Alfonso Palacio-Vera, Universidad Complutense de Madrid, Spain
 Policies for sustainable growth
Gennaro Zezza, University of Cassino, Italy
 Policy Implications of the 'Great Recession'
Philip Arestis,University of Cambridge, UK, and University of the Basque Country, Spain
 The Anachronism of the 90% Government Debt/GDP Ceiling: Why Post-Crisis Fiscal Consolidation in the G-7 is Premature
Photis Lysandrou, London Metropolitan University, UK
 The ESM (European Stability Mechanism): structure, shortcomings and alternatives
Helge Peukert, University of Erfurt, Germany
 Greece economic development under distress: Post-Keynesian proposals for regional and structural reform
Elisabeth Springler, Wirtschaftsuniversität Wien, Austria
 Balance of payments deficit, unemployment and public sector debt in a Monetary Union - The recipe for continuous stagnation
Jesper Jespersen, Roskilde University, Denmark
 Europe’s crisis: origins and solutions.
Domenica Tropeano, University of Macerata, Italy; Alessandro Vercelli
B3 Lankwitz
B4 Zehlendorf
Special session: Financial instability II
Chair: Yeva Nersisyan
International imbalances III
Chair: N.N.
 Minsky, PostKeynesianism and the Socialisation of Investments
Riccardo Bellofiore, University of Bergamo, Italy
 Liquity Trap, Quantitative Easing, and Asset Prices: a critical essay in monetary theory Felipe Rezende, Hobart and William Smith College, Geneva, NY, USA
 Internationalization of Money Manager Capitalism Flavia Dantas, University of Missouri, Kansas City, USA
 Keynes in Beijing: the savings-investment relation in China in light of global imbalances
Andrew M. Fischer, Erasmus University Rotterdam, the Netherlands
 The long-term "optimal" real exchange rate and the currency overvaluation trend in open emerging economies: the case of Brazil"
André Nassif, Brazilian Development Bank (BNDES), Brazil; Carmem Feijó, Eliane Araújo
 Brazil Responses to the Global Financial Crisis: a well succeed example of Keynesian policies?
Fernando Ferrari-Filho, UFRGS, Brazil; Daniela Magalhães Prates, André Moreira Cunha
 Are the current account imbalances between EMU countries sustainable? Evidence from parametric and non-parametric tests Christian Proano, New School for Social Research, USA; Christian Schoder, Willi Semmler
B5 Atrium
B6 Studio
Distribution and growth II
Chair: N.N.
Labour market and social security
Chair: N.N.
 Is demand wage-led or profit-led? a global mapping
Özlem Onaran, University of Westminster, London, UK
 How promising is wage restraint for a large economy? The example of Germany before and during the current crises
Torsten Niechoj, IMK, Germany
 Functional Income Distribution and Growth in Thailand: Single Equation Estimations Based on Bhaduri/Marglin Model
Bruno Jetin, University of Paris 13, France; Ozan E. Kurt
 The impact of income distribution on consumption and saving: a reassessment
Olivier Allain, Université Paris Descartes et Centre d’Economie de la Sorbonne (CES), Paris, France
 The Political Setting of Social Security Contributions in Europe in the Business Cycle
Toralf Pusch, Institut für Wirtschaftsforschung Halle, Germany; Ingmar Kumpmann
 The German Labour Market Miracle: Working time reduction was key
Fabian Lindner, IMK, Germany
 Minimum wages, wage structure and employment: theory and European evidence
Andrew Watt, European Trade Union Institute (ETUI), Brussels, Belgium; Hansjörg Herr
PARALLEL SESSIONS C
10
SATURDAY, 29 OCTOBER 2011 11.30 – 13.30
PARALLEL SESSIONS C
C1 Ballsaal
C2 Steglitz
Debt and economic policy III
Chair: N.N.
The European Crisis IV
Chair: N.N.
 Public debt and Full Employment
Soon Ryoo, Adelphi University, Garden City, NY, USA; Peter Skott
 On some Income Effects of Public Debt
Karl Betz, Fachhochschule Südwestfalen/Meschede, Germany
 How to make discretionary fiscal policy anti-cyclical
Pedro Leão, ISEG, Technical University of Lisbon, and WUECE, Portugal
 The roles of monetary policy for economic growth: from the view point of an endogenous market structure Takashi Ohno, Ritsumeikan University, Japan
 Objectives of EU macroeconomic policy coordination: what is to be done now? Massimo Cingolani, European Investment Bank, Luxembourg
 Towards macroeconomic rebalancing in the Euro area? Some remarks on the Stability Programmes 2011-14 Till van Treeck, IMK, Germany; Achim Truger
 Disciplining European governments by making their sovereign debt defaultable: Was it worth it? Andrea Terzi, Franklin College, Sorengo, Switzerland
C3 Lankwitz
C4 Zehlendorf
Special session: Financial instability III
Chair: L. Randall Wray
International imbalances IV
Chair: N.N.
 Financial Instability in the Eurozone Yeva Nersisyan, University of Missouri, Kansas City, USA
 Can “It” Happen again? Financial System and Economic Growth of China Jinxing Guo, University of Missouri, Kansas City, USA
 FDI in China: A Sovereign Currency Perspective Xinhua Liu, Shaanxi Normal University, China, China
 Global imbalances, capitalism and democracy
Claus Thomasberger, HTW Berlin, Germany
 Explaining Global Financial Imbalances: A Critique of the Saving Glut and Reserve Accumulation Hypotheses
Tom Palley, New America Foundation, New York,USA
 Explaining the performance of Italian exports during the crisis: does quality matter?
Piero Esposito, Sant’Anna School of Advanced Studies, Pisa, Italy; Claudio Vicarelli
 Macroeconomic imbalances in a two-country post-Keynesian model
Stefan Ederer, WIFO Austrian Institute of Economic Research, Austria
C5 Atrium
C6 Studio
Inequality
Chair: N.N.
Topics in macroeconomics IV
Chair: N.N
 The role of skills in explaining the decline in the labour share of income
Matthieu Charpe, International Labour Organization, Genève, Switzerland
 De-Composition of the Labour Share of Income – The Development of Functional Income Distribution in Selected Advanced Economies Hagen Krämer, Karlsruhe University of Applied Sciences, Germany
 Connecting the functional and personal distribution of income
Kai Schmid, IAW, Tübingen, Germany
 The wealthy after the financial crisis
Martin Schürz, OeNB Österreichische Nationalbank, Wien, Austria
 Speculative capitals and demand pull inflation below full employment Angel Asensio, Univ-Paris13, France
 Monetary circuit with multi-period credit
Edouard Cottin-Euziol, Université de Limoges, France
 Arbitrage sequences and Leijonhufvud’s corridor hypothesis Dany Lang, CEPN, University of Paris13, France; Rod Cross, Victor Kozyakin, Brian O'Callaghan, Alexei Pokrovskii, AlexeyPokrovskiy
 Methodological innovations in Keynesian heterodoxy Tatyana Gaidai, Taras Shevchenko National University of Kyiv, Ukraine
PARALLEL SESSIONS D
11
15.00 – 17.00 SATURDAY, 29 OCTOBER 2011
PARALLEL SESSIONS D
D1 Ballsaal
D2 Steglitz
Debt and economic policy IV
Chair: N.N.
The European crisis V
Chair: N.N.
 Do we need fiscal rules?
Catherine Mathieu, OFCE, France; Henri Sterdyniak
 Fiscal policy rules - some theoretical remarks on what they are, why they matter and where mainstream economists err.
Henner Will, IMK, Germany
 The dynamics of selected Euro countries public debt: Alternative paths for fiscal consolidation
Antonio Paradiso, University of Rome La Sapienza, Italy; Piero Esposito, Bhaskara Rao
 Debt crisis, fiscal austerity and the financial fragility and instability in the Greek economy
Maria Nikolaidi, University of Athens, Greece; Giorgios Argitis
 Fiscal sustainability and debt dynamics: the case of Greece
Yannis Monogios, Centre of Planning and Economic Research, Athens, Greece
 Portuguese economic growth at the crossroads of the euro and globalization
Luís Lopes, University of Coimbra, Portugal; Júlio Mota, Margarida Antunes
 The Spanish crisis
Jesus Ferreiro, University of the Basque Country, Spain; Felipe Serrano
D3 Lankwitz
D4 Zehlendorf
Financial instability IV
Chair: N.N.
International imbalances II
Chair: N.N.
 Securitization and financial crisis: reexamining the measures to deal with the crisis in the Shadow Banking System Masao Ishikura, Hitotsubashi University, Tokyo, Japan
 Financialization and International Trade Theory
Michael Hudson, University of Missouri, Kansas City (UMKC),USA
 The seventh stage of the evolution of the banking system and the shadow banking system
Daniela Magalhães Prates, University of Campinas, Brazil; Maryse Farhi
 Risk Uncertainty and financial concentration
Hasse Ekstedt, University Göteborg, Sweden
 Capital account management regimes in emerging market economies
Jörg Bibow, Skidmore College and Levy Economics Institute, New York, USA
 Exchange Rate Dynamics in a Peripheral Monetary Economy
Rogerio Andrade, University of Campinas, Brazil; Daniela M. Prates
 Global Imbalances in Emerging Economies
Sunanda Sen, India
 Brazil, developing economies and private international capital flows: the (new) challenges in the post-crisis scenario
A. Martins Biancareli, State University of Campinas, Brazil
D5 Atrium
D6 Studio
Distribution and growth III
Chair: N.N.
Topics in macroeconomics V Chair: N.N.
 Functional and personal income distribution in a stock-flow consistent model Yannis Dafermos, University of Athens and Labour Institute, Greece; Christos Papatheodorou
 Growth and distribution: A dynamic Kaleckain approach
Claudio Sardoni, Sapienza University of Rome, Italy; F. Patriarca
 Multisectoral Keynesian/Kaleckian Models
Marco Missaglia, University of Pavia, Italy
 Finance-dominated capitalism, re-distribution, household debt and financial fragility in a Kaleckian distribution and growth model Eckhard Hein, Berlin School of Economics and Law, Germany
 Asymmetric Information in Credit Markets, Bank Leverage Cycles and Macroeconomic Dynamics
Ansgar Rannenberg, National Bank of Belgium
 Keynesian DSGD(isequilibrium) Modeling: Fiscal and Monetary Policies and Heterogeneous Expectation Formation Peter Flaschel, Bielefeld University, Germany; Matthieu Charpe, Florian Hartmann, Roberto Veneziani
 Credit Constraints, Profitability, and Animal Spirits in a Stock-Flow Consistent Model of Investment and Growth
Daniele Tavani, Colorado State University, CO, USA
 Excess Bank Reserves and Monetary Policy with a Lower-Bound Lending Rate
Tarron Khemraj, New College of Florida, FL, USA; Chistian Proano, New School for Social Research
VENUE
12
VENUE
Best Western Hotel Steglitz International
Albrechtstr. 2
12165 Berlin
Germany
Phone: +49(0)30 - 790050