Levy Economics Institute of Bard College
Annandale-on-Hudson, New York
April 19–20, 2007
The 2007 Hyman P. Minsky Conference drew upon public discussions on the United States and world economies in the context of prevailing economic trends and their implications. The presenters—top policymakers, economists, and analysts—addressed such topics as fiscal and monetary policies for continued growth and employment; currency market fluctuations and the consequent exchange-rate misalignments, as well as possible cures; and the US household and trade deficits, their implications for growth and employment, and their effect on the conduct of monetary and fiscal policy. The United States’ role in the global marketplace was examined in view of the current international economic landscape.
Programme
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| THURSDAY, APRIL 19 |
| 9:00–10:00 a.m. |
BREAKFAST AND REGISTRATION |
| 10:00–10:45 a.m. |
WELCOME AND INTRODUCTION |
“Global Imbalances: The U.S. and the Rest of the World”
Dimitri B. Papadimitriou, The Levy Economics Institute
View PowerPoint |
| 11:00 a.m.–12:45 p.m. |
SESSION 1 – THE STATE OF THE U.S. AND WORLD ECONOMIES |
Moderator: Dimitri
B. Papadimitriou, The Levy Economics InstituteSpeakers:
“Monitoring Windows of Vulnerability, or, How to Stop Crying Wolf”
Lakshman Achuthan, Economic Cycle Research Institute
View PowerPoint“Financiers Gone Wild: Entering a Minsky Moment for the U.S. Household Sector”
Robert W. Parenteau, RCM
View PowerPoint |
| 12:45–2:30 p.m. |
LUNCH |
“Can the European Economy Decouple from the U.S.?”
Speaker: Wolfgang Munchau, Financial Times |
| 2:45–4:15 p.m. |
SESSION 2 – MONETARY POLICY IN THE U.S. ECONOMY |
Moderator: Greg Hannsgen, The Levy Economics InstituteSpeakers:
“Lessons from the Great Inflation and Disinflation”
Torsten Slok, Deutsche Bank Securities, Inc. “Four Global Asset Price Bubbles in Twenty Years—A Historic Anomaly or the Wave of the Future?”
Robert Z. Aliber, University of Chicago |
| 4:15–4:45 p.m. |
COFFEE BREAK |
| 4:45–6:15 p.m. |
SESSION 3 – FINANCIAL INSTABILITY IN A GLOBAL ECONOMY |
Moderator: W. Ray Towle, The Levy Economics Institute Speakers:
“From the Glut of Savings to the Glut of Dollars”
Korkut Ertürk, The Levy Economics Institute and University of Utah
View PowerPoint“Mutual Economic Policy Interests and Global Imbalances: Developed and Developing Countries in a Globally Integrated Trade and Financial System”
Jan A. Kregel, The Levy Economics Institute and University of Missouri–Kansas City
“Stabilizing the Unstable Economy, Revisited: Extending Minsky’s Analysis to the Open Economy”
L. Randall Wray, The Levy Economics Institute and University of Missouri–Kansas City
View PowerPoint |
| 6:30–7:15 p.m. |
RECEPTION |
| 7:15 p.m. |
DINNER |
| FRIDAY, APRIL 20 |
| 9:00–9:30 a.m. |
BREAKFAST |
| 9:30–10:15 a.m. |
“The Cult of Zero”
Speaker: James K. Galbraith, The Levy Economics Institute and University of Texas at Austin |
| 10:30 a.m.–12:15 p.m. |
SESSION 4 – THE MACROECONOMIC PROSPECTS FOR THE U.S. ECONOMY |
Moderator: Ajit Zacharias, The Levy Economics InstituteSpeakers:
“Economic and Financial Market Outlook”
James W. Paulsen, Wells Capital Management“Who Is the Heir Apparent
to Alan Greenspan? Hu Indeed!”
Robert J. Barbera, ITG“The 2007–2008 Outlook…Growth without the Steroids”
James E. Glassman, J. P. Morgan Securities, Inc. |
| 12:15–2:00 p.m. |
LUNCH |
“The U.S. Economic Outlook”
Speaker: Frederic S. Mishkin, Federal Reserve Board
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