The Hyman P. Minsky Summer Seminar and Conference

Organized by the Levy Economics Institute of Bard College with support from the Ford Foundation

Levy Institute
Blithewood
Annandale-on-Hudson, New York

June 19–29, 2010

The Levy Economics Institute of Bard College is pleased to announce that it will hold a Minsky summer seminar in June 2010. The Seminar will provide a rigorous discussion of both theoretical and applied aspects of Minsky’s economics, with an examination of meaningful prescriptive policies relevant to the current economic and financial crisis. The Seminar will consist of a Summer School from June 19 to 26, 2010, followed by an International Conference on June 27–29, both to be held at the Levy Economics Institute of Bard College.

The Summer School will be of particular interest to graduate students, recent graduates and those at the beginning of their academic or professional careers. The teaching staff will include well-known economists concentrating on and expanding Minsky’s work.

Applications may be made to Susan Howard at the Levy Institute ([email protected]), and should include a current curriculum vitae. Admission to the Summer School will include provision of room and board on the Bard campus. Small travel reimbursements of $100 for US fellows and $300 for foreign fellows will be available for a limited number of participants. Participants in the Summer School will be able to attend the Conference without charge.

The Conference will provide a forum for the presentation and discussion of papers and work in progress dealing with Minskyan themes. Preference will be given to applicants presenting contributions in the following areas: stock-flow modeling and policy simulations; financial fragility; reconstituting the financial structure; modern money, endogeneity, and functional finance; asset bubbles; and employment of last resort (ELR) and macroeconomic stability.

Applications to attend the Conference may be made to Susan Howard ([email protected]), and should include an abstract of the proposed presentation. A registration fee of $200 covering meals and materials will be required for attendance and participation in the Conference program. Bookings for hotel lodging at a preferential rate will be available to those who attend.

Summer school and conference programs will be organized by Jan Kregel, Dimitri B. Papadimitriou and L. Randall Wray.

A user name and password are required for the Summer Seminar webpage.

• Participating students may log in to the Summer Seminar webpage by clicking here

 

Programme

Seminar Program

Saturday, June 19

1:30–2:45 p.m.	Welcome and Introduction to Minsky and the Levy Institute Dimitri B. Papadimitriou, Levy Economics Institute
2:45–3:15 p.m.	Break
3:15–4:30 p.m.	General Introduction to Minsky and Financial Reform Jan Kregel, Levy Economics Institute and Tallinn Technical University
4:30–6:30 p.m.	Reception
6:30–7:00 p.m.	Dinner

Sunday, June 20

8:30−9:45 a.m.	Minsky, Marx, Veblen, and Chicago John Henry, University of Missouri–Kansas City
9:45−10:15 a.m.	Break
10:15−11:45 a.m.	Role of Kalecki/Levy Profit Equation Jan Toporowski, School of Oriental and African Studies, University of London
11:45 a.m.−1:30 p.m.	Lunch
1:30−2:45 p.m.	Poverty and Guaranteed Employment Programs Rania Antonopoulos, Levy Economics Institute
2:45−3:15 p.m.	Break
3:15−4:30 p.m.	Employer of Last Resort and Poverty Reduction Pavlina Tcherneva, Franklin and Marshall College
4:30−6:30 p.m.	Student Activities
6:30−7:00 p.m.	Dinner

Monday, June 21

8:30–9:45 a.m.	It’s the Right Moment to Embrace the Minsky Model Robert Barbera, Investment Technology Group, Inc.
9:45–10:15 a.m.	Break
10:15–11:45 a.m.	Financial Instability Hypothesis as Institutional/Evolutionary Theory John Henry, University of Missouri–Kansas City
11:45 a.m.–1:30 p.m.	Lunch
1:30–2:45 p.m.	Minsky and Modern Money L. Randall Wray, Levy Economics Institute and University of Missouri–Kansas City
2:45−3:15 p.m.	Break
3:15−4:30 p.m.	Economic Development and Financing Employment Guarantee Programs Mathew Forstater, University of Missouri–Kansas City
4:30−6:30 p.m.	Student Activities
6:30−7:00 p.m.	Dinner

Tuesday, June 22

8:30–9:45 a.m.	Monetary Operations and Government Finance: An Application of Minsky’s Hierarchy of Money Stephanie A. Kelton, University of Missouri–Kansas City
9:45–10:15 a.m.	Break
10:15–11:45 a.m.	Minsky’s “Two Price” Theory Eric Tymoigne, Lewis and Clark College
11:45 a.m.–1:30 p.m.	Lunch
1:30–2:45 p.m.	Can China Pursue a Wage-led Growth Policy? Henry C.K. Liu
2:45−3:15 p.m.	Break
3:15−4:30 p.m.	Functional Finance: Old and New Pavlina Tcherneva, Franklin and Marshall College
4:30−6:30 p.m.	Student Activities
6:30−7:00 p.m.	Dinner

Wednesday, June 23

8:30–9:45 a.m.	Green Jobs and Guaranteed Employment Mathew Forstater, University of Missouri–Kansas City
9:45−10:15 a.m.	Break
10:15−11:45 a.m.	War on Poverty Stephanie A. Kelton, University of Missouri–Kansas City
11:45 a.m.−12:45 p.m.	Lunch
1:30p.m.	Depart for Scenic Hudson River Boat Ride aboard the Rip Van Winkle
5:00 p.m.	Picnic buffet at the Levy Institute

Thursday, June 24

8:30–9:45 a.m.	International Dimensions of Financial Fragility Jan Kregel, Levy Economics Institute and Tallinn Technical University
9:45−10:15 a.m.	Break
10:15−11:45 a.m.	Minsky’s Big Bank—Big Government Interpretation of Post-war Stability Eric Tymoigne, Lewis and Clark College
11:45 a.m.−1:30 p.m.	Lunch
1:30−2:45 p.m.	Minsky-Godley and the Levy Model Gennaro Zezza, Levy Economics Institute and University of Cassino
2:45−3:15 p.m.	Break
3:15−4:30 p.m.	Explanations of the Current Experience of Financial Fragility Panel IJan Kregel, Levy Economics Institute and Tallinn Technical University Dimitri B. Papadimitriou, Levy Economics Institute Stephanie A. Kelton, University of Missouri–Kansas City
4:30−6:30 p.m.	Student Activities
6:30−7:00 p.m.	Dinner

Friday, June 25

8:30–9:45 a.m.	Minsky-Godley and the Financial Balances Approach Marc Lavoie, University of Ottawa
9:45−10:15 a.m.	Break
10:15−11:45 a.m.	Minsky’s Theory of Investment Steven Fazzari, Washington University–St. Louis
11:45 a.m.−1:30 p.m.	Lunch
1:30−2:45 p.m.	Heinz 57 Varieties: Money Manager Capitalism Charles Whalen, School of Industrial and Labor Relations, Cornell University
2:45−3:15 p.m.	Break
3:15−4:30 p.m.	Policies to Resolve the Employment Crisis Paul Davidson, Journal of Post Keynesian Economics and Bernard Schwartz Center for Economic Policy Analysis, The New School Charles Whalen, School of Industrial and Labor Relations, Cornell University L. Randall Wray, Levy Economics Institute and University of Missouri–Kansas City Gennaro Zezza, Levy Economics Institute and University of Cassino
4:30−6:30 p.m.	Student Activities
6:30−7:00 p.m.	Dinner

Saturday, June 26

8:30–9:45 a.m.	US, China and Europe’s imbalances: Problems and scenarios for the Eurozone Marc Lavoie, University of Ottawa
9:45−10:15 a.m.	Break
10:15−11:45 a.m.	The Role of Consumption in Financial Stability L. Randall Wray, Levy Economics Institute and University of Missouri-Kansas City
11:45 a.m.−1:30 p.m.	Lunch
1:30−2:45 p.m.	Special Lecture Keynes, Minsky, and the Post Keynesians Paul Davidson, Journal of Post Keynesian Economics and Bernard Schwartz Center for Economic Policy Analysis, The New School
2:45−3:15 p.m.	Break
3:15−4:30 p.m.	Explanations of the Current Experience of Financial Fragility Panel IISteven Fazzari, Washington University–St. Louis Paul Davidson, Journal of Post Keynesian Economics and Bernard Schwartz Center for Economic Policy Analysis, The New School Jan Toporowski, School of Oriental and African Studies, University of London
4:30−6:30 p.m.	Closure
6:30−7:00 p.m.	Dinner

Conference Program

Sunday, June 27

8:00−9:00am	CONFERENCE REGISTRATION AND CONTINENTAL BREAKFAST
9:00−10:30am	SESSION I          DEVELOPING ECONOMICS Chair: Jan Kregel, Levy Economics InstituteRoberto Borghi, State University of Campinas, Brazil, and Igor Lopes Rocha, State University of Campinas, Brazil, “Non-financial Corporations and Maximizing Shareholder Value: An Approach on Macroeconomic Instability in Emerging Economies” (Link to PDF) (PowerPoint presentation in PDF)Ognjen Radonjic, University of Belgrade, Serbia, and Srdjan Kokotovic, Foundation for the Advancement of Economics “Potemkin Villages Once Again: Ponzi-style Economic Systems of Eastern Europe” (PowerPoint presentation in PDF)
10:30−11:00am	COFFEE BREAK
11:00am−12:30pm	SESSION II          FINANCIAL FRAGILITY Chair: L. Randall Wray, University of Missouri–Kansas City and Levy Economics InstituteMarc Lavoie, University of Ottawa, “Changes in Central Bank Procedures during the Subprime Crisis and Their Repercussions on Monetary Theory” (PowerPoint presentation in PDF)Eric Tymoigne, Lewis and Clark College, “Detecting Ponzi Finance: An Evolutionary Approach to the Measure of Financial Fragility” (PowerPoint presentation in PDF)Jan Toporowski, School of Oriental and African Studies, University of London, “Financial Innovation and Market Liquidity” (PowerPoint presentation in PDF)
12:30−2:00pm	LUNCH
2:00−3:30pm	SESSION III          CIRCUIT AND LIQUIDITY Chair: Dimitri Papadimitriou, Levy Economics InstituteSteve Keen, University of Western Sydney, “Debunking Economics” (PowerPoint presentation in PDF)Christine Sinapi, Groupe ESC Dijon Bourgogne, “Institutional Prerequisites of Financial Fragility within Minsky’s ‘Financial Instability Hypothesis’” (PowerPoint presentation in PDF)Nicholas Snowden, Lancaster University Management School, and Jesús Muñoz Bandala, Universidad Anáhuac del Sur, Mexico, “Financial stability and growth in post‐reform India: a Minskyan enquiry” (PowerPoint presentation in PDF)
3:30−3:45pm	COFFEE BREAK
3:45−5:15pm	SESSION IV          STOCK-FLOW MODELS Chair: Taun Toay, Levy Economics InstituteSoon Ryoo, Adelphi University, “A Stock-Flow Consistent Model of Minskyan Long Waves” (PowerPoint presentation in PDF)Tajkira Khandoker, University of Newcastle, Australia, “Financialization, Fiscal Withdrawal and Real Wage Repression: Modeling the Dynamics of Macroeconomic Instability on a Stock-flow Consistent Framework” (PowerPoint presentation in PDF)Gennaro Zezza, Levy Economics Institute and University of Cassino, “Seven Unsustainable Processes, Again” (PowerPoint presentation in PDF)
5:15−6:45pm	SESSION V          ECONOMIC POLICY Chair: Jan Kregel, Levy Economics InstituteHenry C.K. Liu, “Wage Led Growth in China?”Yeva Nersisyan, University of Missouri–Kansas City, “Does Excessive Sovereign Debt Really Hurt Growth? (PowerPoint presentation in PDF)Anastasia Nesvetailova, City University of London, “The Lingering Puzzles of the Credit Crunch: Towards a Theory of Liquidity Illusion” (PowerPoint presentation in PDF)
7:15pm	DINNER Dinner Speaker: Paul Davidson, Journal of Post Keynesian Economics and Bernard Schwartz Center for Economic Policy Analysis, The New School, “Reforming the World’s Money”

Monday, June 28

8:30−9:00am	CONTINENTAL BREAKFAST
9:00–10:30am	SESSION VI          POLICY APPLICATIONS Chair: Thomas Masterson, Levy Economics InstituteArie Arnon, Ben Gurion University and Van Leer Jerusalem Institute, “The Puzzling Slow Rise of a Theory of Central Banking during the Nineteenth Century: Between Lender of Last Resort, Defensive and Active Monetary Policies” (PowerPoint presentation in PDF)Ronen Palan, University of Birmingham, “The British Imperial Links and European Welfare States in Contemporary Finance” (PowerPoint presentation in PDF)Marie-Pierre Jacquin, Groupe ESC Dijon Bourgogne, and Christine Sinapi, Groupe ESC Dijon Bourgogne, “Financial Fragility in the Automotive Sector: Is the French Automotive Sector ‘Ponzi’ in the Sense of Minsky?” (PowerPoint presentation in PDF)
10:30–11:00am	COFFEE BREAK
11:00am–12:30pm	SESSION VII          MINSKY AND DEVELOPMENT Chair: Gennaro Zezza, Levy Economics Institute and University of CassinoArturo Huerta, UNAM, Mexico City, “Crisis in Mexico: Unlearned Lessons” (PowerPoint presentation in PDF)Noemi Levy, UNAM, Mexico City, “Minsky’s Financial Instability Hypothesis in the New Financial Institutional Framework: What Are the Lessons for Developing Countries?” (PowerPoint presentation in PDF)Gilberto Libanio, Universidade Federal de Minas Gerais (UFMG)–Brazil, “Financial Liberalization and External Vulnerability in Brazil: A Minskyan Approach” (PowerPoint presentation in PDF)
12:30–2:00pm	LUNCH
2:00–3:30pm	SESSION VIII          HISTORY AND CENTRAL BANKING Chair: Ajit Zacharias, Levy Economics InstituteDaniel Conceiçao, University of Missouri–Kansas City, “How Can Government Deficits Help Stabilize a ‘Poker Economy’?” (PowerPoint presentation in PDF)Flavia M.T. Dantas, University of Missouri–Kansas City, and Felipe Rezende, University of Missouri–Kansas City, “Macroeconomic Impacts of an Employer of Last Resort Policy in Brazil” (PowerPoint presentation in PDF)Raina Smyth, Lyrical Partners, LP, “The Use of Visual Metaphors as Tools for Conveying the Ideas of Modern Money and Functional Finance” (PowerPoint presentation in PDF)
3:30−3:45pm	COFFEE BREAK
3:45−5:15pm	SESSION IX          FINANCE AND LIQUIDITY Chair: Taun Toay, Levy Economics InstituteFelipe Rezende, University of Missouri-Kansas City, “Understanding the Run on the ‘Shadow Banking System’” (PowerPoint presentation in PDF)Anastasia Nesvetailova, City University of London, “What Do We Know About Liquidity: Lessons from Minsky and Beyond” (PowerPoint presentation in PDF)Jesús Muñoz Bandala, Universidad Anáhuac del Sur, “A Comparison of Minskyan vs. Orthodox Financial Crises” (PowerPoint presentation in PDF)
5:15−6:45pm	SESSION X          EURO STABILITY Chair: L. Randall Wray, University of Missouri–Kansas City and Levy Economics InstituteRob Parenteau, MacroStrategy Edge, “Of Godley Geometry and the Fatal Deceit of the Eurozone” (PowerPoint presentation in PDF)Michael Hudson, “Eastern Europe’s ‘Third’ Option: Neither Austerity Cutbacks nor Devaluation, but a Taxshift and Modern Monetary Management”
7:00pm	DINNER Dinner Speaker: Sunanda Sen, Indian Council of Social Sciences, “The Melt-down of the Global Economy: A Keynes-Minsky Episode?” (Link to Paper in PDF)

Tuesday, June 29

8:30−9:00am	CONTINENTAL BREAKFAST
9:00–10:30am	SESSION XI          FINANCIAL FRAGILITY Chair: Jan Kregel, Levy Economics InstituteC. Chiarella and Corrado Di Guilmi, University of Technology, Sydney, “The Financial Instability Hypothesis: A Stochastic Microfoundation Framework” (PowerPoint presentation in PDF)Janet Dzator, University of Newcastle, Australia, and Siqiwen Li , University of Newcastle, Australia, La Trobe University, Australia  “Minsky and Economic Policy: Safeguarding Against Instability in Capitalist Economies” (PowerPoint presentation in PDF)Maria Nikolaidi, University of Athens, “Financial Fragility and Banking Sector in a Macroeconomic Model with Minskyan Insights” (PowerPoint presentation in PDF)
10:30–11:00am	COFFEE BREAK
11:00am–12:30pm	SESSION XII          MONETARY POLICY Chair: Dimitri Papadimitriou, Levy Economics InstituteRadhouan Ben Chalbia, University of Sfax, Tunisia, “Conduct of Monetary Policy in Tunisia: Towards Inflation Targeting Perspective” (PowerPoint presentation in PDF)Amine Marouane, University of Sfax, Tunisia, “The Role of Tunisian Monetary Policy in the Economic Crisis: The Case of Tunisia” (PowerPoint presentation in PDF)Yannis Dafermos, University of Athens, “Liquidity Preference, Uncertainty and Debt-Deflation Process in a Stock-Flow Consistent Model.” (PowerPoint presentation in PDF)
12:30pm	LUNCH