Seminar and Conference
The Hyman P. Minsky Summer Seminar and Conference
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 I Jan 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 II Steven 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 Institute Roberto 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 Institute Marc 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 Institute Steve 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 Institute Soon 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 Institute Henry 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 Institute Arie 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 Cassino Arturo 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 Institute Daniel 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 Institute Felipe 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 Institute Rob 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 Institute C. 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 Institute Radhouan 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 |