News & Events

Conference | May 2011

The Wynne Godley Memorial Conference: Contributions in Stock-flow Modeling

Levy Economics Institute of Bard College
Annandale-on-Hudson, NY

May 25–26, 2011

Wynne Godley’s work focused on the strategic prospects for the US, UK, and world economies, and the use of accounting macroeconomic models to reveal structural imbalances. This conference will provide scholars profoundly influenced by his work the opportunity to celebrate his contributions to the field of economics. Topics will include fiscal policy and stock-flow consistent models; unsustainable processes and the role of the dollar in fostering global imbalances; stability and convergence programs; trade and current account imbalances and international currencies; financial integration, intrazone credit, and stabilization in a monetary union; debt-deflation traps within small open economies; and the UK and US private expenditure function.


Wednesday, May 25

2:00−2:15 p.m. Welcome and Introductory Remarks
SPEAKER: Dimitri B. Papadimitriou, President, Levy Institute
2:15−4:00 p.m. Session 1
MODERATOR: Dimitri B. Papadimitriou, Levy Institute
SPEAKERS: Marc Lavoie, Professor, University of Ottawa
“From Macroeconomics to Monetary Economics: Some Persistent Themes in the Theory” (PDF)
(PowerPoint presentation in PDF)
Anwar Shaikh, Professor, New School for Social Research
“Three Balances and Twin Deficits: Godley versus Ruggles and Ruggles” (PDF)
Slide presentation (PDF)
Gennaro Zezza, Research Scholar, Levy Institute, and Professor, University of Cassino
“Stock-flow Consistent Monetary Circuits”
(PowerPoint presentation in PDF)
4:00−4:30 p.m. Coffee Break
4:30−5:45 p.m. Session 2
MODERATOR: Taun Toay, Research Analyst, Levy Institute
SPEAKERS: Tiago Mata, Research Fellow, Duke University
“Godley Works in Mysterious Ways: The Craft of Economic Judgment in Postwar Britain” (PDF)
Slide presentation (PDF)
L. Randall Wray, Senior Scholar, Levy Institute, and Professor, University of Missouri–Kansas City
“Godley Got It Right” (PDF)
(PowerPoint presentation in PDF)
5:45 p.m. Reception and Dinner
SPEAKER: Jan Kregel, Senior Scholar, Levy Institute
“Opening for the Wynne Godley Show”

Thursday, May 26

9:00−9:30 a.m. Breakfast
9:30−11:00 a.m. Session 3
MODERATOR: Ajit Zacharias, Senior Scholar, Levy Institute
SPEAKERS: Jacques Mazier, Professor, University of Paris North, CEPN-CNRS
“Financial Integration and Stabilization in a Monetary Union without or with Bank Rationing” (PDF)
(PowerPoint presentation in PDF)
Malcolm Sawyer, Professor, University of Leeds
“The Effectiveness of Fiscal Policy in the Stock-flow Levy Model” (PDF)
(PowerPoint presentation in PDF)
11:00−11:30 a.m. Coffee Break
11:30 a.m. − 12:45 p.m. Session 4
MODERATOR: Thomas Masterson, Research Scholar, Levy Institute
SPEAKERS: Stephen Kinsella, Lecturer, University of Limerick
“Debt-deflation Traps within Small Open Economies: A Stock-flow Consistent Perspective” (PDF)
Slide presentation (PDF)
Jan Toporowski, Reader in Economics, University of London
“The Stock-flow Consistent Approach with Active Financial Markets” (PDF)
(PowerPoint presentation in PDF)
12:45−2:45 p.m. Lunch
SPEAKER: John Maloney, Professor, University of Exeter Business School
“Godley, Cambridge and the Treasury”


Stephen Kinsella
University of Limerick

Jan Kregel
Levy Economics Institute and Tallinn Technical University

Marc Lavoie
University of Ottawa

Edwin Le Heron
Bordeaux Institute of Political Studies and CED (Centre Émile Durkheim)

Tiago Mata
Center for the History of Political Economy, Duke University

Jacques Mazier
University of Paris North, CEPN-CNRS

Dimitri B. Papadimitriou
Levy Economics Institute

Malcolm Sawyer
University of Leeds

Anwar Shaikh
New School for Social Research

Jan Toporowski
School of Oriental and African Studies, University of London

L. Randall Wray
Levy Economics Institute and University of Missouri–Kansas City

Gennaro Zezza
Levy Economics Institute and University of Cassino

Press Contact

Mark Primoff
Director of Communications
Phone: 845-758-7412
Fax: 845-758-7411
To request an interview, e-mail: [email protected]