2016 Towards Pluralism in Macroeconomics? 20 October – 22 October 2016 20 Years-Anniversary Conference of the FMM Research Network
Plenary Sessions Livestream: www.imk.boeckler.de or www.network-macroeconomics.org Session I: https://livestream.com/dmake/imk1 Session II: https://livestream.com/dmake/imk2 Session III: https://livestream.com/dmake/imk3
20th Conference of the Research Network Venue: Best Western Hotel Steglitz Macroeconomics and International Albrechtstr. 2 Macroeconomic Policies (FMM) 12165 Berlin Organisation
Research Network Macroeconomics and Macroeconomic Policy Institute (IMK) Macroeconomic Policies (FMM) Hans Boeckler Stift ung www.network-macroeconomics.org Hans-Boeckler-Str. 39 40476 Duesseldorf Contact during the Conference: Germany www.imk.boeckler.de Jennifer Büsen/Sabine Nemitz Phone: +49(0)151 18856452 Email: [email protected]
Organising committee
Sebastian Gechert Torsten Niechoj Engelbert Stockhammer Macroeconomic Policy Rhine-Waal University Kingston University Institute (IMK) of Applied Sciences
Achim Truger Andrew Watt HWR Berlin/ Macroe- Macroeconomic Policy conomic Policy Institute Institute (IMK) (IMK) CONFERENCE OVERVIEW THURSDAY, 20 OCTOBER 2016
08.00 – 09.00 Registration
09.00 – 09.30 Welcome and information on the network and it´s events 09.30 – 11.00 Introductury Workshop I: History of Economic Th ought
11.00 – 11.30 Coff ee break
11.30 – 13.00 Introductury Workshop II: Introduction to Post Keynesian Economics
13.00 – 14.00 Lunch
14.00 – 15.30 Introductury Workshop III: Stock-Flow Consistent and Agent-Based Modelling
16.00– 17.15 Registration
17.15 – 17.45 Welcome Adresses 17.45 – 19.45 Plenary session I
20.00 Dinner CONFERENCE OVERVIEW FRIDAY, 21 OCTOBER 2016
09.00 – 11.00 Parallel sessions A Pluralism and History of Eco- Long-Term Economic Financial Macro I Autonomous Teaching nomic Th ought Growth Policy Demand and & Methodology Economic Growth
A1 Ballsaal A2 Steglitz A3 Lankwitz A4 Zehlendorf A5 Atrium A6 Studio 11.00 – 11.30 Coff ee break
11.30 – 13.30 Parallel graduate student sessions S Pluralism, Inequality I Monetary Size Distri- Financial Financiali- Teaching and Policy bution and Macro II sation I Sustainability Growth
S1 Ballsaal S2 Steglitz S3 Lankwitz S4 Zehlendorf S5 Atrium S6 Studio 13.30 – 15.00 Lunch
15.00 – 17.00 Parallel sessions B Environmental Inequality II Labour Market Economics and Economic His- Dynamic Sustainability Transformative tory & History Models, Instabi- and longterm Science. Session of Th ought lity and Cycles I Growth hosted by the Net- work for Pluralism in Economics B1 Ballsaal B2 Steglitz B3 Lankwitz B4 Zehlendorf B5 Atrium B6 Studio
17.00 – 17.45 Coff ee break
17.45 – 19.45 Plenary session II
20.00 Party celebrating the 20th anniversary of the FMM network, fl ying buff et and live music CONFERENCE OVERVIEW SATURDAY, 22 OCTOBER 2016
09.00 – 11.00 Parallel sessions C Inequality III Fiscal Policy Ecological Financial Harrodian, International Macroecono- Macro III Marxian and Trade / Open mics and the Kaleckian Economy I Growth Ques- Models tion
C1 Ballsaal C2 Steglitz C3 Lankwitz C4 Zehlendorf C5 Atrium C6 Studio 11.00 – 11.30 Coff ee break
11.30 – 13.30 Parallel sessions D European Eco- Teaching eco- International Monetary Financialisation Private Sector nomic Policy nomics in the Trade / Open Policy II Wealth and 21st century: preview on a Economy II Debt Routledge compilation
D1 Ballsaal D2 Steglitz D3 Lankwitz D4 Zehlendorf D5 Atrium D6 Studio 13.30 – 15.00 Lunch
15.00 – 17.00 Parallel sessions E Re-thinking Wage-Led Opportunities International Current Dynamic and Obstacles Europe Growth for European Trade / Open Account (Im) Models, Instabi- Fiscal Policies: Economy III Balances lity and Cycles Country Stu- II dies
E1 Ballsaal E2 Steglitz E3 Lankwitz E4 Zehlendorf E5 Atrium E6 Studio
17.00– 17.45 Coff ee break
17.45 – 19.45 Plenary session III
20.00 Dinner THURSDAY, 20 OCTOBER 2016 Introductury lectures
Steglitz Introductury lectures on heterodox economics
09.00 – 09.30 Welcome and information on the network and it´s events Achim Truger (Berlin School of Economics and Law), Ger many
09.30 – 11.00 History of Economic thought Elisabeth Allgoewer (University Hamburg), Germany
11.00 – 11.30 Coff ee break
11.30 – 13.00 Introduction to Post Keynesian Economics Eckhard Hein (Berlin School of Economics and Law), Germany
13.00 – 14.00 Lunch
14.00 – 15.30 Stock-Flow Consistent and Agent-Based Modelling Antoine Godin (Kingston University), UK THURSDAY, 20 OCTOBER 2016 PLENARY SESSION I
Conference: Towards Pluralism in Ballsaal Macroeconomics
17.15 – 17.45 Welcome Adresses Torsten Niechoj (Rhine-Waal University of Applied Sciences) & Philip Arestis (University of Cambridge) 17.45 – 19.45 Plenary Session I: Macroeconomic Th eory - What have we learned? Chair: Torsten Niechoj (Rhine-Waal Universityof Applied Sciences), Germany
Samuelson‘s mistake: How to reconcile Keynes with Walras without bastardizing the General Th eory Roger Farmer (University of California Los Angeles), USA
Behavorial and Complexity Macroeconomics Michael Roos (Ruhr University Bochum), Germany
Post-Keynesian Macroeconomics since the mid -1990s – main developments Eckhard Hein (Berlin School of Economics and Law), Germany
20.00 Dinner FRIDAY, 21 OCTOBER 2016 PLENARY SESSION II
09.00 – 11.00 Parallel sessions A 11.00 – 11.30 Coff ee break 11.30 – 13.30 Parallel graduate student sessions S 13.30 – 15.00 Lunch 15.00 – 17.00 Parallel sessions B 17.00 – 17.45 Coff ee break
Ballsaal 17.45 – 19.45 Plenary session II: 20 Years of FMM - What did we contribute? Chair: Engelbert Stockhammer (Kingston University), UK
Modelling Minsky: What we have learned and the way forward Maria Nikolaidi (University of Greenwich), UK
Th e origins and evolution of the debate on wage-led and profi t-led regimes Marc Lavoie (University of Ottawa), USA
Stock-Flow Consistency, more than an accounting framework Antoine Godin (Kingston University), UK 20.00 Party celebrating the 20th anniversary of the FMM network, fl ying buff et, live music FRIDAY, 21 OCTOBER 2016 PARALLEL SESSIONS A 09.00 - 11.00
Pluralism and Teaching History of Economic Th ought & Methodology Chair: Heike Joebges Chair: Jörg Bibow Interdisciplinary Approaches to Economic Educa- Macroeconomics is shift ing. What’s the right tion. Studying Economics (B.A./M.A.) at Cusanus direction? University Andrea Terzi (Franklin University Switzerland) Silja Graupe When does an Economist Change his Mind? Pluralist economics master in Siegen Dirk Bezemer (University of Groningen) Helge Peukert (University of Siegen), Elsa Egerer Keynes, Kalecki and Metzler in a Dynamic Distribu- Problem based learning – A non-mainstream way to tion Growth Model teach economics Samuele Bibi (University of Leeds and University of Trento) Jesper Eriksen (Aalborg University), Mogens Ove Madsen, Holistic approaches to distribution: An institutional Finn Olesen suggestion for a more historical and sociological
A1 P lura lism Ballsaal and the future of economics in Italy A2 Steglitz perspective Carlo D‘Ippoliti (Sapienza University of Rome), Marcella Anastasia Biermann (Goethe University Frankfurt) Corsi, Giulia Zacchia
Long-Term Growth Economic Policy Chair: Ulrich Fritsche Chair: Jan Priewe Long-run growth: a critique of mainstream models A Post-Keynesian model of the business cycle and proposals for heterodox alternatives Pedro Leão (University of Lisbon) Gennaro Zezza (University of Cassino) Th e performativity of potential output: Pro-cyclicality and path dependency in coordinating European fi scal policies Growth rate diff erences and global divergence in an Philipp Heimberger (Johannes Kepler University Linz), Jakob Evolutionary-Keynesian Agent-based Model Kapeller Emanuele Russo (Pavia Institute for Advanced Studies) A Post-Kaleckian analysis of the eff ect of income distri- Education and human capitalists in a classical-mar- bution, taxes and public spending on growth: the case of xian model of growth and distribution Europe Roberto Veneziani (Queen Mary University of London), Th omas Obst (University of Greenwich), Ozlem Onaran, Maria Amitava Dutt Nikolaidi
A3 DemandLankwitz and supply factors on the explanation of A4 Does Zehlendorf Government Debt Increase Income Inequality? - Historical Roots and Basic Criticisms of the ‘Transfer structural change Approach’ Nelson Marconi (Sao Paulo School of Economics - Getulio Hagen Krämer (Karlsruhe University of Applied Sciences), Vargas Foundation), Roberto Aragao Christina Anselmann Financial Macro I Autonomous Demand and Economic Chair: Srinivas Raghavendra Growth Banks and fi nance in contemporary macroeconomics: Chair: Peter Skott advances, limits and contradictions Combining autonomous demand components in the Claudio Sardoni (Sapienza University of Rome), Antonio medium run Bianco Olivier Allain (Université Paris Descartes, Centre d‘Econo- mie de la Sorbonne) Th e Financial Instability Hypothesis and the Paradox of Debt: making the case for an analysis of fi rms’ heteroge- Th e Role of Autonomous Non-Capacity Creating Expen- neityy ditures in Recent Kaleckian Growth Models: an Assess- Ítalo Pedrosa (University of Campinas) ment from the Perspective of the Sraffi an Supermultiplier Model Currency Internationalisation and Currency Hierarchy: Fabio Freitas (University Federal Rio de Janeiro), Leandro Th e Importance of being an International Funding Cur- Fagundes rency Annina Kaltenbrunner (Leeds University Business School), Autonomous government expenditure growth, defi cits, Gary Dymski, Johannes Jäger, Claes Belfrage debt and distribution in a neo- Kaleckian growth model A5 Atrium A5 A6 Eckhard Hein Studio (Berlin School of Economics and Law) Profi t-investment nexus: Heterodox models and Autonomous demand, Harrodian instability and the empirical (ir)regularities supply side Özgür Orhangazi (Kadir Has University), J.W. Mason Peter Skott (University Massachusetts Amherst) FRIDAY, 21 OCTOBER 2016 PARALLEL GRADUATE STUDENT SESSIONS S 11.30 - 13.30
Pluralism, Teaching and Sustainability Inequality I Chair: Jack Reardon Chair: Hagen Krämer Pluralism in economics teaching in Germany – Th e political economy of income distribution: evidence from a new dataset industry level evidence from 15 OECD countries Hannes Fauser (Free University Berlin), Myriam Kaskel Alexander Guschanski (University of Greenwich), Özlem Onaran Post-Keynesian Ecological Economics: Towards Greener Pastures Inequality in 21st century - rethinking economic Jeff Althouse (University of Paris) theory Hanna Szymborska (University of Leeds) Th e Environment and Directed Technical Change in a North-South SFC Framework Consumption Th eory and Macroeconomic Eff ects of Nepomuk Dunz (Vienna University of Economics and Personal and Functional Income Inequality Business), Ali Asjad Naqvi Franz Prante (Berlin School of Economics and Law) Trend and composition of Brazilian household S2 Steglitz S2 S1 Ballsaal wealth in the pppost-crisis period (2008-2013): a brief analysis from the income tax data Saulo Abouchedid (University of Campinas), Alex Palludeto
Monetary Policy Size Distribution and Growth Chair: Dirk Bezemer Chair: Fabio Freitas Sentiment-Driven Investment, Non-Linear Corpo- Th e eff ect of income distribution, gender equality rate Debt Dynamics and Co-Existing Business Cycle and public spending on growth and employment Eurydice Fotopoulou (University of Greenwhich), Özlem Regimes Onaran, Cem Oyvat Benjamin Lojak (University of Bamberg) Income distribution and aggregate demand in Brazil Proposals for monetary reform – a critical (1995-2014): analyzing extensions to the Neo- assessment with focus on endogenous money and Kaleckian model through a VAR approach balance mechanics Julia Goncalves (University of Sao Paulo) Ruben Tarne Crisis? What Crisis!? Corporate Profi t and Growth Why is policy real interest rate so high in Brazil? An Dynamics in Historical Perspective Christian Babirat (University of Bamberg), Mishael Milako- analysis of the determinants of the Central Bank of vić, Simone Alfarano S3 Bra zil r Lankwitz eal interest rate S4 Zehlendorf Th ereza Balliester Reis (HWR Berlin)
Financial Macro II Financialisation I Chair: Gennaro Zezza Chair: Daniel Detzer Decision making and Keynesian uncertainty in Th e Financialisation of Housing in 17 OECD coun- fi nancial markets: an interdisciplinary approach tries Eirini Petratou (Leeds University Business School) Glenn Lauren Moore (School of Oriental and African Stu- dies University of London) Dissecting the Financial Cycle with Dynamic Factor Models Financial development and export diversifi cation in Christian Menden (University of Bamberg), Christian R. resource rich developing countries Proaño Sultan Altowaim (University of Glasgow) Housing,g Wealth and Growth Dynamics in a Stock- Stagnation policy and Minsky super-cycle fl ow Consistent Model Maria Roubtsova (Université Paris 13) Serge Herbillon-Leprince (Université Paris 13) A Super-multiplier SFC model: the “return” of the Liquidity preference and capital constraints as deter-
S5 Atrium S6 paradoxes Studio of thrift and costs in the long run? minants of credit rationing by banks: A Stock-Flow Lídia, Brochier (UNICAMP) Consistent (SFC) approach Alvaro Santos-Rivera (Kingston University) FRIDAY, 21 OCTOBER 2016 PARALLEL SESSIONS B 15.00 - 17.00
Environmental Sustainability and longterm Inequality II Growth Chair: Jan Behringer Chair: Helge Peukert Correlation matters: multidimensional inequality Some (in-)convenient arithmetic of Green Growth during the European crisis Eckehard Rosenbaum (European Commission) Philipp Poppitz (Macroeconomic Policy Institute) A post-Keynesian Model with Directed Technical Changes in the Profi le of Inequality across Europe Change since 2005: Austerity & Redistribution Asjad Naqvi (Vienna University of Economics and Markus P.A. Schneider (University of Denver), Stephen Business), Engelbert Stockhammer Kinsella, Antoine Godin Climate change, fi nancial stability and monetary Heterogeneity of the Marginal Propensity to policy Consume: Evidence from the German SOEP Yannis Dafermos (University of the West of England), Ma- Sebastian Gechert (Macroeconomic Policy Institute), Jan ria Nikolaidi, Giorgos Galanis Behringer B1 Ballsaal B2 Steglitz From Old to Modern Keynesian Economics: Dead Th e Sustainability of U.S. Household Finances Models, Live Assumptions and Pluralism Steven Fazzari (Washington University), Daniel Cooper, Th eodore Koutsobinas (University of Patras) Barry Cynamon
Labour Market Economics and Transformative Science. Ses- Chair: Olivier Allain sion hosted by the Network for Pluralism in Economics ALMP, profi ts margins and capital accumulation. Chair: Samuel Decker A new light to unemployment persistence in Spain Antonio Rodriguez (Leeds University Business School) All Science is transformative - towards a P erformative Turn in Economics Animal Spirits, the Stock Market, and the Florian Rommel Unemployment Rate: Some Evidence for German Data Transformative potential of economics. Lessons Ulrich Fritsche (University of Hamburg), Christian Pierd- from the Past zioch Silja Graupe Testing Bounded Rationality against Full Critical Political Economy: A Transformative Rationality in Job Changing Behavior Methodology Johannes Jäger B3 Lankwitz Tora lf Pusch (Institute of Economic and Social Research), B4 Zehlendorf Bruno Contini Unions as Players of a Socio-Ecological Unpaid labour and distribution of income Transformation? A concrete research example on the Srinivas Raghavendra (National University of Ireland) conditions of transformative change Jana Flemming Economic History & History of Th ought Dynamic Models, Instability and Cycles Chair: Jesper Jespersen Chair: Roberto Veneziani Have we Been Here Before? Phases of Is the market really a good teacher ? Market selecti- Financialisation within the 20th Century in the US on, collective adaptation and fi nancial instability Diego Alejandro Guevara (Universidad de la Sabana), Dany Lang (Université Paris 13 / Université Sorbonne Paris Apostolos Fasianos, Christos Pierros Cité), Isabelle Salle, Pascal Seppecher Th e Real Bills Doctrine in the History of Economic Estimating the Goodwin model Th ought and Economic History - a reconsideration Robert Jump (Kingston University) Severin Reissl (Kingston University / Université Paris 13) Th e Prediction of Business Cycle Turning Points of Economic Recessions, Low-Growth and On the roots and consequences of Germany’s p Accelerations. A Dynamic Probit Model eculiar anti-Keynesianism? Artur Tarassow (University of Hamburg), Christian R. Joerg Bibow (Skidmore College / Levy Economics Institute) Proaño B5 Atrium Kurt W. Rothschild – Was he a heterodox or an B6 FinanceStudio is not the Economy: Reviving the orthodoxeconomist? Conceptual Distinction Wilfried Altzinger (Vienna University of Economics and Michael Hudson (Institute for the Study of Long-Term Business) Economic Trends / University of Missouri SATURDAY, 22 OCTOBER 2016 PLENARY SESSION III
09.00 – 11.00 Parallel sessions C 11.00 – 11.30 Coff ee break 11.30 – 13.30 Parallel sessions D 13.30 – 15.00 Lunch 15.00 – 17.00 Parallel sessions E 17.00 – 17.45 Coff ee break
Ballsaal 17.45 – 19.45 Plenary session III: Plural Macroeconomics - Where do we go from here? Chair: Sebastian Gechert (Macroeconomic Policy Institute, IMK), Germany
How to promote alternative macroeconomic ideas: Are there limits to running with the (mainstream) pack? Sebastian Dullien (HTW Berlin), Germany
Beyond stimulus versus Austerity: Pluralist capa city building in macroeconomics Irene van Staveren (Erasmus University Rotterdam), Netherlands
Experiences and perspectives in search of pluralist teaching and research: CORE, Exploring Economics and the VfS Janina Urban (Network for Pluralism in Economics), Germany
20.00 Dinner SATURDAY, 22 OCTOBER 2016 PARALLEL SESSIONS C 09.00 - 11.00
Inequality III Fiscal Policy Chair: Markus P.A. Schneider Chair: Toralf Pusch Classes and the inequality of wealth in Europe Th e short-run and long-run theoretical inconsistency Miriam Rehm (Federal Chamber of Labour Vienna), Asjad of the expansionary austerity theory Naqvi, Julia Hofmann Alberto Botta (University of Greenwich) Capital Shares and Income inequality: Evidence Inappropriate Fiscal Rules and Euro-zone Austerity: from the Long Run Misunderstood Macroeconomics Erik Bengtsson (Lund University), Daniel Waldenström Jesper Jespersen (Roskilde University) Macroeconomic Perspectives on (In)Equality and Decomposing the Growth of Portugal: A Case for De- (De)Growth. A Pluralist Investigation mand, not Austerity, in Small European Economies Elena Hoff erberth (Konzeptwerk Neue Ökonomie, Univer- Carlos Bastos (Rio de Janeiro Federal University), Gabriel sity of Leeds) Porto Macroeconomic Implications of Inequality and C1 Ballsaal C2 Th e GermanSteglitz Federal Debt Brake aft er Six Years – Debt: European Evidence a Success Story? Jonathan Perraton (Sheffi eld University) Katja Rietzler (Macroeconomic Policy Institute), Achim Truger, Christoph Paetz
Ecological Macroeconomics and the Growth Financial Macro III Question Chair: Yannis Dafermos Chair: Christoph Gran Financialization, Sovereign Debt Crisis and Financi- Why can‘t we stop? A critical review on growth im- al Instability in the Eurozone peratives and growth drivers Gabriel Sakellaridis (University of Athens) Andreas Siemoneit, Oliver Richters Th e Intertwining of Bank Credit and Bank Instabi- Modeling degrowth: Adapting LOW GROW to Ger- lity many Jérôme Creel (Observatoire Français des Conjonctures Eco- Christoph Gran nomiques - Sciences Po), Paul Hubert, Fabien Labondance Macroeconomics Without Growth in Neoclassical, Do shadow banks create money? `Financialisation‘ Keynesian and Marxian Th eories and the monetary circuit Steff en Lange Jo Michell (University of the West of England) C4 Zehlendorf C3 Th Lankwitz e fi nancial implications of stranded physical An empirical analysis of Minsky regimes in the US assets economy Antoine Godin (Kingston University), Emanuele Joao Paulo de Souza (Middlebury College) Campiglio, Elena Dawkins, Eric Kemp-Benedict
Harrodian, Marxian and Kaleckian Models International Trade / Open Economy I Chair: Engelbert Sctockhammer Chair: Robert Jump Toward a Synthesis of Non-Mainstream Economic Review of exchangeg rate theories in four leading Models: From the Perspective of a Marxian Circuit economics textbooks of Capital Model Jan Priewe (Macroeconomic Policy Institute) Takashi Satoh (Oita University) Th e limits of developmentalismp in Brazil under fi nancial Wagesg as Income but also as a Cost of Production: globalization:gy A critical analysis of macroeconomic and An Amended Neo-Kaleckian Model redistributive pyppolicies in the 21 century Olivier Allain (Université Paris Descartes, Centre d‘Econo- Daniela Prates (Universityyp of Campinas), Barbara Fritz mie de la Sorbonne) (Free University Berlin), Luiz Fernando de Paula Estimatinggy Keynesian models of business fl uctua- Th e Role of Intermediate Inputsp in a Multisectoral tions using Bayesian Maximum Likelihood Balance-of-Payments-Constrainedy Growth Model: Christian Schoder (Vienna University of Economics and Th e case of Mexico Business) Ricardo Araujo (University of Brazil), Matheus Paiva, Julio Santos On Harrodian Instability:y Two Stabilizing Mecha- C5 Atrium nisms May Be Jointly Destabilizing C6 Th Studio e possibility of negative-sum outcomes in North- Reiner Franke (University of Kiel) South macroeconomic models with externalities Arslan Razmi (University of Massachusetts) SATURDAY, 22 OCTOBER 2016 PARALLEL SESSIONS D 11.30 - 13.30
European Economic Policy Teaching economics in the 21st century: pre- Chair: Katja Rietzler view on a Routledge compilation A Coherent Approach to Macroeconomic Th eory Chair: Samuel Decker and Economic Policies Th e volume project: relevance, contributions and Philip Arestis new discussions Th e Supermultiplier as Global Matrix: An Applicati- Samuel Decker on to the Eurozone trade imbalances Economics as a Textbook Sience Criticism and alter- Ferran Portella-Carbo (University of Johannesburg), Óscar natives Dejuán Silja Graupe Flexicurity under Attack - an Analysis of a Less Ge- Heterodox perspectives in teaching the European nerous Welfare System Integration and Crisis: Critical political economy Jesper Eriksen (Aalborg University), Mikael Randrup Byri- and post-Keynesianism alsen Elisabeth Springler, Johannes Jäger Why Is Austria’s Pension System So Much Better Suggestions for Incorporating the UN Sustainability D1 Th an Germany’s? Ballsaal D2 Ob jectives Steglitz into the Undergraduate Macroeconomics Camille Logeay (University of Applied Science Berlin), Curriculum Florian Blank, Rudolf Zwiener, Erik Türk, Josef Wöss Jack Reardon
International Trade / Open Economy II Monetary Policy Chair: Claudio Sardoni Chair: Artur Tarassow What Explains the Speed of Recovery from Banking Monetary Policy and Inequality in Europe Crises? Luigi Ventimiglia (Queen Mary University London), Christian Ambrosius (Free University Berlin) Daniele Tavasci FDI driven growth and its eff ects on crisis recovery - Th e transmission of monetary policy in the United the case of Ireland States and the Eurozone during expansion and crisis Heike Joebges (University of Applied Science Berlin) time Fructuoso Borrallo (European Central Bank) Real Exchange Rate Misalignments and Economic Performance: A New-Developmentalist Approach Unconventional Monetary Policy, Fiscal Side Eff ects Nelson Marconi, Elaine Araujo, Luiz Fernando de Paula and Euro Area (Im)balances A Structuralist-Keynesianygy Model for Determining the Michael Hachula (German Institute for Economic Research), Malte Rieth, Michele Piff er D3 Long-TermLankwitz gp “Optimal” Real Exchange Rate for Economic D4 Zehlendorf Development: Th e Case of Brazil André Nassif (Fluminense Federal Universityy / Brazilian Th e impact of Quantitative Easing in the Nether- Development Bank), Carmem Feijó, Eliane Araújo lands: a stock-fl ow consistent approach Joan Muysken (Maastricht University), Huub Meijers
Financialisation II Private Sector Wealth and Debt Chair: Jo Michell Chair: Jerome Creel Financialization: Dimensions and determinants. Expenditure Cascades, Income Substitution or Proper- A cross-country study ty Bubbles? Determinants of Household Debt in OECD Ewa Karwowski (Kingston University), Engelbert Stock- hammer, Mimoza Shabani Countries Engelbert Stockhammer (Kingston University), Rafael Wil- Functional “reversal” and dimensional “decoupling” dauer of “Finance” and “Real Economy”:y refl ection around the “Kaleckian” and “Minskian” Does absolute income inequality drive up housing prices? limits to over-fi nancialisation Th omas Goda (Universidad EAFIT), Chris Stewart, Aleja- Paolo Piacentini (Sapienza University of Rome) ndro Torres Th e eff ect of fi nancialization and fi nancial develop-p Structural and cyclical factors behind the rise in ment on investment: evidence from fi rm-level data corporate net lending for Europep Jan Behringer (Macroeconomic Policy Institute) Daniele Tori (Th e Open University), Özlem Onaran D5 Atrium Th e Share of the Topp One Percent: Is it Due to the D6 7 Facts Studio about US Household Debt Marginal Product of Labour or Financialisation? Rafael Wildauer (Kingston University) John McCombie (University of Cambridge), Marta Spreafi co SATURDAY, 22 OCTOBER 2016 PARALLEL SESSIONS E 15.00 - 17.00
Re-thinking Europe Wage-Led Growth Chair: Gerd Grözinger Chair: Peter Skott EU Taxes as Instrument to Strengthen Sustainability Distribution-utilization interactions: a race to the of Taxation in the EU bottom among OECD countries Margit Schratzenstaller-Altzinger (Austrian Institute of Codrina Rada (University Utah), David Kiefer Economic Research) Distribution-led growth: a methodological note Th e highly controversial policy of the ECB from a Michalis Nikiforos (Levy Economic Institute of Bard Col- pluralist point of view lege) Helge Peukert (University of Erfurt) Is planet Earth as a whole wage-led? A Challenge for the EU (and the World): How to Arslan Razmi (University of Massachusetts Amherst) Cope with Refugees? Gerd Grötzinger (University of Flensburg) Weaknesses of ’wage-led growth’ Peter Skott (University of Massachusetts Amherst)
E1 W hy s h Ballsaal ould companies found a corporate bank in E2 Steglitz Europe? An analysis from an European monetary system point of view Lukas Holzer (University of Erfurt)
Opportunities and Obstacles for European International Trade / Open Economy III Fiscal Policies: Country Studies Chair: Ewa Karwowski Chair: Achim Truger Solving the Feldstein-Horioka puzzle France 2012-2016: Social-liberalism under European Johannes Schmidt (Karlsruhe University of Applied Sciences) rules, an assessment Catherine Mathieu (OFCE Paris), Henri Sterdyniak Th e fi nance-investment and saving-funding circuit in the What fi scal policypy does Spain need? Macroeconomic open economy with government eff ects and constraints Marco Resende (Federal University of Minas Gerais), Philip Jorge Uxó (University of Castilla-La Mancha), Nacho Alva- Arestis, Douglas Alencar, Gustavo Diniz, Lúcio Barbosa rez, Eladio Febrero Currency Devaluations, Aggregate Demand, and External Perspectivesppyp for expansionarypyp fi scal policies in the Debt Dynamics in a Post-Kaleckian Open Economy Model EU: Some calculations based on fi scal multipliers Karsten Köhler (Berlin School of Economics and Law) and endogenous ‚potential growth‘ Achim Truger (Berlin School of Economics and Law) Macroeconomic policy regime: A heuristic approach E4 Zehlendorf E3 E3 Lon Lankwitz g-term eff ects of stimulus packages and austerity to grasp national policy space within global asym- measures in Europe metries Christoph Paetz (Macroeconomic Policy Institute), Sebasti- Barbara Fritz (Free University Berlin) an Gechert, Gustav Horn
Current Account (Im)Balances Dynamic Models, Instability and Cycles II Chair: Camille Logeay Chair: Christian Schoder Brazilian International Trade since the Global Finan- Th e deleveraging process in debt-led private demand cial Crisis: a Kaldorian Approach boom economies: analysis within a stock-fl ow con- Rafael Gava de Souza (University of Campinas (Unicamp)) sistent model Th e role of gpggross capital fl ows in the Great Financial Daniel Detzer (Berlin School of Economics and Law) Crisis. Th e case of Spain Escapingpg lock in: fi nancing g the transition to a sus- Eladio Febrero (University of Castilla La Mancha), Jorge Uxó, tainable economyyg through unconventional mone- Fernando Bermejo tary policy. An agent-based approach. Profi ts without investment? Th e German investment Paola D´Orazio (Ruhr University Bochum) weakness on the sectoral level Countercyclical Capital Regulation in a Small Open Oliver Picek (Th e New School for Social Research) Economy DSGE Model Capitalp Accumulation as a Determinant of Economic Growth and the Balance-of-Payments Constraint: Th e Ansgar Rannenberg (Central Bank of Ireland), Luca Ono- Case of Mexico, 1951-2014 rante, Matija Lozej E6 Studio E5 Juan Atrium Alberto Vázquez-Muñozqyq (Autonomous University of Puebla), Ignaciog Perrotini-Hernández (National Autono- News matters: A new tool for measuring risk mous University of Mexico) Philipp Lammers VENUE
Best Western Hotel Steglitz International Albrechtstr. 2 12165 Berlin Germany Phone: +49(0)30 - 790050
Journey Descriptions:
• Airport Tegel (TXL):
Taxi, app. 14 km / 25 min. / app. € 30,-
Flughafen Tegel (Airport) – S+U Rathaus Steglitz: Take the bus no. X9 to the station “Zoo- logischer Garten”. Th ere you change to metro (U-Bahn) no. U9 with the direction “Rathaus Steglitz”. Th e subway is located right next to the hotel entrance (Ticket AB € 2,70).
• Airport Schönefeld (SXF):
Taxi, app. 28 km / 35 min. / app. € 51,-
Take the bus no. 171 with the direction “U Hermannplatz”. At the Station “Busch- krug” you change the bus. Take bus no. 170 with direction “Rathaus Steglitz”. near- by the hotel (Ticket ABC € 3,30).
• From the Train station: Hauptbahnhof (main rail station)
Taxi, app. 11 km / 25 min.* / app. € 25,-
Take the train (S-Bahn) No. S 5, S 75 or S 9 in the direction „Zoologischer Garten“. Here you change to metro (U-Bahn) no. U9 with the direction “Rathaus Steglitz”. Th e subway is located right next to the hotel entrance (Ticket AB € 2,70).
Visit the following website for your individual routing: http://www.vbb.de/en/in- dex.html You will fi nd the point TIMETABLES in the main menu. Under this point choose the point ROUTING. On the right side you can fi ll out your route information.
Th e largest taxi companies: +49(0) 30 443322 Taxi Funk Berlin +49(0) 30 261026 Funk Taxi Berlin