Archive for the ‘Levy Institute’ Category

27th Annual Minsky Conference Presentations

Michael Stephens | April 19, 2018

The 27th Minsky Conference — “Financial Stability in a World of Rising Rates and the Repeal of Dodd-Frank” — just wrapped up yesterday. Anyone interested in the slide presentations can find them below:

Welcome and Introduction
Jan Kregel, Director of Research, Levy Institute
Remarks in PDF
Session 1. US AND GLOBAL ECONOMIC OUTLOOK
MODERATOR: L. Randall Wray, Senior Scholar, Levy Institute; Professor of Economics, Bard College
SPEAKERS: Lakshman AchuthanCofounder and Chief Operations Officer, Economic Cycle Research Institute
PowerPoint presentation in PDF
Philip SuttleFounder and Principal, Suttle Economics LLC
PowerPoint presentation in PDF
Michalis NikiforosResearch Scholar, Levy Institute
PowerPoint presentation in PDF
Session 2. EMPLOYER OF LAST RESORT STUDY
MODERATOR: Peter Coy, Economics Editor, Bloomberg Businessweek
SPEAKERS: Pavlina TchernevaResearch Associate, Levy Institute; Professor of Economics, Bard College
PowerPoint presentation in PDF
L. Randall Wray, Senior Scholar, Levy Institute; Professor of Economics, Bard College
PowerPoint presentation in PDF
John F. HenrySenior Scholar, Levy Institute; Professor Emeritus, California State University, Sacramento; Adjunct Professor, University of Missouri—Kansas City
Session 3. REFORM AND INNOVATION IN FINANCIAL REGULATION AND MONETARY POLICY
MODERATOR: Matt PhillipsMarkets Reporter, The New York Times
SPEAKERS: Thomas FergusonDirector of Research, Institute for New Economic Thinking; Professor Emeritus, University of Massachusetts, Boston; Senior Fellow, Better Markets
PowerPoint presentation in PDF
Thorvald Grung MoeResearch Associate, Levy Institute; Special Adviser, Norges Bank
PowerPoint presentation in PDF
Walker F. ToddTrustee, American Institute for Economic Research (AIER); Lecturer in Finance, Middle Tennessee State University
PowerPoint presentation in PDF

Session 4. GLOBAL FINANCIAL IMPACTS: EUROPE AND LATIN AMERICA
MODERATOR: Edward HarrisonFounder, Creditwritedowns.com; Global Macro Advisors
SPEAKERS: Emilios AvgouleasResearch Associate, Levy Institute; Professor, University of Edinburgh Law School
PowerPoint presentation in PDF
Joerg BibowProfessor of Economics, Skidmore College
PowerPoint presentation in PDF
Rogerio StudartProfessor of Economics, Federal University of Rio de Janeiro, Brazil
PowerPoint presentation in PDF
Session 5. AMERICA FIRST: TRADE AND GLOBALIZATION
MODERATOR: Sophia LinLegal and Policy Coordinator, International Corporate Accountability Roundtable
SPEAKERS: Robert A. BleckerProfessor of Economics, American University
PowerPoint presentation in PDF
William MilbergDean and Professor of Economics, The New School for Social Research
PowerPoint presentation in PDF
Todd N. Tucker, Fellow, Roosevelt Institute
Session 6. TRACKING FINANCIAL FRAGILITY
MODERATOR: Jan Kregel, Director of Research, Levy Institute
SPEAKERS: Robert N. McCauleySenior Advisor, Bank for International Settlements
PowerPoint presentation in PDF
Frank VenerosoPresident, Veneroso Associates, LLC
PowerPoint presentation in PDF

Video of all the sessions, speakers, and Q&A will eventually be posted on the Institute YouTube page.

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Join Us for the 2018 Minsky Summer Seminar

Michael Stephens | December 21, 2017

The Levy Economics Institute of Bard College is pleased to announce the ninth Minsky Summer Seminar will be held from June 17–23, 2018. The Seminar will provide a rigorous discussion of both the theoretical and applied aspects of Minsky’s economics, with an examination of meaningful prescriptive policies relevant to the current economic and financial outlook. It will also provide an introduction to Wynne Godley’s stock-flow consistent modeling methods via hands-on workshops.

The Summer Seminar 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 working in the theory and policy tradition of Hyman Minsky and Wynne Godley.

Applications may be made to Kathleen Mullaly at the Levy Institute (mullaly@levy.org), and should include a letter of application and current curriculum vitae. Admission to the Summer Seminar will include provision of room and board on the Bard College Campus. The registration fee for the Seminar will be $325.

Due to limited space availability, the Seminar will be limited to 30 participants; applications will be reviewed on a rolling basis starting in January 2018.

Last year’s seminar featured the following faculty (the roster changes somewhat from year to year, but will be broadly similar for ’18):

Robert J. Barbera
Codirector, Center for Financial Economics, The Johns Hopkins University

Leonardo Burlamaqui
Associate Professor, University of the State of Rio de Janeiro

Fernando J. Cardim de Carvalho
Senior Scholar, Levy Institute; Emeritus Professor of Economics, Federal University of Rio de Janeiro

Steven M. Fazzari
Research Associate, Levy Institute; Professor, Washington University in St. Louis

John F. Henry
Senior Scholar, Levy Institute

Arturo Huerta González
Professor of Economics, Universidad Nacional Autónoma de México

Fadhel Kaboub
Research Associate, Levy Institute; Associate Professor, Denison University; President, Binzagr Institute for Sustainable Prosperity

Stephanie A. Kelton
Research Associate, Levy Institute; Professor, University of Missouri–Kansas City

Jan Kregel
Director of Research, Levy Institute; Professor, Tallinn University of Technology

Tracy Mott
Associate Professor and Chair, Department of Economics, University of Denver

Michalis Nikiforos
Research Scholar, Levy Institute

Felipe Rezende
Assistant Professor of Economics, Bard College

Pavlina R. Tcherneva
Research Associate, Levy Institute; Associate Professor, Bard College

Mario Tonveronachi
Professor, University of Siena

Frank Veneroso
President, Veneroso Associates, LLC

L. Randall Wray
Senior Scholar, Levy Institute; Professor, Bard College

Gennaro Zezza
Research Scholar, Levy Institute; Associate Professor, University of Cassino

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Watch Live: A New New Deal and the Job Guarantee

Michael Stephens | October 27, 2017

Today at the New School, L. Randall Wray and Stephanie Kelton take part in a public workshop organized by the National Jobs for All Coalition that is focused on developing a “A New ‘New Deal’ for NYC and the USA.”

Wray and Kelton will be sharing initial findings from an upcoming Levy Institute project that proposes a universal job guarantee for the United States. The program would create nearly 20 million jobs that pay $15 per hour plus benefits, raising national output by over $500 billion annually, stimulating the private sector to create more than 3 million additional jobs. Using standard simulation models, the study finds that impacts on inflation would be negligible, while state and local government budgets would improve by $60 billion annually and as many as 14 million children would be pulled out of poverty.

The entire event begins at 5pm today. You can follow it live here:

The schedule for the two-day event can be found here.

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Applications Open for the Levy Institute M.S. and New One-Year M.A.

Michael Stephens | October 17, 2017

The Levy Institute is accepting applications to the M.S. and M.A. in Economic Theory and Policy for Fall 2018.

The new, one-year M.A.* joins the two-year M.S. in offering students an alternative to mainstream programs in economics and finance. Our graduate curriculum is rooted in the Institute’s distinctive research program, including macroeconomic theory and policy analysis, the development and exploration of alternative measures of economic well-being and poverty, and continuing efforts to extend the work of Distinguished Scholars Hyman Minsky and Wynne Godley.

Students can specialize in one of the Institute’s five research areas:

  • Macroeconomic Theory, Policy, and Modeling
  • Employment and Labor Markets
  • Monetary Policy and Financial Structure
  • Distribution of Income, Wealth, and Well-Being
  • Gender Equality and the Economy

You can find out more about these programs at the new graduate website:

The application deadline for early decision is November 15th; regular decision is January 15th.

Interested students can join upcoming online information sessions run by program faculty:

October 19th, 7:00pm (EST) with Jan Kregel, Director of the Institute’s Master’s Program (sign up here)

November 3rd, 9:00am (EST) with Ajit Zacharias, Director of the Institute’s Distribution of Income and Wealth Program (sign up here)

A previous session with Director of Applied Micromodeling Thomas Masterson can be viewed here at the Levy Institute Graduate Programs Facebook page.

And don’t miss the work that Levy M.S. students and recent graduates have done at The Minskys.

* The M.A. is currently open only to US citizens and permanent residents — the M.S. accepts international students.

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On the Concert of Interests and Unlearning the Lessons of the 1930s

Michael Stephens | April 20, 2017

Jan Kregel opened this year’s Minsky Conference (which just wrapped up yesterday) with a reminder that the broader public challenges we face today are still in many ways an echo of those that faced the nation in 1930s. What follows is an abridged version of those remarks:

This year’s conference takes place in an increasingly charged and divisive economic and political atmosphere. Sharp differences in approach are present within the new administration, within the majority party, and even within the opposition. It is a rather different environment than the one envisaged when planning for the Conference started last September. I had originally proposed as a title “The New Administration meets the New Normal: Economic Policy for Secular Stagnation.” It was an obvious attempt to hedge our bets on the outcome of the election. After the election the first adjustment to the title was “Can the New Mercantilism Displace the New Normal: Economic Policy under the New Administration.” As you can see the final title eventually adopted the elocution proposed at the presidential Inauguration.

My intention was not to elicit recollection of the “America First” committee’s support of isolation from the emerging European conflict in the 1930s. It was rather to recall that the phrase was first used, to my knowledge, by Franklin Roosevelt during his first election campaign.

Herbert Hoover had resolutely refrained from direct government support for the growing masses of the unemployed (although support was more than most give him credit for) for fear of interfering with the operation of the market mechanism in producing recovery from what was presumed to be a temporary cyclical downturn: “Recovery was just around the corner.” When this did not occur as expected the blame was laid on foreign financial and political events eroding confidence.

For Roosevelt, Hoover’s policy implied that “farmers and workers must wait for general recovery until some miracle occurs by which the factory wheels revolve again” but “No one knows the formula for this miracle.” Instead he argued in favor of direct measures to “restore prosperity here in this country by re-establishing the purchasing power of half the people of the country … In this respect, I am for America first.”

Instead of the miracle of a spontaneous market recovery, Roosevelt promised to take action to defend the condition of the “forgotten man” by offering him a “new deal” to protect from the ravages of bankers and industrialists. The simple substitution of “America Great” for “new deal” suggests an important similarity between the rhetoric and the target audience of the two campaigns.

It is instructive that in both cases the election was won with promises, creating a belief that appropriate actions would be forthcoming. We know from history how Roosevelt proceeded by experimentation, by trial and error, of what at the time were considered audacious, radical policies.

The question before us today is how the experimentation of the new administration may be directed to fulfill campaign promises. continue reading…

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“America First” and Financial Stability: 26th Minsky Conference

Michael Stephens | February 16, 2017

REGISTRATION IS NOW OPEN:

April 18–19, 2017

Levy Economics Institute of Bard College
Blithewood
Annandale-on-Hudson, New York 12504

The 2017 Minsky Conference will address the implications of the new administration’s “America First” policies, focusing on the outlook for trade, taxation, fiscal, and financial regulation measures to generate domestic investments capable of moving the growth rate beyond the “new normal” established in the aftermath of the Great Recession, without jeopardizing financial stability. It will also seek to assess the impact of different financing schemes on both infrastructure investment and the return of central bank monetary policies to more neutral interest rates. Since these new policy proposals will have a global impact, the conference will focus on their implication for the performance of European and Latin American economies.

Register here.

The preliminary program and list of participants is below the fold: continue reading…

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Apply Now for the 2017 Minsky Summer Seminar

Michael Stephens | October 24, 2016

If you’re a grad student or just starting out your career and want to learn more about the work of Hyman Minsky and Wynne Godley, and wouldn’t mind doing so in a turn-of-the-century manor on the banks of the Hudson, you’re in luck.

The Levy Institute’s annual Minsky Summer Seminar is now accepting applications for the June 2017 session:

minsky-summer-2016_group

The Levy Economics Institute is pleased to announce that it will hold the eighth Minsky Summer Seminar June 10–16, 2017. The Seminar will provide a rigorous discussion of both the theoretical and applied aspects of Minsky’s economics, with an examination of meaningful prescriptive policies relevant to the current economic and financial outlook. It will also provide an introduction to Wynne Godley’s stock-flow consistent modeling methods via hands-on workshops.

The Summer Seminar 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 working in the tradition of Minsky.

To apply, send a letter of application and current curriculum vitae to Kathleen Mullaly at the Levy Institute (mullaly@levy.org). Admission to the Summer Seminar includes room and board on the Bard College campus. A registration fee of $250 is required upon acceptance.

Due to space constraints, the Seminar will be limited to 30 participants. Applications will be reviewed on a rolling basis beginning in January 2017.

The 2017 Summer Seminar program will be organized by Jan Kregel, Dimitri B. Papadimitriou, and L. Randall Wray.

levy-garden_summer-sem

Below the fold is a copy of the 2016 program, to give a sense of the sort of topics and speakers featured at the Seminar (note the guest speakers do change from one year to the next): continue reading…

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Levy M.S. Now Accepting Applications for Fall 2017

Michael Stephens | October 5, 2016

levy-ms-banner

Designed as a terminal degree with a professional focus, the Levy Economics Institute Master of Science in Economic Theory and Policy offers students an alternative to mainstream graduate programs in economics and finance. This innovative two-year program combines a rigorous course of study with exceptional opportunity to participate in advanced economics research, with direct access to the Institute’s global network of researchers.

Application deadlines are November 15 for Early Decision and January 15 for Regular Decision. Scholarships are available. Visit bard.edu/levyms for more information. Click here to apply.

Learn about the Levy M.S. by joining one of our online information sessions hosted by Institute scholars:

Wednesday, October 5, 3:00 p.m. EDT, with Research Scholar Michalis Nikiforos
Tuesday, October 11, 11:00 a.m. EDT, with Ajit Zacharias, Senior Scholar and Distribution of Income and Wealth Program Director
Tuesday, October 18, 10:00 a.m. EDT, with Senior Scholar and Bard College Professor of Economics L. Randall Wray

The program application fee will be waived for all prospective students who attend. Click here for details.

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Listen in on the Minsky Conference

Michael Stephens | April 11, 2016

Audio from the 25th Annual Minsky Conference will be broadcast live. Listen here beginning tomorrow at 9am.

Tuesday, April 12

9:00−9:15 a.m. Welcome and Introduction
Dimitri B. Papadimitriou, President, Levy Institute
9:15−10:30 a.m. Session 1. GLOBAL FRAGILITY AND EMERGING MARKETS OUTLOOK
MODERATOR: Theo Francis, Special Writer, The Wall Street Journal
SPEAKER: Jan Kregel, Director of Research, Levy Institute; Professor, Tallinn University of Technology
Fernando J. Cardim de Carvalho, Senior Scholar, Levy Institute; Emeritus Professor of Economics, Federal University of Rio de Janeiro
10:30 a.m. − 12:30 p.m. Session 2. COMMODITIES AND DERIVATIVES REGULATION
MODERATOR: Izabella Kaminska, Journalist, Financial Times
SPEAKERS: Robert A. Johnson, President, Institute for New Economic Thinking; Senior Fellow and Director, Franklin and Eleanor Roosevelt Institute
Michael Masters, Founder and Chairman of the Board, Better Markets
12:30−2:15 p.m. Lunch
SPEAKER: Robert J. Barbera, Codirector, Center for Financial Economics, The Johns Hopkins University
“Six Degrees of Separation: Why the Fed’s Strategy of Precautionary Unemployment Is Nutty”
2:15−4:45 p.m. Session 3. IS THE CURRENT CREDIT STRUCTURE CONDUCIVE TO FINANCIALLY STABLE RECOVERY?
MODERATOR: Jesse Eisinger, Senior Reporter, ProPublica
SPEAKERS: Henry Kaufman, President, Henry Kaufman & Company, Inc.
Richard Berner, Director, Office of Financial Research, US Department of the Treasury
Martin L. Leibowitz, Managing Director, Morgan Stanley
Albert M. Wojnilower, Economic Consultant, Craig Drill Capital
4:45−6:45 p.m. Session 4. MINSKY, INEQUALITY, AND THE MONETARY/FISCAL POLICY OUTLOOK
MODERATOR: Jan Kregel, Director of Research, Levy Institute; Professor, Tallinn University of Technology
SPEAKERS: Viral V. Acharya, C. V. Starr Professor of Economics, New York University Stern School of Business
Scott Fullwiler, Professor of Economics and James A. Leach Chair in Banking and Monetary Economics, Wartburg College
Stephanie A. Kelton, Research Associate, Levy Institute; Chief Economist, US Senate Budget Committee; Professor, University of Missouri—Kansas City

Wednesday, April 13

continue reading…

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Preliminary Program for the 25th Minsky Conference

Michael Stephens | March 24, 2016

The preliminary program has been posted for the 25th Annual Hyman Minsky Conference, being held April 12-13 here at Blithewood on the Bard College campus.

The deadline for registration is April 1st.

Tuesday, April 12

8:30−9:00 a.m. Registration
9:00−9:15 a.m. Welcome and Introduction
Dimitri B. Papadimitriou, President, Levy Institute
9:15−10:30 a.m. Session 1. GLOBAL FRAGILITY AND EMERGING MARKETS OUTLOOK
MODERATOR: Theo Francis, Special Writer, The Wall Street Journal
SPEAKER: Jan Kregel, Senior Scholar, Levy Institute; Professor, Tallinn University of Technology
Fernando J. Cardim de Carvalho, Senior Scholar, Levy Institute; Emeritus Professor of Economics, Federal University of Rio de Janeiro
10:30 a.m. − 12:30 p.m. Session 2. COMMODITIES AND DERIVATIVES REGULATION
MODERATOR: Izabella Kaminska, Journalist, Financial Times
SPEAKERS: Michael Greenberger, Professor, School of Law, and Director, Center for Health and Homeland Security, The University of Maryland
Robert A. Johnson, President, Institute for New Economic Thinking; Senior Fellow and Director, Franklin and Eleanor Roosevelt Institute
Michael Masters, Founder and Chairman of the Board, Better Markets
12:30−2:15 p.m. Lunch
SPEAKER: Robert J. Barbera, Codirector, Center for Financial Economics, The Johns Hopkins University
“Six Degrees of Separation: Why the Fed’s Strategy of Precautionary Unemployment Is Nutty”
2:15−4:45 p.m. Session 3. IS THE CURRENT CREDIT STRUCTURE CONDUCIVE TO FINANCIALLY STABLE RECOVERY?
MODERATOR: TBD
SPEAKERS: Henry Kaufman, President, Henry Kaufman & Company, Inc.
Richard Berner, Director, Office of Financial Research, US Department of the Treasury
Martin L. Leibowitz, Managing Director, Morgan Stanley
Albert M. Wojnilower, Economic Consultant, Craig Drill Capital
4:45−6:45 p.m. Session 4. MINSKY, INEQUALITY, AND THE MONETARY/FISCAL POLICY OUTLOOK
MODERATOR: TBD
SPEAKERS: Viral V. Acharya, C. V. Starr Professor of Economics, New York University Stern School of Business
Scott Fullwiler, Professor of Economics and James A. Leach Chair in Banking and Monetary Economics, Wartburg College
Stephanie A. Kelton, Research Associate, Levy Institute; Chief Economist, US Senate Budget Committee; Professor, University of Missouri—Kansas City
6:45−7:15 p.m. Reception
7:15 p.m. Dinner

Wednesday, April 13

9:00−11:30 a.m. Session 5. US ECONOMIC OUTLOOK FORECAST
MODERATOR: Eduardo Porter, Columnist, The New York Times
SPEAKERS: Lakshman Achuthan, Cofounder and Chief Operations Officer, Economic Cycle Research Institute
Bruce C. N. Greenwald, Robert Heilbrunn Professor of Finance and Asset Management, Columbia University
Michalis Nikiforos, Research Scholar, Levy Institute
Frank Veneroso, President, Veneroso Associates, LLC
11:30 a.m. − 1:30 p.m. Session 6. BANK REGULATION, TOO BIG TO FAIL, AND LIQUIDITY
MODERATOR: Peter Eavis, Reporter, The New York Times
SPEAKERS: Edward Kane, Professor of Finance, Boston College
Walker F. Todd, Trustee, American Institute for Economic Research
L. Randall Wray, Senior Scholar, Levy Institute; Professor of Economics, Bard College
1:30−3:15 p.m. Lunch
SPEAKER: Barney Frank, Former US Representative (D-MA, 4)
3:15−5:15 p.m. Session 7. EUROPEAN PERFORMANCE AND REGULATORY OUTLOOK
MODERATOR: TBD
SPEAKERS: Emilios Avgouleas, Chair, International Banking Law and Finance, School of Law, University of Edinburgh
Mario Tonveronachi, Professor of the Economics of Financial Systems, University of Siena
Loukas Tsoukalis, Pierre Keller Visiting Professor, Harvard University
5:15−7:00 p.m. SPEAKER: Vítor Constâncio, Vice President, European Central Bank
“A Challenging International Economic Environment for Central Banks”

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