Archive for the ‘Levy Institute’ Category

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…

Comments


“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…

Comments


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…

Comments


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.

Comments


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…

Comments


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”

Comments


Minsky Summer Seminar: Apply Before March 1st

Michael Stephens | February 9, 2016

The deadline to apply for this year’s Hyman P. Minsky Summer Seminar is approaching:

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

Levy Institute
Blithewood
Annandale-on-Hudson, New York

June 10–18, 2016

The seventh Minsky Summer Seminar will be held at the Levy Economics Institute in June 2016. The annual Summer Seminar provides 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 crisis. Organized by Jan Kregel, Dimitri B. Papadimitriou, and L. Randall Wray, the Seminar program is geared toward graduate students and those at the beginning of their academic or professional careers. The teaching staff includes well-known economists concentrating on and expanding Minsky’s work.

Applications may be made to Kathleen Mullaly at the Levy Institute (mullaly@levy.org), and should include a current curriculum vitae. Admission to the Summer Seminar includes provision of room and board on the Bard College campus.

Due to limited space availability, the deadline for applications is March 1, 2016.

A user name and password are required for the Summer Seminar webpage; participating students may log in by clicking here.

Comments


Registration Now Open for 25th Annual Hyman P. Minsky Conference

Michael Stephens | December 17, 2015

25th Minsky Conference Banner

The 2016 Minsky Conference will address whether what appears to be a global economic slowdown will jeopardize the implementation and efficiency of Dodd-Frank regulatory reforms, the transition of monetary policy away from zero interest rates, and the “new” normal of fiscal policy, as well as the use of fiscal policies aimed at achieving sustainable growth and full employment. Is economic policy leading to another Minsky moment?

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

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

April 12–13, 2016

The attendance fee is $75 and due upon registration. To register, click here.

Visit the conference website for more information about accommodations and directions to the Levy Institute. (Program details will be posted as they become available.)

A list of participants is below the fold: continue reading…

Comments


Review: Minsky Matters and the Next Minsky Moment

Michael Stephens | December 2, 2015

From Edward Chancellor’s review in Reuters Breakingviews of L. Randall Wray’s Why Minsky Matters:

Minsky, who taught economics at the University of Washington in St Louis before ending up at the Levy Institute at Bard College, had little time for conventional economics with its emphasis on equilibrium, rational expectations and the view that money and finance were largely irrelevant: “Nobody ‘up there’ understands American capitalism,” he once contemptuously wrote. […]

When the credit crunch arrived, it provided posthumous support for Minsky’s economic vision. Subprime mortgages were revealed as a classic form of Ponzi finance. Losses of securitized debt cascaded through the financial system, prompting a liquidity crisis, exactly as described in Minsky’s work. The Great Moderation gave way to the Great Recession, and the Lehman bust became known as the ultimate example of a “Minsky moment.”

As a result, the crisis made Minsky something of a household name beyond strictly economic circles. Unfortunately, Minsky in the original isn’t an easy read. “He needs to be translated,” writes Wray, in the preface to “Why Minsky Matters.” As a former teaching assistant of Minsky’s and colleague at the Levy Institute, Wray is perfectly positioned to perform that task. Few people understand Minsky as well as Wray. Written in clear prose, with Minsky’s idiosyncratic ideas and language patiently explained, Wray provides the best general introduction to Minsky’s economics.

Read the whole thing here.

Comments


25th Annual Minsky Conference Returns to Blithewood

Michael Stephens | November 10, 2015

The 2016 Minsky conference will be held here at Blithewood mansion, home of the Levy Institute. Barney Frank will be among the keynote speakers:

Will the Global Economic Environment Constrain US Growth and Employment?

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

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

April 12–13, 2016

The 2016 Minsky Conference will address whether what appears to be a global economic slowdown will jeopardize the implementation and efficiency of Dodd-Frank regulatory reforms, the transition of monetary policy away from zero interest rates, and the “new” normal of fiscal policy, as well as the use of fiscal policies aimed at achieving sustainable growth and full employment.

Participants

continue reading…

Comments