Parallel Session Papers for Download - FMM 2016

Plenary Session I, Thursday 20 October 2016

Plenary Session I: Macroeconomic Therory - What have we learned?

Samuelson´s mistake: How to correct it and Maintain Prosperity for All
Roger Farmer (cancelled)

Behavorial and Complexity Macroeconomics
Michael Roos (Ruhr-University Bochum)

Post-Keynesian Macroeconomics since the mid -1990s - main developments
Eckhard Hein (Berlin School of Economics and Law)

Paper from Eckhard Hein

 

 

 

Plenary Session II, Friday 21 October 2016

Plenary Session II: 20 Years of FMM - What did we contribute?

Modelling Minsky: What we have learned and the way forward
Maria Nikolaidi (University of Greenwich)

The origins and evolution of the debate on wage-led and profit-led regimes
Marc Lavoie (University of Ottawa)

Stock-Flow Consistency, more than an accounting framework
Antoine Godin (Kingston University)

 

 

 

Friday, 21 October 2016, Parallel Sessions A, 09.00 - 11.00

Pluralism and Teaching

Silja Graupe: Interdisciplinary Approaches to Economic Education. Studying Economics (B.A./M.A.) at Cusanus University  

Helge Peukert, Elsa Egerer: Pluralist economics master in Siegen

Jesper Eriksen, Mogens Ove Madsen, Finn Olesen: Problem based learning – A non-mainstream way to teach economics  

Carlo D‘Ippoliti, Marcella Corsi, Giulia Zacchia: Pluralism and the future of economics in Italy 

History of Economic Thought & Methodology

Andrea Terzi: Macroeconomics is shifting. What’s the right direction?  

Dirk Bezemer: When does an Economist Change his Mind?

Samuele Bibi: Keynes, Kalecki and Metzler in a Dynamic Distribution Growth Model

Anastasia Biermann: Holistic approaches to distribution: An institutional suggestion for a more historical and sociological perspective

Long-Term Growth

Gennaro Zezza: Long-run growth: a critique of mainstream models and proposals for heterodox alternatives  

Emanuele Russo: Growth rate differences and global divergence in an Evolutionary-Keynesian Agent-based Model

Roberto Veneziani, Amitava Dutt: Education and human capitalists in a classical-marxian model of growth and distribution

Nelson Marconi, Roberto Aragao: Demand and supply factors on the explanation of structural change

Economic Policy

Pedro Leão: A Post-Keynesian model of the business cycle
 
Philipp Heimberger, Jakob Kapeller: The performativity of potential output: Pro-cyclicality and path dependency in coordinating European fiscal policies

Thomas Obst, Ozlem Onaran, Maria Nikolaidi: A Post-Kaleckian analysis of the effect of income distribution, taxes and public spending on growth: the case of Europe

Hagen Krämer, Christina Anselmann: Does Government Debt Increase Income Inequality? - Historical Roots and Basic Criticisms of the ‘Transfer Approach’

Financial Macro I

Claudio Sardoni, Antonio Bianco: Banks and finance in contemporary macroeconomics: advances, limits and contradictions  

Ítalo Pedrosa: The Financial Instability Hypothesis and the Paradox of Debt: making the case for an analysis of firms’ heterogeneity

Annina Kaltenbrunner, Gary Dymski, Johannes Jäger, Claes Belfrage: Currency Internationalisation and Currency Hierarchy: The Importance of being an International Funding Currency  

Özgür Orhangazi, J.W. Mason: Profit-investment nexus: Heterodox models and empirical (ir)regularities

Autonomous Demand and Economic Growth

Olivier Allain: Combining autonomous demand components in the medium run

Fabio Freitas, Leandro Fagundes: The Role of Autonomous Non-Capacity Creating Expenditures in Recent Kaleckian Growth Models: an Assessment from the Perspective of the Sraffian Supermultiplier Model

Eckhard Hein: Autonomous government expenditure growth, deficits, debt and distribution in a neo- Kaleckian growth model
 
Peter Skott: Autonomous demand, Harrodian instability and the supply side

 

 

 

Friday, 21 OCTOBER 2016, Parallel Graduate Student Sessions S, 11.30 - 13.30

Pluralism, Teaching and Sustainability

Hannes Fauser, Myriam Kaskel: Pluralism in economics teaching in Germany – evidence from a new dataset

Jeff Althouse: Post-Keynesian Ecological Economics: Towards Greener Pastures

Nepomuk Dunz, Ali Asjad Naqvi: The Environment and Directed Technical Change in a North-South SFC Framework

Inequality I

Alexander Guschanski, Özlem Onaran: The political economy of income distribution: industry level evidence from 15 OECD countries

Hanna Szymborska: Inequality in 21st century - rethinking economic theory

Franz Prante: Consumption Theory and Macroeconomic Effects of Personal and Functional Income Inequality

Saulo Abouchedid, Alex Palludeto: Trend and composition of Brazilian household wealth in the post-crisis period (2008-2013): a brief analysis from the income tax data

Monetary Policy

Benjamin Lojak: Sentiment-Driven Investment, Non-Linear Corporate Debt Dynamics and Co-Existing Business Cycle Regimes

Ruben Tarne: Proposals for monetary reform – a critical assessment with focus on endogenous money and balance mechanics

Thereza Balliester Reis: Why is policy real interest rate so high in Brazil? An analysis of the determinants of the Central Bank of Brazil real interest rate

Size Distribution and Growth

Eurydice Fotopoulou, Özlem Onaran, Cem Oyvat: The effect of income distribution, gender equality and public spending on growth and employment

Julia Goncalves: Income distribution and aggregate demand in Brazil (1995-2014): analyzing extensions to the Neo-Kaleckian model through a VAR approach

Christian Babirat (University of Bamberg), Mishael Milaković, Simone Alfarano: Crisis? What Crisis!? Corporate Profit and Growth Dynamics in Historical Perspective

Financial Macro II

Eirini Petratou: Decision making and Keynesian uncertainty in financial markets: an interdisciplinary approach

Christian Menden, Christian R. Proaño: Dissecting the Financial Cycle with Dynamic Factor Models

Serge Herbillon-Leprince: Housing, Wealth and Growth Dynamics in a Stock-flow Consistent Model

Alvaro Santos-Rivera (Kingston University): Liquidity preference and capital constraints as determinants of credit rationing by banks: A Stock-Flow Consistent (SFC) approach

Financialisation I

Glenn Lauren Moore: The Financialisation of Housing in 17 OECD countries

Sultan Altowaim: Financial development and export diversification in resource rich developing countries

Maria Roubtsova: Stagnation policy and Minsky super-cycle

Lídia, Brochier: A Super-multiplier SFC model: the “return” of the paradoxes of thrift and costs in the long run?

 

 

 

Friday, 21 OCTOBER 2016, Parallel Sessions B, 15.00 - 17.00

Environmental Sustainability and longterm Growth

Eckehard Rosenbaum: Some (in-)convenient arithmetic of Green Growth 

Asjad Naqvi, Engelbert Stockhammer: A post-Keynesian Model with Directed Technical Change

Yannis Dafermos, Maria Nikolaidi, Giorgos Galanis: Climate change, financial stability and monetary policy 

Theodore Koutsobinas: From Old to Modern Keynesian Economics: Dead Models, Live Assumptions and Pluralism

Inequality II

Philipp Poppitz: Correlation matters: multidimensional inequality during the European crisis

Markus P.A. Schneider, Stephen Kinsella, Antoine Godin: Changes in the Profile of Inequality across Europe since 2005: Austerity & Redistribution

Sebastian Gechert, Jan Behringer: Heterogeneity of the Marginal Propensity to Consume: Evidence from the German SOEP

Steven Fazzari, Daniel Cooper, Barry Cynamon: The Sustainability of U.S. Household Finances Labour Market

Antonio Rodriguez: ALMP, profits margins and capital accumulation. A new light to unemployment persistence in Spain

Ulrich Fritsche, Christian Pierdzioch: Animal Spirits, the Stock Market, and the Unemployment Rate: Some Evidence for German Data

Toralf Pusch, Bruno Contini: Testing Bounded Rationality against Full Rationality in Job Changing Behavior

Srinivas Raghavendra: Unpaid labour and distribution of income

Economics and Transformative Science. Session hosted by the Network for Pluralism in Economics

Florian Rommel: All Science is transformative - towards a Performative Turn in Economics

Silja Graupe: Transformative potential of economics. Lessons from the Past

Johannes Jäger: Critical Political Economy: A Transformative Methodology

Jana Flemming: Unions as Players of a Socio-Ecological Transformation? A concrete research example on the conditions of transformative change

Economic History & History of Thought

Diego Alejandro Guevara, Apostolos Fasianos, Christos Pierros: Have we Been Here Before? Phases of Financialisation within the 20th Century in the US

Severin Reissl: The Real Bills Doctrine in the History of Economic Thought and Economic History - a reconsideration

Joerg Bibow: On the roots and consequences of Germany’s peculiar anti-Keynesianism?

Wilfried Altzinger: Kurt W. Rothschild – Was he a heterodox or an orthodoxeconomist?

Dynamic Models, Instability and Cycles

Dany Lang, Isabelle Salle, Pascal Seppecher: Is the market really a good teacher? Market selection, collective adaptation and financial instability

Robert Jump: Estimating the Goodwin model

Artur Tarassow: The Prediction of Business Cycle Turning Points of Economic Recessions, Low-Growth and Accelerations. A Dynamic Probit Model

Michael Hudson: Finance is not the Economy: Reviving the Conceptual Distinction

 

 

Saturday, 22 OCTOBER 2016, Parallel Sessions C, 09.00 - 11.00

Inequality III

Miriam Rehm, Asjad Naqvi, Julia Hofmann: Classes and the inequality of wealth in Europe

Erik Bengtsson, Daniel Waldenström: Capital Shares and Income inequality: Evidence from the Long Run

Elena Hofferberth: Macroeconomic Perspectives on (In)Equality and (De)Growth. A Pluralist Investigation

Jonathan Perraton: Macroeconomic Implications of Inequality and Debt: European Evidence 

Fiscal Policy

Alberto Botta: The short-run and long-run theoretical inconsistency of the expansionary austerity theory

Jesper Jespersen: Inappropriate Fiscal Rules and Euro-zone Austerity: Misunderstood Macroeconomics

Carlos Bastos, Gabriel Porto: Decomposing the Growth of Portugal: A Case for Demand, not Austerity, in Small European Economies

Katja Rietzler, Achim Truger, Christoph Paetz: The German Federal Debt Brake after Six Years – a Success Story?

Ecological Macroeconomics and the Growth Question

Andreas Siemoneit, Oliver Richters: Why can‘t we stop? A critical review on growth imperatives and growth drivers

Christoph Gran: Modeling degrowth: Adapting LOW GROW to Germany

Steffen Lange: Macroeconomics Without Growth in Neoclassical, Keynesian and Marxian Theories

Antoine Godin, Emanuele Campiglio, Elena Dawkins, Eric Kemp-Benedict: The financial implications of stranded physical assets

Financial Macro III

Gabriel Sakellaridis: Financialization, Sovereign Debt Crisis and Financial Instability in the Eurozone

Jérôme Creel, Paul Hubert, Fabien Labondance: The Intertwining of Bank Credit and Bank Instability

Jo Michell: Do shadow banks create money? `Financialisation‘ and the monetary circuit

Joao Paulo de Souza: An empirical analysis of Minsky regimes in the US economy

Harrodian, Marxian and Kaleckian Models

Takashi Satoh: Toward a Synthesis of Non-Mainstream Economic Models: From the Perspective of a Marxian Circuit of Capital Model

Olivier Allain: Wages as Income but also as a Cost of Production: An Amended Neo-Kaleckian Model

Christian Schoder: Estimating Keynesian models of business fluctuations using Bayesian Maximum Likelihood

Reiner Franke: On Harrodian Instability: Two Stabilizing Mechanisms May Be Jointly Destabilizing 

International Trade / Open Economy I

Jan Priewe: Review of exchange rate theories in four leading economics textbooks 

Daniela Prates, Barbara Fritz, Luiz Fernando de Paula: The limits of developmentalism in Brazil under financial globalization: A critical analysis of macroeconomic and redistributive policies in the 21 century

Ricardo Araujo, Matheus Paiva, Julio Santos: The Role of Intermediate Inputs in a Multisectoral Balance-of-Payments-Constrained Growth Model: The case of Mexico

Arslan Razmi: The possibility of negative-sum outcomes in North-South macroeconomic models with externalities

 

 

Saturday, 22 OCTOBER 2016, Parallel Sessions D, 11.30 - 13.30

European Economic Policy

Philip Arestis: A Coherent Approach to Macroeconomic Theory and Economic Policies

Ferran Portella-Carbo, Óscar Dejuán: The Supermultiplier as Global Matrix: An Application to the Eurozone trade imbalances

Jesper Eriksen, Mikael Randrup Byrialsen: Flexicurity under Attack - an Analysis of a Less Generous Welfare System

Camille Logeay, Florian Blank, Rudolf Zwiener, Erik Türk, Josef Wöss: Why Is Austria’s Pension System So Much Better Than Germany’s?

Teaching economics in the 21st century: preview on a Routledge compilation

Samuel Decker: The volume project: relevance, contributions and new discussions

Silja Graupe: Economics as a Textbook Sience Criticism and alternatives

Elisabeth Springler, Johannes Jäger: Heterodox perspectives in teaching the European Integration and Crisis: Critical political economy and post-Keynesianism

Jack Reardon: Suggestions for Incorporating the UN Sustainability Objectives into the Undergraduate Macroeconomics Curriculum

International Trade / Open Economy II

Christian Ambrosius: What Explains the Speed of Recovery from Banking Crises?

Heike Joebges: FDI driven growth and its effects on crisis recovery - the case of Ireland 

Nelson Marconi, Elaine Araujo, Luiz Fernando de Paula: Real Exchange Rate Misalignments and Economic Performance: A New-Developmentalist Approach

André Nassif, Carmem Feijó, Eliane Araújo: A Structuralist-Keynesian Model for Determining the Long-Term “Optimal” Real Exchange Rate for Economic Development: The Case of Brazil

Monetary Policy

Luigi Ventimiglia, Daniele Tavasci: Monetary Policy and Inequality in Europe

Fructuoso Borrallo: The transmission of monetary policy in the United States and the Eurozone during expansion and crisis time

Michael Hachula, Malte Rieth, Michele Piffer: Unconventional Monetary Policy, Fiscal Side Effects and Euro Area (Im)balances

Joan Muysken, Huub Meijers: The impact of Quantitative Easing in the Netherlands: a stock-flow consistent approach

Financialisation II

Ewa Karwowski, Engelbert Stockhammer, Mimoza Shabani Financialization: Dimensions and determinants. A cross-country study 

Paolo Piacentini: Functional “reversal” and dimensional “decoupling” of “Finance” and “Real Economy”: reflection around the “Kaleckian” and “Minskian” limits to over-financialisation

Daniele Tori, Özlem Onaran: The effect of financialization and financial development on investment: evidence from firm-level data for Europe 

John McCombie, Marta Spreafico: The Share of the Top One Percent: Is it Due to the Marginal Product of Labour or Financialisation? 

Private Sector Wealth and Debt

Engelbert Stockhammer, Rafael Wildauer: Expenditure Cascades, Income Substitution or Property Bubbles? Determinants of Household Debt in OECD Countries

Thomas Goda, Chris Stewart, Alejandro Torres: Does absolute income inequality drive up housing prices?

Jan Behringer: Structural and cyclical factors behind the rise in corporate net lending

Rafael Wildauer: 7 Facts about US Household Debt

 

 

 

Saturday, 22 OCTOBER 2016, Parallel Sessions E, 15.00 - 17.00

Re-thinking Europe

Margit Schratzenstaller-Altzinger: EU Taxes as Instrument to Strengthen Sustainability of Taxation in the EU

Helge Peukert: The highly controversial policy of the ECB from a pluralist point of view

Gerd Grötzinger: A Challenge for the EU (and the World): How to Cope with Refugees?

Lukas Holzer: Why should companies found a corporate bank in Europe? An analysis from an European monetary system point of view

Wage-Led Growth

Codrina Rada, David Kiefer: Distribution-utilization interactions: a race to the bottom among OECD countries

Michalis Nikiforos: Distribution-led growth: a methodological note

Arslan Razmi: Is planet Earth as a whole wage-led?

Peter Skott: Weaknesses of ’wage-led growth’

Opportunities and Obstacles for European Fiscal Policies: Country Studies

Catherine Mathieu, Henri Sterdyniak: France 2012-2016: Social-liberalism under European rules, an assessment

Jorge Uxó, Nacho Alvarez, Eladio Febrero: What fiscal policy does Spain need? Macroeconomic effects and constraints

Achim Truger: Perspectives for expansionary fiscal policies in the EU: Some calculations based on fiscal multipliers and endogenous ‚potential growth‘

Christoph Paetz, Sebastian Gechert, Gustav Horn: Long-term effects of stimulus packages and austerity measures in Europe

International Trade / Open Economy III

Johannes Schmidt: Solving the Feldstein-Horioka puzzle  

Marco Resende, Philip Arestis, Douglas Alencar, Gustavo Diniz, Lúcio Barbosa: The finance-investment and saving-funding circuit in the open economy with government

Karsten Köhler: Currency Devaluations, Aggregate Demand, and External Debt Dynamics in a Post-Kaleckian Open Economy Model 

Barbara Fritz: Macroeconomic policy regime: A heuristic approach to grasp national policy space within global asymmetries

Current Account (Im)Balances

Rafael Gava de Souza: Brazilian International Trade since the Global Financial Crisis: a Kaldorian Approach

Eladio Febrero, Jorge Uxó, Fernando Bermejo: The role of gross capital flows in the Great Financial Crisis. The case of Spain

Oliver Picek: Profits without investment? The German investment weakness on the sectoral level

Juan Alberto Vázquez-Muñoz, Ignacio Perrotini-Hernández: Capital Accumulation as a Determinant of Economic Growth and the Balance-of-Payments Constraint: The Case of Mexico, 1951-2014

Dynamic Models, Instability and Cycles II

Daniel Detzer: The deleveraging process in debt-led private demand boom economies: analysis within a stock-fl ow consistent model

Paola D´Orazio: Escaping lock in: financing the transition to a sustainable economy through unconventional monetary policy. An agent-based approach.

Ansgar Rannenberg, Luca Onorante, Matija Lozej: Countercyclical Capital Regulation in a Small Open Economy DSGE Model

Philipp Lammers: News matters: A new tool for measuring risk

 

 

 

 

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