Grafik zur FMM Konferenz 2022

26th FMM Conference: Post-Keynesian Economics and Global Challenges

Veranstalter: Hans-Böckler-Stiftung
Ort: Berlin, Vienna House Andel´s Berlin
vom: 20.10.2022, 09:00 Uhr
bis: 22.10.2022, 20:00 Uhr

Marc Lavoie, University of Ottawa, Canada 
Marc Lavoie opens the introductory lecture series on the subject of “History and fundamentals of post-Keynesian macroeconomics”(pdf). He gives an overview of the characteristic features and the history of the post-Keynesian paradigm and summarizes the impact of post-Keynesian economics today.

Annina Kaltenbrunner, Leeds University Business School 
In the second introductory lecture, Annina Kaltenbrunner talks about “Financial markets and instability” (pdf) and the contribution of post-Keynesian economics to this topic. In her lecture, she explains aspects of Keynes' General Theory and Minsky's Financial Theory of Investment and Financial Instability Hypothesis and the resulting policy implications. 

Yannis Dafermos, SOAS University of London 
In the last lecture of the introductory lectures, Yannis Dafermos talks about “Macroeconomics and the environment”(pdf). In his lecture, he gives an introduction to how environmental issues can be incorporated into macroeconomic modelling by explaining Integrated assessment modelling, Ecological stock-flow consistent (E-SFC) models and Environmental Stochastic General Equilibrium (E-DSGE) models.

Plenary Session I: Constraints on Development and Structural Change

Chair: Annina Kaltenbrunner (Leeds University Business School)

Daniela Prates (UNCTAD): Currency hierarchy and the financial periphery (pdf) 
Daniela Prates opens the first plenary session and explains how globalisation changed the nature of the external vulnerability of the periphery. 

Gabriel Porcile (CEPAL): New directions in the Latin American Structuralism (pdf)  (slides) ; New directions in the Latin American Structuralism (pdf) (paper) 
In the second talk, Gabriel Porcile describes how Latin American Structuralists are discussing topics related to new trends in economic development.  

Robert Blecker (American University): How important is the real exchange rate for exports and growth? (pdf)
Robert Blecker’s talk is about different perspectives on the role of the real exchange rate. He was unfortunately unable to give his presentation at the conference in person. 

Plenary Session II: Gender, Care Economy and Elastic Supply

Chair: Engelbert Stockhammer (King ́s College London)

Elissa Braunstein (Colorado State University): Gender, social reproduction and economic growth (pdf)
Elissa Braunstein opens the second plenary session, introducing a feminist macroeconomic model and explaining why including social reproduction as a source of current consumption and future productivity growth is essential to understand how macro policy affects growth and development. 

Özlem Onaran (Greenwich University): Synthesizing Feminist and Post-Keynesian Economics for a Purple Green Red Transition (pdf) 
Özlem Onaran introduces a post-Keynesian/Kaleckian feminist macroeconomic model and discusses effects of an increase in public social infrastructure, increasing wages and closing gender gaps and different policy simulations. She argues for a purple green red new deal for a caring just transition. 

Mark Setterfield (New School for Social Research): Path dependent growth and PK modelling of the supply side (pdf)
Mark Setterfield’s talk is on how to integrate supply-side considerations into demand-led models. He discusses the reconciliation of AD and AS in the long run, human capital, social reproduction of labour and the supply-side link between distribution and growth. He argues that a feminist-structuralist macro model seems to provide a general framework for further exploration. 


Plenary Session III: Macroeconomic Policy Challenges

Chair: Eckhard Hein (Berlin School of Economics and Law)

Joelle Leclaire (SUNY Buffalo State Department of Economics & Finance): Fiscal and monetary policy for difficult times: MMT solutions (pdf)
In the last plenary session, Joelle Leclaire gives an overview of fiscal and monetary policy from an MMT perspective and outlines her policy recommendations to address the current macroeconomic situation.

Jo Michell (University of the West of England): Macroeconomic policy coordination: a new approach for the end of abundance (pdf)
Jo Michell starts the second talk with the question whether we are at the end of the “age of abundance” and tentatively concludes that this is the case. He goes on to discuss the implications for macroeconomic theory and policy and for macro policy institutional design. 

Sebastian Gechert (Chemnitz University of Technology): Fiscal policy: Post or new Keynesian? (pdf)
Sebastian Gechert gives an overview on how well post-Keynesian new-Keynesian models match what is known from the empirical literature on fiscal policy and discusses implications for current policies. 

Post-Keynesian economics, based on the original works of Keynes, Kalecki, Kaldor, Joan Robinson, Minsky and oth-ers, has been the main alternative to orthodox and mainstream macroeconomics for decades and has inspired the FMM since its beginning. The 2022 conference aims to take stock of post-Keynesian and other critical contributions with a focus on how they deal with current global macroeconomic challenges. These include high and rising imbal-ances and inequalities at national and global levels, and the need for social-ecological and economic transformation to address the environmental crisis. While these challenges require coordinated government intervention, both na-tionally and internationally, policymakers are faced with high public debt and, more recently, rising inflation rates. At the same time, the global financial architecture puts severe limits on the ability of countries in the Global South to conduct macroeconomic policies that can address the current economic and social challenges. We will discuss how post-Keynesians have analysed these problems applying different theoretical and empirical methods and have eco-nomic policy alternatives.


Programme (pdf)

Sabine Nemitz

Conference Overview

Post-keynesian / Heterodox Theory I

Chair: Miriam Rehm

Historical time and the current state of post-Keynesian growth theory
Ettore Gallo (The New School for Social Research), Mark Setterfield

Building blocks of a heterodox business cycle theory
Engelbert Stockhammer (King´s College London)

A monetary circuitist interpretation of the nature and role of the shadow banking System in modern economies
Giuseppe Fontana (University of Leeds)

Dollarization: a post-Keynesian institutionnalist view
Jean-François Ponsot (University Grenoble Alpes)

Supermultiplier & Demand

Chair: Jan Priewe

Autonomous demand-led growth and the supermultiplier: The theory, the model and applications
Fabio Freitas (UFRJ), Ricardo Summa, Franklin Serrano

Conflict inflation and autonomous demand: A supermultiplier model with endogenous distribution
Guilherme Spinato Morlin (University of Siena), Riccardo Pariboni

The Open (economy) flank of Modern Monetary Theory (MMT) 
Johannes Schmidt (Karlsruhe University of Applied Sciences) 

Centralization of capital and accumulation: Marx, Kalecki and Steindl
Ayoze Alfageme Ramirez (Université de Genève)

Minimum Wages / Working Hours

Chair: Dany Lang

False forecasts and misjudgments – minimum wage effects in paradigmatic differentiation
Camille Logeay (HTW Berlin), Alexander Herzog-Stein, Jürgen Kromphardt

Declining wage share and technological change: A panel VAR approach
Ana Bottega (University of São Paulo and Made/USP), Rafael Ribeiro

Varieties of the rat race: Working hours in the age of abundance
Till van Treeck (University Duisburg-Essen), Jan Behringer

How much employment has the minimum wage cost? Or: were the warning voices right after all?
Toralf Pusch (WSI)

Employment / Labour Market

Chair: Barbara Fritz

Employment protection and its impact on the dynamics of employment and unemployment
Jesus Ferreiro (University of the Basque Country), Carmen Gomez, Philip Arestis

The ongoing decline of middle-income jobs
Thomas Rabensteiner (University of Greenwich), Alexander Guschanski

Heterogeneity in unemployment expectations across working households and endogenous cyclical fluctuations in macroeconomic activity 
Gilberto Tadeu Lima (University of São Paulo), Jaylson Jair da Silveira

Policy constraints and conflicts: EU member state responses to high inflation
Andrew Watt (IMK Macroeconomic Policy Institute)

Ecological macroeconomics (modelling)

Chair: Sebastian Gechert

Make the pain go away - persistence of climate damages in an agent-based integrated assessment model
Severin Reissl (RFF-CMCC European Institute on Economics and the Environment), F. Lamperti, L. E. Fierro, J. Emmerling, M. Tavoni, A. Roventini

Circular economy in a simplified input-output stock-flow consistent dynamic model
Marco Veronese Passarella (Leeds & Link Campus University of Rome)

Green public investment, consumption patterns and the ecological transition: A macroeconomic analysis
Maria Nikolaidi (University of Greenwich), Yannis Dafermos, Antoine Monserand

Schumpeterian Economics: Schumpeter beyond “creative destruction”

Chair: Peter Bofinger

Discovering the true Schumpeter - new Insights into the finance and growth nexus
Thomas Haas (Julius-Maximilians-Universität Würzburg), Peter Bofinger, Fabian Mayer

Why Schumpeter would have deserved a Nobel prize
Peter Bofinger (Julius-Maximilians-Universität Würzburg)

The role of the state in Schumpeterian economic policy
Patrick Kaczmarczyk (Julius-Maximilians-Universität Würzburg)

From the Quantity Theory of Money towards the Functional Differentiation of Credit: The role of non- GDP transactions in Germany, Italy and Switzerland
Richard Senner (Schweizer Nationalbank)

Teaching Post-Keynesian Economics: Presentation of Current Textbooks

Chair: Alessandro Bramucci, Eckhard Hein

Introduction to macroeconomimcs: Pluralist and  interactive
Alessandro Bramucci (HWR Berlin), Franz Prante, Allessandro Bramucci, Eckhard Hein, Achim Truger

Post-Keynesian economics: New foundations, 2nd edition
Mark Lavoie (University of Ottawa)

Macroeconoimc after Kalecki and Keynes:  Post-Keynesian foundations
Eckhard Hein (HWR Berlin)

Heterodox macroeconomics: Models of demand, distribution and Growth
Mark Setterfield (The New School for Social Research), Robert A. Blecker

Distribution I / Inequality

Chair: Jan Behringer

Income inequality, positional competition and household consumption in Germany
Lukas Endres (IMK Macroeconomic Policy Institute), Jan Behringer, Till van Treeck

Distributive cycles and wage inequality: A Kaleckian Goodwin-inspired model
Marina da Silva Sanches (University São Paulo)

A comparative analysis of fiscal response to the COVID-19 crisis in Germany and Ireland in the context of the growth model approach
Hendrik Becker

How large are hysteresis effects? Estimates from a Keynesian growth model
Alejandro Gonzalez Castillo (Universidad de Chile), Steven Fazzari

Macroeconomic / structural issues

Chair: Jochen Hartwig

Informal economy and Kaleckian long-run equilibrium
Henrique Bottura Paiva (University of Brasilia), Ricardo Silva Azevedo Araujo

Pensions and informality in a structuralist dual- economy model
David Cano Ortiz (University of Siena)

Extending the SFC methodology to alternate  heterodox economic theories
Panos Stamoulis (University of Athens)

Towards network-based expectation formation – integration of social network analysis in a behavioral new Keynesian framework
Rafael Kothe (Bamberg University)

German economic policy issues

Chair: Svenja Flechtner

Talking exports: The representation of Germany’s current account in newspaper media
Andreas Maschke (University of Leeds)

Second shift meets market: An evaluation of household labor‘s price in Germany
Julia Francesca Engel (Kiel University)

Whose firm? German corporate sector resilience to financialization
Carmen Giovanazzi (University of Duisburg-Essen)

Wage distribution and the business cycle in  Germany
Mads R. Hansen (EPOG+)

Productivity / sectoral issues

Chair: Toralf Pusch

Which sectors are the sick ones? Sector-specific Dutch disease effects of the 2003 to 2013 commodity price boom in low- and middle-income countries
Martin Middelanis (Freie Universität Berlin), Jimena Castillo

The effects of public investment in physical and social infrastructure on productivity - a panel data analysis
Sophie Frew (University of Greenwich), Cem Oyvat, Ozlem Onaran

The Kaldor-Verdoorn law under alternative labor market conceptualizations
Manya Budhiraja (University of Massachusetts)

Europe’s productivity puzzle: A two-sector productivity model and empirical evidence
Ines Heck (University of Greenwich)

Distribution II

Chair: Rafael Wildauer

Fiscal policy and class conflict in Brazil (2000-2019): The net social wage and the limits of the redistributive experience
Pedro R Marques (University of Sao Paulo)

Inequality, consumption emulation and growth
Francesco Linguanti (University of Rome), Carlo D‘Ippoliti

Inequality and the balance of payments constraint growth: A decomposition of import income elasticities
Clara Brenck (The New School for Social Research)

Ecological Transformation

Chair: Maria Nikolaidi

Investment conditions for a timely energy transition: An analysis through an agent-based, SFC input- output model
Mattia Pettena (University of Genoa), Marco Raberto

Green macroeconomic policies, consumption patterns and household financial fragility: A stock-flow consistent perspective
Ali Berk Kökbudak (University of Greenwich), Maria Nikolaidi

Asset stranding, transition risks, and financial instability
Louis Daumas (CIRED)

Effects of Environmental Damage in a One-Asset Heterogeneous Agent Model
Maike Korsinnek

Climate Macro and the Bielefeld Disequilibrium Approach: A Way Forward? 

Chair: Christian Proaño (organized in collaboration with the Friede-Gard Stiftung)

Peter Flaschel’s Bielefeld School and Climate Macroeconomics: Some Proposals
Gerd Schuster (Friede Gard Stiftung)

The Green-MKS system: A baseline environmental  macro-Dynamic model
Serena Sordi (Università di Siena), Marwil Dávila

A proposal for a carbon wealth tax: Modelling, empirics, and policy
Willi Semmler (The New School for Social Research), Jose Pedro Bastos Neves

Could sector-oriented policies for the low-carbon transition be also used to stabilize inflation?
Oriol Vallès Codina (University College London)

Ecological macroeconomics (policy) I

Chair: Tom Bauermann

Fighting the climate crisis on the back of low-income households? An analysis of the redistributive macro effects of different carbon taxation policies
Andreas Lichtenberger (The New School for Social Research)

The Economic and environmental effects of a green employment of last resort: A sectoral multiplier analysis for the US
Giuliano Toshiro Yajima (University of Rome), Nikolaos Rodousakis,George Soklis

How to finance green transition and sustainable development in Europe?
Jesper Jespersen (Roskilde University)

Ecological consequences of western growth models
Torsten Niechoj (Rhine-Waal University of Applied Sciences)

Minsky, country studies

Chair: Steven Fazzari

Understanding booms and busts: Which institutions drive cross-country differences in speculative house price cycles? 
Engelbert Stockhammer (University of Greenwich), Karsten Kohler, Ben Tippet

The Athens stock exchange crash of the late 1990s: a Minsky-Kindleberger analysis
Michalis Nikiforos (University of Geneva), Antonios Gounalakis

México: A Minskyian case of financial fragility shaken by covid-19
Samuele Bibi (Northumbria University), Luis Villanueva,  Christian Bucio

Minsky meets Prebisch: The challenges of Peru in the 21st century
Diego Guevara (National University of Colombia)

Future Growth Scenarios

Chair: Guiseppe Fontana

Labor market stability in a zero-growth economy
Valeria Jimenez (HWR Berlin)

Economics for the future - inspiration from the writings of Polanyi
Mogens Ove Madsen (Aalborg University)

Green Keynesianism and the global energy transition: Is the North-South divide deepening?
Germán Bersalli (Institute for Advanced Sustainability Studies)

An SFC institutional model of the Central Bank-National Treasury interactions: the case of Brazil
Lidia Brochier (Federal university of Rio de Janeiro (UFRJ))

Development and structural issues

Chair: Marc Lavoie

Is financialisation of everyday life different in developing and emerging economies? A mixed-method study of financial inclusion in Brazil
Thereza Balliester Reis (SOAS University of London)

Macroeconomic Determinants of South Africa’s Post-Apartheid Income Distribution
Adam Aboobaker (University of the Witwatersrand)

Strategies for economic development in Brazil: A Structuralist-Keynesian approach
Luiz Fernando de Paula (Federal University of Rio de  Janeiro)

A structuralist model of the Palestinian economy
Ibrahim Shikaki (Trinity College)

Wages / Bargaining Power

Chair: Camille Logeay

A composite index for worker’s bargaining power to understand the missing-inflation matter
Enrico Sergio Levrero (Roma Tre University), Claudia Fontanari, Davide Romaniello

Management opposition in times of crisis
Patrick Nüß (Kiel University)

Misperception of privilege in the labour market
Daniel Mayerhoffer (Bamberg Otto-Friedrich-University), Jan Schulz-Gebhard

Productive and Monetary Constraints on Development from a Structuralist Perspective

Chair: Annina Kaltenbrunner

The international division of finance: Reassessing the peripheral condition in a financialised capitalism
Édivo Oliveira (University of Campinas), Bruno De Conti

Costs and benefits of currency internationalisation: Theroy and the experience of emering countries
Bianca Orsi (University of Leeds), Antonio José Alves Junior, André de Melo Modenesi

The hierarchy of crisis liquidity provision: Unequal access to  the global financial safety net for developing countries and the role of central bank swaps
Barbara Fritz, Marina Zucker Marques (UNCTAD), Laurissa Mühlich

Weakness of MMT as a Guide to Development Policy   
Esra Ugurlu (University of Leeds), Adam Aboobaker

Empirical SFC models for national economies

Chair: Mikael Randrup Byrialsen

Unconventional monetary policy in an econometric SFC model of the French economy
Luis Reyes (Kedge Business School), Jacques Mazier

A prototype regional Stock-Flow consistent model
Gennaro Zezza (Levy Economics Institute), Francesco Zezza

Income distribution, effective demand and wealth: Evidence from an empirical SFC-model for Denmark 2005-2020
Mikael Randrup Byrialsen (Aalborg University), Sebastian Valdecantes

An empirical stock-flow consistent model of the Italian economy
Rosa Canelli (University of Sannio)

Post-keynesian / Heterodox Theory II

Chair: Engelbert Stockhammer

Beyond the trilemma framework: A post-Keynesian approach to policy space and constraints
Nathalie Marins (University of Campinas Institute of Economics)

The Taylor rule as a stabilising device of the Goodwin-Foley liquidity-profit-rate cycles  
Ricardo Araujo (University of Brasilia), Helmar Moreira

Keynesian fiscal policy, economic growth and public debt dynamics
Steven Fazzari (Washington University), Piero Ferri, Alejandro Golzalez Castillo

Internal vs external cost-push inflation in a profit-led economy
Hamid Raza (Aalborg University), Thibault Laurentjoye

European economic policy I

Chair: Till van Treeck

The macroeconomic implications of financialisation on wealth and income distribution – a stock-flow consistent approach
Huub Meijers (Maastricht University School of Business and Economics), Joan Muysken

GFC and regime shift in central and eastern Europe? Structural approach to labour markets of dependent market economies
Maciej Grodzicki (Jagiellonian University), Michał Możdżeń

Monetary unification through novation: The Political economy of the TARGET system
Steffen Murau (Boston University), Matteo Giordano

Globalisation / International Trade I

Chair: Heike Joebges

A core-periphery framework for understanding the place of Latin America in the global architecture of finance
Nicole Cerpa-Vielma (University of Leeds), Gary Dymski

Financial integration, non-price competitiveness, and fiscal space in small open economies
Alberto Botta (University of Greenwich), Giuliano Toshiro Yajima, Gabriel Porcile, Danilo Spinola

Getting into debt and exporting: Considerations on ‚growth models‘ from the study of the Swedish economy
Juan Barredo Zuriarrain (University of the Basque Country), Luis Buendía

The puzzle of manufacturing divergence in Africa: A post-Keynesian interpretation
Danilo Spinola (Birmingham City University), Emmanuel Mensah, Erez Yerushalmi

Monetary policy

Chair: Karsten Kohler

Monetary policy rules and the inequality-augmented Phillips curve
Lilian Rolim (University of Campinas), Laura Carvalho, Dany Lang

Household debt, income distribution, and monetary policy
Joana David Avritzer (The New School for Social Research), Frutuoso Santana

Monetary policy in Brazil under the inflation targeting regime from a contested terrain approach
Fernando Ferrari-Filho (Federal University of Rio Grande do Sul), Assilio Araújo


Chair: Dirk Bezemer

Financialisation, macroeconomic regimes and the potentials for a progressive equality- and domestic demand-led regime – a post-Keynesian simulation approach
Franz Prante (University of Duisburg-Essen), Eckhard Hein, Alessandro Bramucci

Inequality-constrained monetary policy in a financialised economy
Luca E. Fierro (Scuola Superiore Sant‘Anna Pisa), Federico Giri, Alberto Russo

Dynamics of financialisation in emerging Europe
Milka Kazandziska (University Bremen)

Bank regulation, climate crises and sustainable green finance
Linnit Pessoa (Unicamp - Universidade de Campinas), Ana Rosa Ribeiro de Mendonca, Fernanda Feil

Industrial policy in a world of changing globalisation

Chair: Christoph Scherrer

The need for industrial policy
Hansjörg Herr (HWR Berlin)

The challenges of implementing industrial policy
Christoph Scherrer (Kassel University)

Industrial policy in the automotive industry in Germany, India and Brazil: Who was involved in the negotiation and how were resources used?
Christina Teipen (HWR Berlin), Helena Gräf

Industrial policy of digitization in Europe: Tailwind for productivity?
Christian Kellermann (HTW Berlin)

European Economic Policy II

Chair: Andrew Watt

Wage bargaining coordination, taxation and labor costs: The Effects of fiscal devaluation
Mario Holzner (The Vienna Institute for International Studies (wiiw))

Labor costs, KIBS, and export performance: A comparative analysis of Germany and Mediterranean economies
Daniel Herrero (Complutense Institute of International Studies, ICEI), Adrián Rial

Labour cost, competitiveness and imbalances within the Eurozone
Loïck Tange (Lille University)

Inflation in times of overlapping emergencies:  Systemically significant prices from an input-output perspective
Isabella Weber (University Massachussets), Jesus Lara Jauregui, Lucas Teixeira, Luiza Nassif Pires

Ecological macroeconomics (policy) II

Chair: Trevor Evans

Envrionmental regulation, macrofinancial stability and climate policy mixes
Yannis Dafermos (SOAS University of London), Maria Nikolaidi

Monetary policy and ecological crisis: Towards a climate justice approach
Martin Sokol (Trinity College Dublin), Jennie Stephens

The macroeconomic effects of an ambitious green deal
Rafael Wildauer (University of Greenwich), Jakob Kapeller, Stuart Leitch

Not enough money? Exploring the financing bias in climate policies
Dirk Bezemer (University of Groningen)


Chair: Paloma Villanueva

Fields of study choices and gender income  inequalities in Germany
Svenja Flechtner (University of Siegen), Carlo D‘Ippoliti

At the intersection between class and gender: Unpaid care work and macroeconomic demand regimes
Raghavendra Srinivas (National University of Ireland)

Intersectionality and growth models – who benefits from the German Export-Led employment?
Pauline Kohlhase (Max-Planck-Institut für Gesellschaftsforschung), Miriam Rehm


Chair: Malcolm Sawyer

A model of stratification, group conflict and inequality
Daniele Tavani (Colorado State University)

Inequality and stagnation: The role of knowledge monopolization
Özgür Orhangazi (Kadir Has University)

Aggregate consumption, perception networks and functional inequality 
Jan Schulz-Gebhard (University of Bamberg)

Fiscal Policy

Chair: Torsten Niechoj

The impact of government debt on the distribution of income
Sven Schnellbacher (Karlsruhe University of Applied Sciences), Hagen Krämer

The distributional effects of unconventional fiscal policy
Jan Behringer (IMK Macroeconomic Policy Institute), Sebastian Dullien, Sebastian Gecher

The informational index of income inequality
Paulo dos Santos (The New School for Social Research)

Productive and Monetary Constraints on Development from a Structuralist Perspective II

Chair: Bianca Orsi

Financial dependency and domestic economic policy constraint in the new millennium
Carlos Aguiar de Medeiros (IE/UFRJ)

Rentiers and capitalists: Intra-capital conflict, public goods and financial globalization
Gabriel Porcile (ECLAC), Gilberto Tadeu Lima

Premature de-industrialisation, premature financialisation and productive development: Advancing an intefratted structuralist perspecive
Antonio Andreoni (SOAS University of London), Fiona Tregenna, Sophie van Huellen

Deindustrialisation and financialisation - an empirical estimation
Jimena Castillo (University of Leeds)

Globalisation / International Trade II

Chair: Adam Aboobaker

Reducing the dollar hegemony – a new proposal for global monetary reform
Jan Priewe (HTW Berlin)

Offshoring via vertical FDI in a long-run Kaleckian model
Ryan Woodgate (Berlin School of Economics and Law, Université Sorbonne Paris Nord)

Weak sectors and weak ties? Labour dependence and asymmetric positioning in GVCs
Lorenzo Cresti (Sant‘Anna School of Advanced Studies), Maria Enrica Virgillito

The dynamics of international exploitation
Roberto Veneziani (Queen Mary University of London), Jonathan Cogliano, Naoki Yoshihara

Demand Regimes / Growth Models

Chair: Yannis Dafermos

An analysis of the patterns of economic growth in the US: Autonomous demand components and their divergent multipliers
Maria Cristina Barbieri Góes (University of Rome 3)

Estimating demand regimes in the EU using common factor models
Emilia Marsellou (Centre of Planning and Economic Research (KEPE)), Ilias Kostarakos

The determinants of homeowners‘ financial vulnerability over the house price cylce: An Agent-Based analysis with a housing wealth effect
Ruben Tarne (University of Groningen)

Balance sheet recession under different saving regime of firm: Lessons from nonlinear effects of saving crisis and secular stagnation in Japan
Yuki Tada (The New School for Social Research)

Asset Markets / Market Power

Chair: Hansjörg Herr

Stable profit rates in a time of rising market power: The role of financial and intangible assets in the U.S. corporate sector
Joao Paulo de Souza (University of Massachusetts), Leila Davis

The effect of dividend payouts on firm-level R&D
Thomas Goda (University EAFIT), Cristhian Larrahondo

What explains stock market returns above economic growth?
Heike Joebges (HTW Berlin), Ferdinand Fichtner

We are all strings of a LIRE: Monetary policy in a financialized economy, a hybrid AB-SFC macro model 
Alberto Botta (Università degli Studi dell’Insubria),  Alberto Russo, Eugenio Caverzasi 

Social policy and Employment

Chair: Özlem Onaran

The wage and employment issue in Italy. A comparison with the Eurozone‘s largest economies
Nicolò Giangrande (Giuseppe Di Vittorio Foundation (FDV))

Universal basic income versus universal basic services in a Kaleckian model
Yavuz Yasar (University of Denver), Mark B. Lautzenheiser

Gender asymmetries in the Spanish labour market
Paloma Villanueva (Complutense Institute for International Studies)

Heterogeneous expectations, housing bubbles and tax policy
Carolin Martin (IMK Macroeconomic Policy Institute)

Productivity, innovation and distribution

Chair: Mario Holzner

Induced innovation, the distributive cycle, and the changing pattern of labour productivity cyclicality: a SVAR analysis for the US economy
Marco Stamegna (University of Siena)

The determinants of productivity growth in manufacturing Industries: Evidence for 14 European countries based on local projections
Claudia Fontanari (University of Rome 3)

Business cycle and factor income shares: A VAR sign restriction approach
Lorenzo Tonni (University of Rome)

Is capacity utilization variable in the long run? An agent- based sectoral approach to modeling hysteresis in the normal rate of capacity utilization
Tom Bauermann (IMK), Mark Setterfield, Dany Lang,  Federico Bassi

Frontiers in Growth Regime Research - Theoretical Perspectives and Country Cases

Chair: Benjamin Jungmann

Varieties of growth regimes - a review of post- Keynesian perspectives
Eckhard Hein (Berlin School of Economics and Law)

Political economy of growth regimes in Poland and Turkey
Ümit Akcay (Berlin School of Economics and Law),  Benjamin Jungmann

A supermultiplier demand-led growth accounting analysis applied to the Spanish economy (1998-2019)
Hector Labat (Berlin School for Economics and Law), Ricardo Summa

Housing cycles and growth models
Karsten Kohler (University of Leeds), Benjamin Tippet, Engelbert Stockhammer

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