Parallel Session Papers for Download - FMM 2015

Friday, 23 OCTOBER 2015, Parallel Sessions A, 09.00 - 11.00


P.A. Markus Schneider: A Tale of Two Ginis in the US (1921-2012)

Hagen Krämer: Inequality dynamics with different saving ratios. A necessary amendment of the Piketty condition r>g for increasing wealth inequality

Pirmin Fessler, Martin Schürz: Private Wealth Across European Countries: The Role of Income, Inheritance and the Welfare State 

Luca Zamparelli: Wealth Distribution, Elasticity of Substitution, and Piketty: an anti-dual Pasinetti Economy

Sustainability and ecological economics

Oliver Richters, Matthew Berg, Brian Hartley: Stock-Flow Consistent Input–Output Models as a Bridge Between Post-Keynesian and Ecological Economics

Maria Nikolaidi, Yannis Dafermos, Giorgos Galanis: Green investment and financial fragility: a Minsky-Schumpeter ecological model

Antoine Godin, Emanuele Campiglio, Stephen Kinsella: The economic implications of the transition to a low-carbon energy system: a stock-fl ow consistent model

Jack Reardon: Suggestions for Incorporating Sustainability into Intermediate Macroeconomics

Distribution and Growth I

Thomas Obst, Özlem Onaran: Wage-led growth in the EU15 Member States: the effects of income distribution on growth, investment, trade balance, and inflation  

Robert Jump, Ivan Mendieta-Munoz: Wage Led Aggregate Demand in the UK

Michaelis Nikiforos: A non-behavioral theory of saving

How to reclaim the fiscal instrument in Europe

Sebastian Gechert: Fiscal multipliers in downturns and effects of Euro Area consolidation 

Andrea Terzi: The Eurozone crisis: a debt shortage as final cause 

Jörg Bibow: Making the Euro Viable: the Euro Treasury Plan 

Achim Truger, Christoph Paetz: Implementing the Golden Rule for Public Investment in Europe

Developing macro models I

Ricardo Araujo, Carlos Eduardo Drumond: Evolutionary Dynamics in a Two Sector Neo-Kaleckian Model of Growth and Distribution

Olivier Allain: Demographic Growth, Harrodian (In)stability and the Supermultiplier

Fabio Freitas, Franklin Serrano: The Sraffian Supermultiplier as an Alternative Closure in Heterodox Growth Theory  

Christian Schoder: An estimated dynamic stochastic Labor Market Disequilibrium model of unemployment in the Euro Area

Methodology and Teaching

Max Wenzel, Lino Zeddies: How to establish pluralism at universities 

Johannes Schmidt: A Modest Proposal for Reforming the Undergraduate Macroeconomics Curriculum: The Case for a Thorough Treatment of Accounting Relationships?  

Severin Reissl, Fabian Lindner: Balance Mechanics and Macroeconomic Paradoxes - A demonstration of the usefulness of the Stützelian method of analysis



Friday, 23 OCTOBER 2015, Parallel Graduate Student Sessions S, 11.30 - 13.30

Distribution, growth and imbalances

Maria Enrica Virgillito, Giovanni Dosi, Marcelo C. Pereira, Andrea Roventini: The macroeconomics and the distributive effects of alternative labour market archetypes

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

Eleni Patatouka, Apostolos Fasianos: Credit Discriminations in European Households: Evidence from loan denials in Eurozone Countries

Emerging markets and developing countries

Shanaz Sumra: The Balance of Payments Constrained Growth Model with Sustainable Debt Accumulation, Interest Payments and Terms of Trade: Evidence from Sub-Saharan Africa

Esra Nur Ugurlu, Hasan Comert: The Impacts of the 2008 Global Financial Crisis on Developing Countries: The Case of 15 Most-Affected Countries

Bendreff Desilus: Economic performance of Mexico and South Korea after 2008 crisis

European economic policy

Philipp Heimberger: Did Fiscal Consolidation Cause the Double Dip Recession in the Euro Area? Estimates On the Growth Effects Of Fiscal Austerity Measures During 2011-2013 

Rohan Grey, Nathan Tankus: Why wasn‘t there a Dollarzone crisis? What the Eurozone can and can‘t learn from the formation of the United States Constitution

Samuel Decker: Stagnation in the Euro-zone and transnationalizing capitalism. A holistic view on financialization and policy implications

David Goelnitz: France - the new sick man of Europe? A critical macroeconomic analysis 

Brazilian economy

Danilo Spinola: The Neokaleckian model of Growth and Distribution applied for Brazil 

Douglas Alencar: Distributive conflict, economic growth and exchange rate in Brazil

Bruno Tomio: Understanding the Brazilian Demand Regime. A Kaleckian Approach

Money and credit

Alvaro Santos-Rivera: Bank capital and endogenous money: Liquidity preference and capital constraints as determinants of credit rationing

Lino Zeddies: Profit opportunites for the banking system due to deposit money creation and potentials of a sovereign money Reform 

Simona Bozhinovska: The compensation thesis and its application to central bank balance sheets: an empirical analysis on the balance sheet components of the Macedonian central bank  

Pablo Andrés Anaya Longaric, Michael Hachula, Christian Offermanns: Spillovers from U.S. Unconventional Monetary Policy: The Role of Bond Flows

Financial fragility

Anastasia Biermann: Money, Interest and Profit in the Theory of Distribution: A Sraffian Approach 

Ariane Hillig: A Critical Analysis of Minsky Moments in a Property Bubble 

Franz Mohr, Jakob Kapeller, Bernhard Schütz, Michael Landesmann: The policy management of financial crises: Saving the economy in a Minsky-Veblen Cycles framework

Michael Miess, Stefan Schmelzer: A Stock-flow Consistent Model of Financialisation and Shadow Banking: Financial Fragility in a Modern Capitalist Economy



Friday, 23 OCTOBER 2015, Parallel Sessions B, 15.00 - 17.00

Growth and stagnation I

Jörg Mayer: How could the South respond to secular stagnation in the North?  

Jonathan Perraton: Secular Stagnation: The New Normal for the United Kingdom? 

Roy Rotheim: The Spectre of New Keynesian Stagnation or Keynesian Involuntary Unemployment?

Jesper Jespersen: Structural budget balance and fiscal sustainability are the ‘Death Sentence of Fiscal Policy’ in Europe

FESSUD Financialisation, crises and perspectives

Björn Rúnar Guðmundsson: Financialisation and the Financial Crisis in Iceland 

Jesús Ferreiro, Catalina Gálvez, Carmen Gómez, Ana González: The impact of the economic and financial crisis on the coherence of the Eurozone

Nina Dodig, Eckhard Hein, Daniel Detzer: Financialisation, Crisis and Perspectives: an analysis for 15 countires 

Daniel Detzer: Financialisation, Debt and Inequality – Scenarios Based on a Stock flow Consistent Model

Finance and Crisis

Rafael Wildauer: US Household Debt - New evidence from the SCF 

Christian Proaño, Till Strohsal, Jürgen Wolters: Characterizing the Financial Cycle: Evidence from a Frequency Domain Analysis 

Steven Fazzari: Household Income, Demand, and Saving: Deriving Macro Data with Micro Data Concepts 

Dirk Bezemer, Lu Zhang: A Global House Of Debt Effect? Mortgages and Post-Crisis Recessions In Fifty Economies

Distribution and Growth II

Cem Oyvat, Ceyhun Elgin, Oğuz Oztunali: Wage-Led vs. Profi t-Led Growth: A Comprehensive Empirical Analysis 

Laura Carvalho, Fernando Rugitsky: Revisiting the wage-led versus profit-led debate: lessons from growth and distribution in Brazil in the 21st century

Engelbert Stockhammer: Wage-led versus profit-led demand: what have we learned? 

Yun Kim, Gilberto Lima, Mark Setterfield: Political Aspects of Household Debt

Exchange rate policy

Ahmet Benlialper, Hasan Comert, Nadir Ocal: Implicit Asymmetric Exchange Rate Intervention under Inflation Targeting Regimes 

Nelson Marconi, Eliane Araujo, Jose Oreiro: Exchange rate and structural change

Luiz Carlos Bresser-Pereira, Fernando Rugitsky: Industrial policy and the exchange rate 

Renato Rosa, André Biancarelli: Currency denomination and external vulnerability in developing economies: a new picture from Brazil

Modern monetary theory

Jörg Bibow: Some reflections on the Keynesian roots of Modern Monetary Theory 

Dirk Ehnts: From Wicksell to Le Bourva to Modern Monetary Theory: a Wicksell connection 

Flavia Dantas, Yeva Nersisyan: Rethinking Liquidity Creation: Endogenous money, shadow banking and financial instability



Saturday, 24 OCTOBER 2015, Parallel Sessions C, 09.00 - 11.00

Political economy issues

John McCombie, Marta Spreafico: The Icelandic banking collapse of 2008 : The role of economists in its unfurling 

Claudio Sardoni: Opening the ‘black box’ of the state  

Mogens Ove Madsen: Pegged to a stagnating area: The case of Denmark 

Theodore Koutsobinas: Culture Change in the Era of Depression: Micro-foundations and Lessons from the Experience of the Greek Crisis

Policies to tackle european Stagnation

Franz Nauschnigg: The Austrian ASFINAG as a model for more infrastructure Investment in the EU

Luiz Carlos Bresser-Pereira: Sovereignity, the Exchange rate, collective deceit and the Euro crisis

Giovanni Cozzi, Natalya Naqvi: An investment-led strategy for an employment-led economic recovery in Europe: the role of development banks

Inequality, Financialisation and Crisis

Alberto Cardaci, Francesco Saraceno: Inequality, Imbalances and Economic Crises: an Agent-Based Macro Model 

Michael Hacula: Information Discovery in Commodity Futures Markets  

Thomas Theobald, Sabine Stephan, Jan Behringer: What causes financial crises - the role of inequality revisited  

Fernando Rugitsky: Financialization, Housing Bubble, and the Great Recession: an interpretation based on a circuit of capital model 

Austerity in Europe

Jorge Uxo, Ignatio Alvarez: Is the end of fiscal austerity feasible in Spain? An alternative plan to the current Stability Programme (2015-2018) 

Luigi Ventimiglia, Daniela Tavasci: Austerity will not drive the Italian economy out of its longterm Stagnation  

Max Berre: Do Spillover Effects Constitute a Practical Limitation to European Fiscal Austerity Policy?  

Andrea Roventini: The Short- and Long-Run Damages of Fiscal Austerity: Keynes beyond Schumpeter, Tania Treibich, Giovanni Dosi, Mauro Napoletano  

"Rethinking fi nancial regulation at the national, European and global Levels"

Mimoza Shabani: The Incidence of Bank Default and Capital Adequacy Regulation in the USA

Jan Toporowski: Liquidity in the financial markets cannot be regulated 

Gary Dymski, Annina Kaltenbrunner: Financial Globalization on an Uneven Playing Field: The Co-evolution of Financial Risk and Megabanking in London, New York, Paris and Frankfurt  

Mariana Mortagua: The collapse of Banco Espiritu Santo and the crisis of the Portuguese economy 

Developing macro models II

Yannis Dafermos: Debt cycles, instability and fi scal rules: a Godley-Minsky model 

Dany Lang: Can more realistic investment behaviours influence macroeconomic dynamics? An SFC-ABM Approach 

Laura Carvalho, Gilberto Tadeu Lima: Human capital, income distribution and economic growth in a Neo-Kaleckian model 

Srinivas Raghavendra: Effective demand under financialisation



Saturday, 24 OCTOBER 2015, Parallel Sessions D, 11.30 - 13.30

Innovation and Growth

Alejandro Márquez-Velázquez: Growth Impacts of the Exchange Rate and Technology across Development Levels  

Willi Semmler: Macroeconomic Regime Switching and Technological Change; Andrea Roventini, Tommaso Ferraresi  

Alberto Botta: Inequality, innovation and public investment: A simple theoretical representation of the „risk-reward“ nexus and „the entrepreneurial state“ theories 

Leonardo Burlamaqui: Finance, Development and the Role of State: Th e “Entrepreneur in Chief” and China’s Entrepreneurial State as the Mirror Image of Austerity- A Keynes, Schumpeter, Minsky Approach 

Financial - Real Linkages

Christos Pierros, George Argeitis: Asset Price Manipulation and Financial Fragility in a Kaleckian Stock-Flow Consistent Framework  

Miguel Carrión Álvarez: From GDP to flow of funds: a graphical stock-flow modelling Approach  

Artur Tarassow, Ingrid Größl: The impact of inflation and stock market risk on U.S. households’ money demand behavior: A (non-linear) time-varying cointegration Analysis  

Rafael Mentges, Hanno Dihle, Stefanie Flotho: Economic Policy Uncertainty and Investment in the Euro Crisis 

Labour markets

Prabirjit Sarkar, Simon Deakin: Does labour law increase youth and total unemployment?

Alfred Kleinknecht, Zenlin Kwee, Lilyana Budyanto: Rigidities through flexibility: Flexible labor and the rise of management bureaucracies

Gilberto Tadeu Lima, Andre Marques: Testing for Spatial Dependence in the Regional Unemployment in Europe 

Julia Bachtrögler: Regional Heterogeneity in Labour Markets, Institutional Quality and the R & D Sector, and the Absorption of EU Structural Funds 

Fiscal policy

Paloma Villanueva, Sebastian Gechert, Christoph Paetz: The Effects of Tax and Transfer Shocks on Output: A Reassessment 

Greg Hannsgen, Tai Young-Taft: Beyond the Accounting: Macroeconomic Limits on Deficit Spending in a Continuous-time SFC-PK Model

Oliver Picek, Enno Schröder: How much could Germany help Southern Europe? An analysis using Input-Output data  

Stefanos Ioannou: Sovereign Ratings, Macroeconomic Dynamics, and Fiscal Policy. Interactions within a Stock Flow Consistent Framework

Issues in (Post)- Keynesian Economics 

Ricardo Araujo, Andrew Trigg: A Multi-sectorial Approach to the Static Harrod Foreign Trade Multiplier 

Reiner Franke: Overcoming the problem of the Keynesian stability condition 

Marc Lavoie: What post-Keynesian economics has brought as an understanding of the global financial crisis 

Philip Arestis; Fábio Bittes Terra, Fernando Ferrari Filho: Post Keynesian Macroeconomic Policy Regime

Development strategies and international trade

Numa Mazat, Carlos Medeiros: The Mexican “model” of structural change in the last two decades: a critical view  

Ana Rosa Mendonca, Brunno Sibin: Public Banks and recent anticyclical policies: a comparative study of the experiences of Brazil and Chile

Barbara Fritz, Luiz Fernando de Paula, Daniela Prates: Neo-Developmentalism, Currency Hierarchy and Policy Space in Emerging Economies: Can Sustainable Growth be Compatible with Income Redistribution?  

Stefan Angrick: Balance-of-Payments Disequilibria and Monetary Policy Autonomy: An Examination of Open-Economy Policy Constraints



Saturday, 24 OCTOBER 2015, Parallel Sessions E, 15.00 - 17.00

Growth and stagnation II

Thomas I. Palley: Zero Lower Bound (ZLB) Economics: The Fallacy of New Keynesian Explanations of Stagnation  

Mark Knell: Technological revolutions and the periodic tendency towards stagnation 

Thomas Weiß: The rate of return on „real“ capital - an empirical study for Germany

Sonja Jovicic: Wage Inequality, Skill Inequality and Employment. Evidence from PIAAC

European Economic Policy

Catherine Mathieu, Henri Sterdyniak: Should we still use the concept of potential growth? 

Stefan Ederer: A global value chain analysis of the sources of EMU growth 

Philip Arestis: Can the Report of the ‘Five Presidents’ Save the Euro? 

Current account imbalances

Konstantin Wacker: Germany as Europe’s Central Banker? Capital Flows, imbalances, information asymmetries, and Germany’s structural growth problem 

Torsten Niechoj: The role of non-price-competitiveness for trade balances and intra-European imbalances 

André Biancarelli: Surges in capital inflows and growth in peripheral economies: a two-country model with real-financial linkages, Italo Pedrosa 

Enno Schröder: Two-Sector Model of Eurozone Imbalances  

Financialisation and financial cycles

Dirk Bezemer, Anna Samarina, Lu Zhang: Mortgages and Credit Cycle Divergence in Euroland 

Eugenio Caverzasi, Alberto Botta, Daniele Tori: Financial-real side interactions in the Monetary Circuit 

Daniele Tori, Özlem Onaran: The effects of financialization on investment: evidence from firm-level data for the EU15 countries  

Joan Muysken, Huub Meijers, Olaf Sleijpen: Firms’ excess savings and the Dutch current account surplus: a stock-flow consistent approach

Dynamical features of Capitalism from Marxian and Keynesian Perspectives

Roberto Veneziani: A Classical Model of Education, Growth and Distribution 

Matthieu Charpe: Real-Financial Market Interaction with Heterogeneous Opinion Dynamics 

Peter Flaschel: Neo-liberal Barebone Capitalism or Keynesian Socially-Protected Capital Accumulation. A Comparative Evaluation 

Giorgos Galanis: Heterogeneity as a necessary condition for the clustering of defaults 

Finance and Development

Sebastian Dullien: Which financial system for growth and development? Reflections on current regulatory approaches under an endogenous money framework 

Brigitte Young: Financialization, Central Bank Policies, and Gender Biases: Credit, Risk, and Asset Bias 

André Nassif, Carmen Feijo, Eliane Araújo: The BRICS’s long-term economic performance: A comparative analysis

Gilberto Libanio, Sueli Moro, Anna Londe: Export quality and economic growth in the 2000s





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