12

TH
INTERNATIONAL
POST KEYNESIAN CONFERENCE
SEPTEMBER 2527, 2014


2

TWELFTH INTERNATIONAL POST
KEYNESIAN CONFERNCE




Where Do We Go From Here?
September 2527, 2014








University of Missouri Kansas City
Kansas City, MO

3

MUCH THANKS TO OUR CONFERENCE
SPONSORS




University of MissouriKansas City
Department of Economics, University of Missouri Kansas City
Levy Economics Institute of Bard College
Ford Foundation
Journal of Post Keynesian Economics
M.E. Sharpe, Inc.








4


WEDNESDAY, SEPTEMBER 24
6:00 8:00 P.M: WELCOME EVENT, ROYALL 111
BRUCE GREENWALD: VALUE INVESTING AND THE MIS-MEASURES OF MODERN PORTFOLIO THEORY
THURSDAY, SEPTEMBER 25
8:00 AM 8:45 AM: REGISTRATION, STUDENT UNION

9:00 AM - 10:15 AM: CONCURRENT SESSIONS

Room, 302: CHINAS NEW MODEL

MODERATOR: ANU MUHAMMAD

TANWEER AKRAM
Bertrand Russell and the Challenges of Contemporary China

ROBERTO ALEXANDRE ZANCHETTA BORGHI
How Does the Employer of Last Resort Reduce Unemployment and Provide Increased Economic
Stability? A Stock-Flow Consistent Model

ISABEL RODRIGUEZ PENA (Universidad Autonoma Metropolitana)
The Chinese Growth Trajectory from a Post Keynesian-Structuralist Developmental Perspective

YAN LIANG
Shadow Banking in China: Implications for Financial Stability and Economic Rebalancing

Room, 302A: PERSPECTIVES ON POST KEYNESIAN ECONOMIC POLICY

MODERATOR: WESLEY MARSHALL

LAURI HOLAPPA
The Strange Emergence of Post Keynesian Economics in Finland

MAN-SEOP PARK
Towards a Classical Keynesian Analysis of Effective Demand in the Long Period

JOHN NICOLARSEN
First Postulate Pilloried: Policy as Analytical Tool for Sketching a Heterodox Citadel

MEHMET MERCAN & OZLEM ARZU AZER
The Relationship Between Keynesian Militarism and Economic Growth

10:15 AM - 10:30 AM: BREAK

5

10:30 AM - 11:45 AM
CONCURRENT SESSIONS

Room, 302: FINANCIAL CRISES AND REGULATION

MODERATOR: MATTHEW BERG

CHRISTINE SINAPI & MARC PILKINGTON
Crisis Perception in Financial Media Discourse

JOHN KOMLOS
Some Controversial Aspects of the Financial Meltdown of 2008

ANDY FELKERSON
Aspects of the Federal Reserves Quantitative Easing Policies


Room, 302A: MMT, FUNCTIONAL FINANCE, AND ELR

MODERATOR: JOHN NICOLARSEN

HENDRIK VAN DEN BERG
MMT, ELR, and the Environment

ERIC TYMOIGNE
MMT and the Consolidation Hypothesis

ANTTI ALAJA
Platamo Employment Experiment in Finland

ASHTON PHILLIPS
Bank Created Money, Monetary Sovereignty, and the Federal Deficit

11:45 AM - 1:00 PM: BREAK

















6

1:00 PM - 2:15 PM
CONCURRENT SESSIONS

Room, 302: ECONOMICS IN LATIN AMERICA

MODERATOR: SURBHI BADHWAR

DOUGLAS ALCANTARA ALENCAR & EDUARDO STRACHMAN
Foreign Direct Investment and Balances of Payments in Latin America (1990-2011)

FELIPE REZENDE
Keyness Core Contributions to Finance: What are the Lessons for Brazil

GONZALO COMBITA MORA & OSCAR EDUARDO PEREZ RODRIGUEZ
Financial Fragility Applied to the Real Estate Sector: The Case of Bogota Between 2003-2012

LAURA EBERT & LEANNE USSHER
Conceptualizing Commodity Dependence in the Case of Global Imbalance: The Case of Brazil

Room, 302A: FINANCIALIZATION AND THE BUSINESS ENTERPRISE

MODERATOR: STEFANIE COLE

LI BAOWIE, ZHANG YUN, JIANLEI, & XIE RUOQING
Financilization and Macro-Liquidity Risk: Post Keynesian Financial Fragility Theory

CHRISTINE SINAPI
Neoliberalism, Financialization, and Globalization: An Intrinsically Unstable Institutional
Arrangement?

DIRK EHNTS & MIGUEL CARRION ALVAREZ
Samuelson and Davidson on Ergodicity

SERGIO CANAVATTI
Economic Imperialism and the Diffusion of the Nexus of Contracts Definition of Business
Enterprise


2:15 PM 2:30 PM: BREAK












7

2:30 PM 3:45 PM
CONCURRENT SESSIONS

Room, 302: FINANCIALIZATION AND MONETARY THEORY

MODERATOR: CHRISTINE SINAPI

JOELLE LECLAIRE
Financial Instability and Household Debt

MARK EVERS & TRACY MOTT
Financialization and Income Distribution in the US Economy

FARUK ULGEN
Financialized Capitalism and Irrelevance of Self-Regulation: A Minskyan Analysis of Systemic
Viability

STEFANIE COLE
Finance as a Social Service

Room, 302A: PRICES, EXCHANGE RATES, AND MONETARY REFORM

MODERATOR: FLORENCIA MEDICI

THIBAULT LAURENTJOYE & LAURENT BARATIN
On the Possibility of Cost-Push Deflation

AKIRA MATSUMOTO
The 2008 Economic Crisis from the Perspective of Changes in Price Movements

JAN PRIEWE
An Asset Price Theory of Exchange Rates

LEANNE USSHER
Combining International Monetary Reform with Commodity Price Stabilization: Keynes,
Graham, and Kaldor

3:45 PM - 4:00 PM: BREAK

8

4:00 PM - 5:15 PM
CONCURRENT SESSIONS

Room, 302: STABILIZING AN UNSTABLE ECONOMY: FUNCTIONAL FINANCE AND MONETARY POLICY

MODERATOR: STEVE FAZZARI

ARJUN JAVADEV & JOSH MASON
Functional Finance and Sound Finance in Light of Tinbergens Rule

PETER SKOTT & SOON RYOO
Functional Finance in an Unstable Economy

L. RANDALL WRAY


Room, 302A: DEVELOPMENT AND ECOLOGICAL ECONOMICS

MODERATOR: HENDRIK VAN DEN BERG

PIERRE KOHLER
Asset-Centered Redistributive Policies for Sustainable Development

ANU MUHAMMAD
Development Model in Post Keynesian World: Washington or Beijing Consensus?

BRIAN WERNER
Local Food Systems: Theory and Evidence

SURBHI BADHWAR
Determinants of Economic Growth in Developing and Developed Countries

5:15 PM 5:45 PM: BREAK

6:00 PM - 7:00 PM: SPECIAL SESSION

Room, Theater 103: WHAT SHOULD WE HAVE LEARNED FROM THE GLOBAL CRISIS (BUT FAILED TO)?

Participants:

BRUCE GREENWALD

LORD ROBERT SKIDELSKY

STEVE KRASKE

7:30 PM: DINNER, PIERSON AUDITORIUM



9

FRIDAY, SEPTEMBER 28

9:00 AM - 10:15 AM
CONCURRENT SESSIONS

Room, 302: UNCERTAINTY AND ECONOMIC GROWTH

MODERATOR: DIRK EHNTS

MARWIL DAVILA-FERNANDES
Conciliating Prebisch-Singer and Thirlwall: An Assessment of the Dynamics of Terms of Trade in
Balance of Payments Constrained Growth

SOUMYA DATTA
Macrodynamics of Debt-Financed Investment-Led Growth with Interest Rate Rules

FLORENCIA MEDICI & DEMIAN PANIGO
Fixed Factors, Terms of Trade, and Growth in Unbalanced Productive Structures

STEFAN VOSS
How Uncertain is the Post Keynesian School with Uncertainty?

Room, 302A: MARKET GOVERNANCE AND CONTROLLING MARKETS

MODERATOR: AVRAHAM BARANES

TSUYOSHI YASUHARA
Increasing Returns or Decreasing Returns: Manufacturing Industries in the Global Value Chain

STEPHANIE SHELDON
Spot Market and Basis Pricing in Oil Markets: Marginal Pricing or Institutions of Market
Governance?

CHRISTINE NGO
Local Value Chain Development in Global Supply Networks: Technical Learning and Rent
Management

ANDRES CANTILLO
Portfolio Decisions of Investment and the Structure of Production

10:15 AM - 10:30 AM: BREAK









10

10:30 AM - 11:45 AM
CONCURRENT SESSIONS

Room, 302: MODELS OF ECONOMIC POLICY

MODERATOR: OLIVER PICEK

ALAN DAY HAIGHT
Kaldor, Piketty, and the Keynesian Cross Diagram

SALIHA JLASSI
What Policy Mix Against Poverty and Regional Inequality in Tunisia: A Post Keynesian Stock-
Flow Consistent Model

OLIVIA BURROWS, ANTOINE GODIN, STEPHAN KINSELLA, STEPHEN MILLARD, &
SEAN RYAN
A Dynamic Model of Financial Balances for the United Kingdom

XIAO JIANG
Liquidity Profit Rate Cycles and Chaos

Room, 302A: GRADUATE STUDENT PANEL IN HONOR OF FRED LEE

MODERATOR: DREW WESTBERG

CHRISTIAN SPANBERGER
Scarcity, Environmental Resources, and the Heterodox Production Model

DREW WESTBERG
Towards a Heterodox Theory of the Spatial Economy

MITCH GREEN
Of Railroads and Finance: The Making of Market Society in the Pacific Northwest

NICOLA MATTHEWS
Modeling the Classical Surplus Approach: Contributions to the Heterodox Tradition

11:45 AM - 1:00 PM: BREAK













11

1:00 PM - 2:15 PM
CONCURRENT SESSIONS

Room, 302: ROUNDTABLE ON POST KEYNESIAN APPROACHES TO MENA ECONOMICS

MODERATOR: MATTHEW FORSTATER

PARTICIPANTS:
1) MATTHEW FORSTATER
2) MIKE KELSAY
3) MEHDI BEN GURIAT
4) SHAMA AZAD
5) FADHEL KABOUB


Room, 302A: CYCLES AND CRASHES

MODERATOR: ALEX BINDER

SANDER VAN DER HOOG
Bubbles, Crashes, and the Financial Cycle

DEEPANSHU MOHAN
Macroeconomics of Oil Shocks and Recessions

ROBERT W. DIMAND
Keynes on Financial Crises: The Consequences to the Banks of the Collapse of Money Values

2:15 PM 2:30 PM: BREAK






















12

2:30 PM 3:45 PM
CONCURRENT SESSIONS

Room, 302: RESPONSES & REFORMS TO THE GLOBAL FINANCIAL CRISIS

MODERATOR: ANDY FELKERSON

MANJIRA DASGUPTA
The Financial Crisis and Policy Response: A Post Keynesian Perspective

VINEET KOHLI
Some Macroeconomics of Directed Credit Reforms

AKIRA MATSUMOTO
Rethinking the Concept of Credit Creation and the Recent Policy of the Bank of Japan from
Marxism Economics

SRINIVAS YANAMANDRA
Financial Instability, Regulatory Reforms, and Bank Governance: Lessons from the East Asian
Financial Crisis

Room, 302A: MONEY AND ECONOMIC THEORY

MODERATOR: ASHTON PHILLIPS

GREG HANNSGEN
Inside Money in a Kaldor-Kalecki-Steindl Fiscal-Policy Model: Proposed Roles for the Unit of
Account, Leverage, and Financial Fragility

WESLEY MARSHALL
Rebranding Monetarism and Keynesian

SAULO CABELLO ABOUCHEDID
The Currency Hierarchy and the Center-Periphery Relationship Revisited

DAVID S. BIERI
The Spatial Non-Neutrality of Money and its Role in Loschian Economic Geography

3:45 PM - 4:00 PM: BREAK












13

4:00 PM 5:15 PM
SPECIAL SESSION IN HONOR OF PAUL DAVIDSON

Room, Theater 103: MONEY AND THE REAL WORLD

MODERATOR: MATTHEW FORSTATER

PARTICIPANTS:
1) TRACY MOTT
2) STEVE FAZZARI
3) J. BARKLEY ROSSER
4) PETER SKOTT
5) JAN KREGEL
6) MARIO SECCARECCIA
7) MARC LAVOIE
8) JAMES K. GALBRAITH
9) ROBERT W. DIMAND
10) LORD ROBERT SKIDELSKY

RACONTEUR: PAUL DAVIDSON

5:15 PM 5:45 PM: BREAK

5:45 PM - 7:10 PM: KEYNOTE

Room, Student Union: JAMES K. GALBRAITH, THE END OF NORMAL

7:30-8:00 PM: RECEPTION, STUDENT UNION

8:00 PM: DINNER, STUDENT UNION



14

SATURDAY, SEPTEMBER 27

9:00 AM - 10:10 AM
CONCURRENT SESSIONS

Room, 302: ROUNDTABLE ON FUNCTIONAL FINANCE

MODERATOR: PETER SKOTT

PARTICIPANTS:
1) STEVE FAZZARI
2) JOSH MASON
3) MARIO SECCARECCIA
4) MARC LAVOIE
5) PETER SKOTT

Room, 302A: FINANCIALIZATION AND SECURITIZATION

MODERATOR: FARUK ULGEN

LAURENT BARATIN & THIBAULT LAURENTJOYE
Minsky Revisited: A Story of the Reversal of Hierarchy Between Real and Financial Sectors

NICHOLAS SNOWDEN
Asset Shortages and the Great Recession: A Kaldorian Perspective

JESUS MUNOZ
A Minskyan Analysis of Commonalities and Patterns Between the Financial Crisis of Mexico
1994 and Greece 2007: Old Problems vs. New Ills

10:15 AM - 10:30 AM: BREAK




















15

10:30 AM - 11:45 AM
CONCURRENT SESSIONS

Room, 302: THE FATE OF THE EUROZONE

MODERATOR: PAVLINA TCHERNEVA

ARTURO HUERTA GONZALEZ
Approaches to the Exit from the Crisis in the Euro Zone

ROB PARENTEAU
Exiting Austerity Without Exiting the Euro

ENNO SCHRODER
Eurozone Imbalances: Measuring the Extent of Expenditure Switch

Room, 302A: HETERODOX MICROECONOMICS AND SOCIAL PROVISIONING: A SESSION IN HONOR OF FRED
LEE

MODERATOR: ZDRAVKA TODOROVA

ZDRAVKA TODOROVA
Culture-Nature Processes and Social Provisioning

TAE-HEE JO
Heterodox Microeconomics and Heterodox Microfoundations

GYUN GU
A Post Keynesian View of Price Stability

ERIK DEAN
Market Equities and the Going Enterprise

TUNA BASKOY
Social Provisioning Process, Market Instability, and Managed Competition


11:45 AM - 1:00 PM: LUNCH, STUDENT UNION

KEYNOTE: LORD ROBERT SKIDELSKY, THE FUTURE OF WORK



16

1:00 PM - 2:15PM
CONCURRENT SESSIONS

Room, 302: THE ROLE OF FISCAL POLICY IN CONTEMPORARY ECONOMICS

MODERATOR: PETER SKOTT

EUGENIA CORREA
Fiscal Policy and Public Debt

MARIO SECCARECCIA
The Revival of Fiscalism: Does the Composition of Public Spending Matter?

PAVLINA TCHERNEVA
The Role of Fiscal Policy in Contemporary Economics

STEPHANIE KELTON

Room, 302A: THE ROLE OF HETERODOX MICROECONOMICS IN HETERODOX ECONOMICS

MODERATOR: MITCH GREEN

STEVE FAZZARI
Household Income, Demand, and Saving: Deriving Macro Data with Micro Data Concepts

CHRISTIAN DODGE
A Heterodox Criticism of Post Keynesian Efficiency Wage Theoryies

ALEJANDRO GARAY
Mining the Data: Investment Dynamics in the Peruvian Mining Industry

FRED LEE
The Role of Microeconomics in Heterodox Economics: A View of a Heterodox Microeconomic
Theorist


2:15 PM 2:30 PM: BREAK


17

2:30 PM 3:45 PM
CONCURRENT SESSIONS

Room, 302: THE FUTURE OF POST KEYNESIAN ECONOMICS

MODERATOR: PAYAM SHARIFI

SUDEEP REGMI
The State Capital Relationship at the Productive Core of the Economy

AVRAHAM BARANES & MITCH GREEN
A Network Theory of Institutional Adjustment

J. BARKLEY ROSSER, JR.
Implications of Complex Behavioral Economics for Post Keynesian Economics

JACK SUSTMAN
Keynes Scholarship for the 21
st
Century

Room, 302A: DISTRIBUTION AND GOVERNMENT POLICY

MODERATOR: JOHN KOMLOS

TANWEER AKRAM & ANUPAM DAS
Determinants of Long-Term Japanese Government Bonds Low Nominal Yield

SHIJUAN LI
Local Government Behavior: From Compete for Economic Growth to Compete for
Inhabitants Satisfaction And Governance of Chinas Local Government

AN LI
Profit Rate, Distribution, and Technology in Chinas Industrial Enterprises, 1978-2011

DANIELLE GUIZZO
The Redesign of Biopolitics Through Keynesian Economics


3:45 PM 4:00 PM: BREAK


18

4:00 PM 5:15 PM
CONCURRENT SESSIONS

Room, 302: STOCK FLOW CONSISTENT MODELING AND ITS APPLICATIONS

MODERATOR: SALIHA JLASSI

MATTHEW BERG & BRIAN HARTLEY
Intermediate Production in a Stock-Flow Consistent Model with Environmental Extensions

MIGUEL CARRION & DIRK EHNTS
The Roads Not Taken: Graph Theory and Macroeconomic Regimes in Stock-Flow Consistent
Modeling

OLIVER PICEK
A SFC Model of the US Economy with a Special Emphasis on Explaining Sectoral Financial
Balances

ANTOINE GODIN, ALESSANDRO CAIANI, & EUGENIO CAVERZASI
Innovation, Demand, and Finance in an Agent-Based Stock-Flow Consistent Model

Room, 302A: CONNECTING APPROACHES IN HETERODOX ECONOMICS: A SESSION IN HONOR OF FRED
LEE

MODERATOR: ZDRAVKA TODORVA

PARTICIPANTS:

1) JOHN HENRY
2) GARY MONGIOVI
3) MARC LAVOIE
4) JAN KREGEL

5:15 PM 5:45 PM: BREAK

19

5:45 PM - 7:00 PM: RECEPTION, STUDENT UNION

7:00 PM: DINNER, STUDENT UNION

A Celebration of Post Keynesian Economics: M.E. Sharpe and the Journal of Post
Keynesian Economics, Past, Present, Future

The International Post Keynesian Workshop: Trieste, the University of Tennessee, and the
University of Missouri Kansas City

Keynote Address: Lord Robert Skidelsky, Economics After the Crash: What Should Students
Be Taught?