Monetary Policy, and Income and Wealth Inequality
Description
This is a two-day workshop funded by SSHRC (611-2020-0321) that looks at the impact of monetary policy on income and wealth distribution. Once largely ignored, the topic has become rather popular among central bankers since the Great Financial Crisis. This small workshop of 14 participants will explore and quantify the impact of changes in interest rates on inequality, as well as on women. The gender aspect makes this workshop quite unique as this angle is still largely ignored. The papers presented at this workshop will be published in a 7-paper symposium in the Review of Political Economy, and the rest will comprise a book on the topic of gender to be published by Edward Elgar.
Confirmed Participants
- Joana David Avritzer is an Assistant Professor in the Economics Department of Connecticut College. She completed her Ph.D. in Economics at the New School for Social Research in 2020. Her main research interest is in demand-led growth models. She is currently working on developing a stock-flow consistent approach to incorporate household debt dynamics into the growth and income distribution relationship.
- Ruth Badru is a University Lecturer at the School of Economics, University of Bristol. Ruth holds a Ph.D. in Economics from the University of Otago, New Zealand and her research interests are mainly in the areas of Macroeconomics, Applied Econometrics and Quantitative Methods, Modern Monetary Theory and Feminist Political Economy. She has taught courses on these and other subjects at all levels. Ruth's current research is focused on the empirical evaluation of the impact of gender inequality on meso and macroeconomic outcomes. Outside of academia, she is currently acting as a research/policy consultant and grantee for both private and public sector stakeholders in Nigeria - including the African Women Empowerment and Development Guild of Nigeria and the African Economic Research Consortium.
- José Pedro Bastos Neves is a Ph.D. candidate in Economics at the New School for Social Research, New York. He researches on applied macroeconomics, climate change, labour economics and gender. Previously served as an economic aide in the National Treasury of Brazil.
- Clara Brenck is a Ph.D. candidate in economics at the New School for Social Research. She has a master's degree in economics from FEA/USP and a degree in economics from the Federal University of Minas Gerais. She is interested in the areas of macroeconomics, development and inequality.
- Sascha Buetzer is an Economist in the Middle East and Central Asia Department at the International Monetary Fund (IMF) in Washington. Prior to that, he was Senior Advisor to the Executive Director for Germany at the IMF and has worked for Deutsche Bundesbank and the European Central Bank. He holds graduate degrees in economics from the Barcelona Graduate School of Economics and Simon Fraser University and an undergraduate degree in economics from the University of Konstanz. His interests comprise monetary and fiscal policy, international economics, and economic history.
- Patrícia Machado Couto is an MA candidate in economics at the New School for Social Research. She also holds a master's degree in sustainable international development from Brandeis University and a bachelor's degree in business from the Universidade do Vale do Rio dos Sinos. She has ten years of professional experience which includes working in the private sector and in a government-owned financial institution in Brazil. Her main research interest is in the areas of gender and racial inequalities, macroeconomics, and development.
- Matheus Grasselli is a Professor of Mathematics and Deputy Provost at McMaster University. He was the Deputy Director of the Fields Institute for Research in Mathematical Sciences in Toronto from 2012 to 2016 and served as the Director of the Fields Centre for Financial Industries from 2017 to 2020. He holds a PhD from King's College London, and has published research papers on information geometry, statistical physics, and numerous aspects of quantitative finance, including interest rate theory, optimal portfolio, real options, executive compensation, and macroeconomics. He is also the author of an undergraduate textbook on numerical methods. He is a regular speaker in both academic and industrial conferences around the world and has consulted for CIBC, Petrobras, EDF, and Bovespa. He is the Editor-in-Chief of the International Journal of Theoretical and Applied Finance and is a member of the editorial board of the Journal of Banking and Finance, the Journal of Dynamics and Games, Frontiers of Mathematical Finance, and Review of Political Economy. He is also the founding managing editor of the book series Springer Briefs on Quantitative Finance.
- Sylvio Antonio Kappes is an Assistant Professor of Economics at the Federal University of Ceará, Brazil. He has a Ph.D. in Development Economics from the Federal University of Rio Grande do Sul, Brazil. His main areas of research are Central Banking, Monetary Policy, Income Distribution and Stock-flow Consistent models. His work has been published in a number of peer-reviewed journals, such as the Review of Political Economy, Journal of Post Keynesian Economics, and the Brazilian Keynesian Review. He is a co-editor of the “Elgar Series on Central Banking and Monetary Policy”, together with Louis-Philippe Rochon and Guillaume Vallet. He is the Books Review Editor of the Review of Political Economy. He sits on the editorial boards of the Review of Political Economy, and the Bulletin of Political Economy. He is also a co-coordinator of the Keynesian Economics Working Group of the Young Scholars Initiative (YSI) of the Institute for New Economic Thinking (INET).
- Marc Lavoie has recently ended a three-year stint as a Senior Research Chair from the University Sorbonne Paris Cité. He is now an Emeritus Professor at the University of Sorbonne Paris Nord and an Emeritus Professor at the University of Ottawa, where he taught from 1979 to 2016. He is a Research Fellow at the Macroeconomic Research Institute of the Hans Böckler Foundation in Düsseldorf and a Research Associate at the Broadbent Institute in Toronto. Lavoie has published 10 books and over 160 refereed articles and 80 book chapters, mostly in macroeconomics – monetary economics and growth theory – but also in other fields such as the economics of sports. His most recent work dealt with the justifications provided by central bankers to justify quantitative easing. He is best known for his book with Wynne Godley, Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth (2007), which is considered a must-read for users of the stock-flow consistent approach. His book, Post-Keynesian Economics: New Foundations, which received the 2017 Myrdal Prize from the European Association of Evolutionary Political Economy, now has a second edition (2022). He is a co-editor of two journals, Metroeconomica and the European Journal of Economics and Economic Policies.
- Melanie Long is an Assistant Professor of Economics at the College of Wooster in Wooster, Ohio. Her research documents gender and racial inequality in U.S. consumer credit and housing markets and explores the impacts of such inequality on household financial stability. Her work has appeared in journals including the Review of Black Political Economy. She completed her Ph.D. in Economics at Colorado State University in 2019 and received a B.A. in Economics from Westminster College in 2014.
- Débora Nunes is a Ph.D. student and Graduate Teaching Instructor in the Economics Department at Colorado State University. Currently, she teaches Gender in the Economy and is developing her dissertation on feminist economics and gendered impacts of environmental policies, focusing on Latin American countries, under Dr. Elissa Braunstein and co-advised by Dr. Daniele Tavani. Débora has a Master's degree in Development Economics from the Federal University of Rio Grande do Sul (UFRGS, Brazil) and a Bachelor's degree in Economics from the same institution; she was also an invited undergraduate student at the Center for Research and Teaching in Economics (CIDE, Mexico). Débora's professional experiences include internships at the Central Bank of Brazil and at the Southern Brazil Regional Development Bank; in the private sector, she owned a company that offered services in the cultural sector and worked as a producer and professional dancer for several years. Her research interests and published works debate feminist economics, history of feminist economic thought, Marxist feminism, Latin American structuralism, dependency theory, and Marxist political economy.
- Steven Pressman is an Adjunct Professor of Economics at the New School for Social Research and an Emeritus Professor of Economics and Finance at Monmouth University in West Long Branch, New Jersey. In addition, he serves as Associate Editor of the Review of Political Economy. His main research areas are poverty and income distribution, post-Keynesian macroeconomics, and the history of economic thought. Over his career, Pressman has published nearly 200 articles in refereed journals and as book chapters, and has authored or edited 18 books, including Understanding Piketty’s Capital in the 21st Century (Routledge, 2015), A New Guide to Post Keynesian Economics (Routledge, 2001; edited with Ric Holt), Debates in Monetary Macroeconomics (Palgrave Macmillan, 2022; edited with John Smithin), Alternative Theories of the State (Palgrave Macmillan, 2006), and 50 Major Economists (Routledge, 2013), which has been translated into five languages. He is a frequent contributor to newspapers, such as the Chicago Tribune, Denver Post, Los Angeles Times and San Francisco Chronicle, and to popular periodicals such as Challenge Magazine, The Washington Spectator and Dollars and Sense.
- Louis-Philippe Rochon is a Full Professor of Economics at Laurentian University, Canada. In January 2019, he became the co-editor of the Review of Political Economy, and its Editor-in-Chief in 2021. Before that, he created the Review of Keynesian Economics, and was its editor from 2012 to 2018, and is now Founding Editor Emeritus. He is a Consulting Editor for the newly-created Advances in Economics Education. He is the Editor-in-Chief of the Elgar Series of Central Banking and Monetary Policy, and co-editor of New Directions in Post-Keynesian Economics.
- Lilian Rolim is a Ph.D. Candidate in Economics at the University of Campinas in Brazil. She holds a MA in Economics from the University of Campinas and a MA in International Macroeconomics and Finance from the University of Paris 13, in France. Her research focuses on the relationship between income distribution, economic activity, and economic instruments. She is also co-coordinator of the Keynesian Economics Working Group of the Young Scholars Initiative (YSI) of the Institute for New Economic Thinking (INET).
- Guillermo Matamoros Romero is currently a Ph.D. candidate in economics from the University of Ottawa. He has Master's and Bachelor's degrees in economics from the National University of Mexico. His current research involves monetary policy and functional distribution of income from a post-Keynesian perspective, and he has written on monetary policy, economic growth, income inequality, and economic thought.
- Frutuoso Santana is a Ph.D. student in the department of economics at The New School for Social Research. He specializes in macroeconomics and political economy, and his research centers on the impact of money on economic activity. Earlier research has focused on how monetary theory and policy compounded the power asymmetries between dominant and subordinate economies, as exemplified by the Bank of England in the heyday of British hegemony and the Federal Reserve in the contemporary era. Additional work centers on the effects of quantitative easing on various economies vis-à-vis previously held assumptions about the role and function of money.
- Giacomo Sbrenna is a graduate student in the EPOG2.0 Major I.C “Structural change, inequality and employment” Master's program at Université Sorbonne Paris Nord (USPN) and the University of Roma Tre. He has a Bachelor's degree in "Economics, Markets and Institutions" at Alma Mater Studiorum - University of Bologna. His research interests are in monetary theories and policies, income distribution, inequality and any possible intersectionality between these previous topics.
- Mario Seccareccia is Professor Emeritus at the Department of Economics, University of Ottawa, where he taught from 1978 to 2018 in the fields of macroeconomics, monetary theory, labour economics, history of economic thought, and economic history, subjects on which he has also written extensively. He has published some 125 academic articles in scientific refereed journals or chapters of books and has authored or edited a dozen books. He has also edited or co-edited some 45 special issues of journals. Many of these publications are of an interdisciplinary nature and cover many areas of political economy. Mario Seccareccia has been visiting professor in a number of universities in France (Université de Bourgogne, Université de Grenoble, Université Paris 13, and Université Paris-Sud) and in Mexico (Universidad Nacional Autónoma de México), and participates regularly in policy debate in both Europe and North America. Among other activities, since 2004, he is editor of the International Journal of Political Economy.
- John Smithin is Professor Emeritus and Senior Scholar at York University, Toronto, Canada, and Executive Co-Director and Fellow of the Aurora Philosophy Institute. He previously held teaching appointments at the University of Calgary and Lanchester Polytechnic at Coventry (now Coventry University) in England. In the academic year 1995-1956, he was elected Bye Fellow at Robinson College, Cambridge. He holds a Ph.D. and an MA from McMaster University and a BA (Hons) from the City of London Polytechnic (now London Metropolitan University). His research interests are in the fields of monetary theory, the philosophy of money and finance, and macroeconomic policy. He is the author and/or editor of Beyond Barter (2022), Debates in Monetary Macroeconomics (2022), Rethinking the Theory of Money, Credit and Macroeconomics (2018), Essays in the Fundamental Theory of Monetary Economics and Macroeconomics (2013), Money, Enterprise, and Income Distribution (2009), Controversies in Monetary Economics (2003, 1994), What is Money? (2000), Macroeconomic Policy and the Future of Capitalism (1996), Macroeconomics after Thatcher and Reagan (1990), and Keynes and Public Policy After Fifty Years (1988).
- Guillaume Vallet is Associate Professor of Economics at the University of Grenoble Alpes, France (research fellow at Centre de Recherche en Economie de Grenoble, Research Centre. He was awarded a Fulbright Award, in 2021, to explore the development of the social sciences during the Progressive Era (1890-1920), especially in light of economists’ and sociologists’ treatment of income inequality. He holds two PhDs, one in economics earned from the University Pierre Mendès-France (Grenoble, France) and the other in sociology obtained at the University of Geneva (Switzerland) and at the Ecole des Hautes Etudes en Sciences Sociales (Paris, France). In his research, he studies monetary economics, the political economy of gender and the history of economy thought during the Progressive Era.
- Matías Vernengo is a Full Professor at Bucknell University. He was formerly Senior Research Manager at the Central Bank of Argentina (BCRA), Associate Professor of Economics at the University of Utah, and Assistant Professor at Kalamazoo College and the Federal University of Rio de Janeiro (UFRJ). He has been an external consultant to several United Nations organizations like the Economic Commission for Latin America and the Caribbean (ECLAC), the International Labor Organization (ILO), the United Nations Conference on Trade and Development (UNCTAD) and the United Nations Development Program (UNDP), and has six edited books, two books and more than one hundred articles published in scientific peer-reviewed journals or book chapters. He specializes in macroeconomic issues for developing countries, in particular Latin America, international political economy and the history of economic ideas. He is also the co-editor of the Review of Keynesian Economics (ROKE) and co-editor-in-chief of the New Palgrave Dictionary of Economics.
- Matheus Trotta Vianna is a Lecturer in Economics at the University of Manchester, UK. He holds a Ph.D. in Economics from the Federal University of Rio de Janeiro, Brazil, with a Visiting Research position at the Scuola Superiore Sant’Anna, Italy. He obtained his M.Sc. and B.Sc. in Economics at the Federal University of Rio de Janeiro. He is also an Associate Researcher at the Central Bank Observatory and Economic Dynamics Research Groups at the Federal University of Rio de Janeiro. Former Executive Coordinator and Researcher at the Multidisciplinary Institute for Development and Strategies, Vianna has been writing, researching, and teaching macroeconomics, economic modeling, monetary economics, and financial instability analysis.
Schedule
09:00 to 09:15 |
Registration
|
09:15 to 09:30 |
Opening Remarks
Sylvio Kappes, Federal University of Ceará, Brazil; Guillaume Vallet, Université de Grenoble-Alpes, France |
09:30 to 10:00 |
Ruth Badru, University of Bristol, UK Location:Online |
10:00 to 10:15 |
Discussion
|
10:20 to 10:50 |
Joana David Avritzer, Connecticut College, USA; Frutuoso Santana, New School for Social Research, USA |
10:50 to 11:05 |
Discussion
|
11:05 to 11:30 |
Coffee Break
|
11:30 to 12:00 |
Guillermo Matamoros Romero, University of Ottawa, Canada |
12:00 to 12:15 |
Discussion
|
12:20 to 12:50 |
Steven Pressman, New School for Social Research and Monmouth University, USA |
12:50 to 13:05 |
Discussion
|
13:05 to 13:15 |
Group Photos
|
13:15 to 14:35 |
Lunch (Mother's Dumpling - 421 Spadina Avenue)
|
14:40 to 15:10 |
Clara Brenck, José Pedro Bastos Neves, & Patrícia Machado Couto, New School for Social Research, USA |
15:10 to 15:25 |
Discussion
|
15:30 to 16:00 |
Débora Nunes, Elissa Braunstein, & Diksha Arora, Colorado State University, USA |
16:00 to 16:15 |
Discussion
|
16:15 to 16:40 |
Coffee Break
|
16:40 to 17:10 |
Lilian Rolim & Nathalie Marins, University of Campinas, Brazil |
17:10 to 17:25 |
Discussion
|
19:00 to 22:00 |
Reception
|
09:00 to 09:30 |
Mario Seccareccia, University of Ottawa, Canada |
09:30 to 09:45 |
Discussion
|
09:50 to 10:20 |
Matheus Trotta Vianna, University of Manchester, UK |
10:20 to 10:35 |
Discussion
|
10:35 to 10:55 |
Coffee Break
|
10:55 to 11:25 |
John Smithin, York University, Canada |
11:25 to 11:40 |
Discussion
|
11:45 to 12:15 |
Matias Vernengo, Bucknell University, USA |
12:15 to 12:30 |
Discussion
|
12:30 to 14:00 |
Lunch (Provided on Site)
|
14:00 to 15:15 |
Marc Lavoie, University of Ottawa, Canada; Matías Vernengo, Bucknell University, USA |
15:20 to 15:50 |
Giacomo Sbrenna, University of Roma Tre, Italy |
15:50 to 16:10 |
Discussion
|
16:10 to 16:30 |
Coffee Break
|
16:35 to 17:05 |
Sascha Buetzer, IMF |
17:05 to 17:20 |
Discussion
|
17:25 to 17:55 |
Matheus Grasselli, McMaster University, Canada |
17:55 to 18:10 |
Discussion
|
18:10 to 18:20 |
Closing Remarks
Louis-Philippe Rochon, Laurentian University, Canada |