Events and Recordings

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Social Macroeconomics in the Era of COVID-19

The Global Production Networks and the COVID-19 Pandemic

Post - Covid Jobs and the Quest for Better Work

Monetary Finance in the Age of Corona Virus: MMT and the Green New Deal

Should Private Sector Debt Relief be Part of the Exit Strategy?

Helicopter Money: a Necessary Response in a COVID-19 World

International Trade in a Post Covid-19 World 

Panel 1: Central Bank Independence

Panel 2: Central Bank's Objectives

Panel 3: Central - Bank Macro Instruments 

Macroeconomic Instability Hub - Ergodicity: Six Different Viewpoints

Session 1: Macroprudential Policy

Session 2: Industrial and Regional Strategy

Session 3: Monetary and Fiscal Policy

Session 1: Macroeconomic Instability Hub

Session 2: Sustainable Growth Hub

Session 3: Macroeconomic Institutions Hub

Session 4: Study Group and General Call Project

Session 5: Central - Bank Macro Instruments 

Session 6: Social Macroeconomics Hub

Session 7: Panel Discussion

Session 8: Macroeconomic Finance Hub

Session 1: Perspectives from Sociology and Anthropology

Session 2: Perspectives from Psychology and Cognitive Science

Session 3: Macroeconomics with new assumptions about expectation generation

Session 4: How Human Actors Co-Operate and Organise

Session 5: Making Intimate Economies Visible in a Global System

Session 6: Neuroscience & Mathematics

Session 7: Methodological Perspectives if we Accept Knightian Uncertainty

Past Events and Recordings

 

Covid-19 Workshops 

Exit Strategy Workshop No 8:

Social Macroeconomics in the Era of COVID-19

The COVID pandemic raises social and economic issues of profound importance. It reminds us that we cannot live as we cannot live in a world of individualism. At the simplest level, your health depends on your neighbours health and neither can be observed.

Chair & Speakers:

 

Dennis Snower: Blavatnik School of Government, University of Oxford

Paul Collier: University of Oxford

Sonja Vogt: University of Bern & Nuffield College, University of Oxford

David Tuckett: University College London

Bridget Rosewell: Experienced board member and chair, project developer, economist

Colin Mayer: University of Oxford

Exit Strategy Workshop No 7:

The Global Production Networks and the COVID-19 Pandemic

The phrase “global supply chain” appears frequently in discussions of the COVID pandemic. This refers to the global production network, which is the backbone of the economy. Social distancing and other public health measures have shut down major portions of the global production network.

Chair & Speakers:

 

Doyne Farmer: University of Oxford

Matthew O. Jackson: William D. Eberle Professor of Economics at Stanford University

Jean-Noel Barrot: Alfred Henry and Jean Morrison Hayes Career Development Professor and an Associate Professor of Finance at the MIT Sloan School of Management

Francois Lafond: Senior Research Officer, Smith School for Enterprise and the Environment, University of Oxford

Nitya Pandalai-Nayar: Associate Professor of Economics at the University of Texas at Austin

Exit Strategy Workshop No 6:

Post-Covid Jobs and the Quest for Better Work

An important question in the current emergency relates to the potential for reforming our economics as we exit from lockdown and move through the Covid-19 crisis. Recovery is not just a matter of getting people back to work, but of bringing them back to better jobs.

Chair & Speakers:

 

Dame Henrietta Moore, Director of the Institute for Global Prosperity, UCL 

Andrew Percy, UCL  

Georgios Melios, UCL

Stephen Machin, Director, Centre of Economic Performance, LSE

Anand Menon, Director of the UK in a Changing Europe, KCL 

Ruth Yeoman, Fellow of Kellogg College, University of Oxford  

 

Laura Gardiner, Research Director, Resolution Foundation

Jonathan Portes, Professor of Economics and Public Policy, KCL 

Geoff Tily, Senior Economist, TUC

Exit Strategy Workshop No 5:

Monetary Finance in the Age of Corona Virus: MMT and the Green New Deal

The world is going through a remarkable transformation in the aftermath of an unprecedented shut down of economies all over the globe. Before the crisis there was already significant debate about how to pay for the costs associated with the transition to a low carbon environment. That debate has intensified as treasuries and central banks are scrambling to find ways to pay, not just for climate change policies, but also for social insurance to compensate the millions of workers who have been asked to sacrifice their livelihoods for the social good.

Chair & Speakers:

 

Megan Greene: Economist & Visiting Senior Fellow, M-RCB at Harvard Kennedy School

Roger E. A. Farmer: Professor of Economics, University of Warwick, UCLA, & RM Management Group Member

 

Warren Mosler: President of Valance Company and one of founders of Modern Monetary Theory

Narayana Kocherlakota: Lionel McKenzie Professor of Economics, University of Rochester, and Former President Minneapolis Fed

Ann Pettifor: Political Economist, Author & Public Speaker

Vítor Constâncio: Professor of Economics at Navarra University, Madrid and Former ECB Vice President

L. Randall Wray: Professor of Economics, Bard College and Senior Scholar Levy Economics Institute

Stephanie Kelton: Professor of Economics & Public Policy, Stony Brook University

Laurence Kotlikoff: William Warren Fairfield Professor of Economics, Boston University

Exit Strategy Workshop No 4:

Should Private Sector Debt Relief be Part of the Exit Strategy?

Looking ahead to when the economy stabilises, firms and households will have higher debt burdens. High debt burdens reduce incentives for risk taking and perhaps productivity, as well as creating misery for those unable to manage.

Speakers & Chair:

 

Rosa Lastra, is the Sir John Lubbock Chair in Banking Law and Chair of the Institute of Banking and Finance Law the Centre for Commercial Law Studies (CCLS), Queen Mary University of London

Alexander Douglas: School of Philosophical, Anthropological and Film Studies at University of St Andrews

Katharina Pistor: is the Edwin B. Parker Professor of Comparative Law at Columbia Law School and Director of the Law School's Center on Global Legal Transformation

Franklin Allen: Professor of Finance and Economics at Imperial College London 

Rodrigo Olivares-Caminal: is a Professor in Banking and Finance at the Centre for Commercial Law Studies (CCLS) at Queen Mary, University of London

Exit Strategy Workshop No 3:

Helicopter Money: a Necessary Response in a COVID-19 World

Leading commentators have called for policy makers to embrace helicopter money in their attempts to stabilise the economy. Others argue that helicopter money, to all intents and purposes, is already being deployed. But what form should it take, can it work, and what are the risks?

Speakers & Chair:

 

Dame Henrietta Moore, Institute for Global Prosperity, UCL, and RM

Martin Wolf CBE, Associate Editor and Chief Economics Commentator, FT

Ricardo Reis, A.W. Phillips Professor of Economics at the London School of Economics 

David Leiser, Professor of Psychology, Ben-Gurion University of the Negev

Eric Lonergan, M and G Investments and Rebuilding Macroeconomics 

Frances Coppola, Economist and Author 

Martin Sandbu, Economics Leader Writer, The Financial Times 

Megan Greene, Senior Fellow, Business and Government, Harvard Kennedy School 

Exit Strategy Workshop No 2:

International Trade in a Post Covid-19 World 

This session brings together experts in international trade,in the international system, and perhaps most importantly, in the history of the revolution of that system to try to understand the potential shape of the network of international trade once the virus leaves us.

Speakers & Chair:

 

Isabella Weber, Assistant Professor of Economics, U. Mass Amherst

Kevin O’Rourke, Professor of Economics, NYU Abu Dhabi

Meredith Crowley, Reader in Economics, University of Cambridge

Chad Bown, Reginald Jones Senior Fellow, Peterson Institute. 

Stephen Kinsella, University of Limerick/Rebuilding Macroeconomics (Chair)

 

Exit Strategy Workshop No 1:

Central Banks: In a Crisis and Post-Crisis World

The justification for operational independence is that its unimpeded pursuit of inflation targeting will yield the best longer-run economic outcomes. However, the global financial crisis raised new questions, and the coronavirus pandemic lends them new urgency: Since central banks transfer funds to public treasuries in these crises, in what sense are they — and should they be — independent? And if central banks are to be accountable - then to whom? is the Treasury Select Committee an adequate oversight body or is there a good case for reform?

Panicos Demetriades (University of Leicester)
Martin Sandbu (Financial Times)
Ed Balls (former Member of Parliament, Chief Econoi Advisor of the Treasury)
Chair: Ekaterina Svetlova (University of Leicester)

Panel 2: Central Bank's Objectives

Central banks have become responsible for oversight of the overall financial and economic system, and (in some countries) given quasi-legal powers to decide on the rules of the game in local financial markets. How do these duties relate to the central bank's 'lender of last resort’ and ‘quantitative easing’ actions, which have been aimed both at stabilizing financial markets and sustaining economic growth even in times of unprecedented uncertainty? Should central banks have wider societal objectives and, if there are trade-ofis, how are they to be decided and communicated? And what is the role of the central
bank in spreading information?

Panicos Demetriades (University of Leicester)
Martin Sandbu (Financial Times)
Ed Balls (former Member of Parliament, Chief Econoi Advisor of the Treasury)
Chair: Ekaterina Svetlova (University of Leicester)

Central banks’ policy instruments have changed dramatically over the last decade or so. Some such instruments create secondary distortions which raise policy trade-offs. Who decides? To what extent have the links between central-bank policy levers, fiscal policy, and economic outcomes shifted due to the global financial crisis that broke out in 2008 — and is the coronavirus pandemic shifting them further? How can we demarcate between economic and financial instruments and wider social policies - and who should decide when objectives conflict?

Panel 3: Central - Bank Macro Instruments 

Inga Rademacher (King’s College London)
Francesco Papadia (Bruegel; formerly Director General for Market Operations, European Central Bank)
Carolina Alves (University of Cam bridge) TBC
Chair: Fran Boait (Positive Money) TBC

Panel 1: Central Bank Independence

Conference: What Can Complexity Add to Macroeconomic Policy Making?

 

The macroeconomy can be interpreted as a complex system where individuals interact to create aggregate outcomes which, in turn, change their actions or strategies in response. The aim of this one-day conference is to find out what complexity science can add to macroeconomic policy making beyond traditional macroeconomics. We also announce details of our first annual ‘Complexity in Macroeconomics’ Prize.

Session 1: Macroprudential Policy

Alan Kirman: Introduction
Dr Alissa Kleinnijenhuis (University of Oxford), "The financial stability consequences of bank resolution via bail-in”
Policy challenger: Alex Brazier (Executive Director for Financial Stability, Bank of England)

Session 2: Industrial and Regional Strategy

Dr Penny Mealy (INET University of Oxford, and the Bennett Institute for Public Policy, University of Cambridge), "Finding clarity in complex industrial landscapes”
Dr Elsa Arcuate (UCL), "Regional divisions and nested economic structures in the UK”
Policy challenger: Gavin Wallis (Head of Research, Industrial Strategy Council)

Session 3: Monetary and Fiscal Policy

Professor Andrea Roventini (Scuola Superiore Sant’Anna, Pisa), ”Fiscal and monetary policies in complex evolving economies”
Professor Domenico Massaro (Catholic University of Milan) "Monetary and fiscal policy under behavioural expectations: evidence from the lab”
Policy challenger: Arthur Turrell (Research Economist, Bank of England)