“Financial Instability, Market Disruptions and Macroeconomics: Lessons from Economic History and the History of Economic Thought” (Roma, 17-18 December 2019)
ACCADEMIA NAZIONALE DEI LINCEI
FIFTH THOMAS GUGGENHEIM CONFERENCE IN THE HISTORY OF ECONOMIC THOUGHT
FINANCIAL INSTABILITY, MARKET DISRUPTIONS AND MACROECONOMICS
LESSONS FROM ECONOMIC HISTORY AND THE HISTORY OF ECONOMIC THOUGHT
17-18 DECEMBER 2019
Scientific Committee: Arie ARNON (Ben-Gurion University of the Negev, Israel), Maria Cristina MARCUZZO (Lincea, Sapienza Università di Roma, Italy), Alessandro RONCAGLIA (Linceo, Sapienza Università di Roma, Italy), Annalisa ROSSELLI (Lincea, Università di Roma Tor Vergata, Italy), Karine VAN DER BEEK (Ben-Gurion University of the Negev, Israel), Warren YOUNG (Bar Ilan University, Israel)
PROGRAMME
Tuesday, December 17th
I session: History of Economic Thought
Chair: Alberto Quadrio CURZIO (President Emeritus Accademia Nazionale dei Lincei, Italy)
9:00 Amos WITZTUM (London School of Economics, United Kingdom): Financial institutions, Corporate structures, efficiency and crises: Some lessons from classical economics
Discussant: Alberto Quadrio Curzio
Arie ARNON (Ben-Gurion University, Be’er Sheva, Israel): Marx and Hayek on ‘Real’ versus ‘Not So Real’ Explanations for the Fragility of Capitalism
Discussant: Annalisa Rosselli
10:30 Coffee break
Chair: Alessandro RONCAGLIA (Linceo, Sapienza Università di Roma, Italy)
11:00 Joerg BIBOW (Skidmore College, Saratoga Springs, Usa): Keynes’s General Theory as “depression economics”?
Discussant: Eleonora Sanfilippo
Ian TOPOROWSKI (SOAS University of London, United Kingdom): Debt and Debt Management: Lessons from History
Discussant: Orsola Costantini
II session (a) : Financial History
Chair: Annalisa ROSSELLI (Lincea, Università di Roma Tor Vergata, Italy)
14:00 Mark FLANDREAU (University of Pennsylvania, Philadelphia, Usa) with Geoffroy Legentilhomme (Fondation Pierre du Bois, Pully, Switzerland): Governing the Computers: The London Stock Exchange, the Institute of Actuaries and the First Digital Revolution (1808-1875)
Discussant: Neri Salvadori
Janette RUTTERFORD (Open University, Milton Keynes, United Kingdom) with Dimitris Sotiropoulos (University of Aethens, Greece) and Carolyn Keber (Open University, Milton Keynes, United Kingdom): The role of investment trusts as innovators in institutional fund management
Discussant: Ian Toporowski
15:30 Coffee break
II session (b) : Financial History
Chair: Ian KREGEL (Linceo, Levy Economics Institute of Bard College, Usa)
16:00 Maria Cristina MARCUZZO (Lincea, Sapienza Università di Roma, Italy) and Eleonora Sanfilippo (Università di Cassino e del Lazio Meridionale, Italy): Keynes as a trader in commodity futures
Discussant: Jan Kregel
Paolo PAESANI (Università di Roma Tor Vergata, Italy) and Annalisa ROSSELLI (Lincea, Università di Roma Tor Vergata, Italy): How speculation became respectable: early theories on financial and commodity markets Discussant Mario Tonveronachi
17.30 Coffee break
Chair: Jimmy WEINBLATT (Ben-Gurion University of the Negev, Be’er Sheva, Israel,
Chair of the Prize Committee)
18:00 Address by Thomas GUGGENHEIM (Geneve, Switzerland)
Lecture by Alessandro RONCAGLIA (Linceo, Sapienza Università di Roma, Italy, 2019 Guggenheim Prize Winner)
Money might be a veil – but finance certainly is not
Wednesday December 18th
III session: Modern Finance
Chair: Thomas FERGUSON (Institute for New Economic Thinking, New York, Usa)
9:00 Ian KREGEL (Linceo, Levy Economics Institute of Bard College, New York State, Usa): Financial Innovation and Financial Institutional Structure
Discussant: Thomas Ferguson
Donald MACKENZIE (The University of Edinburgh, United Kingdom): High-Frequency Trading and the Material Political Economy of Finance
Discussant : Marc Flandreau
10:30 Coffee Break
Chair: Muriel DAL PONT LEGRAND (Université de Nice – Sophia Antipolis, France)
11:00 Anwar SHAIKH (The New School, New York, Usa): Profitability as a limit to stimulus policy
Discussant: Roberto Scazzieri
Mario TONVERONACHI (Università di Siena, Italy): Ages of financial instability
Discussant Donald MacKenzie
IV session: Modern Macro
Chair: Arie ARNON (Ben-Gurion University of the Negev, Be’er Sheva, Israel)
14:00 Muriel DAL PONT LEGRAND (Université de Nice – Sophia Antipolis, France): Macro Agent-Based Models and Financial Instability. A challenging alternative to DSGE models?
Discussant: Anwar Shaikh
Hans-Michael TRAUTWEIN (Carl von Ossietzky Universität Oldenburg, Germany): Financial frictions and instability: Can DSGE models finally handle the critical issues?
Discussant: Amos Witztum
15:30 Coffee break
V session: Policy Issues
Chair Maria Cristina MARCUZZO (Lincea, Sapienza Università di Roma, Italy)
16:00 Thomas FERGUSON (Institute for New Economic Thinking, New York, Usa): The Financial Crisis and the Collapse of Political Parties in the Advanced Countries: Theory and Evidence
Discussant: Francisco Louça
Orsola COSTANTINI (Institute for New Economic Thinking, New York, Usa): Household Autonomous Spending as Unsustainable Finance
Discussant: Joerge Bibow
Francisco LOUÇÃ (Universidade de Lisboa, Portugal): Secular stagnation or along phase of low growth? The structural changes in the accumulation regime and social regulation since the1980s
Discussant: Hans-Michael Trautwein
18:30 Concluding remarks by conference organizers
Conference organized in collaboration with
Thomas Guggenheim Foundation, Geneve, Switzerland – Ben-Gurion University of the Negev, Israel
ROMA – PALAZZO CORSINI – VIA DELLA LUNGARA, 10
Conference Secretary : piemontese@lincei.it