Author: Dan Rohde

Conference Announcement
Zoom Register Now for Conference on African Economic and Monetary Sovereignty ‘Facing the socio-ecological crisis: Delinking and the question of Global Reparations’ (10/25-10/28)

Zoom Register Now for Conference on African Economic and Monetary Sovereignty 'Facing the socio-ecological crisis: Delinking and the question of Global Reparations' (10/25-10/28)
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Zoom Register Now for Conference on African Economic and Monetary Sovereignty ‘Facing the socio-ecological crisis: Delinking and the question of Global Reparations’ (10/25-10/28)”

Current Scholarship
Financial dominance: why the ‘market maker of last resort’ is a bad idea and what to do about it

Carolyn Sissoko, University of the West of England

This paper sets forth a framework modeling the traditional ‘banking approach’ to central bank liquidity provision and advocates a return to it. These reforms must be accompanied by a clear policy that in the event that any bank requires re-capitalization by the government, existing shareholder interests will be wiped out, and ownership will be transferred to the government.
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Financial dominance: why the ‘market maker of last resort’ is a bad idea and what to do about it”

Current Scholarship
Battling Institutional Debt at HBCUs

Andrew J. Douglas, Morehouse College

The article underscores an increasingly important point: all members of a campus community ought to be deeply concerned about institutional debt. A campaign against institutional debt at HBCUs could be a powerful initiative of the AAUP’s Committee on Historically Black Institutions and Scholars of Color, and it could help to draw more HBCU faculty into the push for a New Deal for Higher Education.
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Battling Institutional Debt at HBCUs”

Spring 2022 - Sovereign Debt Architecture, Suspended
A Manifesto for Going from Billions to Trillions in Climate Finance Now: Some Highlights of the Bridgetown Initiative

Avinash Persaud, Gresham College in the UK
The geography of the political economy is why climate mitigation is not happening fast enough. A coalition has developed five integrated “asks” as part of the broader 'Bridgetown Initiative’ unveiled by Prime Minister Mottley of Barbados in September. They will deliver more change to the debt, aid, and funding architecture than we have seen in a lifetime.
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A Manifesto for Going from Billions to Trillions in Climate Finance Now: Some Highlights of the Bridgetown Initiative”

Current Scholarship
The Key to Value (2.0): The Debate Over Commensurability in Neoclassical and Credit Approaches to Money

Christine Desan, Harvard Law School

Neoclassical and credit approaches to money represent dramatically different theories of value. According to the way money is created, individuals will not be equally situated in the process that generates prices. Decisions about value are made in the wake of that fact.
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The Key to Value (2.0): The Debate Over Commensurability in Neoclassical and Credit Approaches to Money”

Current Scholarship
Banking on a Curve: How to Restore the Community Reinvestment Act

Peter Conti-Brown, The Wharton School, University of Pennsylvania; Brookings Institution; and Brian D. Feinstein, The Wharton School, University of Pennsylvania

The Community Reinvestment Act (CRA) of 1977 has failed to meaningfully reduce the prevalence of “banking deserts” across lower-income communities or to reduce the racial wealth gap. As a corrective, banks should be graded on a curve, which would enable the CRA to fulfill its promise: to expand access to credit, spur investment in overlooked areas, and combat racial inequities through the financial system.
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Banking on a Curve: How to Restore the Community Reinvestment Act”

Current Scholarship
Towards a sociology of state investment funds? sovereign wealth funds and state-business relations in Saudi Arabia

Alexis Montambault Trudelle, School of Social and Political Science, University of Edinburgh

What kind of power relations are maintained or established in the process of sovereign wealth funds development? This article contributes to rentier state debates and broader political economy scholarship by showing how state investment funds hinge on ancillary networks of social institutions, often generated from ingrained formal and informal interactions between states and society.
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Towards a sociology of state investment funds? sovereign wealth funds and state-business relations in Saudi Arabia”

Spring 2022 - Sovereign Debt Architecture, Suspended
The Depressing Tenacity of the Global Debt Architecture

Odette Lienau, Cornell University and Boston College
One silver(y) lining of a massive global crisis could have been the summoning of enough collective willpower to enact far-reaching change in international debt architecture. Instead we have seen piecemeal efforts that will prove insufficient. The international community needs to prioritize serious movement on multiple tracks to put in place a framework that embeds widely accepted sovereign debt resolution principles before it is desperately needed.
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The Depressing Tenacity of the Global Debt Architecture”

Current Scholarship
The power of folk ideas in economic policy and the central bank–commercial bank analogy

Sebastian Diessner, Leiden University, The Hague, Netherlands

This article argues that policy-makers’ non-expert or ‘folk’ ideas can affect policy outcomes in a way that challenges the assumption of economic policy-making being guided by expert ideas emanating from the realm of economics and other sciences.
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The power of folk ideas in economic policy and the central bank–commercial bank analogy”

Current Scholarship
Financialized savings in public water governance: An illustrative case study in the arid American West

Christopher Gibson, California State University, Fullerton

How does financialization of the economy impact public governance of natural resources? This article interrogates the influence that financial markets have over public policy, showing that elected governance officials engage in the commodification of money, encouraging the further commodification of environmental resources.
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Financialized savings in public water governance: An illustrative case study in the arid American West”

Spring 2022 - Sovereign Debt Architecture, Suspended
Sovereign Debt and Hegemonic Transitions

Juan Flores Zendejas, University of Geneva
Changes in borrowing patterns by many middle-income countries reflect ongoing changes in the economic and geopolitical context. As creditors continue to grow more heterogeneous, debt default management and creditor coordination are likely to become major challenges to global economic governance.
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Sovereign Debt and Hegemonic Transitions”

Current Scholarship
Sovereign Solvency as Monetary Power

Karina Patrício Ferreira Lima, University of Leeds School of Law

This article reconceptualizes sovereign insolvency from a money-centred perspective. Sovereign insolvencies are inherent to the asymmetric character of global liquidity, rather than solely the product of fiscal misfortunes or mismanagement. To correct those asymmetries, it is necessary to reset the international monetary system.
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Sovereign Solvency as Monetary Power”

Current Scholarship
Gold Clauses in the Capital Markets of the Early Twentieth Century

David Fox, University of Edinburgh

This paper scratches beneath the doctrinal analysis of gold clauses to the commercial and political purposes served by such clauses. It considers gold-clause contracts as historical instances of the early international bond markets in operation, and the litigation over them as one reaction to the financial instability of the era.
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Gold Clauses in the Capital Markets of the Early Twentieth Century”

Current Scholarship
Louis-Philippe Rochon & Guillaume Vallet, The institutions of the people, by the people and for the people? Addressing central banks’ power and social responsibility in a democracy

This paper sheds light on an overlooked issue in economics, namely the social responsibility of central banks in a democracy.
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Louis-Philippe Rochon & Guillaume Vallet, The institutions of the people, by the people and for the people? Addressing central banks’ power and social responsibility in a democracy”

Spring 2021 - Reassessing Central Bank Independence
L. Menand, The Legality of Central Bank Independence in the United States

July 5, 2022
Central bank independence faces heightened scrutiny today, with scholars and policy experts—including several in this roundtable—questioning its desirability and legitimacy. But even its critics tend to take its legality for granted.
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L. Menand, The Legality of Central Bank Independence in the United States”

Current Scholarship
Katie Moore, Review of Joshua R. Greenberg, Bank Notes and Shinplasters: The Rage for Paper Money in the Early Republic

Joshua R. Greenberg’s Bank Notes and Shinplasters: The Rage for Paper Money in the Early Republic transports readers back to a time when ordinary Americans understood the rules of the monetary system because they had to.
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Katie Moore, Review of Joshua R. Greenberg, Bank Notes and Shinplasters: The Rage for Paper Money in the Early Republic”

Spring 2021 - Reassessing Central Bank Independence
R. Lastra and S. Dietz, Communication in Monetary Policy

May 25, 2022
Accountability is a critical corollary of central bank independence. And communication is a necessary component of accountability. A central bank that does not communicate sufficiently with political leaders, markets and the public will not be able to justify its independence from political institutions over time.
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R. Lastra and S. Dietz, Communication in Monetary Policy”

Announcement
“Labour and Welfare in the Post COVID-19 Era” Summer School July 4-8 2022 at the University of Rome; application deadline June 6th!

The EAEPE – INET – APPEAL Summer School is open to PhD students and early-career researchers working in particular in the field of institutional and evolutionary analysis, with a special focus this year on labour economics and welfare, and the impact of Covid-19.


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“Labour and Welfare in the Post COVID-19 Era” Summer School July 4-8 2022 at the University of Rome; application deadline June 6th!”

Current Scholarship
The New Monetary Policy: Reimagining Demand Management and Price Stability in the 21st Century

Nathan Tankus, Modern Money Network

For the past 40 years, there has been a global macroeconomic consensus that mon- etary policy—and specifically interest rate management policy and financial asset purchase/sale policy—should take the lead in stabilizing the domestic economy. As a factual matter, this consensus has accompanied rising inequality, weak nominal wage growth and intensifying ecological devastation.
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The New Monetary Policy: Reimagining Demand Management and Price Stability in the 21st Century”

Fall 2021 - A Symposium on: Stephen A. Marglin’s Raising Keynes: A Twenty-First Century Theory
Carolyn Sissoko, Understanding modern money: when the monetary tail is wagging the real economy dog, economic models that don’t take bank regulation into account fall short

February 16, 2022
Understanding modern money: when the monetary tail is wagging the real economy dog, economic models that don’t take bank regulation into account fall short
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Carolyn Sissoko, Understanding modern money: when the monetary tail is wagging the real economy dog, economic models that don’t take bank regulation into account fall short”