Zoom Register Now for Conference on African Economic and Monetary Sovereignty 'Facing the socio-ecological crisis: Delinking and the question of Global Reparations'
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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)”
Author: Dan Rohde
Conference Announcement
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”
Announcement
New Book by Jakob Feinig
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New Book by Jakob Feinig”
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”
Announcement
NYU Assistant Professor of Capitalism and Political Economy
The Gallatin School of Independent Study at New York University (NYU) invites applications for a tenure-track Assistant Professor position with a focus on capitalism and political economy. The position will start on September 1, 2023.
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NYU Assistant Professor of Capitalism and Political Economy”
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.
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The Key to Value (2.0): The Debate Over Commensurability in Neoclassical and Credit Approaches to Money”
Announcement
New Book by Trevor Jackson
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New Book by Trevor Jackson”
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”
Just Money Profiles
Lily Ginsburg, Co-Editor
Lily Ginsburg is a J.D. Candidate at Berkeley Law School, however she is spending her third year of law school at Harvard as part of the Berkeley-Harvard Exchange Program. She expects to graduate in May 2023.
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Lily Ginsburg, Co-Editor”
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”
Announcement
Register by Friday 9/2 for ClassCrits XIII Conference: Unlocking Race & Class For Just Transitions
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Register by Friday 9/2 for ClassCrits XIII Conference: Unlocking Race & Class For Just Transitions”
Current Scholarship
The Asset Economy Strikes Again
Martijn Konings, University of Sydney
The Federal Reserve’s bid to “get wages down” reflects the enduring hold of neoliberal thought at the highest levels of economic policymaking.
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The Asset Economy Strikes Again”
Announcement
Heilbroner Center Visiting Scholar Fellowship in Capitalism Studies
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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Heilbroner Center Visiting Scholar Fellowship in Capitalism Studies”
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”
Current Scholarship
Adam Tooze, Chartbook #124 The Currency of Politics
Adam Tooze, Columbia University
[The Currency of Politics] offers an urgent and provocative analysis of political thinking about money from Aristotle to the present.
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Adam Tooze, Chartbook #124 The Currency of Politics”
Spring 2022 — Sovereign Debt Architecture, Suspended
Rosa M. Lastra, Sovereign Debt and the Path Forward: A Few Reflections
Rosa M. Lastra, Centre for Commercial Law Studies, Queen Mary University of London
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Rosa M. Lastra, Sovereign Debt and the Path Forward: A Few Reflections”
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!”
Spring 2022 — Sovereign Debt Architecture, Suspended
James Thuo Gathii, Sovereign Debt as a Mode of Colonial Governance: Past, Present and Future Possibilities
James Thuo Gathii, African Sovereign Debt Justice Network
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James Thuo Gathii, Sovereign Debt as a Mode of Colonial Governance: Past, Present and Future Possibilities”
Current Scholarship
Who’s down with OCC(’s Definition of ‘Banks’)?
Matthew A. Bruckner
This article wrestles with a seemingly straightforward question that turns out to be surprisingly complex: what is a bank?
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Who’s down with OCC(’s Definition of ‘Banks’)?”
Current Scholarship
Notes Toward a Theory of Inflation
Steve Mann
This suggests we need to throw out the old theories [of inflation]. Something about them is fundamentally wrong, yet they linger for lack of alternatives. We need to develop new ones.
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Notes Toward a Theory of Inflation”
Current Scholarship
Money Creation and Bank Clearing
Nadav Orian Peer
Like many other countries, the U.S. money supply consists primarily of deposits created by private commercial banks. How we understand bank money creation matters enormously.
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Money Creation and Bank Clearing”
Spring 2022 — Sovereign Debt Architecture, Suspended
Mark Weidemaier & Mitu Gulati, Russia’s Perplexing Sovereign Bonds
Mark Weidemaier, University of North Carolina at Chapel Hill, and Mitu Gulati, University of Virginia School of Law
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Mark Weidemaier & Mitu Gulati, Russia’s Perplexing Sovereign Bonds”
Spring 2022 — Sovereign Debt Architecture, Suspended
Layna Mosley & Peter Rosendorff, I Will Survive: the Domestic Politics of Debt
Layna Mosley, Princeton University & Peter Rosendorff, NYU
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Layna Mosley & Peter Rosendorff, I Will Survive: the Domestic Politics of Debt”
Spring 2022 — Sovereign Debt Architecture, Suspended
Ugo Panizza, The Big Disconnect
Ugo Panizza, The Graduate Institute Geneva and Centre for Economic Policy Research
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Ugo Panizza, The Big Disconnect”
Announcement
Economics & Finance—Finance 3.0 on April 13, 2022
Please join Project Syndicate for “Finance 3.0” - April 13th!
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Economics & Finance—Finance 3.0 on April 13, 2022”
Announcement
Technopolitics of Monetary Management—Currency and Empire Sawyer Seminar on April 8, 2022
Please join the New School for their next Currency and Empire Sawyer Seminar Event, “Technopolitics of Monetary Management” - on Zoom, April 8!
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Technopolitics of Monetary Management—Currency and Empire Sawyer Seminar on April 8, 2022”
Announcement
Virtual Economics Seminar: Mariana Mazzucato presenting Mission Economy, March 22nd from 12:30-2:00 PM EST!
Join the New School for Social Research for an Economics Seminar with Professor Mariana Mazzucato presenting her new book, Mission Economy.
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Virtual Economics Seminar: Mariana Mazzucato presenting Mission Economy, March 22nd from 12:30-2:00 PM EST!”
Announcement
THE INDICATOR: The curious case of odious debt
Check out NPR’s The Indicator from Planet Money Episode: “The Curious Case of Odious Debt” from March 8, 2022.
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THE INDICATOR: The curious case of odious debt”
Announcement
Colonial Genealogies of Political Economy: Common Currencies, Hidden Hierarchies—Currency and Empire Sawyer Seminar on March 4, 2022
Please join the New School for their next Currency and Empire Sawyer Seminar Event, “Colonial Genealogies of Political Economy: Common Currencies, Hidden Hierarchies” - on Zoom, March 4!
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Colonial Genealogies of Political Economy: Common Currencies, Hidden Hierarchies—Currency and Empire Sawyer Seminar on March 4, 2022”
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”
Current Scholarship
Central bank communication with non-experts – A road to nowhere?
Michael Ehrmann & Alena Wabitsch
Central banks have intensified their communication with non-experts – an endeavour which some argue will fail. This paper studies English and German tweets about the ECB to show that its communication is received by non-experts, i.e. is not a road to nowhere.
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Central bank communication with non-experts – A road to nowhere?”