NEWS
2021.02.18
- Others
- General Research Institute
notice
On Sunday, March 21st, Musashi University will hold an online international symposium entitled "A Critical Review of Modern Monetary Theory."
[Date and time] Sunday, March 21, 2021 9:00-12:00 on 21 March 2021
Date 9:00 to 12:00 (Japan time UTC+9) on 21 March 2021
Online Zoom Video Webinar
*For inquiries, please click here
Application Deadline: Friday, March 12, 2021 *Applications are now closed.
Musashi University will host an online international symposium titled "A Critical Review of Modern Monetary Theory" on Sunday, March 21st. Modern Monetary Theory (MMT) is currently the most talked-about theory of fiscal, monetary, and employment policy. By combining MMT with the government as the "employer of last resort" (job guarantee program) advocated by Minsky, we will examine the possibility of policies that simultaneously reduce class and gender inequality. This symposium will examine the following three points that delve into the heart of MMT:
(1) What future problems will arise if fiscal investments lead to excessive public debt in major economies of the world? (2) Will job guarantee programs reduce unemployment and ensure price stability during the COVID-19 crisis? (3) MMT has the strongest theoretical and policy support in the United States. Even if its conclusions hold in the United States, to what extent can they be applied to other countries?
Modern Monetary Theory (MMT) has one indisputable achievement to its name: it threw down a challenge to mainstream Economics and forced it to respond, above all in the USA. This is a rare occurrence, almost unknown, for heterodox Economics during the last few decades. This symposium is based on the special issue of the Japanese Political Economy on MMT (Vol. 46-4, 2020). The presentations will deal with three topics that go to the heart of MMT.
(1) The rising popularity of MMT makes it imperative to consider its theoretical claims in-depth, since popularity does not necessarily equate to being right in theory. What will happen in the years to come as fiscal expenditure pushes public debt to enormous proportions in the pivotal countries of the world economy?
(2) It is imperative to consider MMT claims regarding fiscal and monetary policy in view of the implications of the pandemic crisis for public spending and public debt. Does a Job Guarantee act as a buffer ensuring price stability more effectively and with fewer social costs than the NAIRU?
(3) It is not accidental that the strongest support for MMT, in both theory and policy, is to be found in the USA, since its conclusions rely heavily on close institutional analysis of US government financing mechanisms. To what extent are these conclusions applicable elsewhere, even assuming that they hold for the USA? How far is the room for fiscal and monetary policy constrained by the fact that money is a relation of class both domestically and internationally?
Date 9:00 to 12:00 (Japan time UTC+9) on 21 March 2021
Online Zoom Video Webinar
*For inquiries, please click here
Application Deadline: Friday, March 12, 2021 *Applications are now closed.
Musashi University will host an online international symposium titled "A Critical Review of Modern Monetary Theory" on Sunday, March 21st. Modern Monetary Theory (MMT) is currently the most talked-about theory of fiscal, monetary, and employment policy. By combining MMT with the government as the "employer of last resort" (job guarantee program) advocated by Minsky, we will examine the possibility of policies that simultaneously reduce class and gender inequality. This symposium will examine the following three points that delve into the heart of MMT:
(1) What future problems will arise if fiscal investments lead to excessive public debt in major economies of the world? (2) Will job guarantee programs reduce unemployment and ensure price stability during the COVID-19 crisis? (3) MMT has the strongest theoretical and policy support in the United States. Even if its conclusions hold in the United States, to what extent can they be applied to other countries?
Modern Monetary Theory (MMT) has one indisputable achievement to its name: it threw down a challenge to mainstream Economics and forced it to respond, above all in the USA. This is a rare occurrence, almost unknown, for heterodox Economics during the last few decades. This symposium is based on the special issue of the Japanese Political Economy on MMT (Vol. 46-4, 2020). The presentations will deal with three topics that go to the heart of MMT.
(1) The rising popularity of MMT makes it imperative to consider its theoretical claims in-depth, since popularity does not necessarily equate to being right in theory. What will happen in the years to come as fiscal expenditure pushes public debt to enormous proportions in the pivotal countries of the world economy?
(2) It is imperative to consider MMT claims regarding fiscal and monetary policy in view of the implications of the pandemic crisis for public spending and public debt. Does a Job Guarantee act as a buffer ensuring price stability more effectively and with fewer social costs than the NAIRU?
(3) It is not accidental that the strongest support for MMT, in both theory and policy, is to be found in the USA, since its conclusions rely heavily on close institutional analysis of US government financing mechanisms. To what extent are these conclusions applicable elsewhere, even assuming that they hold for the USA? How far is the room for fiscal and monetary policy constrained by the fact that money is a relation of class both domestically and internationally?
Moderators (titles omitted)
Nobuharu Yokokawa,
Professor, Musashi University, Japan
Professor, Musashi University, Japan
Jayati Ghosh
Professor, JNU, India
Professor, JNU, India
Bob Rowthorn
Emeritus Professor, Cambridge University, UK
Emeritus Professor, Cambridge University, UK
Keynote speakers (titles omitted)
Marc Lavoie
Emeritus Professor, the University of Ottawa, Canada
Emeritus Professor, the University of Ottawa, Canada
Gerald Epstein
Professor, University of Massachusetts, USA
Professor, University of Massachusetts, USA
Daniela MAGALHÃES Prates
Associate Professor, University of Campinas, Brazil
Associate Professor, University of Campinas, Brazil
Esteban Pérez Caldentey
The Comisión Económica para América Latina y el Caribe (Santiago, Chjile)
The Comisión Económica para América Latina y el Caribe (Santiago, Chjile)
Costas Lapavitsas
Professor of economics at SOAS, University of London, UK
Professor of economics at SOAS, University of London, UK
[Panelists] (titles omitted) Discussants
Radhika Desai
Professor, University of Manitoba, Canada
Professor, University of Manitoba, Canada
Makoto Nishibe
Professor, Senshu University, Japan
Professor, Senshu University, Japan
Makoto Itoh
Emeritus Professor, The University of Tokyo, Japan
Emeritus Professor, The University of Tokyo, Japan
[Program]
| 9:00 – 9:10 | Opening remarks by Bob Rowthorn and Nobuharu Yokokawa |
| 9:10-10:40 | Keynote Report Presentations (1) Marc Lavoie, “Some limits to MMT.” (2) Gerald Epstein "The International Limits on MMT: A Global Approach." (3) Daniela MAGALHÃES Prates "Beyond Modern Money Theory: a Post-Keynesian approach to the monetary hierarchy, monetary sovereignty, and policy space." (4) Esteban Pérez Caldentey, “Modern Money Theory in the Tropics: Functional Finance and exchange rate adjustment in Developing Countries.” (5) Costas Lapavitsas “Modern Monetary Theory on money, sovereignty, and policy: A Marxist critique with reference to the Eurozone and Greece.” |
| 10:50-11:50 | Panel Discussion Round Table Discussants: Radhika Desai, Makoto Nishibe, and Makoto Itoh. |
| 11:50-12:00 | Closing remarks by Jayati Ghosh and Nobuharu Yokokawa |
[Language used]
Language: English
[Participation fee]
free
[Inquiry]
Professor Shinji Yokokawa
Please fill out the following forms.
Application Deadline: Friday, March 12, 2021 *Applications are now closed.
Please fill out the following forms.
Application Deadline: Friday, March 12, 2021 *Applications are now closed.
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