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PREVIOUS CONFERENCES

1st Bi-Annual Canada/US Eastern Border Post-Keynesian Workshop

Central banking in the modern world: Alternative perspectives

(Most of the papers, and a few others, are to be published in a book edited by Marc Lavoie and Mario Seccareccia, Central Banking in the Modern World, Edward Elgar, Cheltenham, end of 2004.)

University of Ottawa, Ottawa, Ontario, Canada

September 19-20, 2003

Organizers: Marc Lavoie and Mario Seccareccia

                  ROBINSON Research Group, Department of Economics, University of Ottawa

E-mails: mlavoie@uottawa.ca; mseccare@uottawa.ca

Tel.: (613) 562-5800 ext. 1687; (613) 562-5800 ext. 1691

Fax: (613) 562-5999

 

Friday, September 19, 2003
Room: FTX 323, Fauteux Hall,
(Fauteux Hall is situated at the corner of Copernicus and Thomas More, one block west of King Edward Avenue, and two blocks south of Laurier Street)

Session 1: Monetary Policy I

8:30-9:20         Louis-Philippe Rochon (La Trobe University) and Sergio Rossi (University of Lugano)
The monetary circuit and the central bank

9:20-10:10        Mark Setterfield (Trinity College)
Central bank behaviour, stability and macro outcomes in the New Consensus model: a Post-Keynesian perspective  

10:10-10:40       Coffee break

Session 2: Monetary Policy II

10:40-11:30       John Smithin (York University)
Optimal monetary policy?

11:30-12:20       Brenda Spotton (Atkinson College, York University) and Robin Rowley (McGill University)
Monetary dialogue and dogma at the Bank of Canada

12:20-14:10      Lunch

Session 3: Economic history and history of thought

14:10-15:00      Jane Knodell (University of Vermont)
Central Banking in Early Industrialization

15:20-16:10       Robert Dimand (Brock University)
Minsky and Tobin on the instability of a monetary economy

16:30-17:20       Robert Prasch (Middlebury College)
Allan Meltzer and the history of the Federal Reserve

Saturday, September 20, 2003
Room: FTX 315, Fauteux Hall

Session 4: Interest rate determination

8:30-9:20         Sonmez Atesoglu (Clarkson University)
Monetary transmission: Federal funds rate and prime rate

9:20-10:10        Mario Seccareccia  (University of Ottawa)
Long-term interest rates, liquidity preference and the limits of central banking

10:10-10:40       Coffee break

Session 5: Fully-consistent stock-flow models

10:40-11:30       Gennaro Zezza (University of Cassino) and Claudio Dos Santos (Levy Economics Institute)
The role of central banks in stock-flow consistent models

11:30-12:20       Marc Lavoie (University of Ottawa)
A fully-coherent post-Keynesian model of currency boards

12:20    End of workshop, lunch

The organizers wish to acknowledge the generous financial support provided by the Center for Full Employment and Price Stability of the University of Missouri, Kansas City, U.S.A.

Can Canada and Its NAFTA Partners Conduct Independent Macroeconomic Policies in a Globalized World?
September 20-21, 2002
University of Ottawa

Theme

Policy analysts frequently refer to the phenomenon of globalization as playing a constraining role on the ability of national governments to conduct macroeconomic policies. However, the phenomenon of globalization is not new. In a sense, the evolution of technology, especially in the areas of communication and transportation, have always worked in the direction of greater integration of international economic space. However, what is new is the fact that, during the last quarter century, governments have sought to reduce, or outrightly eliminate, all obstacles to commodity movements and financial flows which, as many analysts have argued, has led to a greater alignment of national economic policies. This policy alignment has taken many forms. Since the late 1970s, there has been a clear confluence of macroeconomic policies internationally. For instance, monetary policy has been conducted almost single-mindedly to combat inflation and, therefore, leading to the adoption of worldwide policies of monetary austerity. At the same time, this macroeconomic tightening has been associated with a process of deregulation of financial markets that has allowed financial institutions greater flexibility to conduct their affairs. On the fiscal side, this same single-minded policy in favour of budgetary austerity and the elimination of budget deficits has led to a slow disengagement of the state in areas that were previously under the control of national governments. By their policy commitments and actions that have further integrated Canada and other countries of this hemisphere, some have argued that government policy makers have given up important instruments which have made our economies more vulnerable to the vagaries of international markets.
The general question that we wish to address at this conference is: what are the limits of macroeconomic policy in this more globalized world? For instance, in the North American context, can we still conduct an independent monetary policy? If so, is it economically desirable? Or should we abandon altogether our national currency and institutions, such as the Bank of Canada, to be replaced by a monetary union with our NAFTA neighbours. In much the same way, can we conduct an independent fiscal policy or would it be more desirable to align our policies with those of our NAFTA partners? A group of political economists from Canada, Mexico and the United States, who have a certain expertise in the area of economic policy, will address these fundamental questions. Given the current trend towards increased integration in North America, such a conference will be particularly a propos in exploring the various new challenges facing policy makers in Canada and elsewhere.

Participants

Robert BLECKER (American University, Washington)
Hassan BOUGRINE (Laurentian University, Sudbury)
Dorval BRUNELLE (University of Quebec, Montreal)
Duncan CAMERON (University of Ottawa)
Stephen CLARKSON (University of Toronto)
Jane D'ARISTA (Financial Markets Center, Virginia)
Julio LOPEZ GALLARDO (Universidad Nacional Autonoma de Mexico)
Tom PALLEY (Open Society Institute, Washington)
Louis-Philippe ROCHON (Kalamazoo College, Michigan)
Clemente RUIZ DURAN (Universidad Nacional Autonoma de Mexico)
John SMITHIN (York University, Toronto)
L. Randall WRAY (University of Missouri, Kansas City)

Sponsors

The International Council for Canadian Studies
The Faculty of Social Sciences, University of Ottawa
The Center for Full Employment and Price Stability, University of Missouri in Kansas City
The Center for Policy Studies, Kalamazoo College, Michigan
The Institute of Canadian Studies, University of Ottawa
The Canadian Embassy in Washington

The conference is organized in conjunction with the annual meeting of the Association for Canadian Studies.

Timetable

CAN CANADA AND ITS NAFTA PARTNERS (download Information)