MMT Conference


(1) “Economics for a New Progressive Era”

MODERATOR: Jeff Spross (The Week)

PANELISTS: Stephanie Kelton (Stony Brook University and Sanders Institute)

William Mitchell (University of Newcastle and Centre of Full Employment and Equity)

Warren Mosler (Mosler Economics)

Randall Wray (Bard College and Levy Economics Institute)

(2) Warren Mosler | Mosler Economics

Warren Mosler is one of the leading voices in the field of Modern Monetary Theory (MMT). Residing on the island of St. Croix, in the US Virgin Islands, Warren Mosler owns and operates Valance Co., Inc. As both an entrepreneur and financial professional, Warren Mosler has spent the past 40 years gaining an insider’s knowledge of monetary operations. He co-founded AVM, a broker/dealer providing advanced financial services to large institutional accounts and the Illinois Income Investors (III) family of investment funds in 1982, which he turned over to his partners at the end of 1997. Warren Mosler graduated from the University of Connecticut with a B.A. in Economics in 1971. Since then, he has been deeply involved in the academic community, presenting at conferences around the world and publishing numerous articles in economic journals, newspapers, and periodicals. Mosler is the author of Soft Currency Economics and The Seven Deadly Innocent Frauds of Economic Policy that has been translated into Italian, Polish, Spanish, and, most recently, German.

(3) The Job Guarantee Design and Human Rights

Pavlina Tcherneva

(4) New MMT Macroeconomics Textbook

PRESENTERS: William Mitchell, Martin Watts, L. Randall Wray

This panel considers the issues faced in developing a coherent and challenging macroeconomics pedagogy that is grounded in Modern Monetary Theory (MMT). The presenters are the authors of a new MMT textbook that will be published by Macmillan in April 2018. The book covers a two-semester course in Macroeconomics from Introductory through to Intermediate levels in a standard undergraduate program. The panel will discuss the way in which the book was conceived, the evolution of the material and the final chapters. The challenge was to produce a textbook that would have broad attraction but also avoid falling into trap of compromising what the authors considered to be a unified body of theory based upon Modern Monetary Theory (MMMT). The material is presented as MMT first and then references to orthodox material if necessary. The authors chose not to exposit the orthodox theory first and then present a blow-by-blow MMT critique. The textbook provides a very strong two-year sequence in macroeconomics, firmly founded on MMT principles, with a good balance between discursive narrative, historical context, empirical challenge, and formal (mathematical) reasoning. The curriculum embodied is progressive, consistent, and demanding. William Mitchell will introduce the book and discuss the way in which the authors determined the pedagogical approach. He will also provide an update on a new development – the MMT University, which will be offering on-line courses from 2018 based on the material in the textbook. L. Randall Wray will discuss how the book treats Keynes and Martin Watts will consider some topics such as the labour market and international trade.

(5) Framing MMT Workshop

PRESENTER: William Mitchell

This Workshop will consider the importance of language and conceptual framing to the way we understand the world around us. The session will compare and contrast two different frames and associated language (one based on a neo-liberal vision and the other on a progressive vision) to illustrate how people can be led to ‘believe’ in flawed concepts that undermine their own wellbeing. It will also provide ideas on how a progressive language and framing can be developed to reduce the neo-liberal biases in economic debates.

(6) Job Guarantee in Developing Countries

PRESENTERS: Jan Kregel, Fadhel Kaboub, Yan Liang, Warren Mosler

MODERATOR: Steven Hail)

This panel presents the MMT perspective on the importance of domestic resource mobilization in developing countries. MMT and Job Guarantee critics often express concerns about external constraints on full employment in developing countries with risks of increasing external debt, exchange rate depreciation, and inflation (especially food and energy prices). The panelists will use the examples of China and Tunisia to illustrate how MMT and a tailor-made Job Guarantee program can be leveraged to ensure full employment, price stability, and food & energy security.

MODERATOR: Steven Hail (University of Adelaide and Binzagr Institute for Sustainable Prosperity)

PRESENTERS: Fadhel Kaboub (Denison University and Binzagr Institute for Sustainable Prosperity) Jan Kregel (Bard College and Levy Economics Institute) Yan Liang (Willamette University and Binzagr Institute for Sustainable Prosperity) Warren Mosler (Mosler Economics)

(7) A Job Guarantee Proposal for the United States

PRESENTERS: L. Randall Wray, Pavlina Tcherneva, Scott Fullwiler

MODERATER: Stephanie Kelton

This panel presents the Levy Institute’s White Paper on the Job Guarantee. We offer an estimate of the true level of unemployment in the US, finding as many as 20 million people who want jobs but are currently out of work or are forced to work less than full time. Using the Fair model, we evaluate the impact of a Job Guarantee that is large enough to wipe out involuntary unemployment in the economy. We simulate the impact of a universal jobs program on private sector employment, wages, national income and output, and the government’s budget. We then present a blueprint for operationalizing the proposal by outlining the guiding principles of the Job Guarantee, the desirable key features of the institutional design, and the expected benefits from its implementation. We propose a method for funding, administering, and implementing it, as well as specific types of jobs that could be performed under the program. We also address frequently asked questions.

MODERATOR: Stephanie Kelton (Stony Brook University and Sanders Institute)

PRESENTERS: L. Randall Wray (Bard College and Levy Economics Institute) Pavlina Tcherneva (Bard College and Levy Economics Institute) Scott Fullwiler (UMKC and Binzagr Institute for Sustainable Prosperity)

(8) Finance, and Interest Rate Policy

MODERATOR: Eric Tymoigne (Lewis and Clark University)

PRESENTERS: Michael Murray (Bemidji State University) “Finance as a Structural Rigidity and the Process of Real Capital Formation” Martin Watts (University of Newcastle and Centre of Full Employment and Equity) “The Merits of a Zero Interest Rate Policy–A Response to Critics” Nathan Tankus (John Jay College of Criminal Justice and Modern Money Network) “Interest Rates are Uninteresting: Investment Decision Theory without Interest Rates” Warren Mosler (Mosler Economics) “Monetary Policy and the Term Structure of Prices”


Warren Mosler and Stephanie Kelton at the kick off dinner #MMT2017


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    Bernie Sanders’ economic adviser has a message for Australia we might just need
    5 febrero 2020
    Autor Steven Hail
    Lecturer in Economics, University of Adelaide

    Debate over what the Reserve Bank governor and the treasurer should do usually runs along familiar lines.
    The bank is supposed to set its cash rate to keep inflation low and stable, while the government is supposed to avoid deficits, at least on average, over the economic cycle and preferably run surpluses.
    We have heard it so often that it seems like common sense. So when a famous economist comes along and contradicts it – an advisor to a US presidential contender no less – it’s understandable that people are shocked.
    Yet that’s the message of Stephanie Kelton, a senior economic adviser to Bernie Sanders, and before that chief economist on the US Senate Budget Committee.
    Professor Kelton, a leading modern monetary theorist, is the 2020 Visiting Harcourt Professor at the University of Adelaide, and during her visit in January was interviewed by most Australian newspapers, and many radio and TV outlets.

    Prof Stephanie Kelton – The Deficit Myth – 2020 Harcourt Lecture – 15 Jan 2020

    According to modern monetary theory (MMT), the narrative we have become used to is based on an outdated and misleading description of monetary systems. The key thing that’s been missing is an appreciation of the difference between a currency issuer and a currency user.
    You and I, along with businesses and not-for-profits, local councils, state governments, governments with foreign currency debts, and even governments within the Eurozone, are currency users.
    Before we can spend money, we need to find it – either by earning it, begging for it, digging into savings, or borrowing it.
    Governments create, rather than raise, money
    If we borrow money, we need to repay it at some point in the future or risk going broke.
    The Australian Commonwealth government, and other national governments that issue currencies in the same way that our government does, are in a completely different position.
    They have nothing in common with currency users. They can’t go broke, ever. It isn’t even possible, given the way our system works.
    Our government is the monopoly issuer of the Australian dollar. Every dollar that it spends is a new dollar. It doesn’t need to raise taxes or or borrow before it can spend, although that is what it appears to do to those who don’t know how our monetary system works.
    In reality, it is the other way around. Governments like ours need to spend dollars into existence before they can be used to pay taxes or to buy newly issued bonds. We need the government’s money – they don’t need ours. They issue the dollar. We use dollars.
    Think of the economy as a bath
    Think of the economy as a bath, with government spending being the water coming out of the tap into the bath, and taxation and saving being the water that goes down the drain.
    The spending comes first.
    The macroeconomic role of taxation is to stop the bath overflowing – to stop total spending in the economy going beyond the productive capacity of the economy and creating the risk of accelerating inflation.
    Taxation limits the spending power of the private sector, creating room for the government to spend on public goods and services and investments without driving prices up.
    A budget deficit is simply the government making a net contribution of dollars to the economy, putting more dollars into the bath (into private bank accounts) than it is taking out in tax. It needs to, when the bath isn’t full enough. Its deficit is our surplus.
    It isn’t a problem in an environment of unemployed resources and low and stable inflation where the bath isn’t full. It is a way of supporting the economy, and of adding to business sales and profits.
    When the government runs a surplus, it puts less into the private sector than it takes out in tax. It vacuums up dollars and destroys them. It runs the risk of either driving economy into recession (as happened under Paul Keating) or driving households into debt (as happened under Peter Costello). Its surplus is our deficit.
    There may be times when government surpluses are appropriate, but in a country not running large trade surpluses, those times will be rare indeed and won’t last for long. Australia has never run surpluses for long.
    Governments choose to borrow, but needn’t
    As for government debt – so often misnamed the national debt – it is better described as dollars that have been spent into existence and not yet taxed away. It might be better to call it the net money supply, than to label it as a debt.
    The government chooses to issue bonds to the private sector and foreign investors also choose to buy them. But it needn’t. It could fund itself without borrowing. It issues the currency. It can’t go bust. And when there is spare capacity it won’t cause inflation.
    There is of course a great deal more to MMT than I can fit into 800 words. It is based on more than 25 years of detailed research by many economists, including Australia’s Bill Mitchell and Kelton herself. But I hope there’s enough here to show you why it has become the first serious challenger to the narrative we have become so used to in decades.
    You can learn more about it by watching Stephanie Kelton’s recent Harcourt Lecture at the University of Adelaide, or by reading her new book, The Deficit Myth, which will be published in June.

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