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Time: 4.00pm - 6.00pm
Venue: Room 4006, John Galsworthy building, Penrhyn Road campus, Penrhyn Road, Kingston upon Thames, Surrey KT1 2EE
Please join us for this event as part of the Economic Department Research Seminar Series.
‘Minsky models: a structured survey' by Maria Nikolaidi (University of Greenwich) and Prof Engelbert Stockhammer (Kingston University).
Minsky cycles have recently gained prominence in the mainstream as well as in the heterodox literature. However, there exists no agreement upon the formal presentation of the Minsky models. This paper surveys the existing literature and offers a unified framework to compare the different approaches. It turns out that Minskyan models differ in substantive ways as regards the goods market adjustment, the dynamics of debt and the role of asset prices. The aim of this paper is to survey the literature, clarify the differences and suggest a structure to classify Minsky-inspired models.
'Monetary policy and complexity in behavioural New Keynesian models' by Rob Jump (Kingston University).
This paper studies the implications of bounded rationality and internal rationality for the conduct of monetary policy in the standard New Keynesian (NK) model. We demonstrate the conditions under which standard (Euler learning) bounded rationality and the more realistic internal rationality leads to instability in the NK model using analytical techniques, and we demonstrate the conditions under which reinforcement learning leads to instability in the NK model using numerical techniques. We explore the extent to which an appropriate monetary policy can mitigate instability in the NK model under different types of learning and rationality.
Dr Rob Jump is a lecturer in economics at Kingston University. He teaches quantitative methods and economic theory, and he previously taught economic theory at SOAS, University of London. He has two major research areas. The first is in economic theory, where he is interested in heterogeneity and disequilibrium dynamics. This was the topic of his PhD thesis, and he is currently working with colleagues at the University of Surrey on incorporating the insights of agent based models into New Keynesian business cycle models. The second is in applied macroeconomics, where he is interested in the relationship between the employment rate, the level of output, and the income distribution. He is currently working with colleagues at SOAS and Kingston on this question, using time series econometrics. He studied for his PhD at the University of Kent, after taking degrees at SOAS and the University of Edinburgh. He is a member of Reteaching Economics, and committed to pluralism in both theory and method in the study of economics.
Dr. Maria Nikolaidi is a Lecturer in Economics at the University of Greenwich and a Research Associate at the New Economics Foundation. Her research interests include financial fragility, macroeconomic policy, bank regulation and ecological macroeconomics. Her work has been published in Ecological Economics, International Review of Applied Economics and Structural Change and Economic Dynamics. She is currently working on two externally funded projects on ecological macroeconomic modelling and investment and equality-led sustainable growth. She holds a PhD in economics from the University of Athens.
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Contact: Antoine Godin
Directions to Room 4006, John Galsworthy building, Penrhyn Road campus, Penrhyn Road, Kingston upon Thames, Surrey KT1 2EE: