Fifth Roundtable of the Next Left Economic Circle

20 June – Brussels – Fifth Roundtable of the Next Left Economic Circle

The 5th roundtable will focus on “Austerity in Europe : A Critical Post-Keynesian Approach and the Canadian Example” with guest speaker Marc Lavoie, Professor in the Dep. of Economics at the Univ. of Ottawa. It will take place at the European Parliament Room PHS 1 A 002 from 12.30 to 14.30.

See the poster

Introduction:

The presentation aims to show that the pursuit of full employment through fiscal budgetary stimulus package creates its own conditions of stability of public debt to GDP ratio, when taking into account the stocks and flows consistently. However, the modeling presented in this paper is done in a closed economy and things get a bit more complicated when one considers an open economy, with three countries (two eurozone countries and the rest of the world) and two central banks (one being the ECB). It is shown in particular that the first country's budget deficit may be due to improved sales performance of the second country to the rest of the world. The presentation will conclude with a discussion of the budgetary consolidation of Canada in 1995, often cited by European or American politicians.

Background:

The roundtables of the next Left Economic Circle bring together economists from different European institutions, civil society organisations and the business sector, who wish to evaluate the economic theoretical corpus behind economic policy proposals. The roundtables consist of regular public meetings, co-organised by the Foundation for European Progressive Studies (FEPS) and the Global Progressive Forum (GPF). The Next Left Economic Circle is co-chaired by Liem Hoang-Ngoc (MEP, S&D Group at the European Parliament, Professor of Economics at Paris I University) and Stephany Griffith-Jones (FEPS consultant and Professor of Economics, Columbia University).

A simple model of three economies with two currencies: the eurozone and the USA (article in pdf)

See the former roundtables of the next Left Economic Circle

Speaker:

Marc Lavoie is Professor in the Department of Economics at the University of Ottawa, where he started teaching in 1979. Besides having published more than 100 articles in refereed journals and more than 60 chapters in books, he has written a number of books, among which Introduction to Post-Keynesian Economics (2006), translated into four languages, Foundations of Post-Keynesian Economic Analysis (1992), as well as Monetary Economics: An Integrated Approach to Money, Income, Production and Wealth (2007) with Wynne Godley, a book which deals with the stock-flow consistent method. With Mario Seccareccia, he has been the co-editor of three books, including one on the works of Milton Friedman, in addition to writing the first Canadian edition of the Baumol and Blinder first-year textbook (2009). Lavoie has also been the associate editor of the Encyclopedia of Political Economy (1999), and he has been a visiting professor at the universities of Bordeaux, Nice, Rennes, Dijon, Grenoble, Limoges, Lille, Paris-Nord and Paris-1, as well as Curtin University in Perth (Australia). He has lectured at the post-Keynesian summer schools in Kansas City, the Levy Institute and Berlin

To register:

Please send an e-mail to: s-d.gpf@europarl.europa.eu
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