As part of the Kingston Economic Department Research Seminar Series

Date: Wednesday 14 December 2016
Time: 4.00pm – 6.00pm
Venue: JG 4006 (John Galsworthy building)
Price: free
Booking and further information: http://www.kingston.ac.uk/events/item/2303/14-dec-2016-economics-research-seminar-with-maria-nikolaidi-and-rob-jump/
Contact: Antoine Godin (A.Godin@kingston.ac.uk)

‘Minsky models: a structured survey ‘ by Maria Nikolaidi (Greenwich University) and Engelbert Stockhammer (Kingston University)

Abstract: 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)

Abstract: 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.

How to find us: The seminar takes place at Penryhn Road Campus (Kingston upon Thames, Surrey, KT1 2EE). Public Transport: take train from London Waterloo to Surbiton (20 mins approx.) and walk (15 mins approx.) or buses 71, 281, K2, K3 (5 mins approx.) from Surbiton Station to Kingston University. For further details and driving directions, please go http://www.kingston.ac.uk/aboutkingstonuniversity/location/howtofindus/penrhynroad/