St Catharine’s Political Economy Seminar – 'Brexit and the Political Economy of ‘Populism’, Yiannis Kitromilides
2017-01-25 18:00 - 18:30 UTC | Ramsden Room, St Catharine’s College, St Catharine's College, Cambridge, cb21rl, United Kingdom
Date: Wednesday 25 January 2017
Time: 18:00 -19:30
Speaker: Yiannis Kitromilides
Talk Title: ‘Brexit and the Political Economy of ‘Populism’
Location: Ramsden Room, St Catharine’s College
The next St Catharine’s Political Economy Seminar in the series on the Economics of Austerity, will be held on 25 January, 2017 – Yiannis Kitromilides will give a talk on “Brexit and the Political Economy of ‘Populism'”. The seminar will be held in the RAMSDEN Room at St Catharine’s College from 6.00-7.30 pm. All are welcome. The seminar series is supported by the Cambridge Journal of Economics and the Economics and Policy Group at the Cambridge Judge Business School.
Speaker
Yiannis Kitromilides is Associate Member of the Cambridge Centre of Economic and Public Policy, Department of Land Economy, University of Cambridge. He has previously taught at the University of Greenwich, the University of Westminster, the University of Middlesex and the School of Oriental and African Studies, University of London. His main research interests are in the areas of European Monetary Integration, Reform of Banking, Economics of Climate Change and the Political Economy of Economic Policy-making. His most recent publications include papers on the political economy of the austerity strategy, Greece and the eurozone crisis, Technocracy and public policy-making and the EU after ‘Brexit’.
Talk Overview
The unexpected electoral success of both the ‘leave’ campaign in the UK referendum and of Donald Trump in the US presidential elections has been widely attributed to the rise of right-wing ‘populism’. It is predicted that this phenomenon is likely to be repeated in other parts of Europe and the World. This is to be contrasted with left-wing ‘populism’ which produced the recent electoral successes of the anti-austerity movements of Syriza in Greece and Podemos in Spain. ‘Populism’ appears to provide an explanation for the electoral successes of both left-wing and right-wing movements. The concept of ‘populism’ is subject to many different, often conflicting, interpretations and definitions. The paper examines the different varieties of ‘populism’ and concludes that given its elusive nature the widespread use of the term as an explanation of recent surprising electoral outcomes is of rather limited usefulness. Regarding ‘Brexit’
the paper discusses an alternative explanation for the electoral outcome of the UK referendum as ‘an accident waiting to happen’.
Please contact the seminar organisers Philip Arestis (pa267@cam.ac.uk) and Michael Kitson (m.kitson@jbs.cam.ac.uk) in the event of a query.

Kingston Economic Department Research Seminar Series – ‘Minsky models: a structured survey' Maria Nikolaidi & Engelbert Stockhammer & 'Monetary policy and complexity in behavioural New Keynesian models' Rob Jump
2016-12-14 16:00 - 17:00 | Kingston University, Penrhyn Road, Kingston, Surrey, , KT1 2EE, United Kingdom
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/

Greenwich Political Economy Research Centre (GPERC): Alleviating the Childcare Constraint for Women: Empirical Evidence from the UK
2016-12-14 13:00 - 14:00 | Greenwich University
“Alleviating the Childcare Constraint for Women: Empirical Evidence from the UK”. Seminar by Dr Gabriella Cagliesi, jointly organised by GPERC and the department of International Business and Economics (IBE). University of Greenwich Stephen Lawrence building, room SL106. Time: 13:00-14:00.
No registration required but places are limited.

Greenwich Political Economy Research Centre (GPERC) -"Migration in Kenya: Beyond Harris-Todaro"
2016-12-07 13:00 - 14:00 | Greenwich University
“Migration in Kenya: Beyond Harris-Todaro”. Seminar by Dr Cem Oyvat, jointly organised by GPERC and the department of International Business and Economics (IBE). University of Greenwich Stephen Lawrence building, room SL106. Time: 13:00-14:00.
No registration required but places are limited.

The Capitalism on the Edge lecture series : Prof Danny Dorling & Prof Kate Pickett - " Capitalism and Inequality: Can Brexit really take back control?"
2016-12-01 19:15 - 21:15 | Murray Edwards College, Cambridge, Huntingdon Road, Cambridge , CB3 0DF, United Kingdom
The Capitalism on the Edge lecture series lecture on Thurs 1 December is on ” Capitalism and Inequality: Can Brexit really take back control?” with Professor Danny Dorling (Oxford) and Professor Kate Pickett (York).
Lectures take place in Buckingham House, Murray Edwards College, Cambridge, from 17.15, followed by a drinks reception.
Further details and how to reserve your place can be found here:
http://www.murrayedwards.cam.ac.uk/about/capitalism-edge

Kingston Economic Department Research Seminar Series – ‘Much of the ‘economics of property rights’ devalues property and legal rights' Geoffrey Hodgson
2016-11-30 16:00 - 18:00 | Kingston University, Penrhyn Road, Kingston, Surrey, , KT1 2EE, United Kingdom
This event is part of the Kingston Economic Department Research Seminar Series.
Date: Wednesday 30 November 2016
Time: 4.00pm – 6.00pm
Venue: JG 4006 (John Galsworthy building), Penryhn Road Campus, Kingston upon Thames
Price: free
Booking and further information: http://www.kingston.ac.uk/events/item/2339/30-nov-2016-economics-research-seminar-with-geoffrey-hodgson-and-bill-dunn/
Contact: Antoine Godin (A.Godin@kingston.ac.uk)
‘Much of the ‘economics of property rights’ devalues property and legal rights’ by Geoffrey Hodgson (University of Hertfordshire), see also: http://newpolitics.apps-1and1.net/property-when-ludwig-von-mises-got-into-bed-with-karl-marx
Abstract: Legal theorists and other commentators have long established a distinction between property and possession. According to this usage adopted here, possession refers to control of a resource, but property involves legally sanctioned rights. Strikingly, prominent foundational accounts of the ‘economics of property rights’ concentrate on possession, downplaying the issue of legitimate legal rights (Alchian, 1965, 1977; Barzel, 1994, 1997, 2002; von Mises, 1981). Some authors in this genre make a distinction between ‘economic rights’ and ‘legal rights’ where the former are more to do with possession or the capacity to control. They argue that ‘economic rights’ are primary and more relevant for understanding behaviour. But it is argued here that legal factors – involving recognition of authority and perceived justice or morality – have also to be brought into the picture to understand human motivation in modern societies, even in the economic sphere. As other authors including Hernando De Soto (2000) have pointed out, the neglect of the legal infrastructure that buttresses property has deleterious implications, including a failure to understand the role of property in supporting collateralized loans for innovation and economic development.
‘Putting finance in its place: Marx, Keynes and the interstate system ‘ by Bill Dunn (University of Sidney)
Abstract: The paper argues that Marxist theories of money and finance remain underdeveloped and can be enriched by a critical appropriation of Keynesian insights. It advocates a theory of money and finance based on the mutual but asymmetrical interrelations of class, capital and state institutions. It argues that accepting a Marxist epistemology and the conceptual priority of social relations of production requires rather than denies acknowledging an active financial agency. However, this agency is socially constructed and constrained. With the appropriate conceptual level of ‘the social’ seen as essentially global, this also involves, amongst other things, discarding the exogenous / endogenous distinction but seeing states and their financial power, like that of other institutions, as framed within rather than as external to the social relations of production.
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/

Inequality, Wages and Finance Seminar
2016-11-29 02:00 - 18:30 | Surrey,
The Inequality, Wages and Finance Seminar is hosted by the Open Political Economy Group (OPEG) at the Open University (OU), and is the fifth seminar in the series.
Time: 29 November 2016, 14:00 – 18:30
Location: Room 2, The Open University, 1-11 Hawley Crescent, Camden Town, London NW1 8NP
Factor Income Distribution, Work and Employment: Social and Economic Perspectives is an ESRC-funded series of six seminars taking place at the OU (London), Nottingham Business School, Leeds University Business School and Birmingham City University. The aim of the series is to explore factor income distribution from a plurality of perspectives, including heterodox approaches (such as post-Keynesianism, Kaleckian and radical economics) as well as mainstream analyses. The gender lens of feminist economics will also be considered, together with institutional perspectives and contributions from other disciplines.
Participants from government, industry and the university sector are warmly invited to attend and PhD students are especially welcome. This seminar will be followed, on Wednesday 30 November, by a postgraduate workshop, organised by OPEG research students. For more information, how to register, and request travel bursaries, for both events:
http://www.open.ac.uk/ikd/events/inequality-wages-and-finance
http://www.open.ac.uk/ikd/events/insights-methodological-approaches-economic-research

'Prosperity without Growth in a Finite Planet' by Tim Jackson
2016-11-23 16:00 - 19:00 | Greenwich University
The Young Scholars Initiative (YSI) of the Institute for New Economic Thinking, the Greenwich Political Economy Research Centre (GPERC) of the University of Greenwich, and the Foundation for European Progressive Studies (FEPS) would like to invite you to a talk by Professor Tim Jackson, on Wed 23 November 2016, 17:00 – 19:00 at the University of Greenwich, Queen Anne Court Room 080.
‘Is more economic growth the solution? Will it deliver prosperity and well-being for a global population projected to reach nine billion?’
Tim Jackson – a top sustainability adviser to the UK government – makes a compelling case against continued economic growth in developed nations. He provides a credible vision of how human society can flourish within the ecological limits of a finite planet. Fulfilling this vision is simply the most urgent task of our times.
Please register via Eventbrite. Registration starts at 16:00.
Location of Seminar:
University of Greenwich,
Queen Anne Court Room 080
Old Royal Naval College, Park Row
London
SE10 9LS
View Map

Cambridge Society for Economic Pluralism: Arthur Kroeber & Joe Studwell 'Understanding the Chinese Economy: where is it headed?'
2016-11-21 17:30 - 19:00 | Mill Lane Lecture Rooms, Silver Street , Cambridge, Cambridgeshire, CB2 1RL, United Kingdom
Cambridge Society for Economic Pluralism Free events:
Arthur Kroeber & Joe Studwell ‘Understanding the Chinese Economy: where is it headed?’
Today 5:30 PM · Mill Lane Room 1

St Catharine’s Political Economy Seminar – Graham Gudgin & Ken Coutts 'Can fiscal and monetary policy offset macro-economic losses from Brexit'
2016-11-16 18:00 - 19:30 | Ramsden Room, St Catharine’s College, St Catharine's College, Cambridge, cb21rl, United Kingdom
Date: Wednesday 16 November 2016
Time: 18:00 -19:30
Speakers: Graham Gudgin & Ken Coutts
Talk Title: ‘Can fiscal and monetary policy offset macro-economic losses from Brexit’
Location: Ramsden Room, St Catharine’s College
The next St Catharine’s Political Economy Seminar in the series on the ‘Economics of Austerity’, will be held on Wednesday 16 November 2016. Graham Gudgin & Ken Coutts will give a talk on “Can fiscal and monetary policy offset macro-economic losses from Brexit”. The seminar will be held in the Ramsden Room at St Catharine’s College from 6.00-7.30 pm. All are welcome. The seminar series is supported by the Cambridge Journal of Economics and the Economics and Policy Group at the Cambridge Judge Business School.
Please contact the seminar organisers Philip Arestis (pa267@cam.ac.uk) and Michael Kitson (mk24@cam.ac.uk) in the event of a query.

Cambridge Society for Economic Pluralism: Dr Shailaja Fennell & Dr Jason Hickel ‘Colonial Legacies: How does colonialism shape today's development challenges?’
2016-11-15 19:30 - 21:00 | Mill Lane Lecture Rooms, Silver Street , Cambridge, Cambridgeshire, CB2 1RL, United Kingdom
The purpose of this event is to discuss countries’ colonial experiences as more than a historical footnote with regard to their development. It is to think systematically about how the imposition of colonial rule still affects aspects of a society’s politics, institutions and economic outcomes, and in doing so to help better understand the challenges faced by modern developing economies.

Cambridge Realist Workshop – Simon Deakin ‘The Ontology of Corruption?’
2016-11-14 07:30 - 22:00 | Latimer Room, Clare College, Clare College, Cambridge, United Kingdom
Speaker: Simon Deakin, University of Cambridge
Talk Title: ‘The Ontology of Corruption?’
Drinks available from 7:30 pm, talk starts at 8pm.

'The Ontology of Terrorism' with Professor Barry Smith
2016-11-09 16:00 - 18:00 | University College London
‘The Ontology of Terrorism’ with Professor Barry Smith.
Date: 9th of Nov 2016
Venue: School of Oriental and African Studies, London, Russell Square, Room L67 (main Building of Soas)
Time: 4-6 pm
Abstract:
Notoriously, intelligence agencies face the problem of Connecting the Dots. Connecting, here, means not only cross-identifying the individuals referred to in different sources, but also combining in useful ways all the data about such individuals. Ontologies allow analysts to harvest combinable information from messy inputs by providing consistent sets of terms for describing the entities involved. Suppose, for example, that ontology terms have been used to tag collections of heterogeneous source data about, say, persons in Baghdad. Analysts can then use the results to identify all available data regarding, say, persons who speak Armenian, or persons with expertise in Java programming; and they can do this independently of the type of data (text, images, audio)which served as inputs. To be effective, however, ontologies need to contain not just terms but also definitions. To illustrate how this works we will consider some simple examples of ontology building, concluding with an ontological approach to the definition of terrorism.
Short Bio:
Barry Smith studied philosophy in Oxford and Manchester, and currently works in the University at Buffalo, NY, where he is Director of the National Center for Ontological Research. Smith’s work in applied ontology is well known especially in the fields of biology and medicine, but his ideas are now being applied in a range of different military and intelligence initiatives. He has worked also on ontology projects relating to legal and economic institutions, and since 2000 he has served as consultant to Hernando de Soto, Director of the Institute for Liberty and Democracy in Peru, on projects relating to the advancement of property and business rights among the poor in developing countries.

FINANCIALISATION IN SOCIETY AND THE WORLD CONFERENCE
2016-11-08 09:00 - 17:00 | University College London
FINANCIALISATION IN SOCIETY AND THE WORLD CONFERENCE
Some conclusions from the EU FP7 Project on ‘Financialisation, Economy, Society and Sustainable Development’
Conference to be held at:
Room S312, Paul Webley Wing (North Block of the Senate House)
The School of Oriental and African Studies, University of London
Programme:
Tuesday, 8 November
09.30-10.00 Coffee and tea
10.00-10.40 Malcolm Sawyer ‘Financialisation and Economic and Social Performance’
10.40-11.20 Mimoza Shabani, Ewa Karwowski and Engelbert Stockhammer ‘Comparative financialisation’
11.20-11.40 Coffee
11.40-12.20 Ana Santos ‘(De)financialising social well-being’
12.20-12.50 Kate Bayliss ‘Financialisation in practice: water and health in the UK’.
12.50-14.00 Lunch (for speakers only)
14.00-14.40 Ben Fine ‘The Material Cultures of Financialisation’
14.40-15.20 Terry McKinley ‘Financialisation in Emerging Markets’
15.20-15.40 Tea
15.40-16.20 Bruno Bonizzi ‘Financialisation, development and debt’
16.20-16.50 Jan Toporowski ‘What have we learned from Financialisation’.

European Association for Evolutionary Political Economy 2016 Conference
2016-11-03 08:00 - 2016-11-05 17:00 | Surrey,
European Association for Evolutionary Political Economy (EAEPE) is the leading pluralist economics association in Europe and seeks to strengthen its cooperation with the post-Keynesian community. Their annual conference will be held 3-5 November 2016 at Manchester University.
Call for Papers
EAEPE encourages submissions in all areas of post-Keynesian economics and is considering a related research area in the future. Applications on post-Keynesian economics will be considered as part of “Research Area [G] – Macroeconomic Regulation and Institutions <http://eaepe.org/?page=research_areas&side=g_macroeconomic_regulation_and_institutions>“. Proposals in all areas of post-Keynesian economics are welcome, topics of particular interest include:

distribution and effective demand: effects of changes in personal or function income distribution on aggregate demand
the role of debt in modern economies, financial instability and the risk of economic stagnation
applications of agent-based and stock-flow consistent modelling
The time-dependant multiplier
The macroeconomic policy regime of the Euro area and the causes of crisis in Europe
Reconsidering the effects of fiscal policy
post-Keynesian analyses of Quantitative Easing and alternative fiscal policies
international monetary regimes, balance of payment constraint growth and the role of capital flows
environmental degradation in post-Keynesian growth models
fundamental uncertainty and economic methodology

Please submit abstracts online via the electronic submission form and indicate Research Area [G] – Macroeconomic Regulation and Institutions:
http://eaepe.org/?page=events&side=annual_conference&sub=eaepe2016_abstract_submission
In case of questions regarding Research Area [G] please contact RA G coordinators Charlie Dannreuther (ipicd@leeds.ac.uk) and Dany Lang (dany.lang.p13@gmail.com). For queries about a possible post-Keynesian stream, please contact Engelbert Stockhammer (e.stockhammer@kingston.ac.uk ) and Dany Lang (dany.lang.p13@gmail.com)

The Capitalism on the Edge lecture series : Dr Rowan Williams - "Can Capitalism be Ethical?"
2016-11-02 19:15 - 21:15 | Murray Edwards College, Cambridge, Huntingdon Road, Cambridge , CB3 0DF, United Kingdom
The Capitalism on the Edge lecture series continues this academic year, starting with a lecture on Wed 2 November by Dr Rowan Williams entitled “Can Capitalism be Ethical?”
This will be followed by ” Capitalism and Inequality: Can Brexit really take back control?” with Professor Danny Dorling (Oxford) and Professor Kate Pickett (York) on THURSDAY 1 DECEMBER.
Lectures take place in Buckingham House, Murray Edwards College, Cambridge, from 17.15, followed by a drinks reception.
Further details and how to reserve your place can be found here:
http://www.murrayedwards.cam.ac.uk/about/capitalism-edge

St Catharine’s Political Economy Seminar Series – David Miles ‘Real Estate and the Financial Sector in the Short and Long Term’
2016-11-02 18:00 - 19:30 | Ramsden Room, St Catharine’s College, St Catharine's College, Cambridge, cb21rl, United Kingdom
Date: Wednesday 2 November 2016
Time: 18:00 -19:30
Speaker: David Miles
Talk Title: ‘Real Estate and the Financial Sector in the Short and Long Term’
Location: Ramsden Room, St Catharine’s College
The next St Catharine’s Political Economy Seminar in the series on the Economics of Austerity, will be held on Wednesday 24 February 2016 – Anastasia Nesvetailova will give a talk on “Shadow Banking and Financial Innovation: in Search of a Theory”. The seminar will be held in the Ramsden Room at St Catharine’s College from 6.00-7.30 pm. All are welcome. The seminar series is supported by the Cambridge Journal of Economics and the Economics and Policy Group at the Cambridge Judge Business School.

Please contact the seminar organisers Philip Arestis (pa267@cam.ac.uk) and Michael Kitson (mk24@cam.ac.uk) in the event of a query.

Cambridge Society for Economic Pluralism: Dr Alain Samson & Prof David De Cremer 'Behavioural Economics: The Final Frontier of Economics'
2016-11-02 17:00 - 18:00 | Mill Lane Lecture Rooms, Silver Street , Cambridge, Cambridgeshire, CB2 1RL, United Kingdom
Cambridge Society for Economic Pluralism Free events:
Dr Alain Samson & Prof David De Cremer ‘Behavioural Economics: The Final Frontier of Economics’
Mill Lane Room 2

Cambridge Realist Workshop – Dave Elder-Vass ‘How to change economics: learning from the economy beyond the marketplace’
2016-10-31 19:30 - 22:00 | Latimer Room, Clare College, Clare College, Cambridge, United Kingdom
Speaker: Dave Elder-Vass, Loughborough University
Talk Title: ‘How to change economics: learning from the economy beyond the marketplace’
Drinks available from 7:30 pm, talk starts at 8pm.

Cambridge Society for Economic Pluralism: Catherine Hakim & Ben Southwood 'Women as Economics Victims'
2016-10-26 17:00 - 18:00 | Mill Lane Lecture Rooms, Silver Street , Cambridge, Cambridgeshire, CB2 1RL, United Kingdom
Cambridge Society for Economic Pluralism Free events:
Catherine Hakim & Ben Southwood ‘Women as Economics Victims’
Mill Lane Room 2

Kingston Economic Department Research Seminar Series - Davoud Taghawi-Nejad (University of Oxford) and Willem Spanjers (Kingston University)
2016-10-26 16:00 - 18:00 | Kingston University, Penrhyn Road, Kingston, Surrey, , KT1 2EE, United Kingdom
Date: Wednesday 26 October 2016
Time: 4.00pm – 6.00pm
Venue: JG 4006 (John Galsworthy building)
Price: free
‘Web-Enabled Policy Advice – Modelling the Saudi Arabian Labour Market’ by Davoud Taghawi-Nejad (University of Oxford)
Booking and further information: http://www.kingston.ac.uk/events/item/2338/26-oct-2016-economics-research-seminar-with-davoud-taghawinejad-and-willem-spanjers/
Contact: Antoine Godin (A.Godin@kingston.ac.uk)
Abstract: One of Saudi Arabia’s principal problems is unemployment of Saudi nationals, which is, at least partially, caused by the fact that seven million expatriates reside in the country and hold the majority of the available jobs. In order to address this problem we created a data-driven agent-based policy simulator of the Saudi labour market. The purpose of our model was to evaluate Saudi Arabia’s policy options to increase employment of Saudi nationals: taxes on expatriates, quotas, and minimum wages (in general and for expatriates).
The model consists of Saudi and expatriate workers and Firms that hire employees. Firms prefer to hire workers with the best productivity – cost profile, but hire in accordance with the law. Their behaviour has been calibrated with time-series and firm-level data. It is possible to run the simulation with different policies, which influence the firm’s decisions and therefore the simulation outcomes. With the agent-based model we showed the best policy answer for each sector. This model was delivered not only as part of an academic paper but also as a web-enabled policy simulator. Beyond testing and designing policy, the model could also be used to train policymakers’ intuition and understanding of the labour market. In the second half of the talk I will address the use of policy simulators in policy advice and our experience in working with the Saudi Arabian Ministry of Labour in particular.
‘Liquidity Provision, Ambiguous Asset Returns and the Financial Crisis’ by Willem Spanjers (Kingston University)
Abstract: For an economy with dysfunctional intertemporal financial markets the financial sector is modelled as a competitive banking sector offering deposit contracts. In a setting similar to Allen and Gale (1998, [1]) properties of the optimal liquidity provision are analysed for illiquid assets with ambiguous returns. In the context of the model, ambiguity – i.e. incalculable risk – leads to dynamically inconsistent investor behaviour. If the financial sector fails to recognize the presence of ambiguity, unanticipated fundamental crises may occur, which are incorrectly blamed on investors ‘loosing their nerves’ and ‘panicking’.
The basic mechanism of the current financial crisis resembles a banking panic in the presence of ambiguous asset returns. The combination of providing additional liquidity and supporting distressed financial institutions implements the regulatory policy suggested by the model.
A credible commitment to such ‘bail-out policy’ does not create a moral hazard problem. Rather, it implements the second best efficient outcome by discouraging excessive caution. Reducing ambiguity by increasing stability, transparency and predictability – as suggested by ordo-liberalism and the ‘Freiburger Schule’ – enhances ex-ante welfare.
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/

St Catharine’s Political Economy Seminar – Peter Sinclair ‘In Search of Smart Fiscal Policies’
2016-10-19 18:00 - 19:30 | Ramsden Room, St Catharine’s College, St Catharine's College, Cambridge, cb21rl, United Kingdom
Date: Wednesday 19 October 2016
Time: 18:00 -19:30
Speaker: Peter Sinclair
Talk Title: ‘In Search of Smart Fiscal Policies’
Location: Ramsden Room, St Catharine’s College
The next St Catharine’s Political Economy Seminar in the series on the Economics of Austerity, will be held on Wednesday 17 February 2016. Peter Sinclair will give a talk on “In Search of Smart Fiscal Policies”. The seminar will be held in the Ramdsden Room at St Catharine’s College from 6.00-7.30 pm. All are welcome. The seminar series is supported by the Cambridge Journal of Economics and the Economics and Policy Group at the Cambridge Judge Business School.
Please contact the seminar organisers Philip Arestis (pa267@cam.ac.uk) and Michael Kitson (mk24@cam.ac.uk) in the event of a query.

Cambridge Society for Economic Pluralism: Prof Tony Lawson & Dr Jochen Runde 'Is Economics Predictable?'
2016-10-19 17:00 - 18:00 | Mill Lane Lecture Rooms, Silver Street , Cambridge, Cambridgeshire, CB2 1RL, United Kingdom
Cambridge Society for Economic Pluralism Free events:
Prof Tony Lawson & Dr Jochen Runde: ‘Is Economics Predictable?’
Mill Lane Room 2

Cambridge Realist Workshop – Tony Lawson 'Central Fallacies of Modern Economics'
2016-10-17 19:30 - 22:00 | Latimer Room, Clare College, Clare College, Cambridge, United Kingdom
Speaker: Tony Lawson, University of Cambridge
Talk Title: ‘Central Fallacies of Modern Economics’
Drinks available from 7:30 pm, talk starts at 8pm.

St Catharine’s Political Economy Seminar – Terry Barker ‘Financialisation of the Global Economic System Past, Present and Future@ its Relevance to Austerity Economics’
2016-10-12 18:00 - 19:30 | Ramsden Room, St Catharine’s College, St Catharine's College, Cambridge, cb21rl, United Kingdom
Date: Wednesday 12 October 2016
Time: 18:00 -19:30
Speaker: Terry Barker
Talk Title: ‘Financialisation of the Global Economic System Past, Present and Future@ its Relevance to Austerity Economics’
Location: Ramsden Room, St Catharine’s College
The next St Catharine’s Political Economy Seminar in the series on the ‘Economics of Austerity’, will be held on Wednesday 12 October 2016. Terry Barker will give a talk on “Financialisation of the Global Economic System Past, Present and Future@ its Relevance to Austerity Economics”. The seminar will be held in the Ramsden Room at St Catharine’s College from 6.00-7.30 pm. All are welcome. The seminar series is supported by the Cambridge Journal of Economics and the Economics and Policy Group at the Cambridge Judge Business School.
Please contact the seminar organisers Philip Arestis (pa267@cam.ac.uk) and Michael Kitson (mk24@cam.ac.uk) in the event of a query.

Cambridge Society for Economic Pluralism: Dr Jason Hickel 'Colonial Legacies: How does Colonialism Shape Today's Development Challenges?'
2016-10-11 17:00 - 18:00 | Surrey,
Cambridge Society for Economic Pluralism Free events:
Dr Jason Hickel ‘Colonial Legacies: How does Colonialism Shape Today’s Development Challenges?’
Time & Location tbc

'Maynard Keynes in King’s College and the General Theory of Employment, Interest and Money' Conference
2016-10-08 09:00 - 18:00 | King’s College
The event will feature remarks from the leading UK and US post-Keynesian scholars Victoria Chick and Paul Davidson. Three presentations will give accounts of post-war policy, contrasting the golden age with the liberalised era, in Germany (by Jörg Bibow), the UK (by myself) and France (by Renaud du Tertre and Hélène de Largentaye).
The event is organised jointly by Hélène de Largentaye and Jean Michel Massing. Hélène graduated in economics from Kings and was the first Secretary General of the Conseil d’analyse economique, founded by the French socialist Prime Minister ( 1997-2002) . Her father translated the General Theory into French in 1939 just before the advent of the Vichy regime which delayed the publication until 1942. Hélène will tell this fascinating story with Ghislain Deleplace, and Harald Hagemann will discuss the German translation (1936) .
Jean Michel has also organised morning sessions around Keynes’s wider interests, in particular his art collection and his book collection.
The full programme and further information about the event can be found here: www.kingsmembers.org/KeynesConference.
Last registration is 23 September 2016.

Empirical models of the UK economy Seminar
2016-10-05 16:00 - 18:00 | Kingston University, Penrhyn Road, Kingston, Surrey, , KT1 2EE, United Kingdom
This event is part of the Economic Department Research Seminar Series.
The seminar is free of charge but booking is essential to attend the event.
Presentations will include:
Ken Coutts and Graham Gudgin will deliver a paper entitled ‘An Empirical Keynesian Stock-Flow Consistent Model of the UK Economy with application to the post-referendum economy’.
Antoine Godin will deliver a paper entitled ‘A dynamic model of financial balances for the United Kingdom’.

An Introduction to Post Keynesian Economics and Political Economy
2016-07-14 09:00 - 2016-07-16 17:00 | Kingston University, Penrhyn Road, Kingston, Surrey, , KT1 2EE, United Kingdom
PKSG, PERG Kingston and KU Rethinking Economics are organising a workshop on the ‘Introduction to Post Keynesian Econommics and Political Economy’. The workshop is aimed at students of economics and social sciences. As the aim of Post Keynesian Economics and Political Economy ultimately is to provide the foundation for progressive economic policies, it may also be of interest for a broader audience.
The workshop will take place at Kingston University, in the John Galsworthy Building, Penrhyn Road, Kingston, Surrey, KT1 2EE.
To register for the event please go to the Booking Webpage.
For further infromation about the workshop see: http://www.postkeynesian.net/kingston16.html

Cities in Transformation: Processes, Problems and Policies
2016-07-14 09:00 - 2016-07-15 17:00 | McGrath Centre, St Catharine’s College, Cambridge, United Kingdom
Major cities are facing an unprecedented set of economic, social and environmental challenges. There is mounting evidence that cities are demonstrating very different capacities to adapt, cope with, and respond to such challenges and this is leading to diverse and unpredictable outcomes. The aim of this conference is to examine the different experiences of cities as they transform. The first part of the conference (morning of Thursday 14 July), will give an overview of cities in transformation in various parts of the world (e.g. United Kingdom, Germany, United States, China). The afternoon of Thursday 14 July will then be dedicated to a discussion of the implications for policies to address spatially unbalanced growth among the cities. The sessions on Friday 15 July are reserved for particular aspects of urban transformation and resilience (e.g. role of institutions, implications of new technologies, consequences of austerity, possibilities offered by big data and smart city technologies, etc.).
