Monetary Policy, and Income and Wealth Inequality
Description
***Please contact Dr. Louis-Philippe Rochon (lprochon2003@yahoo.com) if you would like to attend the event in person. Seats are limited! ***
This is a two-day workshop funded by SSHRC (611-2020-0321) that looks at the impact of monetary policy on income and wealth distribution. Once largely ignored, the topic has become rather popular among central bankers since the Great Financial Crisis. This small workshop of 14 participants will explore and quantify the impact of changes in interest rates on inequality, as well as on women. The gender aspect makes this workshop quite unique as this angle is still largely ignored. The papers presented at this workshop will be published in a 7-paper symposium in the Review of Political Economy, and the rest will comprise a book on the topic of gender to be published by Edward Elgar.
Confirmed Participants
- Joana David Avritzer is an Assistant Professor in the Economics Department of Connecticut College. She completed her Ph.D. in Economics at the New School for Social Research in 2020. Her main research interest is in demand-led growth models. She is currently working on developing a stock-flow consistent approach to incorporate household debt dynamics into the growth and income distribution relationship.
- Ruth Badru is a University Lecturer at the School of Economics, University of Bristol. Ruth holds a Ph.D. in Economics from the University of Otago, New Zealand and her research interests are mainly in the areas of Macroeconomics, Applied Econometrics and Quantitative Methods, Modern Monetary Theory and Feminist Political Economy. She has taught courses on these and other subjects at all levels. Ruth's current research is focused on the empirical evaluation of the impact of gender inequality on meso and macroeconomic outcomes. Outside of academia, she is currently acting as a research/policy consultant and grantee for both private and public sector stakeholders in Nigeria - including the African Women Empowerment and Development Guild of Nigeria and the African Economic Research Consortium.
- Clara Brenck is a Ph.D. candidate in economics at the New School for Social Research. She has a master's degree in economics from FEA/USP and a degree in economics from the Federal University of Minas Gerais. She is interested in the areas of macroeconomics, development and inequality.
- Sascha Buetzer is an Economist in the Middle East and Central Asia Department at the International Monetary Fund (IMF) in Washington. Prior to that, he was Senior Advisor to the Executive Director for Germany at the IMF and has worked for Deutsche Bundesbank and the European Central Bank. He holds graduate degrees in economics from the Barcelona Graduate School of Economics and Simon Fraser University and an undergraduate degree in economics from the University of Konstanz. His interests comprise monetary and fiscal policy, international economics, and economic history.
- Pedro Clavijo is an economist and holds a Ph.D. in economics from the University of Utah. His research areas include the connection between informal and formal labour markets in developing economies and output hysteresis in developed countries, among other development problems in industrialized and non-industrialized economies.
- James K. Galbraith holds the Lloyd M. Bentsen Jr. Chair in Government/Business Relations at the Lyndon B. Johnson School of Public Affairs and a professorship in Government at the University of Texas at Austin. He was Executive Director of the Joint Economic Committee of the United States Congress in the early 1980s, and before that, an economist for the House Banking Committee. He chaired the board of Economists for Peace and Security from 1996 to 2016 and directs the University of Texas Inequality Project. He is a managing editor of Structural Change and Economic Dynamics. From 1993 to 1997, Galbraith served as Chief Technical Adviser for Macroeconomic Reform to the State Planning Commission of the People's Republic of China. In 2010, he was elected to the Accademia Nazionale dei Lincei. In 2014 he was co-winner of the Leontief Prize for Advancing the Frontiers of Economics. In 2020 he received the Veblen-Commons Award of the Association for Evolutionary Economics. He holds degrees from Harvard University (AB, magna cum laude), in economics from Yale University (MA, M.Phil, Ph.D.), and academic honours from universities in Ecuador, France and the Russian Federation.
- Sylvio Antonio Kappes is an Assistant Professor of Economics at the Federal University of Ceará, Brazil. He has a Ph.D. in Development Economics from the Federal University of Rio Grande do Sul, Brazil. His main areas of research are Central Banking, Monetary Policy, Income Distribution and Stock-flow Consistent models. His work has been published in a number of peer-reviewed journals, such as the Review of Political Economy, Journal of Post Keynesian Economics, and the Brazilian Keynesian Review. He is a co-editor of the “Elgar Series on Central Banking and Monetary Policy”, together with Louis-Philippe Rochon and Guillaume Vallet. He is the Books Review Editor of the Review of Political Economy. He sits on the editorial boards of the Review of Political Economy, and the Bulletin of Political Economy. He is also a co-coordinator of the Keynesian Economics Working Group of the Young Scholars Initiative (YSI) of the Institute for New Economic Thinking (INET).
- Marc Lavoie has recently ended a three-year stint as a Senior Research Chair from the University Sorbonne Paris Cité. He is now an Emeritus Professor at the University of Sorbonne Paris Nord and an Emeritus Professor at the University of Ottawa, where he taught from 1979 to 2016. He is a Research Fellow at the Macroeconomic Research Institute of the Hans Böckler Foundation in Düsseldorf and a Research Associate at the Broadbent Institute in Toronto. Lavoie has published 10 books and over 160 refereed articles and 80 book chapters, mostly in macroeconomics – monetary economics and growth theory – but also in other fields such as the economics of sports. His most recent work dealt with the justifications provided by central bankers to justify quantitative easing. He is best known for his book with Wynne Godley, Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth (2007), which is considered a must-read for users of the stock-flow consistent approach. His book, Post-Keynesian Economics: New Foundations, which received the 2017 Myrdal Prize from the European Association of Evolutionary Political Economy, now has a second edition (2022). He is a co-editor of two journals, Metroeconomica and the European Journal of Economics and Economic Policies.
- Melanie Long is an Assistant Professor of Economics at the College of Wooster in Wooster, Ohio. Her research documents gender and racial inequality in U.S. consumer credit and housing markets and explores the impacts of such inequality on household financial stability. Her work has appeared in journals including the Review of Black Political Economy. She completed her Ph.D. in Economics at Colorado State University in 2019 and received a B.A. in Economics from Westminster College in 2014.
- Débora Nunes is a Ph.D. student and Graduate Teaching Instructor in the Economics Department at Colorado State University. Currently, she teaches Gender in the Economy and is developing her dissertation on feminist economics and gendered impacts of environmental policies, focusing on Latin American countries, under Dr. Elissa Braunstein and co-advised by Dr. Daniele Tavani. Débora has a Master's degree in Development Economics from the Federal University of Rio Grande do Sul (UFRGS, Brazil) and a Bachelor's degree in Economics from the same institution; she was also an invited undergraduate student at the Center for Research and Teaching in Economics (CIDE, Mexico). Débora's professional experiences include internships at the Central Bank of Brazil and at the Southern Brazil Regional Development Bank; in the private sector, she owned a company that offered services in the cultural sector and worked as a producer and professional dancer for several years. Her research interests and published works debate feminist economics, history of feminist economic thought, Marxist feminism, Latin American structuralism, dependency theory, and Marxist political economy.
- Massimo Pivetti, former professor of economics at “La Sapienza” University of Rome, is an exponent of the neo-Marxian or Sraffian school of Political economy. He has been the editor of the international journal Political Economy: Studies in the Surplus Approach (1985-1990) and his bibliography includes books, chapters in books and journal articles on such topics as distribution theory, monetary theory and policy, international economics, the economics of military spending, the euro system and history of economic thought. He is presently working on a critical analysis of international free trade.
- Steven Pressman is an Adjunct Professor of Economics at the New School for Social Research and an Emeritus Professor of Economics and Finance at Monmouth University in West Long Branch, New Jersey. In addition, he serves as Associate Editor of the Review of Political Economy. His main research areas are poverty and income distribution, post-Keynesian macroeconomics, and the history of economic thought. Over his career, Pressman has published nearly 200 articles in refereed journals and as book chapters, and has authored or edited 18 books, including Understanding Piketty’s Capital in the 21st Century (Routledge, 2015), A New Guide to Post Keynesian Economics (Routledge, 2001; edited with Ric Holt), Debates in Monetary Macroeconomics (Palgrave Macmillan, 2022; edited with John Smithin), Alternative Theories of the State (Palgrave Macmillan, 2006), and 50 Major Economists (Routledge, 2013), which has been translated into five languages. He is a frequent contributor to newspapers, such as the Chicago Tribune, Denver Post, Los Angeles Times and San Francisco Chronicle, and to popular periodicals such as Challenge Magazine, The Washington Spectator and Dollars and Sense.
- Louis-Philippe Rochon is a Full Professor of Economics at Laurentian University, Canada. In January 2019, he became the co-editor of the Review of Political Economy, and its Editor-in-Chief in 2021. Before that, he created the Review of Keynesian Economics, and was its editor from 2012 to 2018, and is now Founding Editor Emeritus. He is a Consulting Editor for the newly-created Advances in Economics Education. He is the Editor-in-Chief of the Elgar Series of Central Banking and Monetary Policy, and co-editor of New Directions in Post-Keynesian Economics.
- Lilian Rolim is a Ph.D. Candidate in Economics at the University of Campinas in Brazil. She holds a MA in Economics from the University of Campinas and a MA in International Macroeconomics and Finance from the University of Paris 13, in France. Her research focuses on the relationship between income distribution, economic activity, and economic instruments. She is also co-coordinator of the Keynesian Economics Working Group of the Young Scholars Initiative (YSI) of the Institute for New Economic Thinking (INET).
- Guillermo Matamoros Romero is currently a Ph.D. candidate in economics from the University of Ottawa. He has Master's and Bachelor's degrees in economics from the National University of Mexico. His current research involves monetary policy and functional distribution of income from a post-Keynesian perspective, and he has written on monetary policy, economic growth, income inequality, and economic thought.
- Giacomo Sbrenna is a graduate student in the EPOG2.0 Major I.C “Structural change, inequality and employment” Master's program at Université Sorbonne Paris Nord (USPN) and the University of Roma Tre. He has a Bachelor's degree in "Economics, Markets and Institutions" at Alma Mater Studiorum - University of Bologna. His research interests are in monetary theories and policies, income distribution, inequality and any possible intersectionality between these previous topics.
- Mario Seccareccia is Professor Emeritus at the Department of Economics, University of Ottawa, where he taught from 1978 to 2018 in the fields of macroeconomics, monetary theory, labour economics, history of economic thought, and economic history, subjects on which he has also written extensively. He has published some 125 academic articles in scientific refereed journals or chapters of books and has authored or edited a dozen books. He has also edited or co-edited some 45 special issues of journals. Many of these publications are of an interdisciplinary nature and cover many areas of political economy. Mario Seccareccia has been visiting professor in a number of universities in France (Université de Bourgogne, Université de Grenoble, Université Paris 13, and Université Paris-Sud) and in Mexico (Universidad Nacional Autónoma de México), and participates regularly in policy debate in both Europe and North America. Among other activities, since 2004, he is editor of the International Journal of Political Economy.
- Jan Toporowski is a Professor of Economics and Finance at the School of Oriental and African Studies, University of London; and Professor of Economics and Finance at the International University College, Turin. His research is concentrated on monetary theory and policy, finance, and the work of Michał Kalecki. He is on the Editorial Board of the Journal of Post-Keynesian Economics, the Review of Political Economy, and the Review of Keynesian Economics. He has published two volumes of biography of Michał Kalecki and over 300 books, articles and papers on economics and finance. Before becoming an academic he worked in fund management, international banking, and central banking. He has been a consultant for the United Nations Development Programme, the United Nations Conference on Trade and Development, the UN Economic Commission for Africa and the Economist Intelligence Unit.
- Guillaume Vallet is Associate Professor of Economics at the University of Grenoble Alpes, France (research fellow at Centre de Recherche en Economie de Grenoble, Research Centre. He was awarded a Fulbright Award, in 2021, to explore the development of the social sciences during the Progressive Era (1890-1920), especially in light of economists’ and sociologists’ treatment of income inequality. He holds two PhDs, one in economics earned from the University Pierre Mendès-France (Grenoble, France) and the other in sociology obtained at the University of Geneva (Switzerland) and at the Ecole des Hautes Etudes en Sciences Sociales (Paris, France). In his research, he studies monetary economics, the political economy of gender and the history of economy thought during the Progressive Era.
- Matías Vernengo is a Full Professor at Bucknell University. He was formerly Senior Research Manager at the Central Bank of Argentina (BCRA), Associate Professor of Economics at the University of Utah, and Assistant Professor at Kalamazoo College and the Federal University of Rio de Janeiro (UFRJ). He has been an external consultant to several United Nations organizations like the Economic Commission for Latin America and the Caribbean (ECLAC), the International Labor Organization (ILO), the United Nations Conference on Trade and Development (UNCTAD) and the United Nations Development Program (UNDP), and has six edited books, two books and more than one hundred articles published in scientific peer-reviewed journals or book chapters. He specializes in macroeconomic issues for developing countries, in particular Latin America, international political economy and the history of economic ideas. He is also the co-editor of the Review of Keynesian Economics (ROKE) and co-editor-in-chief of the New Palgrave Dictionary of Economics.
- Matheus Trotta Vianna is a Lecturer in Economics at the University of Manchester, UK. He holds a Ph.D. in Economics from the Federal University of Rio de Janeiro, Brazil, with a Visiting Research position at the Scuola Superiore Sant’Anna, Italy. He obtained his M.Sc. and B.Sc. in Economics at the Federal University of Rio de Janeiro. He is also an Associate Researcher at the Central Bank Observatory and Economic Dynamics Research Groups at the Federal University of Rio de Janeiro. Former Executive Coordinator and Researcher at the Multidisciplinary Institute for Development and Strategies, Vianna has been writing, researching, and teaching macroeconomics, economic modeling, monetary economics, and financial instability analysis.
![]() |
![]() |
![]() |
|
![]() |
Schedule
09:00 to 09:15 |
Registration
|
09:15 to 09:30 |
Opening Remarks
Sylvio Kappes, Federal University of Ceará, Brazil; Guillaume Vallet, Université de Grenoble-Alpes, France |
09:30 to 10:00 |
The Distributive Effects of Anticipated and Unanticipated Changes in Monetary Policy
Ruth Badru, University of Bristol, UK |
10:00 to 10:15 |
Discussion
|
10:20 to 10:50 |
Household Debt, Income Distribution and Monetary Policy
Joana David Avritzer, Connecticut College, USA; Frutuoso Santana, New School for Social Research, USA |
10:50 to 11:05 |
Discussion
|
11:05 to 11:30 |
Coffee Break
|
11:30 to 12:00 |
The Link Between Monetary Policy and the Wage Share: A Post-Keynesian Perspective
Guillermo Matamoros Romero, University of Ottawa, Canada |
12:00 to 12:15 |
Discussion
|
12:20 to 12:50 |
Dealing with Rising Inequality: Is the Fed Up for the Task, or Can They Only Get Fed Up
Steven Pressman, New School for Social Research and Monmouth University, USA; Robert Scott |
12:50 to 13:05 |
Discussion
|
13:05 to 13:15 |
Group Photos
|
13:15 to 14:35 |
Lunch (Mother's Dumpling - 421 Spadina Avenue)
|
14:40 to 15:10 |
Exchange Rate Dynamics as a Monetary Policy Tool: The Effects on Gender Inequality and Development
Clara Brenck, New School for Social Research, USA |
15:10 to 15:25 |
Discussion
|
15:30 to 16:00 |
Gendered Impacts of Real Effective Exchange Rate Trends in Latin America: Job Market Segregation and Income Distribution
Débora Nunes, Colorado State University, USA; Elissa Braunstein, Colorado State University, USA; Diksha Arora, Colorado State University, USA |
16:00 to 16:15 |
Discussion
|
16:15 to 16:40 |
Coffee Break
|
16:40 to 17:10 |
Foreign Shocks and Monetary Policy: Effects on Inflation Inequality
Lilian Rolim, University of Campinas, Brazil; Nathalie Marins, University of Campinas, Brazil |
17:10 to 17:25 |
Discussion
|
19:00 to 22:00 |
Reception (Location TBA)
|
09:00 to 09:30 |
A Time-Varying VAR Analysis of the Macroeconomic Impact of Changes in the Pasinetti Index in the U.S.
Hugo Clavijo, Gettysburg College, USA; Sylvio Kappes, Federal University of Ceará, Brazil; Louis-Philippe Rochon, Laurentian University, Canada Location:Online |
09:30 to 09:45 |
Discussion
|
09:50 to 10:20 |
Monetary Policy and Income Distribution in a Multisectoral AB-SFC Model
Matheus Trotta Vianna, University of Manchester, UK |
10:20 to 10:35 |
Discussion
|
10:35 to 10:55 |
Coffee Break
|
10:55 to 11:25 |
On the Real Effects of Monetary Policy and its Impact on Inflation
Massimo Pivetti, “La Sapienza” University of Rome |
11:25 to 11:40 |
Discussion
|
11:45 to 12:15 |
Savings Glut, Secular Stagnation, Demographic Reversal, and Inequality: Beyond Conventional Explanations of Lower Interest Rates
Matias Vernengo, Bucknell University, USA |
12:15 to 12:30 |
Discussion
|
12:30 to 14:10 |
Lunch (Location TBA)
|
14:15 to 14:45 |
Monetary Policy after COVID-19
Jan Toporowski, School of Oriental and African Studies (SOAS), University of London |
14:45 to 15:00 |
Discussion
|
15:05 to 15:35 |
Interest Rates, Monopoly Factors and the Actual Trend of Income Distribution: An Analysis in the Light of the Monetary Theory of Distribution
Giacomo Sbrenna, University of Roma Tre, Italy |
15:35 to 15:40 |
Discussion
|
15:40 to 16:00 |
Coffee Break
|
16:00 to 16:30 |
Title TBA
Sascha Buetzer, IMF |
16:30 to 16:45 |
Discussion
|
16:45 to 17:15 |
Keynote Closing Address
Jamie Galbraith, University of Texas, A&M, USA |
17:15 to 17:30 |
Discussion
|
17:30 to 17:40 |
Closing Remarks
Louis-Philippe Rochon, Laurentian University, Canada |