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Facoltà di Scienze Economiche e Sociali
Benevento (Italy)
December 5-6 2003
Friday, 5th December

8.30 a.m. – Registration

9.00 a.m. – Greetings

Riccardo Realfonzo and Giuseppe Fontana - University of Sannio (Italy) and University of Leeds (U.K.)
“Introduction”

9.30 a.m. – I Session: “The tradition of the monetary theory of production”
Chair: Carlo D’Adda - President of the Società Italiana degli Economisti (SIE)

Richard Arena and Agnès Festre
- LATAPSES – University of Nice/Sophia Antipolis and CNRS (France)
“Money and capital: two routes from Wicksell to Schumpeter and Von Mises”
Discussant: Marco Guidi - University of Pisa

Riccardo Bellofiore - University of Bergamo (Italy)
“Monetary economics after Wicksell: alternative perspectives within the theory of the monetary circuit”
Discussant: Guglielmo Chiodi - University of Rome “La Sapienza”

Debate

10.30 a.m. – coffee break

11.00 p.m. – II Session: “The Tradition of the Monetary Theory of Production”
Chair: Piero Bini - President of the Associazione Italiana per la Storia del Pensiero Economico (AISPE)

Gunnar Heinsohn and Otto Steiger - University of Bremen (Germany)
“Alternative theories of the rate of interest: a reconsideration”
Discussant: Bruno Jossa - University of Naples “Federico II”

Victoria Chick - University College London (U.K.)
“The eclipse and recovery of an idea: loans create deposits”
Discussant: Ferruccio Marzano - University of Rome “La Sapienza”

Alain Parguez - University of Besançon (France)
“A mystery in the history of the monetary theory of production: what went wrong with the early contribution of Joan Robinson”
Discussant: Eugenio Zagari - University of Naples “Federico II”

Malcolm Sawyer - University of Leeds (U.K.)
“Money, interest rates and unemployment: reflections on changes in Keynes’s analysis”
Discussant: Marc Lavoie - University of Ottawa

Debate

1.30 p.m. – lunch

2.40 p.m. – III Session: “Stocks and flows in the monetary circuit”
Chair: Adriano Giannola - University of Naples “Federico II”

Elie Sadigh - University of Dijon (France)
“The monetary theory of production and inflation-imbalance”
Discussant: Maurizio Caserta - University of Catania

Marcello Messori and Alberto Zazzaro - University of Rome “Tor Vergata” (Italy) and University Politecnica delle Marche (Italy)
“The analysis of the single period: financial markets, firms’ failures and the closure of the monetary circuit”
Discussant: Duccio Cavalieri - University of Florence

Sergio Rossi - University of Fribourg and Università della Svizzera italiana (Switzerland)
“Central banking in a monetary theory of production: the economics of payment finality from a circular flow perspective”
Discussant: Giovanni Pavanelli - University of Turin

Debate

4.30 p.m. – coffee break

5.00 p.m. – IV Session: “The monetary circuit and unemployment”
Chair: Neri Salvadori - University of Pisa

Guglielmo Forges Davanzati, Joseph Halevi and Riccardo Realfonzo
University of Lecce (Italy), University of Sidney (Australia) and University of Sannio (Italy)
“Monopoly power and unemployment in a Post-Keynesian circuitiste approach”
Discussant: Stefano Figuera - University of Catania

Claude Gnos - LATEC-CNRS et Université de Bourgogne (France)
“Circuit theory and the employment issue”
Discussant: Alberto Giacomin - University of Venice

Debate

6.15 p.m. – end session

8.00 p.m. –dinner (only fot invitation)

Saturday, 6th December

8.30 p.m. – Registration

8.40 a.m. – V Session: “Money and distribution”
Chair: Piero Barucci - University of Florence

Biagio Bossone and Abdourahmane Sarr - World Bank (U.S.A.) and IMF (U.S.A.)
“A circuit for combating poverty”
Discussant: Roberto Panizza - University of Turin

Lilia Costabile - University of Naples “Federico II” (Italy)
“Credit, economic justice, and the property rights constraint”
Discussant: Otto Steiger - University of Bremen

Louis-Philippe Rochon - Center for Policy Studies (U.S.A.)
“The Existence of Monetary Profits within the Monetary Circuit”
Discussant: Gennaro Zezza - University of Cassino

Debate

10.30 a.m. – coffee break

11.00 a.m. – VI Session: “Monetary circulation and economic policy”
Chair: Marcello De Cecco - University of Rome La Sapienza

Philip Arestis and Malcolm Sawyer - Levy Economics Institute (U.S.A.) and Leeds University (U.K.)
“Macroeconomic policies of the Economic and Monetary Union: theoretical underpinnings and challenges”
Discussant: Carlo Panico - University of Naples Federico II

Ghislain Deleplace - University Paris 8 (France)
“The relevance of the circulation approach for applied economics: the case of dollarization in Cuba”
Discussant: Emiliano Brancaccio - University of Sannio

Marc Lavoie - University of Ottawa (Canada)
“On the full endogeneity of high-powered money: the case of the Bank of Canada”
Discussant: Marina Colonna - University of Naples “Federico II”

Mario Seccareccia - University of Ottawa (Canada)
“Interest rates, interest spreads and monetary circulation: theoretical framework and empirical implications for macroeconomic performance”
Discussant: Carlo Giannone - University of Sannio

Debate

1.30 p.m. - lunch