The 4th Bi-Annual Cross-Border

Post Keynesian Conference


Thursday, October 8

7:00 PM

Film: Cradle Will Rock

  1. Burchfield-Penney Art Center Auditorium  (Open to the public)*

  2. Introduction by Dr. Anthony Chase (School of Arts and Humanities, Buffalo State College)

  3. The Cradle will Rock is a 1937 musical of the same name by Mark Blitzein. Originally a part of the Federal Theatre Project directed by Orson Wells and produced by John Houseman, the musical is a Brechtian allegory of corruption and corporate greed set in "Steeltown, USA."  In 1999 writer/director Tim Robbins wrote a semi-fictional film recounting the original production of The Cradle Will Rock. The film, entitled Cradle will Rock (without the "The") blended the true history of Blitzstein's show with the creation (and subsequent destruction) of the original Diego Rivera mural in the lobby of Rockefeller Center.

Friday, October 9

8:00 AM  Conference Registration

9:00 -10:30

Session 1: Post Keynesian Analysis of Financial Crisis

Room: Auditorium

Moderator: Joelle Leclaire (Buffalo State College)

Discussants: L. Randall Wray (University of Missouri-Kansas City)

                         Edwin Dickens (St. Peter’s College)

  1. Eric Tymoigne (Lewis and Clark College, USA), Taking Ponzi Finance Seriously: Some Regulatory Implications [paper]

  2. Tom Michl (Colgate University, USA), Falling in to the Liquidity Trap: Notes on the Global Economic Crisis [paper]

  3. Charles J. Whalen (Utica College and Cornell University, USA), A Minsky Perspective on the Global Recession [paper]

Session 2:  Global Financial Crisis: Causes and Impacts

Room: Board Room

Moderator: Ted P. Schmidt (Buffalo State College)

Discussant: John Smithin (York University)          

  1. Joerg Bibow (Skidmore College, USA), Bretton Woods II is dead, long live Bretton Woods III? [paper]

  2. Alfredo Castillo Polanco (Universida de Quintana Roo, Mexico) and Ted P. Schmidt (Buffalo State College, USA), Exchange Rate Regimes and the Impact of the Global Crisis on Latin America [paper]

  3. Yan Liang (University of Willamette, USA), China and the Global Financial Crisis: Assessing the Impacts and Policy Responses [paper]

10:30 - 11:00 Coffee Break

11:00 – 12:30

Session 3: Heterodox Analysis of the Business Enterprise

Room: Board Room

Moderator: Zdravka Todorova (Wright State University)

Discussants: Graham White (University of Sydney)                 

  1. Frederic S. Lee (University of Missouri-Kansas City, USA), Heterodox Production and Cost Theory of the Business Enterprise [paper]

  2. Trevor Chamberlain (McMaster University, Canada), Firm Survival: Liquidity versus Profitability [paper]

  3. Tuna Baskoy (Ryerson University, Canada), Business Competition and Financial Crisis: A Post Keynesian Approach [paper]

  4. Tae-Hee Jo (Buffalo State College, USA), Business Enterprises and Business Cycles [paper]

Session 4: Lessons from the Past

Room: Auditorium

Moderator: M. Stephen Pendleton (Buffalo State College)

Discussants: Robert E. Prasch (Middlebury College)

                        Charles Whalen (Utica College and Cornell University)


  1. William T. Ganley (Buffalo State College, USA), Panics & Depression: A Historical Analysis of 1907, 1929 and 2008

  2. Robert W. Dimand and Robert H. Koehn (Brock University, Canada), Those Who Forget the Past Are Condemned to Repeat It: Lessons from Past Financial Crises that were Ignored by the Deregulations of the Past Fifteen Years

  3. John F. Henry (University of Missouri-Kansas City, USA), Sismondi, Marx, and Veblen: Precursors of Keynes [paper]

  4. Ranjit S. Dighe (SUNY College at Oswego, USA), Business Week, the Great Depression, and the Coming of Keynesianism to America

Session 5: Fiscal and Monetary Policy

Room: Classroom

Moderator: Eric Tymoigne (Lewis and Clark College)

Discussant: Eric Tymoigne (Lewis and Clark College)

  1. Pavlina R. Tcherneva (Franklin & Marshall College, USA), Bernanke and His Fights against Deflation and Intergenerational Government Debt: Can he win both?

  2. Alan Day Haight (SUNY Cortland, USA), Disinflation, Mortgage Squeeze, and the Slope of Aggregate Demand: A Keynesian Model [paper]

  3. H. Sonmez Atesoglu (Clarkson University, USA), Macroeconomic Impact of Financial Crisis: A Keynesian Explanation

12:30-2:00  Lunch

2:00 – 3:30

Session 6  Political Aspects of Financial Crisis

Room: Auditorium

Moderator: Pavlina R. Tcherneva (Franklin & Marshall College)

Discussant: John F. Henry (University of Missouri-Kansas City)

  1. Robert E. Prasch (Middlebury College, USA), Why Is It That Financial Markets May Not Be Self-Stabilizing? [paper]

  2. Edwin Dickens (Saint Peter’s College, USA), A Political-Economic Critique of Minsky's Financial Instability Hypothesis: The Case of the 1970 Crisis [paper]

  3. Susan M. Davis  (Buffalo State College, USA), The Anglo-Saxon vs. the Rhine Model of Capitalism [paper]

Session 7  Issues in Heterodox Economics: Profit, Growth, and Employment

Room: Board Room

Moderator: Frederic S. Lee (University of Missouri-Kansas City)

Discussant: Tom Michl (Colgate University)

  1. John Smithin (York University, Canada), Interest and Profit [paper] [presentation]

  2. Graham White (University of Sydney, Australia), Demand-led growth in a multi-commodity model with learning [paper] [figure1][figure2][figure3]

  3. Michael J. Murray (Central College, USA), Modeling Keynes with Pasinetti: A Dynamic Scheme for Full Employment

Session 8  Heterodox Approaches to Financial Crisis: Marxist and Post Keynesian Analyses

Room: Classroom

Moderator: Curtis Haynes Jr. (Buffalo State College)

Discussant: Patrik McGuire (Hobart and William Smith Colleges)

  1. Victor Kasper Jr. (Buffalo State College, USA), A Marxist Analysis of the Financial Crisis of 2008-2009

  2. Paul Zarembka (SUNY Buffalo, USA), A Marxist modeling of Capitalism, suggesting an Over-emphasis on Accumulation of Capital [paper]

  3. Ozgur Orhangazi (Roosevelt University, USA), Heterodox Approaches to the Financial Crisis: Complementarities and Contradictions

3:30 - 4:00 Coffee Break

4:00-6:00  Keynote Session: Financial Crisis and Reform

Room: Auditorium (open to the public)*

Welcome Address: Dennis K. Ponton (President, Buffalo State College)

Moderator: Ted P. Schmidt (Buffalo State College)

  1. Jan A. Kregel (University of Missouri—Kansas City and Levy Economics Institute), Is Reform of the Regulation of the Financial System an Oxymoron? [paper]

  2. L. Randall Wray (University of Missouri—Kansas City and Levy Economics Institute), The Return of Big Government: Toward a Minskian New Deal [paper]

  3. Robert Pollin (University of Massachusetts, Amherst)

6:00 – 8:00  Conference Reception and Banquet


Saturday, October 10

9:00 – 10:30

Session 9:  Student Session I

Room: Board Room

Moderator: Paul Zarembka (SUNY Buffalo)

Discussant: Alan Day Haight (SUNY Cortland)

  1. Felipe Carvalho de Rezende (University of Missouri—Kansas City, USA), Understanding the run on the `shadow banking system'

  2. Devin Rafferty (University of Missouri—Kansas City, USA), Structural Endogeneity vs. Accommodationism: Evidence from the U.S. Financial Crisis [paper]

Session 10  Student Session II

Room: Classroom

Moderator: Victor Kasper Jr. (Buffalo State College)

Discussants: Alfredo Castillo Polanco (Universida de Quintana Roo)

                         Tuna Baskoy (Ryerson University)

  1. Flavia M. Dantas (University of Missouri—Kansas City, USA), Administered Prices and the Consumer Price Index in Brazil: the CPI Inflation as a Target of Monetary Policy

  2. Gyun Cheol Gu (University of Missouri—Kansas City, USA), The Determination Process of U.S. Industrial Prices: A Post Keynesian Approach [paper]

  3. Jesus Sandoval-Hernandez (University of California, Santa Cruz, USA), Household's Saving Behavior, Macro Shocks and Credit Cycles: An Empirical Investigation using Mexican Households Surveys [paper]

Session 11: Issues in International Economics

Room: Auditorium

Moderator: Yan Liang (University of Willamette)

Discussants: Yan Liang (University of Willamette)

                         Laurence Karuse (SUNY College at Old Westbury)

  1. Xingwang Qian (Buffalo State College, USA), Capital Flight, Capital Control, and Exchange Rate Expectations: China's Experience [paper]

  2. Daniel R. Crichton (Bates College, USA), Persistent Episodes of Current Account Imbalances: An Empirical Analysis [paper]

  3. Xuguang Sheng (SUNY Fredonia, USA) and Kajal Lahiri (SUNY Albany, USA), Learning and Heterogeneity in GDP and Inflation Forecasts [paper]

10:30 - 11:00 Coffee Break

11:00 – 12:30

Session 12:  Financialization, Liquidity Trap, and the Central Bank

Room: Auditorium

Moderator: John F. Henry (University of Missouri-Kansas City)

Discussants: Ozgur Orhangazi (Roosevelt University)

                         Joerg Bibow (Skidmore College)


  1. Yan Liang (University of Willamette, USA), High Way to Financialization in the US: Identifying Four Structural Forces

  2. Patrick A. McGuire (Hobart and William Smith Colleges, USA), The Crisis in the US Financial Markets, Bank Regulation and the Liquidity Trap: Evidence from Individual Behavior [paper] [tables]

  3. Marwan El Nasser (SUNY Fredonia, USA), The New Nontraditional Lending Facilities by the Federal Reserve, as Lender of a Last Resort in the US, in Response to Financial Markets Turmoil [paper]

Session 13:  Issues in Financial Economics

Room: Board Room

Moderator: Daniel R. Crichton (Bates College)

Discussant: Ted Byrley (Buffalo State College)

  1. Kuntal Das (University of California, Santa Cruz, USA), Do Sovereign Credit Ratings Affect the Composition and Maturity of Sovereign Borrowings [paper]

  2. Laurence Krause (SUNY College at Old Westbury, USA), The Bubble Economy: Moral Hazard and Speculative Bubbles [paper]

Session 14  Issues in Political Economy

Room: Classroom

Moderator: Susan Davis (Buffalo State College)

Discussant: Robert W. Dimand (Brock University)

  1. Curtis Haynes Jr. (Buffalo State College, USA), Black Political Economy and Survival Strategies in the 21st Century

  2. Gene Grabiner (Erie Community College, USA), Market Analogies and Freedom

  3. Garret Wyse (, Ireland), Some observations regarding the reasons for holding money and an argument for access to financial services to be considered a Global Public Good

12:30 – 2:00   Lunch

2:00 – 3:30  Lecture: The Great Depression and Buffalo’s Arts Culture

Room: Auditorium (open to the public)*

Mark Goldman (History Department, Buffalo State College)

3:30 – 5:50  Panel Discussion: “The Future of Capitalism”

Room: Auditorium (open to the public)*

Moderator: Bruce Fisher (Buffalo State College)

  1. Curtis Haynes Jr. (Economics and Finance Department, Buffalo State College)

  2. Albert Michaels (History, Buffalo State College)

  3. Gary Marotta (History Department, Buffalo State College)

  4. Michael Niman (Communication Department, Buffalo State College)

8:00 – 10:00 Performance: “…Whose Names Are Unknown”

Room: Auditorium (open to the public)*

Words, Images and Songs from the Great Depression,

Introduction by Charles Mancuso (Music Department, Buffalo State College)

This multimedia presentation engages the audience through sight, sound, and thought-provoking imagery to appreciate the devastating experience of the Great Depression and the national recovery policies of the New Deal.  The sixty minute program consists of live interpretive narrations that set the historical context of social and economic occurrences of the era, through compelling photographs, punctuated by a live performance of folk songs of the time. The presentation title, “…Whose Names Are Unknown”, is taken from an eviction notice that appeared on a farm in the Midwest, “to John and Mary Doe, whose names are unknown.”  The program helps to reconstruct the experience of ordinary Americans who have gone voiceless in their own national history.

* This event is free and open to the public, no registration required.



Alan Day Haight

Albert Michaels

Alfredo Castillo Polanco

Bruce Fisher

Charles J. Whalen

Curtis Haynes, Jr.

Daniel Riera Crichton

Devin T. Rafferty

Edwin Dickens

Eric Tymoigne

Felipe C. Rezende

Flavia M. Dantas

Frederic S. Lee

Garrett Wyse

Gary Marotta

Gene Grabiner

Graham White

Gyun Cheol Gu

H. Sonmez Atesoglu

Jesus Sandoval-Hernandez

Jan A. Kregel

Joelle J. Leclaire

Joerg Bibow

John F. Henry

John Smithin

Kajal Lahiri

Kuntal Das

Laurence Krause

L. Randall Wray

Marwan El Nasser

Michael J. Murray

Michael Niman

Ozgur Orhangazi

Patrick A. McGuire

Paul Zarembka

Pavlina R. Tcherneva

Ranjit S. Dighe

Robert H. Koehn

Robert E. Prasch

Robert Pollin

Robert W. Dimand

Susan Davis

Tae-Hee Jo

Ted P. Schmidt

Theodore F. Byrley

Tom Michl

Trevor Chamberlain

Tuna Baskoy

Victor Kasper, Jr.

Victor Krivorotov

William T. Ganley

Xingwang Qian

Xuguang Sheng

Yan Liang

Zdravka Todorova



Burchfield Penney 
Art Center

Map & Direction
Floor Plan