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SUMMARY:St Catharine’s Political Economy Seminar – ‘Scientific Macro
 economics and the Quantity Theory of Credit’ - Richard Werner
DTSTART:20181017T170000Z
DTEND:20181017T183000Z
UID:TALK110215@talks.cam.ac.uk
CONTACT:Philippa Millerchip
DESCRIPTION:*Date:* Wednesday 17 October 2018 \n*Time:* 18:00 -19:30\n*Spe
 aker:* Richard Werner \n*Talk Title:* ‘Scientific Macroeconomics and the
  Quantity Theory of Credit’\n*Location:* Ramsden Room\, St Catharine's C
 ollege\n\n*Speaker*\nRichard Werner is Professor and Chair in Internationa
 l Banking at the University of Southampton (since 2005)\, and is founding 
 director of the Centre for Banking\, Finance and Sustainable Development. 
 He is a Member of Linacre College\, Oxford\, Convenor of the Association f
 or Research on Banking and the Economy (ARBE)\, and member of the ECB Shad
 ow Council. He is also the founding chair of Local First\, a community int
 erest company establishing not-for-profit community banks in the UK\, star
 ting with the Hampshire Community Bank. Richard previously was a Professor
  of monetary\, macro and development economics at Goethe-University Frankf
 urt and assistant professor at Sophia University\, Tokyo. In 1992\, as Eur
 opean Commission Fellow at Oxford\, Richard integrated the banking system 
 in a macroeconomic model able to distinguish between the impact of bank cr
 edit on asset markets and economic growth (the 'Quantity Theory of Disaggr
 egated Credit')\, and warned of the coming banking crisis and deep recessi
 on in Japan. In 1995 he advanced a post-banking crisis monetary policy to 
 stimulate the economy\, which he called 'Quantitative Easing' (followed in
  1998 by 'Enhanced Debt Management'). In 2003 he warned of the credit-driv
 en asset bubbles and crises in the eurozone. Richard has published in jour
 nals and in books.\n\n*Talk Overview*\nAlison in Wonderland was not an equ
 ilibrium economist: she only believed six impossible things before breakfa
 st (equilibrium economists need to believe at least eight impossible thing
 s). Scientific research methodology is reviewed and it is proposed to also
  deploy it in economics. Doing this\, key features of how actual economies
  work can be established. It is seen that all markets must be expected to 
 be rationed (i.e. in disequilibrium). Scientific methodology also helps in
  identifying the link between the financial system and the real economy\, 
 including sustainable development\, the role of interest rates\, money and
  the existence and functioning of banks. It is seen how to predict and pre
 vent boom-bust cycles\, banking crises and subsequent recessions\, as well
  as how to react appropriately once they happen\, without burdening the ta
 x payer. The role of central banks is also discussed\, as well as their re
 action to the empirical refutation of their longstanding preferred narrati
 ve.\n\nPlease 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.
LOCATION:The Ramsden Room\, St Catharine's College
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