Modern Monetary Theory (MMT)
Vi har fået ingen ringere end “The Father of MMT” Warren Mosler til at holde indlæg om The MMT White Paper og stille op til 30 minutters Q&A efterfølgende.
Mosler er blandt andet kendt for Mosler’s Law:
“there is no financial crisis so deep that a sufficiently large fiscal adjustment cannot deal with it.”
Efterfølgende vil netværkets Marc Olivier Dines, PensionDanmark sætte Modern Monetary Theory i perspektiv og give et bud på, hvilken rolle MMT kommer til at spille fremadrettet?
Efter indlæggene skal vi debattere emnet i netværket.
Til info vil Finansforeningens øvrige medlemmer blive inviteret til at se med på Warren Mosler delen af netværksmødet.
|16:00||Velkomst og introduktion til dagens program
Michael Albrechtslund, Direktør, Finansforeningen/CFA Society Denmark
|16:05||The MMT White Paper
Warren Mosler, Founder of MMT and president of Valance Company Inc.
|16:35||Questions to Warren Mosler
Moderator: Marc Olivier Dines, CFA, Senior Portfolio Manager, PensionDanmark
Kort “hent en frisk kop kaffe” pause
Modern Monetary Theory sat i perspektiv – hvilken rolle kommer MMT til at spille fremadrettet?
Marc Olivier Dines, CFA, Senior Portfolio Manager, PensionDanmark
|17:55||Afrunding og tak for i dag|
CFA PL Credits
If you are a CFA Institute member, you are eligible to record 1,75 PL credits for your participation in this meeting.
Valance Company Inc.
2003- Present, Valance Co, Inc., USVI, where he currently resides and conducts his principle business activities.
1993- Present, founder, developer, ‘Modern Monetary Theory’ economic school of thought.
1983 – 2018 AVM, L.P. Founder and Principal – AVM is a broker/dealer that provides advanced financial services to large institutional accounts.
1982-2018, Founder and Principal, Illinois Income Investors, (III) – Developed numerous successful strategies that utilized US Government securities, mortgage backed securities, LIBOR swaps and LIBOR caps, and financial futures markets in a market neutral, 0 duration strategy. Originated the ‘mortgage swap’ in 1986. Orchestrated the largest futures delivery to date (over $20 billion notional) in Japan in Created the current euro swap futures contract.
1978-1984 – William Blair and Company, Chicago – Founded fixed income arbitrage department. Developed numerous successful trading strategies in fixed income and derivative product markets.
1976-1978 – Banker’s Trust NYC, Vice President, Sales and Trading – Instituted active forward markets in GNMA securities trading. Designed arbitrage strategies utilizing newly emerging financial forward and futures markets.
1975-1976 – Bache and Co. – Fixed Income Institutional Sales
1973-1975 – The Savings Bank of Manchester – Pioneered the use of synthetic short term investments with long term securities and forward markets.
Enterprise National Bank: Former Director and major shareholder, sold 2013.
Chairman and majority shareholder of Consulier Engineering
Former President and founder of Mosler Automotive (www.moslerauto.com) which manufactured the MT900 sports car in Riviera Beach, Florida. Sold 2013.
Co-Founder and Distinguished Research Associate of The Center for Full Employment And Price Stability at the University of Missouri in Kansas City. CFEPS has supported economic research projects and graduate students at UMKC, the London School of Economics, the New School in NYC, Harvard University, and the University of Newcastle, Australia.
Associate Fellow, University of Newcastle, Australia
March 2014- Visiting Professor, University of Bergamo, Italy
April 2015- Visiting Professor, University of Bergamo, Italy
May 2015- Visiting Professor, University of Trento, Italy
1971- B.A. in Economics, University of Connecticut
2014- PhD. Franklin University, Honorary
PRESENTATIONS (partial list)
Testimony to Parliament finance committee, Rome, Italy- 2013
Numerous speaking engagements, Italy, 2012-2014
Alternative Proposals for a U.S. Nonconvertible Currency Regime
Presentation at the 18th Annual Hyman P. Minsky Conference, June 2009
Testimony on the FASAB Exposure Drafts relating to “Comprehensive Long-term Projections for the U.S. Government (ED 1)” and to “Accounting for Social Insurance. (ED 2)” Feb. 25, 2009
“Current Events in Financial Markets: Economic and Specific Trading
Opportunities,’ Cambridge University Conference on ‘New’ Monetary
Policy: Implications and Relevance, March 2004.
“Workfare and Labor Market Policy,” University of Newcastle,
Australia, June 2001.
“A Review of Central Bank Options: Technical Discussion,” Singer Island, Florida, March 2001.
“A Development Plan for Palestine,” Sixth International Post Keynesian Conference, University of Tennessee: June 23-28, 2000.
“Declining Savings Rate and Growing Household Indebtedness in North America,” testimony before the Standing Committee on Finance, House of Commons, Ottawa, Canada, May 2000
“Exchange Rate Policy and Full Employment,” University of Newcastle, Australia, December, 1997.
“Full Employment and Price Stability,” Eastern Economics Association, March 1997.
“Soft Currency Economics,” Bretton Woods, New Hampshire, July 1996.
PUBLICATIONS – (Partial List)
Modern Monetary Theory White Paper, April 2020, self published
“Maximizing Price Stability in a Monetary Economy”
‘The 7 Deadly Innocent Frauds of Economic Policy’, self published, March 2010.
“Critique of John B. Taylor’s ‘Expectations, Open Market Operations, and Changes in the Federal Funds Rate’,” Journal of Post Keynesian Economics.
‘Zero is the Natural Rate of Interest, 2005, Mathew Forstater coauthor
Journal of Economic Issues http://moslereconomics.com/wp-content/graphs/2009/07/natural-rate-is-zero.PDF
“Public Sector Employment, Foreign Exchange and Trade,” Achieving Full Employment, edited by Ellen Carlson and William F. Mitchell, pp. 62-71, vol. 12, ELRR: Sydney, 2001.
“Unemployment and Fiscal Policy,” Unemployment: The Tip of the Iceberg, William Mitchell and Ellen Carlson (eds.), pp. 219-231, CAER: Sydney, 2001.
“Building a Palestinian Economy,” Middle East Insight, pp. 57-59, Washington DC, June-July 2001.
“Comment on ‘In the Interests of Safety,’ by Martin Mayer,” in The Management of Global Financial Markets, edited by Jan Joost Teunissen, pp. 94-101, FONDAD: The Hague, 2000.
“Exchange Rate Policy and Full Employment,” The Path to Full Employment, Ellen Carlson and William F. Mitchell (eds.), pp. 12-22, vol. 11, ELRR: Sydney, 2000.
“A General Framework for the Analysis of Currencies and Commodities”, in Full Employment and Price Stability in a Global Economy, co authored by Mathew Forstater, edited by Paul Davidson and Jan Kregel, pp. 166-177, Northampton: Edward Elgar Publishing, Inc, 1999.
“Full Employment and Price Stability,” Journal of Post Keynesian Economics, Vol. 20, No. 2, Winter 1997-98.
‘Soft Currency Economics’ 1993, co authored by Mark McNary, self published.
Marc Olivier Dines, CFA
Marc is a Senior Portfolio Manager in the Investment team. He is responsible for investments in Credit Bonds. In addition, Marc is a co-manager on a Sustainable Fixed Income Portfolio. Previously he has worked with both long-only and leveraged mandates covering Covered Bonds, Government Bonds, Derivatives, Currencies and Equities in both PensionDanmark and FIH Erhvervsbank over the past 15 years.
Marc has an M.Sc. in Economics from the University of Copenhagen where he has also given lectures in Corporate Finance as an External Associate Professor.
He is a CFA charterholder and has recently obtained the CFA UK Certificate in ESG investing.