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Finansforeningens Asset Allocation netværk har arrangeret et dialogmøde med Warren Mosler, ophavsmanden bag Modern Monetary Theory, hvor medlemmer af Finansforeningen/CFA Society Denmark er inviteret til at se med.

Der hersker en del forskellige forståelser og misforståelser af, hvad Modern Monetary Theory (MMT) går ud på.

Modern Monetary Theory er blevet kaldt alt fra “Vodoo Economics” af USA’s tidligere finansminister Lawrence Summers til “inevitable” af Bridgewater’s stifter Ray Dalio. Cheføkonom Jan Hatzius fra Goldman Sachs og tidl. cheføkonom Paul McCulley fra PIMCO har også omtalt MMT som “useful” til at forstå og prognosticere økonomier.

Mød Warren Mosler, der er blevet betegnet som “The Father of MMT“, idet han er en af grundlæggerne bag Modern Monetary Theory.

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.”

Han har mere er end 40 års praktisk erfaring fra den finansielle sektor i USA. I Banker’s Trust og William Blair har han bl.a. været med til at opbygge Fixed Income Arbitrage i løbet af 70’erne og 80’erne.

Senere stiftede han i starten af 1980’erne hedge fonden Illinois Income Investors samt børsmægleren AVM, som han har været medejer af helt indtil 2018. Mosler har således opbygget en direkte forståelse af, hvordan det amerikanske banksystem fungerer i praksis, herunder hvilken rolle Federal Reserve spiller i at styre pengemarkedet og konsekvenserne for det finansielle system.

Sideløbende er Mosler gradvist blevet draget ind i den akademiske verden, hvor han sammen med bl.a. L. Randall Wray, Bill Mitchell og Stephanie Kelton har været en af de drivende kræfter bag det, der i dag kendes som MMT.

Han bor i dag på St. Croix.

Warren Mosler: “The White Paper describes the MMT contributions to the study of economics:
The currency itself is a public monopoly; the government of issue necessarily spends first and only then can taxes can be paid or government securities purchased; the price level is a function of prices paid by the government when it spends; increasing the policy rate of interest imparts an expansionary bias, while rate cuts impart a contractionary bias.”

Få svar på spørgsmål som:

  • Anbefaler MMT gældsmonetarisering eller QE?
  • Hvad er MMTs Policy Proposals?
  • Hvad er MMTs anbefaling i forhold til at sikre prisstabilitet?

Få muligheden for selv at stille spørgsmål om MMT til en af grundlæggerne.


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
Tak for i dag



Premium-medlem: Gratis

Basis-medlem: Gratis

Studerende-medlem: Gratis

Ikke-medlem: kr. 1.200

Læs om fordelene ved medlemskab af Finansforeningen og meld dig ind her.

Vi afholder 20-30 arrangementer om året, så pengene er hurtigt tjent ind.

CFA PL Credits
If you are a CFA Institute member, you are eligible to record 1,00 PL credits for your participation in this meeting.

Warren Mosler
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”

Warren Mosler, Damiano Silipo: Journal of Policy Modeling
Volume 39, Issue 2, March–April 2017, Pages 272-289

‘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.

Mødet er arrangeret af foreningens Asset Allocation netværksudvalg.


2 March
16:00 - 17:10
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