The world is currently experiencing an unprecedented confluence of multiple crises: climate change, geopolitical tensions, economic inequality, financial instability, and debt distress in emerging economies are just a few of the interconnected challenges we face. These multifaceted crises pose significant challenges to both economics and policymaking, requiring not only innovative approaches, but also robust theoretical frameworks to address them in the most efficient way.

In light of these pressing issues, this conference aims to explore how Post Keynesian economic theories, models and methodological approaches can provide insights and solutions to the complex problems characterizing the current polycrisis

• Prof. Malcolm Sawyer
  Emeritus Professor at the University of Leeds, 
  See Profile
• Prof. Peter Skott
  Professor of Economics at Aalborg University, Emeritus Prof at University of Massachusetts,
  See Profile
• Annina Kaltenbrunner
  Professor of Global Economics at the University of Leeds,
  See Profile
• Prof. Roy Rotheim
  Professor of Economics at Skidmore College
• Prof. Louis-Philippe Rochon
  Professor of economics, Laurentian University
  See Profile
• Maria Nikolaidi
  Associate Professor in Economics at the University of Greenwich,
  See Profile
• Geoff Tily
  Senior Economist at TUC
  See Profile

This section will be updated after paper submissions

Abstracts and conference participation

For those interested in presenting at the conference please note:

Deadline for submission of abstracts: 1st FEB, 2025

Deadline for submission of full papers: 10th April, 2025

The payments and registration system is now available to the general public.

Registration and payment

Fees and proceedings

The fees for participating in the conference proceedings will be as follows:

• PhD Seminar: Free of charge for registered conference participants (additional charge of €5 to have a lunch sandwich included).
• Conference participation fee: €150
• PhD participant fee (if accepted to participate in the PhD Seminar): €30

PhD seminar

• 23rd April 2025, Wednesday. 09:30 - 16:00 (Venue: Fibigerstræde 10, 9220, Aalborg).
• Each presenter will get 20 minutes to present his/her work, which will be followed by detailed and valuable feedback provided by another fellow PhD student and a senior researcher, and questions from the audience.
• PhD presenters who wish to participate in the main conference must submit a complete paper by the paper submission deadline on the 10th April, 2025. 

Welcome drinks

• 23rd April 2025, Wednesday. Further information regarding welcome drinks will be made available soon.

Conference days

• 24th – 25th April 2025, 08:00 - 18:00.
• Venue: AAU Innovate (will be updated)

Conference dinner

• Information will be provided later

Welcome cocktails and guided walk

The details regarding the welcome drinks and the guided tour will be made available soon.

Conference location

The exact location of the conference will be decided soon

Dinner location

The dinner location will be decided soon

Travel 

Flights

Participants are responsible for arranging their own travel to and from Aalborg and to the conference location. Direct flights to Aalborg are available from several European destinations, including London, Amsterdam and Copenhagen. Momondo provides a useful comparison and booking tool.

Buses and taxis

It is possible to utilise both taxi and bus services once in Aalborg. The airport (Aalborg Lufthavn) is situated only 6 km outside of the centre of the city (in Nørresundby), and busses run frequently. The cost of a bus ticket must be paid in Danish Kroner and would be in the region of DKK 25 (€3 - €4) for one person to travel into the city, and busses run roughly every 15 – 30 min, depending on how late you will be arriving.

Bus tickets are usually valid for around an hour after purchase, which means that provided you are within the same zones you could travel multiple times. There is an ATM machine in the airport from which Danish Kroner can be withdrawn. Bus travel options can be checked at the link below. You can also use the local bus system operator app on a smartphone to purchase tickets, called NT Mobilbilletter (available in Danish only), or the travel plan app described below (which has an English option).

Taxi fare would be in the region of DKK 200 to DKK 300 (€25 - €40) for a similar journey. The taxi companies that we are aware of are advertised on the Aalborg Airport website.

Check travel times

At the airport, Aalborg Lufthavn, there is free WiFi in the terminal building, in case you need to check travel times. 

All public transport times can be checked and monitored through the transport service called Rejseplanen:

• Travel plan Denmark website (available in Danish, English and German)
• Travel plan Denmark app (available in Danish, English and German)

Recommended activities in Aalborg

If you want to hit just one or two highlights, we recommend taking in the views of the Aalborg Tower and a stroll through the forest alongside, a walk through the park of music, singing trees, and a visit to the viking graveyard and museum at Lindholm Høje.

For those into wake boarding, the Aalborg Cable Park should be running at the time.

Sunrise should be around 6:00h and sunset around 20:40h (light from around 05:15h to 21:20h)

• According to Google Maps
• According to the City Council
• According to Lonely Planet

There is much to see and do, and we recommend that you take an extra day or two to explore the city that we call home.

MaMTEP research group

The Sixth Nordic Post-Keynesian Conference is organised by the Macroeconomic methodology, theory and economic policy (MaMTEP) research group at Aalborg University. 

Mogens Ove Madsen, together with the other members and administrative staff of the MaMTEP research group, are responsible for the organisation of the conference. 

Contact

All communication regarding the conference should please be directed to Jeanette Hvarregaard, either directly by telephone or via email. 

Papers presented at the Fourth Nordic Post Keynesian Conference

All papers available from this location are strictly for the benefit of registered conference participants, and may not be reproduced or distributed in any way or form. Please respect the authors wish not to share or distribute the papers.

The papers are listed below in the same order as they were presented between the 19th and 21st April. The program can be accessed via the link below. Please note that presentations have been converted to PDF format for security reasons, and therefore some elements of the presentations may have been altered adversely. 

Conference program

Keynote speaker presentations (VIDEOS AVAILABLE ON THE HOMEPAGE)

• Prof. Malcolm Sawyer, Leeds University Business School
• Prof. Dr. Eckhard Hein, Berlin School of Economics and Law
• Prof. Warren Mosler, University of Bergamo
• Prof. Peter Skott, University of Massachusetts Amherst and Aalborg University
• Dr. Stephen Kinsella, Senior Lecturer in Economics at the Kemmy Business School, University of Limerick
• Prof. Jesper Jespersen, Roskilde Universitet and Aalborg University
• Prof. Sheila Dow, Stirling University

Papers presented at the PhD seminar

• Soeren Frank Etzerodt & Jesper Eriksen: Varieties of Capitalism and Varieties of Welfare State Capitalism:An Empirical Assessment of Institutional Complementarities and Economic Growth (PDF)
• Asli Ceren Saral & Denis Abukan: Global Imbalances, income inequalities and policy alternatives
  • Presentation (PDF)
• Robert Smith: Money at first principles: A social value theory of moneyPresentation (PDF)
  Tune Revsgaard Nielsen: From anarchy to central bank policy
  • Presentation (PDF)
• Thibault Laurentjoye: Theoretical and practical considerations on the dialectics of money and debt (PDF)
• Italo Pedrosa: Firms’ Leverage Ratio and the Financial Instability Hypothesis: a Missing Micro-Macro Link? An empirical investigation for the United States economy (PDF)
• Rasmus Hougaard Nielsen: Debt crisis as monetary phenomena – a case study of the Danish agricultural sector.
  • Presentation (PDF)
• Léo Malherbe: Proposal for a new theoretical perspective on endogenous money
  • Presentation (PDF)
• Antti Ronkainen: Money as power in the Euro Zone Crisis
  • Presentation (PDF)
• Konsta Kotilainen: The Political Economy of Monetary Sovereignty
  • Presentation (PDF)
• Ariane Hillig and Hanna Szymborska: What’s in a name? Investigation into the socio-economic characteristics of the middle class in times of financialisation
  • Presentation (PDF)
• Ayoze Alfageme: Financialization effects on income distribution in South Korea in a long-run Kaleckian framework
  • Presentation (PDF)
• André Cieplinski: Employee Control and Between Occupation Wage Inequality
  • Presentation (PDF)
• Lilian Nogueira Rolim: Investment and the wage share: empirical evidence for the case of Brazil (2005 to 2015)
  • Presentation (PDF)

Papers presented on day 1 of the Fourth Nordic Post Keynesian Conference

• David Kotz & Deepankar Basu: Stagnation and Institutional Structures
  • Presentation (PDF)
• Jonathan Perraton: Macroeconomic Implications of Inequality and Household Debt – European Evidence
  • Presentation (PDF)
• Aristotelis Boukouras: Capitalist Spirit and the Markets – Why Income Inequality Matters
  • Presentation (PDF)
• Eric Kemp-Benedict: A Multi-sector Kaleckian-Harrodian Model for Long-run Analysis
  • Presentation (PDF)
• Adam Barrett: Stability of zero-growth economics analysed with a Minskyian model
  • Presentation (PDF)
• Greg Hill: Autonomous agent, multiple beliefs, and general disequilibrium
  • Presentation (PDF)
  • Presentation Text (PDF)
• Yun K. Kim: Understanding the Rise of Household debt in the US
  • Presentation (PDF)
• Niels Fuglsang: The strange non-death of economic models
  • Presentation (PDF)
• Ulas Sener: Why central bank independency (CBI) rests on the idea of money neutrality - Explaining the theoretical link
  • Presentation (PDF)
• Lars Josephsen: On ergodicity – and some links between economics, mathematics and physics
  • Presentation (PDF)
• Finn Olesen: Ergodicity/Non-ergodicity or else?
  • Presentation (PDF)
• Warren Mosler - Modern Money Theory
  • Presentation (PDF)
• Marc Lavoie & Brett Fiebiger - Non-capacity generating semi-autonomous expenditures, effective demand, and business cycles
  • Presentation (PDF)
• Antoine Godin et al.: Climate financial bubbles: How market sentiments shape the transition to low-carbon capital
  • Presentation (PDF)
• Rafael Ribeiro & Gilberto Lima: Fiscal policy rules in a model of growth and distribution
  • Presentation (PDF)
• Samuele Bibi: The stabilising role of the government in a dynamic distribution growth model
  • Presentation (PDF)
• Lars Jørgensen: Basic Ideas and Insights from Modern Monetary Theory (MMT)
  • Presentation (PDF)
• Diego Guevara et al.: Keynes and the early phase of financialization
  • Presentation (PDF)
• Juan Laborda et al.: Financial constraints on Spanish manufacturing firms: Evidence of Minsky moments
  • Presentation (PDF)
• Stefan Voss: There’s life in the old dog yet
  • Presentation (PDF)
• Lauri Holappa: Post-Keynesians to the Rescue? Critical Political Economy Research and the Bond Market Power Fallacy
  • Presentation (PDF)

Papers presented on day 2 of the Fourth Nordic Post Keynesian Conference

• Jesper Jespersen: The Impact of Private Sector Excess Savings: the economy as a whole: flow to stock relationships (Preliminary paper)
  • Presentation (PDF)
• Karen Pfeifer: Reviving the Bretton Woods Vision in North Africa: Keynes Vindicated
  • Presentation (PDF)
• Ferrari, Arestis and Terra: Post Keynesian Macroeconomic Policy Regime
  • Presentation (PDF)
• Guilherme Magacho et al.: The effectiveness of expansionary devaluation at different states of economic development
  • Presentation (PDF)
• Anton Filipenko: Stabilization Policy in Ukraine: A Post-Keynesian Approach (Presentation)
  • Presentation (PDF)
• Matti Estola & Kristian Vepsäläinen: National Accounts as a Stock-Flow Consistent System – Part1: The Real Accounts
  • Presentation (PDF)
• Patrizio Lainà: Keynesian Multipliers in a Stock-Flow Consistent Framework
  • Presentation (PDF)
• Lídia Brochier: A Super-multiplier SFC model: the “return” of the paradoxes of thrift and costs in the long run?
  • Presentation (PDF)
• Eric Kemp-Benedict: Dynamic Stability of post-Keynesian Pricing
  • Presentation (PDF)
• Mustafa Ismihan: Towards a More Realistic Time Series Analysis of Unemployment Dynamics: the Dual Adjustment Approach
  • Presentation (PDF)
• Joan Muysken & Huub Meijers - The impact of quantitative easing in the Netherlands: A stock-flow consistent approach using Dutch data
  • Presentation (PDF)
• Dany Lang - Is the market indeed a good teacher: Market selection, collective adaptation and financial instability.
• Antoine Godin - Introducing risk into a Tobin asset-allocation model
  • Presentation (PDF)
• Mikael Byrialsen & Hamid Raza: Macroeconomic effects of unemployment benefits in small open economies
  • Presentation (PDF)
• Björn Guðmundsson et al.: Financial inflows, crisis, and recovery in small open economies – A SFC approach
  • Presentation (PDF)
• Hamid Raza et al: An empirical SFC model of Denmark
• Nikolaj Mose Hansen: ADAM in the SFC framework and recent developments
  • Presentation (PDF)
• Ivan Rozmainskii: An Application of The Post Keynesian Approach to Analysis of the Post-Soviet Model of Russian Capitalism
  • Presentation (PDF)
• Antti Alaja: Mazzucato’s entrepreneurial state and innovation policy in smaller countries
  • Presentation (PDF)
• Ariane Hillig & Hanna Szymborska: What’s in a name? Investigation into the socio-economic characteristics of the middle class in times of financialisation
  • Presentation (PDF)
• Mogens Ove Madsen & Finn Olesen: Problem based learning – A non-mainstream way to teach economics
  • Presentation (PDF)
• Jan Holm Ingemann & Poul Thøis Madsen: Economic Theory and Problem-based Research and Teaching
  • Presentation (PDF)

The Fourth Nordic Post Keynesian Conference wrap up video

Economics at the Edge!

Keynote address videos 

Plenary session 1: Malcolm Sawyer and Eckhard Hein. Prof. Malcolm Sawyer, Leeds University Business School (Presentation Slides). Financialisation and the economic stagnation of Europe

Prof. Dr. Eckhard Hein, Berlin School of Economics and Law. Stagnation policy in the Euro area and economic policy alternatives: A Steindlian / neo-Kaleckian perspective

Dicussion: Plenary session 1: Malcolm Sawyer and Eckhard Hein

Research plenary: Session 1: Marc Lavoie and Warren Mosler. Prof. Marc Lavoie, University of Paris 13 (CEPN) (first part of the video), Non-capacity generating semi-autonomous expenditures, effective demand, and business cycles. Prof. Warren Mosler; University of Bergamo (from 28:20 in the video), The 7 Deadly Innocent Frauds and the History of thought.
Discussions from 48:20 in the video.

Plenary Session 2: Peter Skott. Prof. Peter Skott, University of Massachusetts Amherst and Aalborg University, Behavioural and structural perspectives on macroeconomics

Discussion: Plenary Session 2: Peter Skott.

Plenary Session 3: Stephen Kinsella And Jesper Jespersen. Dr. Stephen Kinsella, Senior Lecturer in Economics at the Kemmy Business School, University of Limerick, SFC as a unique offering.

Prof. Jesper Jespersen, Roskilde Universitet; and Aalborg University, European stagnation : Private sector 'structural' balance and fiscal policy.

Discussion: Plenary Session 3: Stephen Kinsella and Jesper Jespersen.

Research Plenary: Session 2: Huub Meijers And Joan Muysken, And Antoine Godin, The impact of quantitative easing in the Netherlands: A stock-flow consistent approach using Dutch data.

Ass. Prof. Antoine Godin, Kingston University, Introducing risk into a Tobin asset-allocation model.

Discussion: Research Plenary: Session 2: Huub Meijers and Joan Muysken, and Antoine Godin.

Plenary Session 4: Prof. Sheila Dow, Stirling University.

Abstracts

• Alparslan, Ufuk: Trade-Growth Nexus through Demand-Driven Perspective: Recent Evidence from South Africa
• Augustynski, Iwo: What do we know about factors determining debt structure of companies?
• Barkhatov, V.I. and Belova, I.A.: Efficiency Evaluation of the Implementation of Russia’s Fiscal Policy in the Period of 1990-2013
• Berr, Eric: The Socio-Economic Philosophy of Keynes: Lessons for the 21st Century
• Güntzel, Joachim: Towards a Theoretical Foundation of Animal Spirits: Probability, Uncertainty and Intentionality
• Herscovici, Alain: Nature of capital, long-run expectations and path dependence in the General Theory: some epistemological observations
• Ioannou, Stefanos: The Political Economy of Credit Rating Agencies. The Case of Eurozone Sovereign Ratings
• Josephsen, Lars: Achieving a sustainable global society anno 2100?
• Lang, Dany and Seppecher, Pascal: Economic modelling without the NAIRU: introducinghysteresis in an agent-based framework
• Madsen, Mogens Ove: Shackle in time - time in Shackle
• Magacho, Guilherme and Ribeiro, Rafael: On the dynamic adjustment of supply and demand: a structural approach
• McCombie, John and Negru, Ioana: Conflicting Views over the Causes of the Great Recession and the Appropriate Policy Response: Two Case Studies
• Olesen, Finn: The Making of a Revolution – how important are economic crises?
• Perraton, Jonathan:
• Qanas, Jalal: Financialization, Securitization and Central Banking: in USA and Euro-Area
• Ramos, Raquel A.: Using Minsky to analyze Fragility of Exchange Rates in Emerging Markets
• Ribeiro, Rafael Saulo Marques: Exchange Rate, Income Distribution and Technical Change in a Balance-of-Payments Constrained Growth Model
• Rozmainsky, Ivan V.: Investor Myopia and The Current Global Crisis: A Post Keynesian View
• Voss, Stefan: Problems of Uncertainty

Papers

• Barkhatov, V.I. and Belova, I.A.: Efficiency Evaluation of the Implementation of Russia’s Fiscal Policy in the Period of 1990-2013
• Berr, Eric: The Socio-Economic Philosophy of Keynes: Lessons for the 21st Century
• Cho, Hyejin: Macro Micro Model with a Post-Keynesian Perspective in the banking industry
• Güntzel, Joachim: Towards a Theoretical Foundation of Animal Spirits: Probability, Uncertainty and Intentionality
• Hammersland, Roger and Jacobsen, Dag Henning: The Financial Accelerator: Evidence using a procedure of Simultaneous Structural Model Design
• Herscovici, Alain: Nature of capital, long-run expectations and path dependence in the General Theory: some epistemological observations
• Ioannou, Stefanos: The Political Economy of Credit Rating Agencies. The Case of Eurozone Sovereign Ratings
• Josephsen, Lars: Achieving a sustainable global society anno 2100?
• Magacho, Guilherme R. and Ribeiro, Rafael Saulo M.: On the dynamic adjustment of supply and demand: a structural approach
• Olesen, Finn: The making of a revolution - How important are economic crises?
• Ramos, Raquel A.: The fragility of exchange rates in emerging countries in the 2000s: a Minskyan analysis
• Ribeiro, Rafael Saulo Marques: Exchange Rate, Income Distribution and Technical Change in a Balance-of-Payments Constrained Growth Model
• Rozmainsky, Ivan V: Investor Myopia and The Current Global Crisis: A Post Keynesian View
• Skott, Peter and Ryoo, Soon: Functional finance and intergenerational distribution in a Keynesian OLG model
• Suntum, Ulrich van and Neugebauer, Tom: Böhm-Bawerk meets Keynes – what does determine the interest rate, and can the latter become negative?
• Syll, Lars Pålsson: Micro vs. macro

Power Points

• Augustinsky, Iwo: What do we know about factors determining debt structure of companies?
• Berr, Eric: The Socio-Economic Philosophy of Keynes: Lessons for the 21st Century
• Byrialsen, Mikael Randrup: Household Consumption in Denmark
• CHO, Hye-Jin : Macro Micro Model with a Post-Keynesian Perspective in the Banking Industry
• Falkenfleth, Mads: Pluralism in Economics Education
• Jespersen, Jesper: ‘Structural budget balance’ a well-defined analytical concept or one more arbitrary straightjacket?
• Josephsen, Lars: Achieving a Sustainable Global Society anno 2100?
• Olesen, Finn: The Making of a Revolution - How Important are Economic Crises?
• Quanas, Jalal: Financialization, Securitization and Central Banking in USA & Euro-Area
• Rozmainsky, Ivan V.: Investor Myopia and The Current Global Crisis: A Post Keynesian View
• Skott, Peter: Public Debt and Functional Finance
• Syll, Lars Pålsson: Micro vs. Macro On the use and misuse of theories and models in economics
• Voss, Stefan: Problems of uncertainty