Modern Finance and Macroeconomics: A Multidisciplinary Approach (2016, ICTS)

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source: International Centre for Theoretical Sciences      2016年3月9日
PROGRAM URL : http://www.icts.res.in/program/memf2015
DATES: Tuesday 22 Dec, 2015 - Saturday 02 Jan, 2016
VENUE : ICTS campus, Bangalore

The financial meltdown of 2008 in the US stock markets and the subsequent protracted recession in the Western economies have accentuated the need to understand the dynamic interface between the modern financial sector and the overall macroeconomy. The dominant economic framework based on Neoclassical economics that informs policy making has turned out to be grossly inadequate for this purpose as it failed to either explain or predict the nature and cause of the sudden financial meltdown and the long economic recession that followed. The conceptual and methodological gaps and fault lines of the dominant framework have necessitated approaches that go beyond conventional analyses of individual or micro economic risk and the types failures caused by imperfect working of the price mechanism in financial markets. The challenge instead is to set the problem of modern finance in the macroeconomic context.
This School aims to introduce the participants to the alternative analytical frameworks to study the workings of the modern financial sector and its implications to the economy as a whole. The modules in the School are organized in such a way that they progressively build on foundations starting from a critical perspective of macroeconomic analysis to lead the participants gradually to broader analysis beyond that is provided in the standard economic theory. The lectures will then build on this alternative conceptual perspective and explore and articulate alternative methodological frameworks in which the local or micro aspect of individual risk are integrated with the global or macro aspect of finance and money in the economy.
The list of speakers includes renowned economists and mathematicians from India and abroad.
Vishwesha Guttal, Srikanth Iyer and Srinivas Raghavendra

Introduction, context and the issue of real financial sector interaction by Srinivas Raghavendra 2:55:10
Macroeconomics by Amit Bhaduri (Part 1) 1:38:06
Macroeconomics by Amit Bhaduri (Part 2) 2:28:14
Modern Finance and current crisis by Gary Dymski 1:32:35
Modern Finance, Current crisis and Policy debates by Gary Dymski 4:43:43
Microeconomics: Failure of Price mechanism by Anjan Mukherjee 3:12:58
Mathematical preliminaries - 1 by Srikanth Iyer 1:37:40
Microeconomics by Anjan Mukherjee 2:47:46
Mathematical prelimiaries - 2 by Srikanth Iyer 1:40:58
Uncertainty modeling, Maximum Entropy principles and Power law by Karmeshu Kar 3:03:57
Option pricing in dicrete time by Mrinal Ghosh 3:06:35
Option pricing in continuous time by Mrinal Ghosh (Part 1) 1:16:28
Option pricing in continuous time by Mrinal Ghosh (Part 2) 1:45:51
Pricing Credit Derivatives by Srikanth Iyer 3:04:39
Stock Flow Consistency in macroeconomic theory and practice by Gennaro Zezza 2:06:07
Modern finance and Macroeconomics: connecting various threads by Srinivas Raghavendra 39:56
Introduction to Nonlinear dynamics: The case of Catastrophe theory by Vishwesha Guttal 36:36
Interbank networks and Systemic risk by Srikanth Iyer 3:14:13
Discussion - Abrupt transitions and systemic risk by Amit Bhaduri and Srinivas Raghavendra 1:11:45
Bifurcation and Catastrophy theory: Physical and Natural systems by Petri Piiroinen 4:36:11
Critical transitions and Early warning signals in Ecology by Vishwesha Guttal 3:07:35

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