Modern Monetary Theory

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Modern Monetary Theory – Magic Bullet or Magical Thinking? 
Tuesday, July 14, 2020 1:00 PM – 2:00 PM ET

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Should we be worried about the size of the government deficit? Does too much money in the financial system cause inflation? Should fiscal policy, rather than monetary policy, be the driving force to reinvigorate the economy? Should the Fed be buying government debt, corporate debt, and ETFs in response to the current crisis – or should it be involved at all?

 

Keynesians and Monetarists move over as Modern Monetary Theory (MMT) is the new kid on the block! MMT turns conventional macroeconomics on its head, suggesting that the constraints on the budget deficit and public sector indebtedness that governments believe they face are largely imaginary. A government can buy goods and services without the need to collect taxes or issue debt, and government spending and money creation should be determined only by the level necessary to ensure full employment without inflation. In a world facing economic devastation from the COVID-19 pandemic as well as other potential policy implications, the appeal of these claims can hardly be overstated. But can they possibly be true?

 

Join us for a one-hour virtual seminar in which we ask what makes sense about MMT, what does not, and what relevance it may have for the current crisis.

 

Ideal for anyone involved in capital markets who wants to learn about MMT and the potential ramifications for the Fed, US Government spending, and the impact on asset class valuations, by the end of this virtual seminar, you will be able to:

  • Explain the fundamentals of MMT
  • Compare and contrast MMT with orthodox macroeconomic thinking about monetary and fiscal policy
  • Consider implications of MMT for the current federal deficit and the Fed’s response to the economic consequences of the COVID-19 pandemic
  • Discuss practical issues that may limit the scope of MMT analysis or the efficacy of MMT-related policy
  • Examine the potential implications for asset class valuations, inflation, and the US dollar
    • Discuss whether bitcoin should be considered a store of value
Join us on Tuesday, July 14, 2020 at 1:00 PM ET.
Participants can earn 1.0 CPE credit.

Seating is limited for this virtual event. Register now to participate in this engaging seminar.

 

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SUBJECT MATTER EXPERTS

 

GFMI LandingPage V2 02Ken Kapner, President and CEO of Global Financial Markets Institute, and David Oakes, President and CEO of Dauphin Financial Training, have decades of experiences as practitioners and instructors in the capital markets industry.

 

Ken spent 14 years with HSBC’s Treasury and Capital markets division, where he traded a variety of instruments including interest rate derivatives, spot and forward foreign exchange, and money markets. Ken also oversaw the balance sheet; was a member of the Asset Liability Committee; and was responsible for the overall Treasury activities of the bank. He spent two years in Hong Kong where he managed HSBC’s Global Treasury and Capital Markets Product training. Specifically, his responsibilities included development and delivery of new courses to traders, support staff, and relationship managers. In New York, he established a training department for the firm’s Securities Division where he was in charge of the MBA Associates Program, continuing education, and Section 20 license. Ken has co-authored/co-edited seven books on derivatives including The Swaps Handbook and Understanding Swaps, and he continues to write articles and blogs for GFMI.

 

Since 1997, Ken Kapner has designed, developed, and delivered custom courses for a variety of clients in derivatives products, risk management, foreign exchange, fixed income, structured finance, and portfolio management. He holds an MBA from St. John’s University and a BA from the State University of New York College at Cortland.

 


 

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David Oakes is a specialist in the design and delivery of financial learning programs in equity, rates, credit, and commodity markets. He is also the President of a financial markets consultancy based in Montreal, Canada. David has presented a wide range of programs to financial institutions, securities exchanges, regulators and corporate clients worldwide with a special emphasis on derivative securities, fixed income, and risk management.

 

David is the course author and principal trainer for the International Capital Markets Association (ICMA) Fixed Income Certificate (FIC) program, a leading qualification for finance professionals. From 1998 to 2004, he was Director of Academic and Professional Education at the ICMA Centre at the University of Reading in the United Kingdom, where he developed, managed and taught on the Centre’s postgraduate finance programs and professional education programs. Prior to 1998, he was a lecturer in finance at Warwick Business School, the University of Reading and the University of Exeter in the United Kingdom, specializing in asset pricing and derivatives modeling.

 

David holds a MSc in Economics from the London School of Economics and Political Science and a BA in Economics from the University of Alberta.