MODERN MONETARY THEORY: A NEW OUTLOOK

January 15, 2020, 09:30 – 11:00, Building 5, Floor 3, Red Hall

Over the past 10 years, developed economies have been struggling to regain the pace of growth that preceded the global financial crisis of 2008–2009. Their growing state budget deficits have provoked a noticeable increase in their sovereign debts, while inflation and interest rates remained at a low level. The US Federal Reserve, the ECB, the Bank of England, and the Bank of Japan implemented the so-called quantitative easing programs – ultra-soft monetary policies that increased the asset side of their balance sheets by several times, but failed to entail a proportional increase in the money supply. That seemingly exhausted the available incentive measures. And yet, despite the extraordinary monetary easing, inflation remained at a level below target.

Currently, the media and the expert community are vigorously debating the so-called Modern Monetary Theory (MMT), which justifies the application of intensive fiscal stimuli while the monetary authorities keep the rates low.

The wide discussion of this concept suggests there is a demand for an alternative economic policy that would ensure economic growth in the current macroeconomic conditions. Can these sentiments encourage countries to adopt less responsible macroeconomic policies?

Issues for Discussion

  • How high are (long-term and short-term) inflation risks of fiscal stimulation in developed countries in the current macroeconomic environment?
  • How do investors assess the danger of budget crises in the world’s leading economies, and how is this manifested in financial markets?
  • Do the current approaches to coordinating monetary and fiscal policies need to be reconsidered? Should a new synthesis of these two economic regulation tools be sought?
  • Is there a successful strategy for ensuring economic growth in developing economies based on fiscal stimulation in a floating exchange rate and low interest rates environment?
  • Is the possibility of buying government debt securities for national currency a necessary condition for developing countries to ensure the stability of their national currencies or is it a consequence of the currency stability?
  • What are the most probable consequences of a shift in the economic course towards left-wing populist measures?

Moderator

Participants

Experts

  • Oleg Shibanov
    Oleg Shibanov

    Professor, the Russian Economic School

  • Oleg Vyugin
    Oleg Vyugin

    Chairman, Moscow Exchange Supervisory Board

  • Oleg Zamulin
    Oleg Zamulin

    Director, Center for Macroeconomic Research, Sberbank PJSC

Array
(
    [ACTIVE_TO] => 01/15/2020 11:00:00 am
    [~ACTIVE_TO] => 01/15/2020 11:00:00 am
    [ACTIVE_FROM] => 01/15/2020 09:30:00 am
    [~ACTIVE_FROM] => 01/15/2020 09:30:00 am
    [ID] => 21622
    [~ID] => 21622
    [NAME] => MODERN MONETARY THEORY: A NEW OUTLOOK
    [~NAME] => MODERN MONETARY THEORY: A NEW OUTLOOK
    [IBLOCK_ID] => 18
    [~IBLOCK_ID] => 18
    [IBLOCK_SECTION_ID] => 378
    [~IBLOCK_SECTION_ID] => 378
    [DETAIL_TEXT] => 
    [~DETAIL_TEXT] => 
    [DETAIL_TEXT_TYPE] => html
    [~DETAIL_TEXT_TYPE] => html
    [PREVIEW_TEXT] => 

Over the past 10 years, developed economies have been struggling to regain the pace of growth that preceded the global financial crisis of 2008–2009. Their growing state budget deficits have provoked a noticeable increase in their sovereign debts, while inflation and interest rates remained at a low level. The US Federal Reserve, the ECB, the Bank of England, and the Bank of Japan implemented the so-called quantitative easing programs – ultra-soft monetary policies that increased the asset side of their balance sheets by several times, but failed to entail a proportional increase in the money supply. That seemingly exhausted the available incentive measures. And yet, despite the extraordinary monetary easing, inflation remained at a level below target.

Currently, the media and the expert community are vigorously debating the so-called Modern Monetary Theory (MMT), which justifies the application of intensive fiscal stimuli while the monetary authorities keep the rates low.

The wide discussion of this concept suggests there is a demand for an alternative economic policy that would ensure economic growth in the current macroeconomic conditions. Can these sentiments encourage countries to adopt less responsible macroeconomic policies?

[~PREVIEW_TEXT] =>

Over the past 10 years, developed economies have been struggling to regain the pace of growth that preceded the global financial crisis of 2008–2009. Their growing state budget deficits have provoked a noticeable increase in their sovereign debts, while inflation and interest rates remained at a low level. The US Federal Reserve, the ECB, the Bank of England, and the Bank of Japan implemented the so-called quantitative easing programs – ultra-soft monetary policies that increased the asset side of their balance sheets by several times, but failed to entail a proportional increase in the money supply. That seemingly exhausted the available incentive measures. And yet, despite the extraordinary monetary easing, inflation remained at a level below target.

Currently, the media and the expert community are vigorously debating the so-called Modern Monetary Theory (MMT), which justifies the application of intensive fiscal stimuli while the monetary authorities keep the rates low.

The wide discussion of this concept suggests there is a demand for an alternative economic policy that would ensure economic growth in the current macroeconomic conditions. Can these sentiments encourage countries to adopt less responsible macroeconomic policies?

[PREVIEW_TEXT_TYPE] => html [~PREVIEW_TEXT_TYPE] => html [DETAIL_PICTURE] => [~DETAIL_PICTURE] => [TIMESTAMP_X] => 01/21/2020 03:19:40 pm [~TIMESTAMP_X] => 01/21/2020 03:19:40 pm [LIST_PAGE_URL] => /program/ [~LIST_PAGE_URL] => /program/ [DETAIL_PAGE_URL] => /program/15-january/modern-monetary-theory-a-new-outlook/ [~DETAIL_PAGE_URL] => /program/15-january/modern-monetary-theory-a-new-outlook/ [LANG_DIR] => / [~LANG_DIR] => / [CODE] => modern-monetary-theory-a-new-outlook [~CODE] => modern-monetary-theory-a-new-outlook [EXTERNAL_ID] => 21622 [~EXTERNAL_ID] => 21622 [IBLOCK_TYPE_ID] => content [~IBLOCK_TYPE_ID] => content [IBLOCK_CODE] => program [~IBLOCK_CODE] => program [IBLOCK_EXTERNAL_ID] => 900 [~IBLOCK_EXTERNAL_ID] => 900 [LID] => en [~LID] => en [NAV_RESULT] => [DISPLAY_ACTIVE_FROM] => 15 January 2020 [IPROPERTY_VALUES] => Array ( ) [FIELDS] => Array ( [ACTIVE_TO] => 01/15/2020 11:00:00 am [ACTIVE_FROM] => 01/15/2020 09:30:00 am ) [PROPERTIES] => Array ( [QUESTIONS] => Array ( [ID] => 50 [TIMESTAMP_X] => 2017-12-20 14:14:00 [IBLOCK_ID] => 18 [NAME] => Вопросы для обсуждения [ACTIVE] => Y [SORT] => 10 [CODE] => QUESTIONS [DEFAULT_VALUE] => Array ( [TYPE] => HTML [TEXT] => ) [PROPERTY_TYPE] => S [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => N [XML_ID] => 12 [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 0 [WITH_DESCRIPTION] => Y [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => HTML [USER_TYPE_SETTINGS] => Array ( [height] => 200 ) [HINT] => [PROPERTY_VALUE_ID] => 120059 [VALUE] => Array ( [TEXT] => <ul class="style-prog-list"> <li>How high are (long-term and short-term) inflation risks of fiscal stimulation in developed countries in the current macroeconomic environment?</li> <li>How do investors assess the danger of budget crises in the world’s leading economies, and how is this manifested in financial markets?</li> <li>Do the current approaches to coordinating monetary and fiscal policies need to be reconsidered? Should a new synthesis of these two economic regulation tools be sought?</li> <li>Is there a successful strategy for ensuring economic growth in developing economies based on fiscal stimulation in a floating exchange rate and low interest rates environment?</li> <li>Is the possibility of buying government debt securities for national currency a necessary condition for developing countries to ensure the stability of their national currencies or is it a consequence of the currency stability?</li> <li>What are the most probable consequences of a shift in the economic course towards left-wing populist measures?</li> </ul> [TYPE] => HTML ) [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [~VALUE] => Array ( [TEXT] =>
  • How high are (long-term and short-term) inflation risks of fiscal stimulation in developed countries in the current macroeconomic environment?
  • How do investors assess the danger of budget crises in the world’s leading economies, and how is this manifested in financial markets?
  • Do the current approaches to coordinating monetary and fiscal policies need to be reconsidered? Should a new synthesis of these two economic regulation tools be sought?
  • Is there a successful strategy for ensuring economic growth in developing economies based on fiscal stimulation in a floating exchange rate and low interest rates environment?
  • Is the possibility of buying government debt securities for national currency a necessary condition for developing countries to ensure the stability of their national currencies or is it a consequence of the currency stability?
  • What are the most probable consequences of a shift in the economic course towards left-wing populist measures?
[TYPE] => HTML ) [~DESCRIPTION] => [~NAME] => Вопросы для обсуждения [~DEFAULT_VALUE] => Array ( [TYPE] => HTML [TEXT] => ) ) [TYPE] => Array ( [ID] => 51 [TIMESTAMP_X] => 2017-12-20 14:14:00 [IBLOCK_ID] => 18 [NAME] => Тип мероприятия [ACTIVE] => Y [SORT] => 20 [CODE] => TYPE [DEFAULT_VALUE] => [PROPERTY_TYPE] => L [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => N [XML_ID] => 13 [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 0 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => 139493 [VALUE] => Panel Discussion [DESCRIPTION] => [VALUE_ENUM] => Panel Discussion [VALUE_XML_ID] => 1 [VALUE_SORT] => 100 [VALUE_ENUM_ID] => 6 [~VALUE] => Panel Discussion [~DESCRIPTION] => [~NAME] => Тип мероприятия [~DEFAULT_VALUE] => ) [LOCATION] => Array ( [ID] => 54 [TIMESTAMP_X] => 2017-12-20 14:14:00 [IBLOCK_ID] => 18 [NAME] => Место проведения мероприятия [ACTIVE] => Y [SORT] => 30 [CODE] => LOCATION [DEFAULT_VALUE] => [PROPERTY_TYPE] => S [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => N [XML_ID] => 19 [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 0 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => 120062 [VALUE] => Building 5, Floor 3, Red Hall [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [~VALUE] => Building 5, Floor 3, Red Hall [~DESCRIPTION] => [~NAME] => Место проведения мероприятия [~DEFAULT_VALUE] => ) [MODERATORS] => Array ( [ID] => 52 [TIMESTAMP_X] => 2017-12-20 14:15:56 [IBLOCK_ID] => 18 [NAME] => Модераторы [ACTIVE] => Y [SORT] => 40 [CODE] => MODERATORS [DEFAULT_VALUE] => [PROPERTY_TYPE] => E [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => Y [XML_ID] => 14 [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 17 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => Array ( [0] => 120061 ) [VALUE] => Array ( [0] => Array ( [ID] => 2541 [NAME] => Sergey Drobyshevsky [DETAIL_PAGE_URL] => /experts/sergey-drobyshevsky/ [POSITION] => Scientific Director, Gaidar Institute for Economic Policy [DONOTLINK] => Y [PREVIEW_PICTURE] => 37093 ) ) [DESCRIPTION] => Array ( [0] => ) [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [~VALUE] => Array ( [0] => 2541 ) [~DESCRIPTION] => Array ( [0] => ) [~NAME] => Модераторы [~DEFAULT_VALUE] => ) [KEYREPORTS] => Array ( [ID] => 68 [TIMESTAMP_X] => 2017-12-20 14:15:25 [IBLOCK_ID] => 18 [NAME] => Ключевой доклад [ACTIVE] => Y [SORT] => 50 [CODE] => KEYREPORTS [DEFAULT_VALUE] => [PROPERTY_TYPE] => E [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => Y [XML_ID] => [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 17 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => [VALUE] => [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [~VALUE] => [~DESCRIPTION] => [~NAME] => Ключевой доклад [~DEFAULT_VALUE] => ) [PARTICIPANTS] => Array ( [ID] => 53 [TIMESTAMP_X] => 2017-12-20 14:16:15 [IBLOCK_ID] => 18 [NAME] => Экперты [ACTIVE] => Y [SORT] => 60 [CODE] => PARTICIPANTS [DEFAULT_VALUE] => [PROPERTY_TYPE] => E [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => Y [XML_ID] => 15 [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 17 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => Array ( [0] => 130976 [1] => 130977 [2] => 131601 ) [VALUE] => Array ( [0] => Array ( [ID] => 2639 [NAME] => Oleg Shibanov [DETAIL_PAGE_URL] => /experts/oleg-shibanov/ [POSITION] => Professor, the Russian Economic School [DONOTLINK] => [PREVIEW_PICTURE] => 3148 ) [1] => Array ( [ID] => 1205 [NAME] => Oleg Vyugin [DETAIL_PAGE_URL] => /experts/oleg-vyugin/ [POSITION] => Chairman, Moscow Exchange Supervisory Board [DONOTLINK] => [PREVIEW_PICTURE] => 735 ) [2] => Array ( [ID] => 22305 [NAME] => Oleg Zamulin [DETAIL_PAGE_URL] => /experts/oleg-zamulin/ [POSITION] => Director, Center for Macroeconomic Research, Sberbank PJSC [DONOTLINK] => [PREVIEW_PICTURE] => ) ) [DESCRIPTION] => Array ( [0] => [1] => [2] => ) [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [~VALUE] => Array ( [0] => 2639 [1] => 1205 [2] => 22305 ) [~DESCRIPTION] => Array ( [0] => [1] => [2] => ) [~NAME] => Экперты [~DEFAULT_VALUE] => ) [MEMBERS] => Array ( [ID] => 69 [TIMESTAMP_X] => 2017-12-20 14:18:19 [IBLOCK_ID] => 18 [NAME] => Участники [ACTIVE] => Y [SORT] => 70 [CODE] => MEMBERS [DEFAULT_VALUE] => [PROPERTY_TYPE] => E [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => Y [XML_ID] => [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 17 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => Array ( [0] => 120063 [1] => 123573 [2] => 123904 ) [VALUE] => Array ( [0] => Array ( [ID] => 21765 [NAME] => James Galbraith [DETAIL_PAGE_URL] => /experts/james-galbraith/ [POSITION] => Professor, University of Texas in Austin [DONOTLINK] => [PREVIEW_PICTURE] => 57534 ) [1] => Array ( [ID] => 2545 [NAME] => Maksim Oreshkin [DETAIL_PAGE_URL] => /experts/maxim-oreshkin/ [POSITION] => Minister of Economic Development of the Russian Federation [DONOTLINK] => [PREVIEW_PICTURE] => 57490 ) [2] => Array ( [ID] => 21766 [NAME] => Kenneth Rogoff [DETAIL_PAGE_URL] => /experts/kenneth-rogoff/ [POSITION] => Professor of Economics, Harvard University [DONOTLINK] => [PREVIEW_PICTURE] => 57489 ) ) [DESCRIPTION] => Array ( [0] => [1] => [2] => ) [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [~VALUE] => Array ( [0] => 21765 [1] => 2545 [2] => 21766 ) [~DESCRIPTION] => Array ( [0] => [1] => [2] => ) [~NAME] => Участники [~DEFAULT_VALUE] => ) [MEMBERS_AND_EXPERTS] => Array ( [ID] => 72 [TIMESTAMP_X] => 2017-12-20 14:18:13 [IBLOCK_ID] => 18 [NAME] => Участники и эксперты [ACTIVE] => Y [SORT] => 80 [CODE] => MEMBERS_AND_EXPERTS [DEFAULT_VALUE] => [PROPERTY_TYPE] => E [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => Y [XML_ID] => [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 17 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => [VALUE] => [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [~VALUE] => [~DESCRIPTION] => [~NAME] => Участники и эксперты [~DEFAULT_VALUE] => ) [KEYREPORT_MODERATOR] => Array ( [ID] => 115 [TIMESTAMP_X] => 2017-12-20 14:18:28 [IBLOCK_ID] => 18 [NAME] => Ключевой доклад/модератор [ACTIVE] => Y [SORT] => 90 [CODE] => KEYREPORT_MODERATOR [DEFAULT_VALUE] => [PROPERTY_TYPE] => E [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => Y [XML_ID] => [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 0 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => [VALUE] => [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [~VALUE] => [~DESCRIPTION] => [~NAME] => Ключевой доклад/модератор [~DEFAULT_VALUE] => ) [SAY_HIS] => Array ( [ID] => 246 [TIMESTAMP_X] => 2018-01-15 23:30:57 [IBLOCK_ID] => 18 [NAME] => Приветствие [ACTIVE] => Y [SORT] => 91 [CODE] => SAY_HIS [DEFAULT_VALUE] => [PROPERTY_TYPE] => E [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => Y [XML_ID] => [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 17 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => [VALUE] => [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [~VALUE] => [~DESCRIPTION] => [~NAME] => Приветствие [~DEFAULT_VALUE] => ) [SPEECH] => Array ( [ID] => 134 [TIMESTAMP_X] => 2017-12-20 14:18:48 [IBLOCK_ID] => 18 [NAME] => Выступления [ACTIVE] => Y [SORT] => 100 [CODE] => SPEECH [DEFAULT_VALUE] => [PROPERTY_TYPE] => E [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => Y [XML_ID] => [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 0 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => [VALUE] => [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [~VALUE] => [~DESCRIPTION] => [~NAME] => Выступления [~DEFAULT_VALUE] => ) [DISCUSS_MEMBERS] => Array ( [ID] => 226 [TIMESTAMP_X] => 2017-12-20 14:36:04 [IBLOCK_ID] => 18 [NAME] => Участники дискуссии [ACTIVE] => Y [SORT] => 101 [CODE] => DISCUSS_MEMBERS [DEFAULT_VALUE] => [PROPERTY_TYPE] => E [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => Y [XML_ID] => [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 0 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => [VALUE] => [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [~VALUE] => [~DESCRIPTION] => [~NAME] => Участники дискуссии [~DEFAULT_VALUE] => ) [AUTHORS] => Array ( [ID] => 227 [TIMESTAMP_X] => 2017-12-20 14:37:12 [IBLOCK_ID] => 18 [NAME] => Авторы [ACTIVE] => Y [SORT] => 102 [CODE] => AUTHORS [DEFAULT_VALUE] => [PROPERTY_TYPE] => E [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => Y [XML_ID] => [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 17 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => [VALUE] => [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [~VALUE] => [~DESCRIPTION] => [~NAME] => Авторы [~DEFAULT_VALUE] => ) [LECTORS] => Array ( [ID] => 228 [TIMESTAMP_X] => 2017-12-20 14:38:09 [IBLOCK_ID] => 18 [NAME] => Лекторы [ACTIVE] => Y [SORT] => 103 [CODE] => LECTORS [DEFAULT_VALUE] => [PROPERTY_TYPE] => E [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => Y [XML_ID] => [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 8 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => [VALUE] => [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [~VALUE] => [~DESCRIPTION] => [~NAME] => Лекторы [~DEFAULT_VALUE] => ) [PRESENTATIONS] => Array ( [ID] => 229 [TIMESTAMP_X] => 2017-12-20 14:38:40 [IBLOCK_ID] => 18 [NAME] => Презентация [ACTIVE] => Y [SORT] => 104 [CODE] => PRESENTATIONS [DEFAULT_VALUE] => [PROPERTY_TYPE] => E [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => Y [XML_ID] => [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 17 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => [VALUE] => [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [~VALUE] => [~DESCRIPTION] => [~NAME] => Презентация [~DEFAULT_VALUE] => ) [SPEAKERS] => Array ( [ID] => 230 [TIMESTAMP_X] => 2017-12-22 11:26:55 [IBLOCK_ID] => 18 [NAME] => Спикеры [ACTIVE] => Y [SORT] => 105 [CODE] => SPEAKERS [DEFAULT_VALUE] => [PROPERTY_TYPE] => E [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => Y [XML_ID] => [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 17 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => [VALUE] => [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [~VALUE] => [~DESCRIPTION] => [~NAME] => Спикеры [~DEFAULT_VALUE] => ) [SUBTITLE] => Array ( [ID] => 74 [TIMESTAMP_X] => 2017-12-20 14:19:10 [IBLOCK_ID] => 18 [NAME] => Подзаголовок [ACTIVE] => Y [SORT] => 110 [CODE] => SUBTITLE [DEFAULT_VALUE] => [PROPERTY_TYPE] => S [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => N [XML_ID] => [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 0 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => [VALUE] => [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [~VALUE] => [~DESCRIPTION] => [~NAME] => Подзаголовок [~DEFAULT_VALUE] => ) [MSP_REPRESENTATIVES] => Array ( [ID] => 78 [TIMESTAMP_X] => 2017-12-20 14:20:11 [IBLOCK_ID] => 18 [NAME] => Представители МСП [ACTIVE] => Y [SORT] => 120 [CODE] => MSP_REPRESENTATIVES [DEFAULT_VALUE] => Array ( [TEXT] => [TYPE] => HTML ) [PROPERTY_TYPE] => S [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => N [XML_ID] => [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 0 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => HTML [USER_TYPE_SETTINGS] => Array ( [height] => 200 ) [HINT] => [PROPERTY_VALUE_ID] => [VALUE] => [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [~VALUE] => [~DESCRIPTION] => [~NAME] => Представители МСП [~DEFAULT_VALUE] => Array ( [TEXT] => [TYPE] => HTML ) ) [MEDIA_LINK] => Array ( [ID] => 135 [TIMESTAMP_X] => 2018-01-16 21:02:27 [IBLOCK_ID] => 18 [NAME] => Медиаматериалы [ACTIVE] => Y [SORT] => 130 [CODE] => MEDIA_LINK [DEFAULT_VALUE] => [PROPERTY_TYPE] => E [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => N [XML_ID] => [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 36 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => 139494 [VALUE] => 24409 [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [~VALUE] => 24409 [~DESCRIPTION] => [~NAME] => Медиаматериалы [~DEFAULT_VALUE] => ) [CALENDAR] => Array ( [ID] => 131 [TIMESTAMP_X] => 2017-12-20 14:20:36 [IBLOCK_ID] => 18 [NAME] => Календарь [ACTIVE] => Y [SORT] => 140 [CODE] => CALENDAR [DEFAULT_VALUE] => [PROPERTY_TYPE] => L [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => C [MULTIPLE] => N [XML_ID] => [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 0 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => [VALUE] => [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [VALUE_ENUM_ID] => [~VALUE] => [~DESCRIPTION] => [~NAME] => Календарь [~DEFAULT_VALUE] => ) [EVENT_INFO] => Array ( [ID] => 132 [TIMESTAMP_X] => 2017-12-20 14:20:36 [IBLOCK_ID] => 18 [NAME] => Информационное событие [ACTIVE] => Y [SORT] => 150 [CODE] => EVENT_INFO [DEFAULT_VALUE] => [PROPERTY_TYPE] => L [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => C [MULTIPLE] => N [XML_ID] => [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 0 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => [VALUE] => [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [VALUE_ENUM_ID] => [~VALUE] => [~DESCRIPTION] => [~NAME] => Информационное событие [~DEFAULT_VALUE] => ) [CHANGE] => Array ( [ID] => 133 [TIMESTAMP_X] => 2017-12-20 14:20:36 [IBLOCK_ID] => 18 [NAME] => Изменение [ACTIVE] => Y [SORT] => 160 [CODE] => CHANGE [DEFAULT_VALUE] => [PROPERTY_TYPE] => L [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => C [MULTIPLE] => N [XML_ID] => [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 0 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => [VALUE] => [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [VALUE_ENUM_ID] => [~VALUE] => [~DESCRIPTION] => [~NAME] => Изменение [~DEFAULT_VALUE] => ) [LANGUAGES] => Array ( [ID] => 224 [TIMESTAMP_X] => 2017-12-20 14:26:52 [IBLOCK_ID] => 18 [NAME] => Рабочие языки [ACTIVE] => Y [SORT] => 170 [CODE] => LANGUAGES [DEFAULT_VALUE] => [PROPERTY_TYPE] => L [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => C [MULTIPLE] => Y [XML_ID] => [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 0 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => Array ( [0] => 139496 [1] => 139495 ) [VALUE] => Array ( [0] => Russian [1] => English ) [DESCRIPTION] => Array ( [0] => [1] => ) [VALUE_ENUM] => Array ( [0] => Russian [1] => English ) [VALUE_XML_ID] => Array ( [0] => affb1430ade1dabb9b750ff1961d2505 [1] => 296b3d354b8509e4ce2133793442286c ) [VALUE_SORT] => Array ( [0] => 10 [1] => 30 ) [VALUE_ENUM_ID] => Array ( [0] => 54 [1] => 56 ) [~VALUE] => Array ( [0] => Russian [1] => English ) [~DESCRIPTION] => Array ( [0] => [1] => ) [~NAME] => Рабочие языки [~DEFAULT_VALUE] => ) [INVITATION_ONLY] => Array ( [ID] => 225 [TIMESTAMP_X] => 2017-12-22 18:34:07 [IBLOCK_ID] => 18 [NAME] => Вход по индивидуальным приглашениям [ACTIVE] => Y [SORT] => 180 [CODE] => INVITATION_ONLY [DEFAULT_VALUE] => [PROPERTY_TYPE] => L [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => C [MULTIPLE] => N [XML_ID] => [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 0 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => [VALUE] => [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [VALUE_ENUM_ID] => [~VALUE] => [~DESCRIPTION] => [~NAME] => Вход по индивидуальным приглашениям [~DEFAULT_VALUE] => ) [PREMIUM_ONLY] => Array ( [ID] => 233 [TIMESTAMP_X] => 2017-12-22 18:34:07 [IBLOCK_ID] => 18 [NAME] => Вход с бэйджами категории «ПРЕМИУМ» [ACTIVE] => Y [SORT] => 190 [CODE] => PREMIUM_ONLY [DEFAULT_VALUE] => [PROPERTY_TYPE] => L [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => C [MULTIPLE] => N [XML_ID] => [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 0 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => [VALUE] => [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [VALUE_ENUM_ID] => [~VALUE] => [~DESCRIPTION] => [~NAME] => Вход с бэйджами категории «ПРЕМИУМ» [~DEFAULT_VALUE] => ) [KEYNOTE_FILE] => Array ( [ID] => 239 [TIMESTAMP_X] => 2019-01-14 21:47:41 [IBLOCK_ID] => 18 [NAME] => Доклад [ACTIVE] => Y [SORT] => 200 [CODE] => KEYNOTE_FILE [DEFAULT_VALUE] => [PROPERTY_TYPE] => F [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => Y [XML_ID] => [FILE_TYPE] => pdf [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 0 [WITH_DESCRIPTION] => Y [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => [VALUE] => [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [~VALUE] => [~DESCRIPTION] => [~NAME] => Доклад [~DEFAULT_VALUE] => ) [OPENINGS] => Array ( [ID] => 241 [TIMESTAMP_X] => 2018-01-05 18:10:45 [IBLOCK_ID] => 18 [NAME] => Открытие [ACTIVE] => Y [SORT] => 500 [CODE] => OPENINGS [DEFAULT_VALUE] => [PROPERTY_TYPE] => E [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => Y [XML_ID] => [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 17 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => [VALUE] => [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [~VALUE] => [~DESCRIPTION] => [~NAME] => Открытие [~DEFAULT_VALUE] => ) [EVENT_CATEGORY] => Array ( [ID] => 298 [TIMESTAMP_X] => 2019-12-27 11:18:04 [IBLOCK_ID] => 18 [NAME] => Категория мероприятия [ACTIVE] => Y [SORT] => 500 [CODE] => EVENT_CATEGORY [DEFAULT_VALUE] => [PROPERTY_TYPE] => L [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => N [XML_ID] => [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 0 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => 139498 [VALUE] => Business Program [DESCRIPTION] => [VALUE_ENUM] => Business Program [VALUE_XML_ID] => #ad3534,#ffffff [VALUE_SORT] => 100 [VALUE_ENUM_ID] => 96 [~VALUE] => Business Program [~DESCRIPTION] => [~NAME] => Категория мероприятия [~DEFAULT_VALUE] => ) [KEYREPORT2S] => Array ( [ID] => 306 [TIMESTAMP_X] => 2019-12-31 10:17:49 [IBLOCK_ID] => 18 [NAME] => Ключевые выступления [ACTIVE] => Y [SORT] => 500 [CODE] => KEYREPORT2S [DEFAULT_VALUE] => [PROPERTY_TYPE] => E [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => Y [XML_ID] => [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 17 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => [VALUE] => [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [~VALUE] => [~DESCRIPTION] => [~NAME] => Ключевые выступления [~DEFAULT_VALUE] => ) ) [DISPLAY_PROPERTIES] => Array ( [QUESTIONS] => Array ( [ID] => 50 [TIMESTAMP_X] => 2017-12-20 14:14:00 [IBLOCK_ID] => 18 [NAME] => Вопросы для обсуждения [ACTIVE] => Y [SORT] => 10 [CODE] => QUESTIONS [DEFAULT_VALUE] => Array ( [TYPE] => HTML [TEXT] => ) [PROPERTY_TYPE] => S [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => N [XML_ID] => 12 [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 0 [WITH_DESCRIPTION] => Y [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => HTML [USER_TYPE_SETTINGS] => Array ( [height] => 200 ) [HINT] => [PROPERTY_VALUE_ID] => 120059 [VALUE] => Array ( [TEXT] => <ul class="style-prog-list"> <li>How high are (long-term and short-term) inflation risks of fiscal stimulation in developed countries in the current macroeconomic environment?</li> <li>How do investors assess the danger of budget crises in the world’s leading economies, and how is this manifested in financial markets?</li> <li>Do the current approaches to coordinating monetary and fiscal policies need to be reconsidered? Should a new synthesis of these two economic regulation tools be sought?</li> <li>Is there a successful strategy for ensuring economic growth in developing economies based on fiscal stimulation in a floating exchange rate and low interest rates environment?</li> <li>Is the possibility of buying government debt securities for national currency a necessary condition for developing countries to ensure the stability of their national currencies or is it a consequence of the currency stability?</li> <li>What are the most probable consequences of a shift in the economic course towards left-wing populist measures?</li> </ul> [TYPE] => HTML ) [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [~VALUE] => Array ( [TEXT] =>
  • How high are (long-term and short-term) inflation risks of fiscal stimulation in developed countries in the current macroeconomic environment?
  • How do investors assess the danger of budget crises in the world’s leading economies, and how is this manifested in financial markets?
  • Do the current approaches to coordinating monetary and fiscal policies need to be reconsidered? Should a new synthesis of these two economic regulation tools be sought?
  • Is there a successful strategy for ensuring economic growth in developing economies based on fiscal stimulation in a floating exchange rate and low interest rates environment?
  • Is the possibility of buying government debt securities for national currency a necessary condition for developing countries to ensure the stability of their national currencies or is it a consequence of the currency stability?
  • What are the most probable consequences of a shift in the economic course towards left-wing populist measures?
[TYPE] => HTML ) [~DESCRIPTION] => [~NAME] => Вопросы для обсуждения [~DEFAULT_VALUE] => Array ( [TYPE] => HTML [TEXT] => ) [DISPLAY_VALUE] =>
  • How high are (long-term and short-term) inflation risks of fiscal stimulation in developed countries in the current macroeconomic environment?
  • How do investors assess the danger of budget crises in the world’s leading economies, and how is this manifested in financial markets?
  • Do the current approaches to coordinating monetary and fiscal policies need to be reconsidered? Should a new synthesis of these two economic regulation tools be sought?
  • Is there a successful strategy for ensuring economic growth in developing economies based on fiscal stimulation in a floating exchange rate and low interest rates environment?
  • Is the possibility of buying government debt securities for national currency a necessary condition for developing countries to ensure the stability of their national currencies or is it a consequence of the currency stability?
  • What are the most probable consequences of a shift in the economic course towards left-wing populist measures?
) [LOCATION] => Array ( [ID] => 54 [TIMESTAMP_X] => 2017-12-20 14:14:00 [IBLOCK_ID] => 18 [NAME] => Место проведения мероприятия [ACTIVE] => Y [SORT] => 30 [CODE] => LOCATION [DEFAULT_VALUE] => [PROPERTY_TYPE] => S [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => N [XML_ID] => 19 [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 0 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => 120062 [VALUE] => Building 5, Floor 3, Red Hall [DESCRIPTION] => [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [~VALUE] => Building 5, Floor 3, Red Hall [~DESCRIPTION] => [~NAME] => Место проведения мероприятия [~DEFAULT_VALUE] => [DISPLAY_VALUE] => Building 5, Floor 3, Red Hall ) [MODERATORS] => Array ( [ID] => 52 [TIMESTAMP_X] => 2017-12-20 14:15:56 [IBLOCK_ID] => 18 [NAME] => Модераторы [ACTIVE] => Y [SORT] => 40 [CODE] => MODERATORS [DEFAULT_VALUE] => [PROPERTY_TYPE] => E [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => Y [XML_ID] => 14 [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 17 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => Array ( [0] => 120061 ) [VALUE] => Array ( [0] => 2541 ) [DESCRIPTION] => Array ( [0] => ) [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [~VALUE] => Array ( [0] => 2541 ) [~DESCRIPTION] => Array ( [0] => ) [~NAME] => Модераторы [~DEFAULT_VALUE] => [DISPLAY_VALUE] => Sergey Drobyshevsky [LINK_ELEMENT_VALUE] => Array ( [2541] => Array ( [ID] => 2541 [~ID] => 2541 [IBLOCK_ID] => 17 [~IBLOCK_ID] => 17 [NAME] => Sergey Drobyshevsky [~NAME] => Sergey Drobyshevsky [DETAIL_PAGE_URL] => /experts/sergey-drobyshevsky/ [~DETAIL_PAGE_URL] => /experts/sergey-drobyshevsky/ [PREVIEW_PICTURE] => 37093 [~PREVIEW_PICTURE] => 37093 [DETAIL_PICTURE] => [~DETAIL_PICTURE] => [SORT] => 500 [~SORT] => 500 [LANG_DIR] => / [~LANG_DIR] => / [CODE] => sergey-drobyshevsky [~CODE] => sergey-drobyshevsky [EXTERNAL_ID] => 2541 [~EXTERNAL_ID] => 2541 [IBLOCK_SECTION_ID] => 168 [~IBLOCK_SECTION_ID] => 168 [IBLOCK_TYPE_ID] => content [~IBLOCK_TYPE_ID] => content [IBLOCK_CODE] => experts [~IBLOCK_CODE] => experts [IBLOCK_EXTERNAL_ID] => 800 [~IBLOCK_EXTERNAL_ID] => 800 [LID] => en [~LID] => en ) ) ) [PARTICIPANTS] => Array ( [ID] => 53 [TIMESTAMP_X] => 2017-12-20 14:16:15 [IBLOCK_ID] => 18 [NAME] => Экперты [ACTIVE] => Y [SORT] => 60 [CODE] => PARTICIPANTS [DEFAULT_VALUE] => [PROPERTY_TYPE] => E [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => Y [XML_ID] => 15 [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 17 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => Array ( [0] => 130976 [1] => 130977 [2] => 131601 ) [VALUE] => Array ( [0] => 2639 [1] => 1205 [2] => 22305 ) [DESCRIPTION] => Array ( [0] => [1] => [2] => ) [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [~VALUE] => Array ( [0] => 2639 [1] => 1205 [2] => 22305 ) [~DESCRIPTION] => Array ( [0] => [1] => [2] => ) [~NAME] => Экперты [~DEFAULT_VALUE] => [DISPLAY_VALUE] => Array ( [0] => Oleg Shibanov [1] => Oleg Vyugin [2] => Oleg Zamulin ) [LINK_ELEMENT_VALUE] => Array ( [2639] => Array ( [ID] => 2639 [~ID] => 2639 [IBLOCK_ID] => 17 [~IBLOCK_ID] => 17 [NAME] => Oleg Shibanov [~NAME] => Oleg Shibanov [DETAIL_PAGE_URL] => /experts/oleg-shibanov/ [~DETAIL_PAGE_URL] => /experts/oleg-shibanov/ [PREVIEW_PICTURE] => 3148 [~PREVIEW_PICTURE] => 3148 [DETAIL_PICTURE] => [~DETAIL_PICTURE] => [SORT] => 500 [~SORT] => 500 [LANG_DIR] => / [~LANG_DIR] => / [CODE] => oleg-shibanov [~CODE] => oleg-shibanov [EXTERNAL_ID] => 2639 [~EXTERNAL_ID] => 2639 [IBLOCK_SECTION_ID] => 168 [~IBLOCK_SECTION_ID] => 168 [IBLOCK_TYPE_ID] => content [~IBLOCK_TYPE_ID] => content [IBLOCK_CODE] => experts [~IBLOCK_CODE] => experts [IBLOCK_EXTERNAL_ID] => 800 [~IBLOCK_EXTERNAL_ID] => 800 [LID] => en [~LID] => en ) [1205] => Array ( [ID] => 1205 [~ID] => 1205 [IBLOCK_ID] => 17 [~IBLOCK_ID] => 17 [NAME] => Oleg Vyugin [~NAME] => Oleg Vyugin [DETAIL_PAGE_URL] => /experts/oleg-vyugin/ [~DETAIL_PAGE_URL] => /experts/oleg-vyugin/ [PREVIEW_PICTURE] => 735 [~PREVIEW_PICTURE] => 735 [DETAIL_PICTURE] => [~DETAIL_PICTURE] => [SORT] => 500 [~SORT] => 500 [LANG_DIR] => / [~LANG_DIR] => / [CODE] => oleg-vyugin [~CODE] => oleg-vyugin [EXTERNAL_ID] => 1205 [~EXTERNAL_ID] => 1205 [IBLOCK_SECTION_ID] => 168 [~IBLOCK_SECTION_ID] => 168 [IBLOCK_TYPE_ID] => content [~IBLOCK_TYPE_ID] => content [IBLOCK_CODE] => experts [~IBLOCK_CODE] => experts [IBLOCK_EXTERNAL_ID] => 800 [~IBLOCK_EXTERNAL_ID] => 800 [LID] => en [~LID] => en ) [22305] => Array ( [ID] => 22305 [~ID] => 22305 [IBLOCK_ID] => 17 [~IBLOCK_ID] => 17 [NAME] => Oleg Zamulin [~NAME] => Oleg Zamulin [DETAIL_PAGE_URL] => /experts/oleg-zamulin/ [~DETAIL_PAGE_URL] => /experts/oleg-zamulin/ [PREVIEW_PICTURE] => [~PREVIEW_PICTURE] => [DETAIL_PICTURE] => [~DETAIL_PICTURE] => [SORT] => 500 [~SORT] => 500 [LANG_DIR] => / [~LANG_DIR] => / [CODE] => oleg-zamulin [~CODE] => oleg-zamulin [EXTERNAL_ID] => 22305 [~EXTERNAL_ID] => 22305 [IBLOCK_SECTION_ID] => 348 [~IBLOCK_SECTION_ID] => 348 [IBLOCK_TYPE_ID] => content [~IBLOCK_TYPE_ID] => content [IBLOCK_CODE] => experts [~IBLOCK_CODE] => experts [IBLOCK_EXTERNAL_ID] => 800 [~IBLOCK_EXTERNAL_ID] => 800 [LID] => en [~LID] => en ) ) ) [MEMBERS] => Array ( [ID] => 69 [TIMESTAMP_X] => 2017-12-20 14:18:19 [IBLOCK_ID] => 18 [NAME] => Участники [ACTIVE] => Y [SORT] => 70 [CODE] => MEMBERS [DEFAULT_VALUE] => [PROPERTY_TYPE] => E [ROW_COUNT] => 1 [COL_COUNT] => 30 [LIST_TYPE] => L [MULTIPLE] => Y [XML_ID] => [FILE_TYPE] => [MULTIPLE_CNT] => 5 [TMP_ID] => [LINK_IBLOCK_ID] => 17 [WITH_DESCRIPTION] => N [SEARCHABLE] => N [FILTRABLE] => N [IS_REQUIRED] => N [VERSION] => 1 [USER_TYPE] => [USER_TYPE_SETTINGS] => [HINT] => [PROPERTY_VALUE_ID] => Array ( [0] => 120063 [1] => 123573 [2] => 123904 ) [VALUE] => Array ( [0] => 21765 [1] => 2545 [2] => 21766 ) [DESCRIPTION] => Array ( [0] => [1] => [2] => ) [VALUE_ENUM] => [VALUE_XML_ID] => [VALUE_SORT] => [~VALUE] => Array ( [0] => 21765 [1] => 2545 [2] => 21766 ) [~DESCRIPTION] => Array ( [0] => [1] => [2] => ) [~NAME] => Участники [~DEFAULT_VALUE] => [DISPLAY_VALUE] => Array ( [0] => James Galbraith [1] => Maksim Oreshkin [2] => Kenneth Rogoff ) [LINK_ELEMENT_VALUE] => Array ( [21765] => Array ( [ID] => 21765 [~ID] => 21765 [IBLOCK_ID] => 17 [~IBLOCK_ID] => 17 [NAME] => James Galbraith [~NAME] => James Galbraith [DETAIL_PAGE_URL] => /experts/james-galbraith/ [~DETAIL_PAGE_URL] => /experts/james-galbraith/ [PREVIEW_PICTURE] => 57534 [~PREVIEW_PICTURE] => 57534 [DETAIL_PICTURE] => [~DETAIL_PICTURE] => [SORT] => 9 [~SORT] => 9 [LANG_DIR] => / [~LANG_DIR] => / [CODE] => james-galbraith [~CODE] => james-galbraith [EXTERNAL_ID] => 21765 [~EXTERNAL_ID] => 21765 [IBLOCK_SECTION_ID] => 348 [~IBLOCK_SECTION_ID] => 348 [IBLOCK_TYPE_ID] => content [~IBLOCK_TYPE_ID] => content [IBLOCK_CODE] => experts [~IBLOCK_CODE] => experts [IBLOCK_EXTERNAL_ID] => 800 [~IBLOCK_EXTERNAL_ID] => 800 [LID] => en [~LID] => en ) [2545] => Array ( [ID] => 2545 [~ID] => 2545 [IBLOCK_ID] => 17 [~IBLOCK_ID] => 17 [NAME] => Maksim Oreshkin [~NAME] => Maksim Oreshkin [DETAIL_PAGE_URL] => /experts/maxim-oreshkin/ [~DETAIL_PAGE_URL] => /experts/maxim-oreshkin/ [PREVIEW_PICTURE] => 57490 [~PREVIEW_PICTURE] => 57490 [DETAIL_PICTURE] => [~DETAIL_PICTURE] => [SORT] => 8 [~SORT] => 8 [LANG_DIR] => / [~LANG_DIR] => / [CODE] => maxim-oreshkin [~CODE] => maxim-oreshkin [EXTERNAL_ID] => 2545 [~EXTERNAL_ID] => 2545 [IBLOCK_SECTION_ID] => 168 [~IBLOCK_SECTION_ID] => 168 [IBLOCK_TYPE_ID] => content [~IBLOCK_TYPE_ID] => content [IBLOCK_CODE] => experts [~IBLOCK_CODE] => experts [IBLOCK_EXTERNAL_ID] => 800 [~IBLOCK_EXTERNAL_ID] => 800 [LID] => en [~LID] => en ) [21766] => Array ( [ID] => 21766 [~ID] => 21766 [IBLOCK_ID] => 17 [~IBLOCK_ID] => 17 [NAME] => Kenneth Rogoff [~NAME] => Kenneth Rogoff [DETAIL_PAGE_URL] => /experts/kenneth-rogoff/ [~DETAIL_PAGE_URL] => /experts/kenneth-rogoff/ [PREVIEW_PICTURE] => 57489 [~PREVIEW_PICTURE] => 57489 [DETAIL_PICTURE] => [~DETAIL_PICTURE] => [SORT] => 7 [~SORT] => 7 [LANG_DIR] => / [~LANG_DIR] => / [CODE] => kenneth-rogoff [~CODE] => kenneth-rogoff [EXTERNAL_ID] => 21766 [~EXTERNAL_ID] => 21766 [IBLOCK_SECTION_ID] => 348 [~IBLOCK_SECTION_ID] => 348 [IBLOCK_TYPE_ID] => content [~IBLOCK_TYPE_ID] => content [IBLOCK_CODE] => experts [~IBLOCK_CODE] => experts [IBLOCK_EXTERNAL_ID] => 800 [~IBLOCK_EXTERNAL_ID] => 800 [LID] => en [~LID] => en ) ) ) ) [IBLOCK] => Array ( [ID] => 18 [~ID] => 18 [TIMESTAMP_X] => 01/16/2020 12:52:35 pm [~TIMESTAMP_X] => 01/16/2020 12:52:35 pm [IBLOCK_TYPE_ID] => content [~IBLOCK_TYPE_ID] => content [LID] => en [~LID] => en [CODE] => program [~CODE] => program [NAME] => Forum program [~NAME] => Forum program [ACTIVE] => Y [~ACTIVE] => Y [SORT] => 9000 [~SORT] => 9000 [LIST_PAGE_URL] => /program/ [~LIST_PAGE_URL] => /program/ [DETAIL_PAGE_URL] => #SITE_DIR#/program/#SECTION_CODE_PATH#/#ELEMENT_CODE#/ [~DETAIL_PAGE_URL] => #SITE_DIR#/program/#SECTION_CODE_PATH#/#ELEMENT_CODE#/ [SECTION_PAGE_URL] => #SITE_DIR#/program/#SECTION_CODE_PATH#/ [~SECTION_PAGE_URL] => #SITE_DIR#/program/#SECTION_CODE_PATH#/ [CANONICAL_PAGE_URL] => [~CANONICAL_PAGE_URL] => [PICTURE] => [~PICTURE] => [DESCRIPTION] => [~DESCRIPTION] => [DESCRIPTION_TYPE] => text [~DESCRIPTION_TYPE] => text [RSS_TTL] => 24 [~RSS_TTL] => 24 [RSS_ACTIVE] => Y [~RSS_ACTIVE] => Y [RSS_FILE_ACTIVE] => N [~RSS_FILE_ACTIVE] => N [RSS_FILE_LIMIT] => [~RSS_FILE_LIMIT] => [RSS_FILE_DAYS] => [~RSS_FILE_DAYS] => [RSS_YANDEX_ACTIVE] => N [~RSS_YANDEX_ACTIVE] => N [XML_ID] => 900 [~XML_ID] => 900 [TMP_ID] => cd00f8d356e8ae6a7d709487233896c1 [~TMP_ID] => cd00f8d356e8ae6a7d709487233896c1 [INDEX_ELEMENT] => Y [~INDEX_ELEMENT] => Y [INDEX_SECTION] => Y [~INDEX_SECTION] => Y [WORKFLOW] => N [~WORKFLOW] => N [BIZPROC] => N [~BIZPROC] => N [SECTION_CHOOSER] => L [~SECTION_CHOOSER] => L [LIST_MODE] => [~LIST_MODE] => [RIGHTS_MODE] => S [~RIGHTS_MODE] => S [SECTION_PROPERTY] => N [~SECTION_PROPERTY] => N [PROPERTY_INDEX] => N [~PROPERTY_INDEX] => N [VERSION] => 1 [~VERSION] => 1 [LAST_CONV_ELEMENT] => 0 [~LAST_CONV_ELEMENT] => 0 [SOCNET_GROUP_ID] => [~SOCNET_GROUP_ID] => [EDIT_FILE_BEFORE] => [~EDIT_FILE_BEFORE] => [EDIT_FILE_AFTER] => [~EDIT_FILE_AFTER] => [SECTIONS_NAME] => Разделы [~SECTIONS_NAME] => Разделы [SECTION_NAME] => Раздел [~SECTION_NAME] => Раздел [ELEMENTS_NAME] => Элементы [~ELEMENTS_NAME] => Элементы [ELEMENT_NAME] => Элемент [~ELEMENT_NAME] => Элемент [EXTERNAL_ID] => 900 [~EXTERNAL_ID] => 900 [LANG_DIR] => / [~LANG_DIR] => / [SERVER_NAME] => en.gaidarforum.ru [~SERVER_NAME] => en.gaidarforum.ru ) [SECTION] => Array ( [PATH] => Array ( ) ) [SECTION_URL] => [META_TAGS] => Array ( [TITLE] => MODERN MONETARY THEORY: A NEW OUTLOOK [ELEMENT_CHAIN] => MODERN MONETARY THEORY: A NEW OUTLOOK [BROWSER_TITLE] => [KEYWORDS] => [DESCRIPTION] => ) [EXPERTSTYPES] => Array ( [0] => OPENINGS [1] => SAY_HIS [2] => MODERATORS [3] => KEYREPORT_MODERATOR [4] => KEYREPORTS [5] => KEYREPORT2S [6] => SPEAKERS [7] => SPEECH [8] => PRESENTATIONS [9] => MEMBERS [10] => PARTICIPANTS [11] => MEMBERS_AND_EXPERTS [12] => DISCUSS_MEMBERS [13] => AUTHORS [14] => LECTORS ) [DATE_EVENT] => January 15, 2020 [START_TIME] => 09:30 [END_TIME] => 11:00 [TIME_EVENT] => January 15 [OGDESC] =>

Over the past 10 years, developed economies have been struggling to regain the pace of growth that preceded the global financial crisis of 2008–2009. Their growing state budget deficits have provoked a noticeable increase in their sovereign debts, while inflation and interest rates remained at a low level. The US Federal Reserve, the ECB, the Bank of England, and the Bank of Japan implemented the so-called quantitative easing programs – ultra-soft monetary policies that increased the asset side of their balance sheets by several times, but failed to entail a proportional increase in the money supply. That seemingly exhausted the available incentive measures. And yet, despite the extraordinary monetary easing, inflation remained at a level below target.

Currently, the media and the expert community are vigorously debating the so-called Modern Monetary Theory (MMT), which justifies the application of intensive fiscal stimuli while the monetary authorities keep the rates low.

The wide discussion of this concept suggests there is a demand for an alternative economic policy that would ensure economic growth in the current macroeconomic conditions. Can these sentiments encourage countries to adopt less responsible macroeconomic policies?

)