12th Annual Hyman P. Minsky Conference on Financial Markets

Recession and Recovery: Economic Policy in Uncertain Times

At the 12th annual Minsky conference, held at the Roosevelt Hotel in New York City on April 25, 2002, 100 participants from government, business, and the academy gathered to discuss the current state of the United States' economy and its future direction. Many of the speakers advanced the notion that the recession was over, that it was one of the mildest on record, and that a moderate economic recovery was unfolding. Others, including Distinguished Scholar Wynne Godley, expressed doubts, pointing to a number of challenges ahead—for example, record-high private sector debt, waning profits, high financial leverages, outlandishly flexible accounting, current account deficits, and the bubble mentality. Finally, some presenters noted the strong underlying structure of the US economy and pro-growth economic policies that mitigated the impact of a number of shocks over a short period of time.

These proceedings were published as part of the June 2002 Report.

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