Report January 2008

A new Strategic Analysis by the Levy Institute’s Macro-Modeling Team reviews the domestic economy and where things might be headed. It argues that a significant drop in borrowing is likely to take place in the coming quarters unless the dollar is allowed to continue its fall and thus complete the recovery in the external imbalance, and fiscal policy shifts its course—as it did in the 2001 recession.

Contents:

NEW STRATEGIC ANALYSIS

• The US Economy: Is There a Way Out of the Woods?

NEW PUBLIC POLICY BRIEFS

• Globalization and the Changing Trade Debate: Suggestions for a New Agenda
• The US Credit Crunch of 2007: A Minsky Moment

NEW WORKING PAPERS

• Endogenous Money: Structuralist and Horizontalist
• Inequality of Life Chances and the Measurement of Social Immobility
• The Continuing Legacy of John Maynard Keynes
• Minsky’s Approach to Employment Policy and Poverty: Employer of Last Resort and the War on Poverty
• The Right to a Job, the Right Types of Projects: Employment Guarantee Policies from a Gender Perspective
• What Are the Relative Macroeconomic Merits and Environmental Impacts of Direct Job Creation and Basic Income Guarantees?
• Fiscal Deficit, Capital Formation, and Crowding Out in India: Evidence from an Asymmetric VAR Model

LEVY INSTITUTE NEWS

• Workshop: International Comparisons of Well-Being

PUBLICATIONS AND PRESENTATIONS

• Publications and Presentations by Levy Institute Scholars
• Recent Levy Institute Publications