Report Vol. 22, No. 1 | January 2012

Report January 2012

Papers highlighted in the January issue include a new Strategic Analysis that justifies fears of prolonged stagnation and flat employment, proposals to resolve problems in the eurozone, recommendations for avoiding another global financial crisis, the Levy Institute Measure of Time and Income Poverty, gender inequalities in work time, and the economic impact of legalizing undocumented immigrants in the United States.


  • Is the Recovery Sustainable?


  • Waiting for the Next Crash: The Minskyan Lessons We Failed to Learn Debtors’ Crisis or Creditors’ Crisis? Who Pays for the European Sovereign and Subprime Mortgage Losses?


  • Resolving the Eurozone Crisis—without Debt Buyouts, National Guarantees, Mutual Insurance, or Fiscal Transfers
  • Toward a Workable Solution for the Eurozone


  • Lessons We Should Have Learned from the Global Financial Crisis but Didn’t
  • Infinite-variance, Alpha-stable Shocks in Monetary SVAR: Final Working-Paper Version
  • Permanent and Selective Capital Account Management Regimes as an Alternative to Self-Insurance Strategies in Emerging-market Economies
  • Central Banking in an Era of Quantitative Easing
  • Quantitative Easing, Functional Finance, and the “Neutral” Interest Rate
  • Estimating the Impact of the Recent Economic Crisis on Work Time in Turkey
  • Access to Markets and Farm Efficiency: A Study of Rice Farms in the Bicol Region, Philippines
  • An Unblinking Glance at a National Catastrophe and the Potential Dissolution of the Eurozone: Greece’s Debt Crisis in Context
  • Effects of Legal and Unauthorized Immigration on the US Social Security System
  • The Measurement of Time and Income Poverty
  • Unpaid and Paid Care: The Effects of Child Care and Elder Care on the Standard of Living
  • Quality of Match for Statistical Matches Used in the Development of the Levy Institute Measure of Time and Income Poverty (LIMTIP) for Argentina, Chile, and Mexico
  • Euroland in Crisis as the Global Meltdown Picks Up Speed
  • Reducing Economic Imbalances in the Euro Area
  • Orthodox versus Heterodox (Minskyan) Perspectives of Financial Crises: Explosion in the 1990s versus Implosion in the 2000s
  • Time Use of Mothers and Fathers in Hard Times and Better Times: The US Business Cycle of 2003–10
  • Distribution and Growth: A Dynamic Kaleckian Approach


  • Upcoming Event: 21st Annual Hyman P. Minsky Conference, April 11–12, 2012
  • Upcoming Event: The Hyman P. Minsky Summer Seminar, June 16–24, 2012
  • Levy Institute Launches Greek Website
  • 1967 Census of the West Bank and Gaza Strip Now Available Online
  • New Research Associate and Policy Fellow
  • New Research Associate


  • Publications and Presentations by Levy Institute Scholars
Michael Stephens

Publication Highlight

Working Paper No. 1050
Macroeconomic Effects of a Government Overdraft on Its Central Bank Account
Author(s): Tarron Khemraj
May 2024

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