Report July 2008

This issue of the Report  highlights the Institute’s annual Minsky conference, which this year focused on credit, markets, and the real economy, and the fiscal policies needed to counter recession. A new Strategic Analysis argues in favor of a fiscal stimulus much larger than the $150 million currently allocated, and that it should apply over a longer period—especially if the slowdown proves longer than expected.

Contents:

CONFERENCE

• 17th Annual Hyman P. Minsky Conference on the State of the US and World Economies:
  Credit, Markets, and the Real Economy: Is the Financial System Working?

NEW STRATEGIC ANALYSIS

• Fiscal Stimulus: Is More Needed?

NEW PUBLIC POLICY BRIEF

• Financial Markets Meltdown: What Can We Learn from Minsky?

NEW WORKING PAPERS

• Can Robbery and Other Theft Help Explain the Textbook Currency-demand Puzzle? Two Dreadful Models of Money Demand with an Endogenous Probability of Crime
• Changes in the US Financial System and the Subprime Crisis
• The International Monetary (Non-)Order and the “Global Capital Flows Paradox”
• Old Wine in a New Bottle: Subprime Mortgage Crisis—Causes and Consequences
• The Discrete Charm of the Washington Consensus
• Argentina: A Case Study on the Plan Jefes y Jefas de Hogar Desocupados,
  or the Employment Road to Economic Recovery
• Statistical Matching Using Propensity Scores: Theory and Application to
  the Levy Institute Measure of Economic Well-Being

PUBLICATIONS AND PRESENTATIONS

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