Report June 2003

This issue provides an overview of the Institute’s Annual Hyman P. Minsky Conference, the focus of which was the formulation of economic policy for sustainable growth; topices included the effects of low interest rates and the reemergence of budget deficits, the implications of ongoing current account deficits, and the potential for deflation in the American economy in the near future.

Contents: 13th Annual Hyman P. Minsky Conference on the State of the US and World Economies: Economic Policy for Sustainable Growth * New Working Paper topics include: How Far Can US Equity Prices Fall under Asset and Debt Deflation?; On the Effectiveness of Monetary Policy and Fiscal Policy; Testing for Financial Contagion between Developed and Emerging Markets during the 1997 East Asian Crisis; Credibility of Monetary Policy in Four Accession Countries: A Markov Regime-Switching Approach; The Levy Institute Measure of Economic Well-Being; Does Trade Promote Gender Wage Equity? Evidence from East Asia; and The Nature and Role of Monetary Policy When Money Is Endogenous * New Strategic Analysis: The US Economy: A Changing Strategic Predicament * Levy Institute News: Leon Levy-In Memoriam; New Research Associate