Report October 2011

In this issue of the Report, papers focus on the prospects for US economic growth, including public-sector job initiatives; the eurozone’s sovereign-debt crisis; economic tensions between emerging market and industrialized economies; the role of global finance in real-world economies; the impact of fiscal policy on economic recovery; and estimating the Levy Institute Measure of Economic Well-Being for Great Britain, France, and Canada.

NEW STRATEGIC ANALYSIS

• Jobless Recovery Is No Recovery: Prospects for the US Economy

NEW PUBLIC POLICY BRIEFS

• Will the Recovery Continue? Four Fragile Markets, Four Years Later
• The Contradictions of Export-led Growth

NEW POLICY NOTES

• Is the Federal Debt Unsustainable?
• A Modest Proposal for Overcoming the Euro Crisis
• Was Keynes’s Monetary Policy, à Outrance in the Treatise, a Forerunner of ZIRP and QE? Did He Change His Mind in the General Theory?

NEW WORKING PAPERS

• The Dismal State of Macroeconomics and the Opportunity for a New Beginning
• Financial Keynesianism and Market Instability
• Measuring Macroprudential Risk: Financial Fragility Indexes
• A Minskyan Road to Financial Reform
• Money in Finance
• What Does Norway Get Out Of Its Oil Fund, if Not More Strategic Infrastructure Investment?
• Keynes after 75 Years: Rethinking Money as a Public Monopoly
• Minsky Crisis
• Financial Markets
• Minsky’s Money Manager Capitalism and the Global Financial Crisis
• The Financial Crisis Viewed from the Perspective of the “Social Costs” Theory
• Quality of Match for Statistical Matches Used in the 1995 and 2005 LIMEW Estimates for Great Britain
• Can Portugal Escape Stagnation without Opting Out from the Eurozone?
• Causes of Financial Instability: Don’t Forget Finance
• Hegemonic Currencies during the Crisis: The Dollar versus the Euro in a Cartalist Perspective
• The Levy Institute Measure of Economic Well-Being, Great Britain, 1995 and 2005
• The Freedom Budget at 45: Functional Finance and Full Employment
• Race, Power, and the Subprime/Foreclosure Crisis: A Mesoanalysis
• The Product Space: What Does It Say About the Opportunities for Growth and Structural Transformation of Sub-Saharan Africa?
• Public Job-creation Programs: The Economic Benefits of Investing in Social Care: Case Studies in South Africa and the United States
• Income Distribution in a Monetary Economy: A Ricardo-Keynes Synthesis
• Effective Demand in the Recent Evolution of the US Economy
• Institutional Prerequisites of Financial Fragility within Minsky’s Financial Instability Hypothesis: A Proposal in Terms of “Institutional Fragility”
• The Rise and Fall of Export-led Growth
• Quality of Match for Statistical Matches Used in the 1989 and 2000 LIMEW Estimates for France
• The Global Crisis and the Remedial Actions: A Nonmainstream Perspective
• What Ended the Great Depression? Reevaluating the Role of Fiscal Policy
• The Levy Institute Measure of Economic Well-Being, France, 1989 and 2000
• The Levy Institute Measure of Economic Well-Being, Estimates for Canada, 1999 and 2005

INSTITUTE NEWS

• 20th Annual Hyman P. Minsky Conference: Financial Reform and the Real Economy
• The Wynne Godley Memorial Conference: Contributions in Stock-flow Modeling
• The Hyman P. Minsky Summer Seminar
• New Research Associate
• New Senior Editor and Policy Fellow

PUBLICATIONS AND PRESENTATIONS

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