Report Vol. 21, No. 3 | October 2011

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.


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


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


  • 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?


  • 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


  • 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 by Levy Institute Scholars
  • Recent Levy Institute Publications
W. Ray Towle Michael Stephens

Publication Highlight

One-Pager No. 69
Time to Celebrate Modern Money Theory?
Author(s): Yeva Nersisyan, L. Randall Wray
February 2022

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