Summary Fall 2000

New Policy Notes summarized in this issue argue that the interest policy pursued by the Federal Reserve is theoretically and empirically unjustifiable (L. Randall Wray, “Why Does the Fed Want Slower Growth?”), and that the current expansion in the United States is in serious danger without appropriate changes in fiscal and exchange rate policies (Wynne Godley, “Drowning in Debt”).

Contents: Conference on Saving, Intergenerational Transfers, and the Distribution of Wealth · Workshop on Earnings Inequality · New Working Paper topics include: Can European Banks Survive a Unified Currency? · Why Does the Fed Want Slower Growth? · Drowning In Debt · Kaleckian Models of Growth in a Stock-Flow Monetary Framework · New Policy Notes: Why Does the Fed Want Slower Growth? · Drowning in Debt