Summary Vol. 14, No. 3 | September 2005

Summary Fall 2005

In a new Policy Note, Distinguished Scholar Wynne Godley observes that the state of aggregate demand in the United States is precariously based, as private debt and borrowing cannot continue to provide the motor for expansion for more than a couple of years, particularly if interest rates continue to rise. The risk is a return to recession, Godley says, and there is no remedy this time in the shape of a fiscal expansion.





Program: The State of the US and World Economies, and Strategic Analysis

  • WYNNE GODLEY, Imbalances Looking for a Policy
  • WYNNE GODLEY, Some Unpleasant American Arithmetic

Program: Distribution of Income and Wealth, and the LIMEW

  • EDWARD N. WOLFF, AJIT ZACHARIAS, and HYUNSUB KUM, Interim Report 2005:The Effects of Government Deficits and the 2001–02 Recession on Well-Being
  • EDWARD N. WOLFF, Is the Equalizing Effect of Retirement Wealth Wearing Off?

Program: Gender Equality and the Economy

  • STEPHANIE SEGUINO, Gender Inequality in a Globalizing World

Program: Economic Policy for the 21st Century

  • CONFERENCE: The 15th Annual Hyman P.Minsky Conference, “Economic Imbalance: Fiscal and Monetary Policy for Sustainable Growth”

Financial Markets and Monetary Policy

  • KORKUT A. ERTÜRK, Is the Dollar at Risk?
  • STEPHANIE SEGUINO, Is More Mobility Good?: Firm Mobility and the Low Wage–Low Productivity Trap
  • KORKUT A. ERTÜRK, Macroeconomics of Speculation
  • JÖRG BIBOW, Refocusing the ECB on Output Stabilization and Growth through Inflation Targeting?
  • JÖRG BIBOW, Liquidity Preference Theory Revisited: To Ditch or to Build On It?
  • JÖRG BIBOW, Europe's Quest for Monetary Stability: Central Banking Gone Astray

Federal Budget Policy

  • PANOS KONSTAS, FDIC-Sponsored Self-Insured Depositors: Using Insurance to Gain Market Discipline and Lower the Cost of Bank Funding

Explorations in Theory and Empirical Analysis

  • CLAUDIO H. DOS SANTOS and GENNARO ZEZZA, A Simplified Stock-Flow Consistent Post-Keynesian Growth Model
  • GREG HANNSGEN, The Disutility of International Debt: Analytical Results and Methodological Implications


  • New Program Codirector and Senior Scholar
  • New Research Scholar and New Research Associate
  • United Nations Development Programme and Levy Institute Partnership
  • Upcoming Event: Conference, “Time Use and Economic Well-Being,” October 28–29
  • Levy Institute Awarded Grant from Smith Richardson Foundation, Inc.


  • Publications and Presentations by Levy Institute Scholars
  • Recent Levy Institute Publications
W. Ray Towle

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