Summary Vol. 18, No. 3 | September 2009

Summary Fall 2009

The Fall Summary leads off with an overview of the Institute’s annual Minsky conference, which this year focused on the extraordinary challenges posed by the global financial crisis. Also in this issue: a new Strategic Analysis outlines how increased deficits and their impact on private sector balance sheets will help stabilize the domestic economy.


Program: The State of the US and World Economies
    Meeting the Challenges of Financial Crisis
  • Strategic Analysis
    DIMITRI B. PAPADIMITRIOU and GREG HANNSGEN, Recent Rise in Federal Government and Federal Reserve Liabilities: Antidote to a Speculative Hangover
  • MARSHALL AUERBACK, The Return of the State: The New Investment Paradigm
  • CLAUDIO H. DOS SANTOS and ANTONIO CARLOS MACEDO E SILVA, Revisiting (and Connecting) Marglin-Bhaduri and Minsky: An SFC Look at Financialization and Profit-led Growth
  • GENNARO ZEZZA, Fiscal Policy and the Economics of Financial Balances

Program: Monetary Policy and Financial Structure

  • JAMES K. GALBRAITH, A “People First” Strategy: Credit Cannot Flow When There Are No Creditworthy Borrowers or Profitable Projects
  • JAN KREGEL, It’s That “Vision” Thing: Why the Bailouts Aren’t Working, and Why a New Financial System Is Needed
  • PHILIP ARESTIS and ELIAS KARAKITSOS, What Role for Central Banks in View of the Current Crisis?
  • ELIAS KARAKITSOS, An Assessment of the Credit Crisis Solutions
  • JAN TOPOROWSKI, “Enforced Indebtedness” and Capital Adequacy Requirements
  • JAN KREGEL, Some Simple Observations on the Reform of the International Monetary System
  • JAN KREGEL, Background Considerations to a Regulation of the US Financial System: Third Time a Charm? Or Strike Three?
  • JAN KREGEL, Managing the Impact of Volatility in International Capital Markets in an Uncertain World

Program: The Distribution of Income and Wealth

  • Special Report
    AJIT ZACHARIAS, THOMAS MASTERSON, and KIJONG KIM, Who Gains from President Obama’s Stimulus Package … And How Much?
  • AJIT ZACHARIAS, THOMAS MASTERSON, and KIJONG KIM, Distributional Impact of the American Recovery and Reinvestment Act: A Microsimulation Approach

Levy Institute Measure of Economic Well-Being

  • AJIT ZACHARIAS, EDWARD N. WOLFF, and THOMAS MASTERSON, New Estimates of Economic Inequality in America, 1959–2004
  • AJIT ZACHARIAS, and VAMSI VAKULABHARANAM, Caste and Wealth Inequality in India

Program: Gender Equality and the Economy

  • RANIA ANTONOPOULOS, Promoting Gender Equality through Stimulus Packages and Public Job Creation: Lessons Learned from South Africa’s Expanded Public Works Programme
  • RANIA ANTONOPOULOS, The Current Economic and Financial Crisis: A Gender Perspective
  • RANIA ANTONOPOULOS and TAUN TOAY, From Unpaid to Paid Care Work: The Macroeconomic Implications of HIV and AIDS on Women’s Time-tax Burdens

Program: Employment Policy and Labor Markets

  • Conference: Employment Guarantee Policies: Responding to the Current Economic Crisis and Contributing to Long-Term Development
  • MARTIN SHUBIK, A Crisis in Coordination and Competence
  • MARTIN SHUBIK, A Proposal for a Federal Employment Reserve Authority
  • SERGIO DESTAFANIS and GIUSEPPE MASTROMATTEO, Labor-market Performance in the OECD: An Assessment of Recent Evidence
  • L. RANDALL WRAY, The Social and Economic Importance of Full Employment

Program: Immigration, Ethnicity, and Social Structure

  • SANJAYA DESILVA and YUVAL ELMELECH, Housing Inequality in the United States: A Decomposition Analysis of Racial and Ethnic Disparities in Homeownership

Program: Economic Policy for the 21st Century

  • MARTIN SHUBIK, The “Unintended Consequences” Game
  • GIUSEPPE FONTANA, Whither New Consensus Macroeconomics? The Role of Government and Fiscal Policy in Modern Macroeconomics
  • PHILIP ARESTIS, New Consensus Macroeconomics: A Critical Appraisal


  • Conference: Gender and the Global Economic Crisis
  • New Program Director
  • New Research Associates


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

Publication Highlight

Research Project Reports
The Macroeconomic Effects of Student Debt Cancellation
Author(s): Scott Fullwiler, Stephanie A. Kelton, Catherine Ruetschlin, Marshall Steinbaum
February 2018

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