Summary Vol. 19, No. 3 | September 2010

Summary Fall 2010

The Fall Summary provides an overview of the annual Minsky Conference, which was held in April in New York City with support from the Ford Foundation. Titled “After the Crisis: Planning a New Financial Structure,” the conference focused on many Minskyan themes, including the reconstitution of the financial structure, the reregulation and supervision of financial institutions, the moral hazard of the “too big to fail” doctrine, and the economics of the “big bank” and “big government.” In addition, participants considered central bank exit strategies. A related policy note asserts that the late Wynne Godley’s financial balances approach should be the workhorse of discussions on global rebalancing.


Program: The State of the US and World Economies

  • After the Crisis: Planning a New Financial Structure
  • JAMES K. GALBRAITH, The Great Crisis and the American Response
  • DIMITRI B. PAPADIMITRIOU, L. RANDALL WRAY, and YEVA NERSISYAN, Endgame for the Euro? Without Major Restructuring, the Eurozone Is Doomed
  • DIMITRI B. PAPADIMITRIOU and GREG HANNSGEN, Debts, Deficits, Economic Recovery, and the US Government
  • PAUL MCCULLEY, Global Central Bank Focus: Facts on the Ground
  • JÖRG BIBOW, Global Imbalances, the US Dollar, and How the Crisis at the Core of Global Finance Spread to “Self-Insuring” Emerging Market Economies
  • CLAUDIO H. DOS SANTOS and ANTONIO C. MACEDO E SILVA, Revisiting “New Cambridge”: The Three Financial Balances in a General Stock-flow Consistent Applied Modeling Strategy
  • G. E. KRIMPAS, The Recycling Problem in a Currency Union
  • JÖRG BIBOW, Bretton Woods 2 Is Dead, Long Live Bretton Woods 3?
  • YEVA NERSISYAN and L. RANDALL WRAY, Does Excessive Sovereign Debt Really Hurt Growth? A Critique of This Time Is Different, by Reinhart and Rogoff

Program: Monetary Policy and Financial Structure

  • YEVA NERSISYAN and L. RANDALL WRAY, Deficit Hysteria Redux? Why We Should Stop Worrying about US Government Deficits
  • LUIZ CARLOS BRESSER-PEREIRA, The Global Financial Crisis and a New Capitalism?
  • AMIT BHADURI, A Contribution to the Theory of Financial Fragility and Crisis
  • BERNARD SHULL, Too Big to Fail in Financial Crisis: Motives, Countermeasures, and Prospects
  • JAN KREGEL, Fiscal Responsibility: What Exactly Does It Mean?
  • GARY A. DYMSKI, Three Futures for Postcrisis Banking in the Americas: The Financial Trilemma and the Wall Street Complex
  • ÉRIC TYMOIGNE, Detecting Ponzi Finance: An Evolutionary Approach to the Measure of Financial Fragility

Program: Gender Equality and the Economy

  • LEKHA S. CHAKRABORTY, Determining Gender Equity in Fiscal Federalism: Analytical Issues and Empirical Evidence from India
  • FATMA GÜL ÜNAL, MIRJANA DOKMANOVIC, and RAFIS ABAZOV, The Economic and Financial Crises in CEE and CIS: Gender Perspectives and Policy Choices
  • RANIA ANTONOPOULOS and EMEL MEMIS, Time and Poverty from a Developing Country Perspective

Program: Employment Policy and Labor Markets

  • CHARLES J. WHALEN, Economic Policy for the Real World

Program: Immigration, Ethnicity, and Social Structure

  • SANJAYA DESILVA, ANH PHAM, and MICHAEL SMITH, Racial Preferences in a Small Urban Housing Market: A Spatial Econometric Analysis of Microneighborhoods in Kingston, New York

Program: Economic Policy for the 21st Century

Explorations in Theory and Empirical Analysis
•  GREG HANNSGEN, Infinite-variance, Alpha-stable Shocks in Monetary SVAR


  • The Hyman P. Minsky Summer Seminar and Conference, June 19–29, 2010
  • Upcoming Event: The 2011 Hyman P. Minsky Summer Seminar
  • New Research Associate


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

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