Summary Fall 2011

In this issue, papers focus on the prospects for US economic growth, including jobs programs and other public-sector initiatives; the euro and sovereign-debt crises in the eurozone, as well as global economic tensions between emerging market and industrialized economies; the nature of global finance and its role in real world economies; the impact of government fiscal policy on economic recovery; estimating the Levy Institute Measure of Economic Well-Being for Great Britain, France, and Canada; and the potential role of social care delivery in generating economy-wide employment outcomes.

INSTITUTE RESEARCH

Program: The State of the US and World Economies

Strategic Analysis

• DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and GENNARO ZEZZA, Jobless Recovery Is No Recovery: Prospects for the US Economy
• GREG HANNSGEN and DIMITRI B. PAPADIMITRIOU, Will the Recovery Continue? Four Fragile Markets, Four Years Later
• JAMES K. GALBRAITH, Is the Federal Debt Unsustainable?
• YANIS VAROUFAKIS and STUART HOLLAND, A Modest Proposal for Overcoming the Euro Crisis
• MICHAEL HUDSON, What Does Norway Get Out Of Its Oil Fund, if Not More Strategic Infrastructure Investment?
• JULIO LÓPEZ-GALLARDO and LUIS REYES-ORTIZ, Effective Demand in the Recent Evolution of the US Economy
• THOMAS I. PALLEY, The Rise and Fall of Export-led Growth
• NATHAN PERRY and MATÍAS VERNENGO, What Ended the Great Depression? Reevaluating the Role of Fiscal Policy

Program: Monetary Policy and Financial Structure

• JAN KREGEL, 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?
• L. RANDALL WRAY, Financial Keynesianism and Market Instability
• ÉRIC TYMOIGNE, Measuring Macroprudential Risk: Financial Fragility Indexes
• L. RANDALL WRAY, A Minskyan Road to Financial Reform
• L. RANDALL WRAY, Money in Finance
• L. RANDALL WRAY, Keynes after 75 Years: Rethinking Money as a Public Monopoly
• L. RANDALL WRAY, Minsky Crisis
• JÖRG BIBOW, Financial Markets
• L. RANDALL WRAY, Minsky’s Money Manager Capitalism and the Global Financial Crisis
• L. RANDALL WRAY, The Financial Crisis Viewed from the Perspective of the "Social Costs" Theory
• PEDRO LEAO and ALFONSO PALACIO-VERA, Can Portugal Escape Stagnation without Opting Out from the Eurozone?
• DIRK J. BEZEMER, Causes of Financial Instability: Don’t Forget Finance
• DAVID FIELDS and MATÍAS VERNENGO, Hegemonic Currencies during the Crisis: The Dollar versus the Euro in a Cartalist Perspective
• GARY A. DYMSKI, JESUS HERNANDEZ, and LISA MOHANTY, Race, Power, and the Subprime/Foreclosure Crisis: A Mesoanalysis
• CHRISTINE SINAPI, Institutional Prerequisites of Financial Fragility within Minsky’s Financial Instability Hypothesis: A Proposal in Terms of "Institutional Fragility"

Program: The Distribution of Income and Wealth

Levy Institute Measure of Economic Well-Being

• THOMAS MASTERSON, Quality of Match for Statistical Matches Used in the 1995 and 2005 LIMEW Estimates for Great Britain
• SELÇUK EREN, THOMAS MASTERSON, EDWARD WOLFF, and AJIT ZACHARIAS, The Levy Institute Measure of Economic Well-Being, Great Britain, 1995 and 2005
• THOMAS MASTERSON, Quality of Match for Statistical Matches Used in the 1989 and 2000 LIMEW Estimates for France
• THOMAS MASTERSON, AJIT ZACHARIAS, SELÇUK EREN, and EDWARD N. WOLFF, The Levy Institute Measure of Economic Well-Being, France, 1989 and 2000
• ANDREW SHARPE, ALEXANDER MURRAY, BENJAMIN EVANS, and ELSPETH HAZELL, The Levy Institute Measure of Economic Well-Being: Estimates for Canada, 1999 and 2005

Program: Employment Policy and Labor Markets

• MATHEW FORSTATER, The Freedom Budget at 45: Functional Finance and Full Employment
• RANIA ANTONOPOULOS and KIJONG KIM, Public Job-creation Programs: The Economic Benefits of Investing in Social Care: Case Studies in South Africa and the United States

Program: Economic Policy for the 21st Century

Explorations in Theory and Empirical Analysis

• L. RANDALL WRAY, The Dismal State of Macroeconomics and the Opportunity for a New Beginning
• ARNELYN ABDON and JESUS FELIPE, The Product Space: What Does It Say About the Opportunities for Growth and Structural Transformation of Sub-Saharan Africa?
• NAZIM KADRI EKINCI, Income Distribution in a Monetary Economy: A Ricardo-Keynes Synthesis
• SUNANDA SEN, The Global Crisis and the Remedial Actions: A Nonmainstream Perspective

INSTITUTE NEWS

• 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

• Publications and Presentations by Levy Institute Scholars