Summary Vol. 20, No. 3 | September 2011

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.


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


  • 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 by Levy Institute Scholars
W. Ray Towle

Publication Highlight

Public Policy Brief No. 154
Another Bretton Woods Reform Moment
Let Us Look Seriously at the Clearing Union
Author(s): Jan Kregel
February 2021

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