Summary Vol. 22, No. 3 | October 2013

Summary Fall 2013

This issue of the Summary begins with a new Strategic Analysis for Greece, as well as several publications that address the impacts of austerity in the eurozone and Germany’s complicated role in the creation and ongoing consequences of the euro crisis. Other publications address the global financial crisis, including issues of financial regulatory reform and the lessons to be drawn from the Cypriot deposit tax proposal. Turning to the United States, the issue includes a critical analysis of employment trends as well as papers on the source of US inflation moderation, the current unprecedented level of excess reserves, and the actions taken by the Federal Reserve during and following the crisis. Research on the opportunities for more effective social protection policies and analyses of the gender wage gap and the added worker effect in Georgia are also presented. The Summary concludes with an analysis of the factors driving housing markets and a discussion of the nature and role of shocks in heterodox models.


Program: The State of the US and World Economies

  • DIMITRI B. PAPADIMITRIOU, MICHALIS NIKIFOROS, and GENNARO ZEZZA, The Greek Economic Crisis and the Experience of Austerity: A Strategic Analysis
  • C. J. POLYCHRONIOU, Toward a Post-Keynesian Political Economy for the 21st Century: General Reflections and Considerations on an Era Ripe for Change
  • MICHALIS NIKIFOROS, Employment Recovery(?) after the Great Recession
  • C. J. POLYCHRONIOU, The New Rome: The EU and the Pillage of the Indebted Countries
  • GERARDO FUJII-GAMBERO and ROSARIO CERVANTES-MARTÍNEZ, Indirect Domestic Value Added in Mexico’s Manufacturing Exports, by Origin and Destination Sector
  • JÖRG BIBOW, On the Franco-German Euro Contradiction and Ultimate Euro Battleground
  • JÖRG BIBOW, Germany and the Euroland Crisis: The Making of a Vulnerable Haven

Program: Monetary Policy and Financial Structure

  • L. RANDALL WRAY, The Lender of Last Resort: A Critical Analysis of the Federal Reserve’s Unprecedented Intervention after 2007
  • JAN KREGEL, More Swimming Lessons from the London Whale
  • JAN KREGEL, Lessons from the Cypriot Deposit Haircut for EU Deposit Insurance Schemes
  • NICOLA MATTHEWS, How the Fed Reanimated Wall Street: The Low and Extended Lending Rates that Revived the Big Banks
  • NATHAN PERRY and NATHANIEL CLINE, Wages, Exchange Rates, and the Great Inflation Moderation: A Post-Keynesian View
  • SUNANDA SEN, Currency Concerns under Uncertainty: The Case of China
  • WALKER F. TODD, The Problem of Excess Reserves, Then and Now

Program: Gender Equality and the Economy

  • RANIA ANTONOPOULOS, From Safety Nets to Economic Empowerment: Is There Space to Promote Gender Equality in the Evolution of Social Protection?
  • TAMAR KHITARISHVILI, The Economic Crisis of 2008 and the Added Worker Effect in Transition Countries
  • TAMAR KHITARISHVILI, Evaluating the Gender Wage Gap in Georgia, 2004–2011

Program: Economic Policy for the 21st Century

Explorations in Theory and Empirical Analysis

  • PHILIP ARESTIS and ANA ROSA GONZÁLEZ, Modeling the Housing Market in OECD Countries
  • GREG HANNSGEN, Heterodox Shocks


  • New Research Associate

Upcoming Events:

  • Conference: Financial Governance after the Crisis, Rio de Janeiro, Brazil
  • Conference: The Eurozone Crisis, Greece, and the Experience of Austerity, Athens, Greece


  • Publications and Presentations by Levy Institute Scholars
Jonathan Hubschman

Publication Highlight

Working Paper No. 1025
Unconventional Monetary Policy or Automatic Stabilizers?
A Financial Post-Keynesian Comparison
Author(s): Nitin Nair
August 2023

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