Summary Vol. 23, No. 3 | September 2014

Summary Fall 2014

The latest issue of the Summary opens with a Strategic Analysis of the US economy in which the authors identify an inequality in the distribution of income as an unsustainable process that hampers economic recovery. A related policy note discusses the historical development and lack of progress in wages in the United States, and a working paper takes up the question of unpaid work time in relation to poverty status. The Fall Summary also includes several publications on issues that continue to confront central banks; notably, shadow banking. The nature of money and the evolution of central banks are discussed in several working papers, as is the work of Distinguished Scholar Hyman P. Minsky as a guide to understanding the sources of and responses to financial instability. Several papers discuss findings on time and income poverty in countries such as Turkey and South Korea. This issue closes with a series of papers exploring the theoretical and empirical bases of the labor and profit shares.


Program: The State of the US and World Economies

Strategic Analysis

  • DIMITRI B. PAPADIMITRIOU, MICHALIS NIKIFOROS, GENNARO ZEZZA, GREG HANNSGEN, Is Rising Inequality a Hindrance to the US Economic Recovery?
  • C. J. POLYCHRONIOU, Dead Economic Dogmas Trump Recovery: The Continuing Crisis in the Eurozone Periphery
  • PHILIP PILKINGTON, A Sustainable Monetary Framework for an Independent Scotland
  • ALBERTO BOTTA, Structural Asymmetries at the Roots of the Eurozone Crisis: What’s New for Industrial Policy in the EU?
  • ELOY FISHER and JAVIER LÓPEZ BERNARDO, The Political Economy of Shadow Banking: Debt, Finance, and Distributive Politics under a Kalecki-Goodwin-Minsky SFC Framework

Program: Monetary Policy and Financial Structure

  • JAN KREGEL, Minsky and Dynamic Macroprudential Regulation
  • L. RANDALL WRAY, Central Bank Independence: Myth and Misunderstanding
  • L. RANDALL WRAY, From the State Theory of Money to Modern Money Theory: An Alternative to Economic Orthodoxy
  • EUGENIO CAVERZASI, Minsky and the Subprime Mortgage Crisis: The Financial Instability Hypothesis in the Era of Financialization
  • ÉRIC TYMOIGNE, Monetary Mechanics: A Financial View
  • THORVALD GRUNG MOE, Shadow Banking: Policy Challenges for Central Banks

Program: The Distribution of Income and Wealth

  • AJIT ZACHARIAS, THOMAS MASTERSON, and EMEL MEMIŞ, How Poor Is Turkey? And What Can Be Done About It?
  • THOMAS MASTERSON, Quality of Statistical Match and Employment Simulations Used in the Estimation of the Levy Institute Measure of Time and Income Poverty (LIMTIP) for South Korea, 2009
  • FERNANDO RIOS-AVILA, Quality of Match for Statistical Matches Using the American Time Use Survey 2010, the Survey of Consumer Finances 2010, and the Annual Social and Economic Supplement 2011

Program: Gender Equality and the Economy

  • LEKHA S. CHAKRABORTY, Gender-responsive Budgeting as Fiscal Innovation: Evidence from India on “Processes”
  • TAMAR KHITARISHVILI and KIJONG KIM, The Great Recession and Unpaid Work Time in the United States: Does Poverty Matter?

Program: Economic Policy in the 21st Century

Explorations in Theory and Empirical Analysis

  • FABRIZIO PATRIARCA and CLAUDIO SARDONI, Growth with Unused Capacity and Endogenous Depreciation
  • MARTIN BINDER and LEONHARD K. LADES, Autonomy-enhancing Paternalism
  • OLIVIER GIOVANNONI, What Do We Know About the Labor Share and the Profit Share? Part I: Theories
  • OLIVIER GIOVANNONI, What Do We Know About the Labor Share and the Profit Share? Part II: Empirical Studies
  • OLIVIER GIOVANNONI, What Do We Know About the Labor Share and the Profit Share? Part III: Measures and Structural Factors
  • OLIVIER GIOVANNONI, Income Distribution Macroeconomics


  • MS Program Welcomes New Graduate Students
  • New Research Scholar
  • New Research Associate

Upcoming Event: Conference

  • Europe at the Crossroads: A Union of Austerity or Growth Convergence? 


  • Publications and Presentations by Levy Institute Scholars
  • Recent Levy Institute Publications
Jonathan Hubschman

Publication Highlight

Public Policy Brief No. 156
Still Flying Blind after All These Years
The Federal Reserve’s Continuing Experiments with Unobservables
Author(s): Dimitri B. Papadimitriou, L. Randall Wray
December 2021

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