Summary Vol. 16, No. 2 | May 2007

Summary Spring 2007

In this issue: a new Policy Note recommends reforming the Alternative Minimum Tax while retaining some tax cuts in order to reduce the growing tax burden on middle-class families. A related paper criticizes orthodox policymaking that calls for fiscally austere budgets when the real engine of economic growth is government spending.




Program: The State of the US and World Economies

  • DIMITRI B. PAPADIMITRIOU and L. RANDALL WRAY, The April AMT Shock: Tax Reform Advice for the New Majority
  • JÖRG BIBOW, Global Imbalances, Bretton Woods II, and Euroland’s Role in All This
  • L. RANDALL WRAY, Demand Constraints and Big Government

Program: Monetary Policy and Financial Structure

  • THOMAS I. PALLEY, The Economics of Outsourcing: How Should Policy Respond?
  • ALFONSO PALACIO-VERA, On Lower-bound Traps: A Framework for the Analysis of Monetary Policy in the “Age” of Central Banks
  • ÉRIC TYMOIGNE, An Inquiry into the Nature of Money: An Alternative to the Functional Approach
  • ÉRIC TYMOIGNE, Fisher’s Theory of Interest Rates and the Notion of “Real”: A Critique
  • GIOVANNI COZZI and JAN TOPOROWSKI, The Balance Sheet Approach to Financial Crises in Emerging Markets
  • CLAUDIO SARDONI and L. RANDALL WRAY, Fixed and Flexible Exchange Rates and Currency Sovereignty

Program: The Distribution of Income and Wealth

  • AXEL BÖRSCH-SUPAN, European Welfare States and Their Generosity toward the Elderly
  • LI GAN, GUAN GONG, and MICHAEL HURD, Net Intergenerational Transfers from and Increase in Social Security Benefits
  • EDWARD N. WOLFF and AJIT ZACHARIAS, Class Structure and Economic Inequality

  • Levy Institute Measure of Economic Well-Being
  • EDWARD N. WOLFF and AJIT ZACHARIAS, Wealth and Economic Inequality: Who’s at the Top of the Economic Ladder?

Program: Employment Policy and Labor Markets

  • JAMES B. REBITZER and LOWELL J. TAYLOR, When Knowledge Is an Asset: Explaining the Organizational Structure of Large Law Firms

Program: Economic Policy for the 21st Century

  • THEODORE PELAGIDIS and TAUN N. TOAY, Expensive Living: The Greek Experience under the Euro
  • THOMAS MASTERSON, Productivity, Technical Efficiency, and Farm Size in Paraguayan Agriculture
  • THOMAS MASTERSON, Land Rental and Sales Markets in Paraguay

  • Explorations in Theory and Empirical Analysis
  • JAN TOPOROWSKI, Methodology and Microeconomics in the Early Work of Hyman P.Minsky


  • New Senior Scholars
  • New Research Scholar
  • New Editor
  • Upcoming Event: 16th Annual Hyman P. Minsky Conference, April 19–20


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

Publication Highlight

Working Paper No. 1024
When Minsky and Godley Met Structuralism
A Stock-Flow Consistent Approach to the Currency Hierarchy
Author(s): Nitin Nair
July 2023

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