Summary Vol. 19, No. 2 | March 2010

Summary Spring 2010

This issue leads off with an updated Strategic Analysis that confirms the necessity of strong policy action to achieve full employment in the medium term, including a persistently high government deficit in the short term. This implies a growing public debt, which is sustainable as long as interest rates are kept at the current low level. The alternative is an ongoing unemployment rate above 10 percent that would represent a higher cost to future generations.


Program: The State of the US and World Economies

  • Strategic Analysis
  • GENNARO ZEZZA, Getting Out of the Recession?

Program: Monetary Policy and Financial Structure

  • JAN KREGEL, No Going Back: Why We Cannot Restore Glass-Steagall’s Segregation of Banking and Finance
  • JAN KREGEL, Observations on the Problem of “Too Big to Fail/Save/Resolve”
  • JÖRG BIBOW, The Euro and Its Guardian of Stability: The Fiction and Reality of the 10th Anniversary Blast
  • JÖRG BIBOW, The Global Crisis and the Future of the Dollar: Toward Bretton Woods III?
  • JAN KREGEL, Is Reregulation of the Financial System an Oxymoron?
  • JAN KREGEL, Is This the Minsky Moment for Reform of Financial Regulation?
  • YEVA NERSISYAN and L. RANDALL WRAY, The Global Financial Crisis and the Shift to Shadow Banking

Program: The Distribution of Income and Wealth

  • YEVA NERSISYAN and L. RANDALL WRAY, The Trouble with Pensions: Toward an Alternative Public Policy to Support Retirement
  • MARSHALL AUERBACK and L. RANDALL WRAY, Toward True Health Care Reform: More Care, Less Insurance
  • EDWARD N. WOLFF, Recent Trends in Household Wealth in the United States: Rising Debt and the Middle-Class Squeeze—An Update to 2007

Program: Employment Policy and Labor Markets

  • RANIA ANTONOPOULOS, KIJONG KIM, THOMAS MASTERSON and AJIT ZACHARIAS, Why President Obama Should Care about “Care”: An Effective and Equitable Investment Strategy for Job Creation
  • TSU-YU TSAO and ANDREW PEARLMAN, Decomposition of the Black-White Wage Differential in the Physician Market


Upcoming Events

  • The 19th Annual Hyman P. Minsky Conference, April 14–16, 2010
  • The Hyman P. Minsky Summer Seminar, June 19–29, 2010


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

Publication Highlight

One-Pager No. 69
Time to Celebrate Modern Money Theory?
Author(s): Yeva Nersisyan, L. Randall Wray
February 2022

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