Summary Vol. 20, No. 2 | April 2011

Summary Spring 2011

In this issue of the Summary, papers focus on international trade and the export baskets of China and India, the competitiveness of the eurozone, the roles of the Federal Reserve and Treasury, a reorientation of fiscal policy, a restructuring of the global financial system, the merits of capital controls, financial fragility, a theory of money, and US immigration.


Program: The State of the US and World Economies

  • SUNANDA SEN, International Trade Theory and Policy: A Review of the Literature
  • SUNANDA SEN, China in the Global Economy
  • JESUS FELIPE and UTSAV KUMAR, Unit Labor Costs in the Eurozone: The Competitiveness Debate Again

Program: Monetary Policy and Financial Structure

  • SCOTT FULLWILER and L. RANDALL WRAY, It’s Time to Rein In the Fed
  • MARSHALL AUERBACK, What Happens if Germany Exits the Euro?
  • PAVLINA R. TCHERNEVA, Bernanke’s Paradox: Can He Reconcile His Position on theFederal Budget with His Recent Charge to Prevent Deflation?
  • ÉRIC TYMOIGNE, Financial Stability, Regulatory Buffers, and Economic Growth: Some Postrecession Regulatory Implications
  • MICHAEL HUDSON, US “Quantitative Easing” Is Fracturing the Global Economy
  • GREG HANNSGEN and DIMITRI B. PAPADIMITRIOU, The Central Bank “Printing Press”: Boon or Bane? Remedies for High Unemployment and Fears of Fiscal Crisis
  • SCOTT FULLWILER and L. RANDALL WRAY, Quantitative Easing and Proposals for Reform of Monetary Policy Operations
  • L. RANDALL WRAY, Money
  • PAVLINA R. TCHERNEVA, Fiscal Policy Effectiveness: Lessons from the Great Recession
  • PAVLINA R. TCHERNEVA, Fiscal Policy: Why Aggregate Demand Management Fails and What to Do about It

Program: Immigration, Ethnicity, and Social Structure

  • JOEL PERLMANN, A Demographic Base for Ethnic Survival? Blending across Four Generations of German-Americans
  • JOEL PERLMANN, Views of European Races among the Research Staff of the US Immigration Commission and the Census Bureau, ca. 1910

Program: Economic Policy for the 21st Century

Explorations in Theory and Empirical Analysis

  • JESUS FELIPE, UTSAV KUMAR and ARNELYN ABDON, Exports, Capabilities, and Industrial Policy in India
  • TIMOTHY AZARCHS and TAMAR KHITARISHVILI, Disaggregating the Resource Curse: Is theCurse More Difficult to Dispel in Oil States than in Mineral States?
  • JESUS FELIPE and JOHN MCCOMBIE, Modeling Technological Progress and Investment in China: Some Caveats
  • JESUS FELIPE, UTSAV KUMAR and ARNELYN ABDON, How Rich Countries Became Richand Why Poor Countries Remain Poor: It’s the Economic Structure . . . Duh!


Upcoming Events:

  • 20th Annual Hyman P. Minsky Conference, April 13–15, 2011
  • The Wynne Godley Memorial Conference, May 25–26, 2011
  • The Hyman P. Minsky Summer Seminar, June 18–26, 2011


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

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