Summary Vol. 21, No. 2 | April 2012

Summary Spring 2012

The Summary updates current Levy Institute research, with synopses of new publications, accounts of professional presentations by the research staff, and an overview of Levy Institute events. In this issue, papers survey the prospects of a new global financial crisis, propose a new institutional architecture and other solutions to the global debt crisis, quantify the Federal Reserve measures to stabilize the US economy, compare inequality and living standards in Canada and the United States, outline labor-demand policies that connect fiscal policy with full employment, and suggest a return to classical economic policies, including debt write-downs.


Program: The State of the US and World Economies

  • DIMITRI B. PAPADIMITRIOU and L. RANDALL WRAY, Fiddling in Euroland as the Global Meltdown Nears
  • C. J. POLYCRHONIOU, Neo-Hooverian Policies Threaten to Turn Europe into an Economic Wasteland
  • ESTEBAN PÉREZ-CALDENTEY and MATÍAS VERNENGO, The Euro Imbalances and Financial Deregulation: A Post-Keynesian Interpretation of the European Debt Crisis
  • L. RANDALL WRAY, The Euro Crisis and the Job Guarantee: A Proposal for Ireland
  • ROBERT DUBOIS, The European Central Bank and Why Things Are the Way They Are: A Historic Monetary Policy Pivot Point and Moment of (Relative) Clarity

Program: Monetary Policy and Financial Structure

  • JAMES FELKERSON, A Detailed Look at the Fed’s Crisis Response by Funding Facility and Recipient
  • JAMES FELKERSON, $29,000,000,000,000: A Detailed Look at the Fed’s Bailout by Funding Facility and Recipient
  • L. RANDALL WRAY, Is There Room for Bulls, Bears, and States in the Circuit?
  • L. RANDALL WRAY, Imbalances? What Imbalances? A Dissenting View
  • BERNARD SHULL, Too Big to Fail: Motives, Countermeasures, and the Dodd-Frank Response

Program: The Distribution of Income and Wealth

Levy Institute Measure of Economic Well-Being

  • EDWARD N. WOLFF, AJIT ZACHARIAS, THOMAS MASTERSON, SELÇUK EREN, ANDREW SHARPE, and ELSPETH HAZELL, A Comparison of Inequality and Living Standards in Canada and the United States Using an Expanded Measure of Economic Well-Being

Program: Employment Policy and Labor Markets

  • PAVLINA R. TCHERNEVA, Full Employment through Social Entrepreneurship: The Nonprofit Model for Implementing a Job Guarantee
  • PAVLINA R. TCHERNEVA, What Do Poor Women Want? Employment or Cash Transfers? Lessons from Argentina
  • PAVLINA R. TCHERNEVA, Inflationary and Distributional Effects of Alternative Fiscal Policies: An Augmented Minskyan-Kaleckian Model

Program: Economic Policy for the 21st Century

Explorations in Theory and Empirical Analysis

  • MICHAEL HUDSON, Trade and Payments Theory in a Financialized Economy
  • SANJAYA DESILVA and MOHAMMED MEHRAB BIN BAKHTIAR, Women, Schooling, and Marriage in Rural Philippines
  • MICHAEL HUDSON, The Road to Debt Deflation, Debt Peonage, and Neofeudalism


Upcoming Events:

  • 21st Annual Hyman P. Minsky Conference, April 11–12, 2012
  • The Hyman P. Minsky Summer Seminar, June 16–24, 2012


  • 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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