Summary Vol. 22, No. 2 | April 2013

Summary Spring 2013

This issue of the Summary features the Macro Modeling Team’s latest Strategic Analysis and a collection of Hyman P. Minsky’s writings on poverty and employment titled Ending Poverty: Jobs, Not Welfare. Also included are publications focused on the Fed’s history, governance, and policies; the social and economic consequences of the ongoing crisis in Greece; the challenges and policy choices faced by the eurozone; a demonstration of the emergence of secondary markets from the flow part of the economy using only structural axioms; gender differences in the long-term benefits of worker migration; the impacts of financialization and uncertainty on the accumulation process; the link between endogenous bank credit and the housing market; a review of the stock-flow consistent modeling literature; analyses of factors affecting US economic growth and business-cycle patterns in Latin America and the Caribbean; a Kaleckian perspective on income redistribution; a discussion of the trends in income inequality and household finance in the United States; and a critical exploration of the opportunities to promote gender equality through social protection initiatives in developing countries.


Program: The State of the US and World Economies

  • DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and MICHALIS NIKIFOROS, Is the Link between Output and Jobs Broken?
  • C. J. POLYCRONIOU, The Tragedy of Greece: A Case against Neoliberal Economics, the Domestic Political Elite, and the EU/IMF Duo
  • GIORGOS ARGITIS, Greece: Caught Fast in the Troika’s Austerity Trap
  • ROBERT J. BARBERA and GERALD HOLTHAM, ECB Worries / European Woes: The Economic Consequences of Parochial Policy

Program: Monetary Policy and Financial Structure

  • PHILIP ARESTIS, ANA ROSA GONZÁLEZ, and OSCÁR DEJUÁN, Investment, Financial Markets, and Uncertainty
  • THORVALD GRUNG MOE, Marriner S. Eccles and the 1951 Treasury–Federal Reserve Accord: Lessons for Central Bank Independence
  • PHILIP ARESTIS and ANA ROSA GONZÁLEZ, Endogenous Bank Credit and Its Link to Housing in OECD Countries
  • THOMAS M. HUMPHREY, Arresting Financial Crises: The Fed versus the Classicals
  • BARRY Z. CYNAMON and STEVEN M. FAZZARI, Inequality and Household Finance during the Consumer Age
  • EUGENIO CAVERZASI, The Missing Macro Link

Program: Gender Equality and the Economy

  • RANIA ANTONOPOULOS, Expanding Social Protection in Developing Countries: A Gender Perspective

Program: Immigration, Ethnicity, and Social Structure

  • SANJAYA DESILVA, Long-Term Benefits from Temporary Migration: Does the Gender of the Migrant Matter?

Program: Economic Policy for the 21st Century

Explorations in Theory and Empirical Analysis

  • EGMONT KAKAROT-HANDTKE, Primary and Secondary Markets
  • LEKHA S. CHAKRABORTY, Interest Rate Determination in India: Empirical Evidence on Fiscal Deficit – Interest Rate Linkages and Financial Crowding Out
  • EUGENIO CAVERZASI and ANTOINE GODIN, Stock-flow Consistent Modeling through the Ages
  • ECKHARD HEIN, Finance-dominated Capitalism and Redistribution of Income: A Kaleckian Perspective
  • LEKHA S. CHAKRABORTY, YADAWENDRA SINGH, and JANNET FARIDA JACOB, Analyzing Public Expenditure Benefit Incidence in Health Care: Evidence from India
  • ESTEBAN PÉREZ CALDENTEY, DANIEL TITELMAN, and PABLO CARVALLO, Weak Expansions: A Distinctive Feature of the Business Cycle in Latin America and the Caribbean
  • OLIVIER G. GIOVANNONI, Growth Trends and Cycles in the American Postwar Period, with Implications for Policy
  • MICHAEL A. VALENTI and OLIVIER GIOVANNONI, The Economics of Inclusion: Building an Argument for a Shared Society


  • New Levy Institute Book
  • New Master’s Degree Program in Economic Theory and Policy
  • New Research Scholar
  • Economic Forum in Athens

Upcoming Events:

  • 22nd Annual Hyman P. Minsky Conference: Building a Financial Structure for a More Stable and Equitable Economy
  • The 2013 Hyman P. Minsky Summer Seminar


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

Publication Highlight

Statement of Senior Scholar L. Randall Wray to the House Budget Committee, US House of Representatives
Reexamining the Economic Costs of Debt
Author(s): L. Randall Wray, Yeva Nersisyan
November 2019

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