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

Public Policy Brief No. 157
Is It Time for Rate Hikes?
The Fed Cannot Engineer a Soft Landing but Risks Stagflation by Trying
Author(s): Yeva Nersisyan, L. Randall Wray
April 2022

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