Summary Vol. 23, No. 2 | March 2014

Summary Spring 2014

The Spring 2014 Summary begins with a strategic analysis of the Greek economy using the Levy Institute Model for Greece. The authors analyze several policy scenarios and propose a parallel financial system to support expansionary fiscal policy and a job guarantee program, with Greece remaining in the euro. Related policy notes offer an innovative proposal for a tax-backed bond for Europe, as well as a critical assessment of the “success” of austerity policy in Greece. This issue also contains a policy brief that explores the emergence of vulgarized “stimulus” policies too often confused with Keynesian policy, policy notes assessing relevant lessons from past debt ceiling debates and the social enterprise approach to a US job guarantee, and working papers that examine China’s fiscal and monetary policy options, Modern Money Theory, Federal Reserve governance, time use and gender budgeting, employment effects of North-South trade, Keynes’s full employment proposal, computational challenges in estimating models with more than one fixed effect, productivity effects and profitability impacts of unions in Latin America, and, finally, an analysis of the rational expectations hypothesis in light of Karl Popper’s contribution.


Program: The State of the US and World Economies

Strategic Analysis

  • DIMITRI B. PAPADIMITRIOU, MICHALIS NIKIFOROS, and GENNARO ZEZZA, Prospects and Policies for the Greek Economy
  • PHILIP PILKINGTON, The Continued Relevance of Tax-backed Bonds in a Post-OMT
  • C. J. POLYCHRONIOU, The Myth of the Greek Economic “Success Story

Program: Monetary Policy and Financial Structure

  • AMIT BHADURI, What Remains of the Theory of Demand Management in a Globalizing World
  • JAN KREGEL, Wright Patman’s Proposal to Fund Government Debt at Zero Interest Rates: Lessons for the Current Debate on the US Debt
  • L. RANDALL WRAY and XINHUA LIU, Options for China in a Dollar Standard World: A Sovereign Currency
  • BERNARD SHULL, Financial Crisis Resolution and Federal Reserve Governance: Economic Thought and Political
  • ÉRIC TYMOIGNE , Modern Money Theory and Interrelations between the Treasury and the Central Bank: The Case of the United States

Program: Gender Equality and the Economy

  • LEKHA S. CHAKRABORTY, Integrating Time in Public Policy: Empirical Description of Gender-specific Outcomes and Budgeting
  • BURÇA KIZILIRMAK, EMEL MEMIŞ, ŞIRIN SARAÇOĞLU, and EBRU VOYVODA, Changes in Global Trade Patterns and Women’s Employment in Manufacturing: An Analysis over the Period of Asianization and Deindustrialization

Program: Employment Policy and Labor Markets

  • PAVLINA R. TCHERNEVA, The Social Enterprise Model for a Job Guarantee in the United States
  • FERNANDO RIOS-AVILA, Unions and Economic Performance in Developing Countries: Case Studies from Latin America
  • PAVLINA R. TCHERNEVA, Full Employment: The Road Not Taken

Program: Economic Policy for the 21st Century

Explorations in Theory and Empirical Analysis

  • PHILIP PILKINGTON, A Stock-flow Approach to a General Theory of Pricing
  • FERNANDO RIOS-AVILA, Feasible Estimation of Linear Models with N-fixed Effects
  • IVÁN H. AYALA and ALFONSO PALACIO-VERA, The Rational Expectations Hypothesis: An Assessment from Popper’s Philosophy


  • MS Program Welcomes New Graduate Students
  • New Research Associate

Upcoming Events

  • 23rd Annual Hyman P. Minsky Conference
  • The Hyman P. Minsky Summer Seminar


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

Publication Highlight

Public Policy Brief No. 156
Still Flying Blind after All These Years
The Federal Reserve’s Continuing Experiments with Unobservables
Author(s): Dimitri B. Papadimitriou, L. Randall Wray
December 2021

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