Summary Winter 2003

In this issue: Senior Scholar James K. Galbraith, in a new Policy Note, argues that conditions attached to an International Monetary Fund loan to Brazil are a form of blackmail that will deflate the Brazilian economy and lead to further loans until the private foreign sector is safely divested of its Brazilian holdings.

Contents: Conference summary: "Economic Mobility in America and Other Advanced Countries" · Policy Note topics: Brazil and the Larger International Monetary Problem; European Integration and the "Euro Project" · Working paper topics include Inflation and Output-Gap Variability in the EMU, Financial Globalization, Credibility of EMS Interest Rate Policies, Threshold Effects in the US Budget Deficit · New Research Staff · Levy Institute-Shanghai Exchange · Upcoming Conference