Summary Winter 2008

In their latest Strategic Analysis, Distinguished Scholar Wynne Godley, Research Scholars Greg Hannsgen and Gennaro Zezza, and President Dimitri B. Papadimitriou forecast a significant drop in borrowing and private expenditure in the coming quarters, with severe consequences for growth and unemployment—unless the dollar continues to fall and fiscal policy shifts its course.

Contents:

INSTITUTE RESEARCH

Program: The State of the US and World Economies

• Strategic Analysis
  WYNNE GODLEY, DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and GENNARO ZEZZA, The US Economy: Is There a Way Out of the Woods?

Program: Monetary Policy and Financial Structure

• L. RANDALL WRAY, A Post-Keynesian View of Central Bank Independence, Policy Targets, and the Rules-versus-Discretion Debate
• JAMES K. GALBRAITH, OLIVIER GIOVANNONI, and ANN J. RUSSO, The Fed’s Real Reaction Function: Monetary Policy, Inflation, Unemployment, Inequality—and Presidential Politics
• L. RANDALL WRAY, Endogenous Money: Structuralist and Horizontalist
• CHARLES J. WHALEN, The US Credit Crunch of 2007: A Minsky Moment

Program: The Distribution of Income and Wealth

• JACQUES SILBER and AMEDEO SPADARO, Inequality of Life Chances and the Measurement of Social Immobility

Levy Institute Measure of Economic Well-Being

• WORKSHOP: International Comparisons of Economic Well-Being

Program: Gender Equality and the Economy

• RANIA ANTONOPOULOS, The Right to a Job, the Right Types of Projects: Employment Guarantee Policies from a Gender Perspective

Program: Employment Policy and Labor Markets

• JOSEPH DEUTSCH, YVES FLÜCKIGER, and JACQUES SILBER, On Various Ways of Measuring Unemployment, with Applications to Switzerland
• L. RANDALL WRAY, Minsky’s Approach to Employment Policy and Poverty: Employer of Last Resort and the War on Poverty
• PAVLINA R. TCHERNEVA, What Are the Relative Macroeconomic Merits and Environmental Impacts of Direct Job Creation and Basic Income Guarantees?

Program: Immigration, Ethnicity, and Social Structure

• JOEL PERLMANN, Who’s a Jew in an Era of High Intermarriage? Surveys, Operational Definitions, and the Contemporary American Context
• JOEL PERLMANN, The American Jewish Committee’s Annual Opinion Surveys: An Assessment of Sample Quality

Program: Economic Policy for the 21st Century

• THOMAS I. PALLEY, Globalization and the Changing Trade Debate: Suggestions for a New Agenda
• LEKHA S. CHAKRABORTY, Fiscal Deficit, Capital Formation, and Crowding Out in India: Evidence from an Asymmetric VAR Model

Explorations in Theory and Empirical Analysis

• L. RANDALL WRAY, The Continuing Legacy of John Maynard Keynes

INSTITUTE NEWS

• New Research Scholar
• New Levy Institute Book

PUBLICATIONS AND PRESENTATIONS

• Publications and Presentations by Levy Institute Scholars