Summary Vol. 19, No. 1 | December 2009

Summary Winter 2010

In a new Strategic Analysis, the Institute’s Macro-Modeling Team determines that real GDP growth will remain well below the rate required to push unemployment back to a more acceptable level, but that a modest dollar devaluation could be very effective in promoting employment while addressing the threat posed by large imbalances. A related public policy brief, policy note, and working paper show that the success of New Deal programs strengthens the case for fiscal policies and a permanent employer-of-last-resort program as proposed by Hyman Minsky.


Program: The State of the US and World Economies

  • Strategic Analysis
    DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and GENNARO ZEZZA, The Current Recession and Beyond: Medium-term Prospects for the US Economy
  • DIMITRI B. PAPADIMITRIOU and GREG HANNSGEN, The New New Deal Fracas: Did Roosevelt’s “Anticompetitive” Legislation Slow the Recovery from the Great Depression?
  • GREG HANNSGEN and DIMITRI B. PAPADIMITRIOU, Fiscal Stimulus, Job Creation, and the Economy: What Are the Lessons of the New Deal?
  • GREG HANNSGEN and DIMITRI B. PAPADIMITRIOU, Lessons from the New Deal: Did the New Deal Prolong or Worsen the Great Depression?

Program: Monetary Policy and Financial Structure

  • JAN KREGEL, The Global Crisis and the Implications for Developing Countries and the BRICs: Is the B Really Justified?
  • JAMES K. GALBRAITH, Financial and Monetary Issues as the Crisis Unfolds
  • ÉRIC TYMOIGNE and L. RANDALL WRAY, It Isn’t Working: Time for More Radical Policies
  • STEPHANIE A. KELTON and L. RANDALL WRAY, Can Euroland Survive?
  • MARSHALL AUERBACK and L. RANDALL WRAY, Banks Running Wild: The Subversion of Insurance by “Life Settlements” and Credit Default Swaps
  • ÉRIC TYMOIGNE, Securitization, Deregulation, Economic Stability, and Financial Crisis
  • ÉRIC TYMOIGNE, A Critical Assessment of Seven Reports on Financial Reform: A Minskyan Perspective
  • PAOLO CASADIO and ANTONIO PARADISO, A Financial Sector Balance Approach and the Cyclical Dynamics of the US Economy
  • L. RANDALL WRAY, Money Manager Capitalism and the Global Financial Crisis
  • ALESSANDRO VERCELLI, A Perspective on Minsky Moments: The Core of the Financial Instability Hypothesis in Light of the Subprime Crisis
  • L. RANDALL WRAY, An Alternative View of Finance, Saving, Deficits, and Liquidity
  • ALESSANDRO VERCELLI, Minsky Moments, Russell Chickens, and Gray Swans: The Methodological Puzzles of the Financial Instability Analysis

Program: The Distribution of Income and Wealth

Levy Institute Measure of Economic Well-Being

  • THOMAS MASTERSON, AJIT ZACHARIAS, and EDWARD N. WOLFF, Has Progress Been Made in Alleviating Racial Economic Inequality?
  • HUGO BENÍTEZ-SILVA, SELCUK EREN, FRANK HEILAND, and SERGI JIMÉNEZ-MARTÍN, How Well Do Individuals Predict the Selling Prices of Their Homes?

Program: Gender Equality and the Economy

  • BURCA KIZILIRMAK and EMEL MEMIS, The Unequal Burden of Poverty on Time Use
  • TAMAR KHITARISHVILI, Explaining the Gender Wage Gap in Georgia

Program: Economic Policy for the 21st Century

  • FATMA GÜL ÜNAL, Market Failure and Land Concentration


Upcoming Events

  • The 19th Annual Hyman P. Minsky Conference, April 14–16, 2010
  • The Hyman P. Minsky Summer Seminar, June 19–29, 2010


  • Publications and Presentations by Levy Institute Scholars
W. Ray Towle

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