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.

INSTITUTE RESEARCH

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

INSTITUTE NEWS

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

• Publications and Presentations by Levy Institute Scholars