Summary Winter 2012

The Summary updates current Levy Institute research, with synopses of new publications, accounts of professional presentations by the research staff, and an overview of Levy Institute events. In this issue, papers include a new Strategic Analysis that justifies fears of prolonged stagnation and flat employment, proposals to resolve problems in the eurozone, recommendations for avoiding another global financial crisis, the Levy Institute Measure of Time and Income Poverty, gender inequalities in work time, and the economic impact of legalizing undocumented immigrants in the United States.

INSTITUTE RESEARCH

Program: The State of the US and World Economies

• DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and GENNARO ZEZZA, Is the Recovery Sustainable?
• THOMAS I. PALLEY, The Contradictions of Export-led Growth
• JAN KREGEL, Debtors’ Crisis or Creditors’ Crisis? Who Pays for the European Sovereign and Subprime Mortgage Losses?
• STUART HOLLAND, Resolving the Eurozone Crisis—without Debt Buyouts, National Guarantees, Mutual Insurance, or Fiscal Transfers
• MARSHALL AUERBACK, Toward a Workable Solution for the Eurozone
• C. J. POLYCHRONIOU, An Unblinking Glance at a National Catastrophe and the Potential Dissolution of the Eurozone: Greece’s Debt Crisis in Context
• DIMITRI B. PAPADIMITRIOU and L. RANDALL WRAY, Euroland in Crisis as the Global Meltdown Picks Up Speed
• GREGOR SEMIENIUK, TILL VAN TREECK, and ACHIM TRUGER, Reducing Economic Imbalances in the Euro Area: Some Remarks on the Current Stability Programs, 2011–14

Program: Monetary Policy and Financial Structure

• L. RANDALL WRAY, Waiting for the Next Crash: The Minskyan Lessons We Failed to Learn
• L. RANDALL WRAY, Lessons We Should Have Learned from the Global Financial Crisis but Didn’t
• GREG HANNSGEN, Infinite-variance, Alpha-stable Shocks in Monetary SVAR: Final Working Paper Version
• JÖRG BIBOW, Permanent and Selective Capital Account Management Regimes as an Alternative in Self-Insurance Strategies in Emerging-market Economies
• ANDREW SHENG, Central Banking in an Era of Quantitative Easing
• ALFONSO PALACIO-VERA, Quantitative Easing, Functional Finance, and the “Neutral” Interest Rate
• JESÚS MUÑOZ, Orthodox versus Heterodox (Minskyan) Perspectives of Financial Crises: Explosion in the 1990s versus Implosion in the 2000s

Program: The Distribution of Income and Wealth

• AJIT ZACHARIAS, The Measurement of Time and Income Poverty

Levy Institute Measure of Economic Well-Being

• THOMAS MASTERSON, Quality of Match for Statistical Matches Used in the Development of the Levy Institute Measure of Time and Income Poverty (LIMTIP) for Argentina, Chile, and Mexico

Program: Gender Equality and the Economy

• EMEL MEMIS and S. A. KAYA BAHÇE, Estimating the Impact of the Recent Economic Crisis on Work Time in Turkey
• KIJONG KIM and RANIA ANTONOPOULOS, Unpaid and Paid Care: The Effects of Child Care and Elder Care on the Standard of Living
• GUNSELI BERIK and EBRU KONGAR, Time Use of Mothers and Fathers in Hard Times and Better Times: The US Business Cycle of 2003–10

Program: Immigration, Ethnicity, and Social Structure

• SELÇUK EREN, HUGO BENÍTEZ-SILVA, and EVA CÁRCELES-POVEDA, Effects of Legal and Unauthorized Immigration on the US Social Security System

Program: Economic Policy for the 21st Century

• SANJAYA DESILVA, Access to Markets and Farm Efficiency: A Study of Rice Farms in the Bicol Region, Philippines

Explorations in Theory and Empirical Analysis

• F. PATRIARCA and C. SARDONI, Distribution and Growth: A Dynamic Kaleckian Approach

INSTITUTE NEWS

• 21st Annual Hyman P. Minsky Conference, April 11–12, 2012
• The Hyman P. Minsky Summer Seminar, June 16–24, 2012
• Levy Institute Launches Greek Website
• 1967 Israeli Census Now Available Online
• New Research Associate and Policy Fellow
• New Research Associate

PUBLICATIONS AND PRESENTATIONS

• Publications and Presentations by Levy Institute Scholars