Summary Vol. 22, No. 1 | January 2013

Summary Winter 2013

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. This issue contains the proceedings of the Hyman P. Minsky Conference on Financial Instability: Debt, Deficits, and Unstable Markets, as well as an analysis of the “fiscal cliff” debate, proposals to address the ongoing eurozone crisis, an examination of the current conditions and prospects for the Greek economy, findings from the application of the Levy Institute Measure of Time and Income Poverty, a proposal for a new meme for money, a review of the implications of Dodd-Frank for the Fed, contributions to the capacity utilization literature, and a discussion of employer-of-last-resort programs as institutions for change.


Program: The State of the US and World Economies

  • Hyman P. Minsky Conference on Financial Instability: Debt, Deficits, and Unstable Markets
  • C. J. POLYCHRONIOU, Greece’s Bailouts and the Economics of Social Disaster
  • ECKHARD HEIN, The Crisis of Finance-dominated Capitalism in the Euro Area, Deficiencies in the Economic Policy Architecture, and Deflationary Stagnation Policies
  • JÖRG BIBOW, At the Crossroads: The Euro and Its Central Bank Guardian (and Savior?)
  • ALBERTO BOTTA, Conflicting Claims in the Eurozone? Austerity’s Myopic Logic and the Need for a European Federal Union in a Post-Keynesian Eurozone Center – Periphery Model

Program: Monetary Policy and Financial Structure

  • GREG HANNSGEN and DIMITRI B. PAPADIMITRIOU, Fiscal Traps and Macro Policy after the Eurozone Crisis
  • BERNARD SHULL, The Impact of Reform on Federal Reserve Autonomy
  • L. RANDALL WRAY, A Meme for Money

Program: The Distribution of Income and Wealth

Levy Institute Measure of Time and Income Poverty

  • RANIA ANTONOPOULOS, THOMAS MASTERSON, and AJIT ZACHARIAS, It’s About “Time”: Why Time Deficits Matter

Program: Employment Policy and Labor Markets

  • DIMITRI B. PAPADIMITRIOU, GENNARO ZEZZA, and VINCENT DUWICQUET, Current Prospects for the Greek Economy: Interim Report
  • PAVLINA R. TCHERVENA, Beyond Full Employment: The Employer of Last Resort as an Institution for Change

Program: Economic Policy for the 21st Century

Explorations in Theory and Empirical Analysis

  • EGMONT KAKAROT-HANDTKE, The Common Error of Common Sense: An Essential Rectification of the Accounting Approach
  • ALESSANDRO CAIANI, ANTOINE GODIN, and STEFANO LUCARELLI, Innovation and Finance: An SFC Analysis of Great Surges of Development
  • MICHALIS NIKIFOROS, The (Normal) Rate of Capacity Utilization at the Firm Level
  • MICHALIS NIKIFOROS, On the “Utilization Controversy”: A Theoretical and Empirical
  • Discussion of the Kaleckian Model of Growth and Distribution


  • New Research Scholars
  • New Research Associate
  • New Editor

Upcoming Events:

  • 22nd Annual Hyman P. Minsky Conference: Building a Financial Structure for a More Stable and Equitable Economy
  • The 2013 Hyman P. Minsky Summer Seminar


  • Publications and Presentations by Levy Institute Scholars
  • Recent Levy Institute Publications
Jonathan Hubschman

Publication Highlight

One-Pager No. 69
Time to Celebrate Modern Money Theory?
Author(s): Yeva Nersisyan, L. Randall Wray
February 2022

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