Summary Vol. 23, No. 1 | January 2014

Summary Winter 2014

The Winter 2014 Summary begins with a strategic analysis of the US economy that calls for targeted spending on high-tech R & D manufacturing to buttress the fragile economic recovery. A related policy note, published during the US government shutdown, explores the consequences of not raising the debt ceiling for the US economy. Other topics covered in this issue include the need for more aggressive action by the Federal Reserve to strengthen recovery in the real economy, a detailed response to the critics of Modern Money Theory, and a critical assessment of fiscal fine-tuning. Turning to the eurozone, several new publications address the ongoing crisis, the need for a “Euro Treasury,” the German debt brake, the origins and nature of the Greek crisis, and an analysis of the labor market in Turkey. The issue closes with theoretical explorations of the business cycle, profit- and wage-led growth models, the role of norms and ideals in market interactions, and the process of credit creation by private banks. The Summary also includes overviews of recent Levy Institute conferences in Rio de Janeiro, Brazil and Athens, Greece. (The conference audio and video are available in the Events section of our website.)


Program: The State of the US and World Economies

Strategic Analysis

  • DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, MICHALIS NIKIFOROS, and GENNARO ZEZZA, Rescuing the Recovery: Prospects and Policies for the United States

Conference Proceedings

  • The Eurozone Crisis, Greece, and the Experience of Austerity
  • MICHALIS NIKIFOROS, A New “Lehman Moment,” or Something Worse? A Scenario of Hitting the Debt Ceiling C. J. POLYCHRONIOU, A Failure by Any Other Name: The International Bailouts of Greece
  • JÖRG BIBOW, Lost at Sea: The Euro Needs a Euro Treasury
  • ECKHARD HEIN and ACHIM TRUGER, Fiscal Policy and Rebalancing in the Euro Area: A Critique of the German Debt Brake from a Post-Keynesian Perspective
  • PAVLINA R. TCHERNEVA, Reorienting Fiscal Policy: A Critical Assessment of Fiscal Fine-Tuning
  • MICHALIS NIKIFOROS, LAURA CARVALHO, and CHRISTIAN SCHODER, Foreign and Public Deficits in Greece: In Search of Causality

Program: Monetary Policy and Financial Structure

Conference Proceedings

  • Financial Governance after the Crisis
  • WILLIAM GREIDER, “Unusual and Exigent”: How the Fed Can Jump-start the Real Economy
  • WILLIAM GREIDER, Debt Relief and the Fed's Money-creation Power
  • ÉRIC TYMOIGNE and L. RANDALL WRAY, Modern Money Theory 101: A Reply to Critics

Program: The Distribution of Income and Wealth

  • THOMAS MASTERSON, Quality of Statistical Match and Simulations Used in the Estimation of the Levy Institute Measure of Time and Consumption Poverty (LIMTCP) for Turkey in 2006

Program: Employment Policy and Labor Markets

  • SERKAN DEĞIRMENCI and İPEK İLKKARACAN, Economic Crises and the Added Worker Effect in the Turkish Labor Market

Program: Economic Policy for the 21st Century

Explorations in Theory and Empirical Analysis

  • AURÉLIE CHARLES, Hierarchy of Ideals in Market Interactions: An Application to the Labor Market
  • GIOVANNI BERNARDO and EMANUELE CAMPIGLIO, A Simple Model of Income, Aggregate Demand, and the Process of Credit Creation by Private Banks
  • ESTEBAN PÉREZ CALDENTEY and MATÍAS VERNENGO, Wage and Profit-led Growth: The Limits to Neo-Kaleckian Models and a Kaldorian Proposal
  • EGMONT KAKAROT-HANDTKE, Keynes’s Employment Function and the Gratuitous Phillips Curve Disaster
  • MICHALIS NIKIFOROS, Uncertainty and Contradiction: An Essay on the Business Cycle


  • The Levy-Nagoya Joint Workshop on Income Policy
  • New Research Associate

Upcoming Event

  • The Hyman P. Minsky Summer Seminar

Save the Dates

  • 23rd Annual Hyman P. Minsky Conference
  • The 12th International Post Keynesian Conference


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

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