Summary Vol. 24, No. 1 | January 2015

Summary Winter 2015

The Winter 2015 Summary opens with the latest strategic analysis of the Greek economy using the Levy Institute Model for Greece. The authors find that despite some modest improvements in the Greek economy, continued reliance on market forces and the troika’s policy of austerity will not adequately increase output or employment in the medium term. Instead, Greece requires a program of public investment and job creation; the details of such a program are offered in a policy brief. This issue also includes a report calling for the creation of a co-operative banking system to spur rural investment and support urban entrepreneurship in Greece, as well as policy proposals addressing issues that continue to impede the eurozone, including the need for a single financial market, approaches to manage imbalances in the euro area, a proposal for a Euro Treasury, and a road map for a bond backed by the European Central Bank. Turning to Asia, the issue presents new work on Japanese bond yields, Indian macroeconomic policies, the impact of an expanded child-care entitlement in South Korea, and the determinants of Indian interest rates. The demographic relationships underlying social welfare policy preferences in Israel are also explored in a new paper. Theoretical contributions included in this issue address such topics as endogenous money and the natural rate of interest in Post Keynesian economics, distribution-led growth in the long run, and two papers examining issues in the measurement of subjective well-being and the linkages between work and life satisfaction. Finally, a new paper examines the impact of the Great Recession on the time-use patterns of parents in the United States.


Program: The State of the US and World Economies

Strategic Analysis

  • MARIO TONVERONACHI, The ECB and the Single European Financial Market: A Proposal to Repair Half of a Flawed Design
  • DIMITRI B. PAPADIMITRIOU and TAUN TOAY, Co-operative Banking in Greece: A Proposal for Rural Reinvestment and Urban Entrepreneurship
  • ANDREA TERZI, When Good Intentions Pave the Road to Hell: Monetization Fears and Europe’s Narrowing Options
  • SUNANDA SEN and ZICO DASGUPTA, Economic Policy in India: For Economic Stimulus, or for Austerity and Volatility?
  • ECKHARD HEIN and DANIEL DETZER, Economic Policy in India: Coping with Imbalances in the Euro Area: Policy Alternatives Addressing Divergences and Disparities between Member Countries

Program: Monetary Policy and Financial Structure

  • JÖRG BIBOW, The Euro Treasury Plan
  • PHILIP PILKINGTON, Endogenous Money and the Natural Rate of Interest: The Reemergence of Liquidity Preference and Animal Spirits in the Post-Keynesian Theory of Capital Markets
  • TANWEER AKRAM and ANUPAM DAS, The Determinants of Long-Term Japanese Government Bonds’ Low Nominal Yields

Program: The Distribution of Income and Wealth

  • AJIT ZACHARIAS, THOMAS MASTERSON, and KIJONG KIM, Can Child-care Subsidies Reduce Poverty? Assessing the Korean Experience Using the Levy Institute Measure of Time and Income Poverty
  • MICHALIS NIKIFOROS, Distribution-led Growth in the Long Run

Program: Gender Equality and the Economy

  • EBRU KONGAR and GÜNSELI BERIK, Time Use of Parents in the United States: What Difference Did the Great Recession Make?

Program: Employment Policy and Labor Markets

  • RANIA ANTONOPOULOS, SOFIA ADAM, KIJONG KIM, THOMAS MASTERSON, and DIMITRI B. PAPADIMITRIOU, After Austerity: Measuring the Impact of a Job Guarantee Policy for Greece

Program: Immigration, Ethnicity, and Social Structure

  • YUVAL ELMELECH, Public Preferences for Redistributive Policies in Israel

Program: Economic Policy in the 21st Century

Explorations in Theory and Empirical Analysis

  • MARTIN BINDER and ALEX COAD, Heterogeneity in the Relationship between Unemployment and Subjective Well-Being: A Quantile Approach
  • ALEX COAD and MARTIN BINDER, Causal Linkages between Work and Life Satisfaction and Their Determinants in a Structural VAR Approach
  • HRISHIKESH VINOD, LEKHA S. CHAKRABORTY, and HONEY KARUN, If Deficits Are Not the Culprit, What Determines Indian Interest Rates? An Evaluation Using the Maximum Entropy Bootstrap Method


  • Second Annual Athens Conference

Upcoming Event

  • The Hyman P. Minsky Summer Seminar

Save the Date

  • 24th Annual Hyman P. Minsky Conference


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

Publication Highlight

Book Series
A Great Leap Forward
Heterodox Economic Policy for the 21st Century
Author(s): L. Randall Wray
January 2020

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