Summary Vol. 25, No. 1 | January 2016

Summary Winter 2016

The Winter 2016 Summary opens with a policy brief discussing the implications for euro-area member-states’ fiscal rules should the European Central Bank (ECB) advance the project of a single financial market through the creation of debt certificates. A policy note follows with proposals to ensure that the most recent round of recapitalizations of Greek banks does not repeat past mistakes and instead promotes a healthier banking sector in Greece. This issue also contains working papers on topics including financial Dutch disease, the performance of the ECB, full reserve banking, bank leverage ratios, and the management of high public debt levels, as well as analyses of monetary financing of public spending in Canada and the secular stagnation debate. A research project report compares the economic impact of public investment in early childhood care and education programs in Turkey, and a policy note investigates demographic factors accompanying labor force participation trends in the United States. Finally, the issue includes synopses of three new books by Institute scholars. The first is a collection of studies on the impact of financial regulation in the European Union, focusing on eight national economies. The second is an update of a primer on Modern Money Theory, and the second volume provides an accessible and rigorous introduction to the contributions of Distinguished Scholar Hyman P. Minsky.


Program: The State of the US and World Economies

  • MARIO TONVERONACHI, The ECB, the Single Financial Market, and a Revision of the Euro Area Fiscal Rules
  • EMILIOS AVGOULEAS and DIMITRI B. PAPADIMITRIOU, What Should Be Done with Greek Banks to Help the Country Return to a Path of Growth?
  • ALBERTO BOTTA, The Macroeconomics of a Financial Dutch Disease
  • ESTEBAN PÉREZ CALDENTEY and MATÍAS VERNENGO, Integration, Spurious Convergence, and Financial Fragility: A Post-Keynesian Interpretation of the Spanish Crisis
  • JÖRG BIBOW, The Euro’s Savior? Assessing the ECB’s Crisis Management Performance and Potential for Crisis Resolution

Program: Monetary Policy and Financial Structure

  • PATRIZIO LAINÀ, Money Creation under Full-reserve Banking: A Stock-flow Consistent Model
  • EMILIOS AVGOULEAS, Bank Leverage Ratios and Financial Stability: A Micro- and Macroprudential Perspective
  • JOSH RYAN-COLLINS, Is Monetary Financing Inflationary? A Case Study of the Canadian Economy, 1935–75

Program: The Distribution of Income and Wealth

  • ECKHARD HEIN, Secular Stagnation or Stagnation Policy? Steindl after Summers

Program: Gender Equality and the Economy

  • İPEK İLKKARACAN, KIJONG KIM, and TOLGA KAYA, The Impact of Public Investment in Social Care Services on Employment, Gender Equality, and Poverty: The Turkish Case

Program: Policy and Labor Markets

  • FERNANDO RIOS-AVILA, Losing Ground: Demographic Trends in US Labor Force Participation

Program: Economic Policy in the 21st Century

  • PEDRO LEAO, Is a Very High Public Debt a Problem?


  • New Scholars

New Books by Levy Institute Scholars

  • Financial Regulation in the European Union, edited by Rainer Kattel, Jan Kregel, and MARIO TONVERONACHI
  • Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems, by L. RANDALL WRAY
  • Why Minsky Matters: An Introduction to the Work of a Maverick Economist, by L. RANDALL WRAY

Upcoming Events

  • Gender and Macroeconomics Conference
  • 25th Annual Hyman P. Minsky Conference
  • The Hyman P. Minsky Summer Seminar


  • Publications and Presentations by Levy Institute Scholars


Jonathan Hubschman

Publication Highlight

Working Paper No. 1026
Banking Sector, Distributive Conflict, and Monetary Theory of Distribution
Author(s): Riccardo Zolea
August 2023

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