Publications

Strategic Analysis | November 2007

The US Economy: Is There a Way Out of the Woods?

In their latest Strategic Analysis, Distinguished Scholar Wynne Godley, President Dimitri B. Papadimitriou, and Research Scholars Greg Hannsgen and Gennaro Zezza review recent events in the housing and financial markets to obtain a likely scenario for the evolution of household spending in the United States. They forecast a significant drop in borrowing and private expenditure in the coming quarters, with severe consequences for growth and unemployment, unless (1) the US dollar is allowed to continue its fall and thus complete the recovery in the US external imbalance, and (2) fiscal policy shifts its course—as it did in the 2001 recession.

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Public Policy Brief No. 156
Still Flying Blind after All These Years
The Federal Reserve’s Continuing Experiments with Unobservables
Author(s): Dimitri B. Papadimitriou, L. Randall Wray
December 2021

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