Publications
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70 publications found, searching for 'Gennaro Zezza '
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Working Paper No. 1082
May 12, 2025
Growth vs. Discipline: Italy’s Fiscal Dilemmas in a Stock-Flow Consistent Model
AbstractThis paper investigates the implications of the European Union’s revised fiscal governance framework for Italy, a country facing the dual challenge of high public debt and persistent economic stagnation. Using a Stock-Flow Consistent (SFC) macroeconometric model of the Italian economy (MITA), we assess the medium-term macroeconomic implications of the government Medium-term Fiscal-Structural Plan, and whether […]
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One-Pager No. 73
May 05, 2025
The Incoming Recession: Are Imports the Real Culprit?
AbstractThe preliminary estimates for real GDP growth in the first quarter of 2025 show an annualized contraction rate of 0.28 percent, along with an extraordinary increase in imports of 41.3 percent. Most commentators rushed to indicate that the contraction was due to the rise in imports, as, for instance, with the recent Reuters headline stating […]
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Policy Notes
April 21, 2025
Trump’s Tariffs: Ending Globalization
AbstractThe Trump administration is reintroducing a number of 40-year-old, Reagan-era economic and military policies, but is particularly preoccupied with the imposition of tariffs for all of the country’s imports. Trump, in his inaugural address, placed significant emphasis on what the imposition of tariffs would represent, in his view: “Instead of taxing our citizens to enrich […]
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Strategic Analysis
March 26, 2025
Greece: Growing on an Unsustainable Path
AbstractGreece has been among the fastest growing economies among the EU member states in the post-COVID-19 period. However, in a previous (February 2024) report, Dimitri B. Papadimitriou, Nikolaos Rodousakis, Giuliano Toshiro Yajima, and Gennaro Zezza raised serious concerns regarding Greece’s dependency on imports. In their latest report, the authors argue that these problems have worsened, and the […]
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Strategic Analysis
November 05, 2024
Economic Challenges of the New U.S. Administration
AbstractOn the eve of the 2024 US presidential election, the authors share their latest macroeconomic projections using the Levy Institute’s tailored stock-flow consistent model and evaluate two alternative policy scenarios, depending upon the next occupant of the White House: (1) a significant increase in import tariffs and decrease in the marginal tax rate, and (2) a substantial increase in government expenditure paired with an increase in the marginal tax rate.
Download Strategic Analysis November 2024 PDF (673.85 KB) -
Strategic Analysis
June 04, 2024
U.S. Economic Outlook: Prospects for 2024 and Beyond
AbstractIn this report, Institute President Dimitri B. Papadimitriou, Research Scholar Giuliano T. Yajima, and Senior Scholar Gennaro Zezza discuss the rapid recovery of the US economy in the post-pandemic period. They find that robust consumption and investment and a relaxation of fiscal policy were the key drivers of accelerated GDP growth—however, the signs that the […]
Download Strategic Analysis, June 2024 PDF (981.17 KB) -
Strategic Analysis
February 15, 2024
Greece: Time to Reduce the Dependency on Imports
AbstractIn this report, Dimitri B. Papadimitriou, Nikolaos Rodousakis, Giuliano T. Yajima, and Gennaro Zezza investigate the determinants of the recent performance of the Greek economy. Despite geopolitical instability from the continuing Ukraine-Russia and Israel-Gaza wars and higher-than-expected inflation rates, the country has managed to register the highest growth rates among eurozone member-states in 2021 and […]
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Strategic Analysis
July 20, 2023
Will the US Debt Ceiling Deal Derail the Pandemic Recovery?
AbstractIn this Strategic Analysis, Dimitri B. Papadimitriou, Michalis Nikiforos, Giuliano T. Yajima, and Gennaro Zezza discuss how the current state and structural features of the US economy might affect its future trajectory. The recent recovery after the pandemic has been remarkable, when compared to previous cycles, and offers evidence of the efficacy of fiscal policy. […]
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Strategic Analysis
October 13, 2022
Ελλάδα: Ανάκαμψη, ή μια νέα Ύφεση;
AbstractΣε αυτή τη στρατηγική ανάλυση, ο Πρόεδρος του Ινστιτούτου Δημήτρης Παπαδημητρίου, ο ερευνητής Gennaro Zezza και ο επιστημονικός συνεργάτης Νίκος Ροδουσάκης αναλύουν τις μεσοπρόθεσμες προοπτικές για την ελληνική οικονομία, σε μια περίοδο αυξανόμενης αβεβαιότητας, λόγω των γεωπολιτικών αναταραχών που προέρχονται από την Ρώσο-Ουκρανική σύγκρουση με αντίκτυπό το υψηλό κόστος ενέργειας και αυξημένων διεθνών τιμών εισαγόμενων […]
Download ΕΛΛΑΔΑ ΣΤΡΑΤΗΓΙΚΗ ΑΝΑΛΥΣΗ 10 2022 PDF (1.27 MB) -
Strategic Analysis
October 13, 2022
Greece: Recovery, or Another Recession?
AbstractIn this strategic analysis, Institute President Dimitri B. Papadimitriou, Senior Scholar Gennaro Zezza, and Research Associate Nikolaos Rodousakis discuss the medium-term prospects for the Greek economy in a time of increasing uncertainty—due to the geopolitical turbulence emanating from the Ukraine–Russian conflict, with its impact on the cost of energy, as well as the increase in […]
Download Strategic Analysis, October 2022 PDF (1.18 MB) -
Strategic Analysis
August 11, 2022
Avoiding a Recession
AbstractIn this report, Institute President Dimitri B. Papadimitriou, Research Scholar Michalis Nikiforos, and Senior Scholar Gennaro Zezza analyze how and why the US economy has achieved a swift recovery in comparison with the last few economic cycles. This recovery has nevertheless been accompanied by significant increases in the trade deficit and inflation. Papadimitriou, Nikiforos, and […]
Download Strategic Analysis, August 2022 PDF (2.20 MB) -
Working Paper No. 1005
April 15, 2022
A Prototype Regional Stock-Flow Consistent Model
AbstractStarting from the seminal works of Wynne Godley (1999; Godley and Lavoie 2005, 2007a, 2007b), the literature adopting stock-flow consistent (SFC) models for two or more countries has been flourishing, showing that consistently taking into account real and financial markets of two open economies will generate different results with respect to more traditional open economy […]
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Strategic Analysis
March 01, 2022
Είναι η Ελλάδα στον δρόμο της οικονομικής ανάκαμψης;
AbstractΣε αυτή τη στρατηγική ανάλυση, ο Πρόεδρος του Ινστιτούτου Δημήτρης Β. Παπαδημητρίου, ο ερευνητής Gennaro Zezza και ο επιστημονικός συνεργάτης Νίκος Ροδουσάκης αναλύουν πώς η ελληνική οικονομία άρχισε να ανακάμπτει από το σοκ της πανδημίας COVID-19 και τις προοπτικές συνέχισης και διατήρησης της ανάκαμψής της. Ο βασικός παράγων είναι ο τουρισμός, ο οποίος αυξήθηκε σημαντικά […]
Download Στρατηγικη Αναλυση, Μάρτιος 2022 PDF (653.70 KB) -
Strategic Analysis
March 01, 2022
Is Greece on the Road to Economic Recovery?
AbstractIn this strategic analysis, Institute President Dimitri B. Papadimitriou, Research Scholar Gennaro Zezza, and Research Associate Nikos Rodousakis analyze how the Greek economy started to recover from the shock of the COVID-19 pandemic and the prospects of continuing and sustaining its recovery. A key contribution is linked to tourism, which increased significantly in 2021, notwithstanding […]
Download Strategic Analysis, March 2022 PDF (1.33 MB) -
Policy Notes No. 1
February 25, 2022
What Is Happening to the New Greek National Accounts Data?
AbstractIn 2020, the Hellenic Statistical Authority (ElStat) started a revision of the national accounts for Greece to bring them into line with the new European System of Accounts. Data from national accounts have gained more relevance as a crucial set of information for policy, especially in the eurozone, since many indicators—like the size of the […]
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Policy Notes No. 1
February 25, 2022
Τι συμβαίνει με τα νέα δεδομένα των ελληνικών Εθνικών Λογαριασμών;
AbstractTο 2020, η Ελληνική Στατιστική Αρχή (ΕΛΣΤΑΤ) ξεκίνησε την αναθεώρηση των εθνικών λογαριασμών για την Ελλάδα, προκειμένου να εναρμονιστούν με το νέο Ευρωπαϊκό Σύστημα Λογαριασμών. Τα δεδομένα από τους εθνικούς λογαριασμούς έχουν αποκτήσει μεγαλύτερη σημασία ως ένα κρίσιμο σύνολο πληροφοριών για την πολιτική, ειδικά στην ευρωζώνη, καθώς πολλοί δείκτες -όπως το μέγεθος του δημόσιου ελλείμματος […]
Download ΣΗΜΕΙΩΜΑΤΑ ΠΟΛΙΤΙΚΗΣ No. 1 | Μάρτιος 2022 PDF (2.11 MB) -
Strategic Analysis
June 17, 2021
The Pandemic, the Stimulus, and the Future Prospects for the US Economy
AbstractIn this report, Institute President Dimitri B. Papadimitriou and Research Scholars Michalis Nikiforos and Gennaro Zezza analyze how the US economy was affected by the pandemic and its prospects for recovery. Their baseline simulation using the Institute’s stock-flow macroeconometric model shows a significant pickup in the growth rate in 2021 as a result of the American […]
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Strategic Analysis
October 06, 2020
When Will Italy Recover?
AbstractItaly was the first European country to be impacted by COVID-19, rapidly overwhelming healthcare facilities in some areas and prompting the government to shut down nonessential economic activities, with an inevitable (asymmetric) impact on production and income. Though the gradual reopening of most business activities began in 2020Q3, the extent of the shutdown’s damage is […]
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Working Paper No. 958
June 12, 2020
A Stock-Flow Consistent Quarterly Model of the Italian Economy
AbstractMacroeconomists and political officers need rigorous, albeit realistic, quantitative models to forecast the future paths and dynamics of some variables of interest while being able to evaluate the effects of alternative scenarios. At the heart of all these models lies a standard macroeconomic module that, depending on the degree of sophistication and the research questions […]
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One-Pager No. 61
March 10, 2020
A Global Slowdown Will Test US Corporate Fragility
AbstractThe rapidly growing uncertainty about the potential global fallout from an emerging pandemic is occurring against a background in which there is evidence US corporate sector balance sheets are significantly overstretched, exhibiting a degree of fragility that, according to some measures, is unmatched in the postwar historical record. The US economy is vulnerable to a […]
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Strategic Analysis
January 23, 2020
Prospects and Challenges for the US Economy
AbstractThis Strategic Analysis examines the US economy’s prospects for 2020–23 and the risks that lie ahead. The baseline projection generated by the Levy Institute’s stock-flow consistent macroeconomic model shows that, given current fiscal arrangements and the slowdown in the global economy, the pace of the US recovery will slacken somewhat, with a growth rate that […]
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Strategic Analysis
January 17, 2020
Greece: In Search of Investors
Abstract2019 marked the third year of the continuing economic recovery in Greece, with real GDP and employment rising, albeit at modest rates. In this Strategic Analysis we note that the expansion has mainly been driven by net exports, with tourism playing a dominant role. However, household consumption and investment are still too far below their […]
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One-Pager No. 60
July 26, 2019
Fighting Inequality Can Strengthen the US Economy
AbstractSenators Elizabeth Warren and Bernie Sanders, along with Representative Alexandria Ocasio-Cortez, recently proposed to increase the rate of taxation on very high incomes and net worth. One of the primary justifications for such policies is that reducing inequality would help safeguard political equality. However, Dimitri B. Papadimitriou, Michalis Nikiforos, and Gennaro Zezza show how these […]
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Strategic Analysis
April 15, 2019
Can Redistribution Help Build a More Stable Economy?
AbstractAlthough the ongoing recovery is about to become the longest in the history of the United States, it is also the weakest in postwar history, and as we enter the second quarter of 2019, many clouds have gathered. This Strategic Analysis considers the recent trajectory, the present state, and the future prospects of the US […]
Download Strategic Analysis, April 2019 PDF (1.06 MB)