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72 publications found, searching for 'Gennaro Zezza '
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Strategic AnalysisJanuary 06, 2009
Flow of Funds Figures Show the Largest Drop in Household Borrowing in the Last 40 Years
AbstractThe Federal Reserve’s latest flow-of-funds data reveal that household borrowing has fallen sharply lower, bringing about a reversal of the upward trend in household debt. According to the Levy Institute’s…more
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Strategic AnalysisDecember 24, 2008
Prospects for the United States and the World: A Crisis That Conventional Remedies Cannot Resolve
AbstractThe economic recovery plans currently under consideration by the United States and many other countries seem to be concentrated on the possibility of using expansionary fiscal and monetary policies alone….more
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Working Paper No. 538July 10, 2008
The Buffett Plan for Reducing the Trade Deficit
AbstractThis paper considers a plan proposed by Warren Buffett, whereby importers would be required to obtain certificates proportional to the amount of non-oil goods (and possibly also services) they brought…more
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Strategic AnalysisApril 09, 2008
Fiscal Stimulus—Is More Needed?
AbstractAs the government prepares to dispense the tax rebates that largely make up its recently approved $168 billion stimulus package, President Dimitri B. Papadimitriou and Research Scholars Greg Hannsgen and…more
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Strategic AnalysisNovember 30, 2007
The US Economy: Is There a Way Out of the Woods?
AbstractIn 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…more
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Working Paper No. 506July 16, 2007
The Effects of a Declining Housing Market on the US Economy
AbstractLongstanding speculation about the likelihood of a housing market collapse has given way in the past few months to consideration of just how far the housing market will fall, and…more
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Public Policy Brief No. 90July 03, 2007
Cracks in the Foundations of Growth
AbstractWith economic growth having cooled to less than 1 percent in the first quarter of 2007, the economy can ill afford a slump in consumption by the American household. But…more
Download Public Policy Brief No. 90, 2007 PDF (367.52 KB) -
Working Paper No. 503June 26, 2007
A Simplified “Benchmark” Stock-flow Consistent (SFC) Post-Keynesian Growth Model
AbstractDespite being arguably one of the most active areas of research in heterodox macroeconomics, the study of the dynamic properties of stock-flow consistent (SFC) growth models of financially sophisticated economies…more
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Strategic AnalysisApril 30, 2007
The US Economy: What’s Next?
AbstractThe collapse in the subprime mortgage market, along with multiple signals of distress in the broader housing market, has already drawn forth a large body of comment. Some people think…more
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Strategic AnalysisNovember 14, 2006
Can Global Imbalances Continue?
AbstractIn this new Strategic Analysis, we review what we believe is the most important economic policy issue facing policymakers in the United States and abroad: the prospect of a growth…more
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Strategic AnalysisMay 18, 2006
Can the Growth in the US Current Account Deficit Be Sustained?
AbstractCan the growth in the current account deficit be sustained? How does the flow of deficits feed the stock of debt? How will the burden of servicing this debt affect…more
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Policy Note No. 4April 30, 2006
Debt and Lending
AbstractMany papers published by the Levy Institute during the last few years have emphasized that the American economy has relied too much on the growth of lending to the private…more
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Strategic AnalysisJanuary 01, 2006
Are Housing Prices, Household Debt, and Growth Sustainable?
AbstractRising home prices and low interest rates have fueled the recent surge in mortgage borrowing and enabled consumers to spend at high rates relative to their income. Low interest rates…more
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Strategic AnalysisSeptember 06, 2005
The United States and Her Creditors
AbstractThe main arguments in this paper can be simply stated: 1) If output in the United States grows fast enough to keep unemployment constant between now and 2010, and if…more
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Working Paper No. 421April 07, 2005
A Simplified Stock-flow Consistent Post-Keynesian Growth Model
AbstractDespite being arguably the most rigorous form of structuralist/post-Keynesian macroeconomics, stock-flow consistent models are quite often complex and difficult to deal with. This paper presents a model that, despite retaining…more
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Strategic AnalysisMarch 01, 2005
How Fragile Is the US Economy?
AbstractAs we projected in a previous Strategic Analysis, the United States’ economy experienced growth rates higher than 4 percent in 2004. The question we want to raise in this Strategic…more
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Strategic AnalysisAugust 01, 2004
Prospects and Policies for the US Economy
AbstractThe American economy has grown reasonably fast since the second half of 2003, and the general expectation seems to be that satisfactory growth will continue more or less indefinitely. This…more
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Strategic AnalysisApril 01, 2004
Is Deficit-financed Growth Limited?
AbstractWynne Godley, our Levy Institute colleague, has warned since 1999 that the falling personal saving and rising borrowing trends that had powered the US economic expansion were not sustainable. He…more
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Working Paper No. 405April 01, 2004
Some Simple, Consistent Models of the Monetary Circuit
AbstractWe address the finance motive and the determination of profits in the Monetary Theory of Production associated with the Circuitist School. We show that the “profit paradox” puzzle addressed by…more
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Working Paper No. 402February 01, 2004
A Post-Keynesian Stock-flow Consistent Macroeconomic Growth Model
AbstractStock-flow consistent models may be considered the rallying point for heterodox authors interested in modeling macroeconomic relations, since these models incorporate real and financial relations in an entirely consistent way,…more
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Strategic AnalysisOctober 01, 2003
Deficits, Debts, and Growth
AbstractThese are fast-moving times. Two years ago, the Congressional Budget Office (CBO, 2001) projected a federal budget surplus of $172 billion for fiscal year 2003. Within a year, the projected…more
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Policy Note No. 6September 03, 2003
Is International Growth the Way Out of US Current Account Deficits?
AbstractThe current account deficit of the United States has been growing steadily as a share of GDP for more than a decade. It is now at an all-time high, over…more
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Working Paper No. 387September 01, 2003
Measures of the Real GDP of US Trading Partners
AbstractThis paper provides the details of the construction of new quarterly measures of the real GDPs of the 36 trading partners that are taken into consideration by the Federal Reserve…more
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Strategic AnalysisNovember 01, 2002
Is Personal Debt Sustainable?
AbstractThe long economic expansion was fueled by an unprecedented rise in private expenditure relative to income, financed by a growing flow of net credit to the private. On the surface,…more
Download Strategic Analysis, November 2002 PDF (1.50 MB)