Summary Winter 2009

Recent attempts by the Treasury and the Federal Reserve to counter the worst financial and economic crisis since the Great Depression have brought into question the role of the government and the effectiveness of its rescue package. Levy Institute scholars foresee an extended period of stagnation and possibly deflation if the government does not take a more active part in terms of fiscal policy, direct homeowner relief, and regulatory system reform.

INSTITUTE RESEARCH

Program: Monetary Policy and Financial Structure

• L. RANDALL WRAY, What’s a Central Bank to Do? Policy Response to the Current Crisis
• JAN KREGEL, A Simple Proposal to Resolve the Disruption of Counterparty Risk in Short-Term Credit Markets
• JAN KREGEL, Will the Paulson Bailout Produce the Basis for Another Minsky Moment?
• DIMITRI B. PAPADIMITRIOU and L. RANDALL WRAY, Time to Bail Out: Alternatives to the Bush-Paulson Plan
• PEDRO NICOLACI DA COSTA, Shaky Foundations: Policy Lessons from America’s Historic Housing Crash
• L. RANDALL WRAY, The Commodities Market Bubble: Money Manager Capitalism and the Financialization of Commodities
• L. RANDALL WRAY and ÉRIC TYMOIGNE, Macroeconomics Meets Hyman P. Minsky: The Financial Theory of Investment
• PHILIP ARESTIS, LUIZ FERNANDO DE PAULA, and FERNANDO FERRARI-FILHO, Inflation Targeting in Brazil
• ÉRIC TYMOIGNE, Minsky and Economic Policy: “Keynesianism” All Over Again?
• LUISA FERNANDEZ, FADHEL KABOUB, and ZDRAVKA TODOROVA, On Democratizing Financial Turmoil: A Minskyan Analysis of the Subprime Crisis
• JAN TOPOROWSKI, Excess Capital and Liquidity Management

Program: Gender Equality and the Economy

• ZAHRA KARIMI, The Effects of International Trade on Gender Inequality: Women Carpet Weavers of Iran
• RANIA ANTONOPOULOS, The Unpaid Care Work–Paid Work Connection
• THOMAS MASTERSON, An Empirical Analysis of Gender Bias in Education Spending in Paraguay

Program: Employment Policy and Labor Markets

• PAVLINA R. TCHERNEVA, Keynes’s Approach to Full Employment: Aggregate or Targeted Demand?
• DIMITRI B. PAPADIMITRIOU, Promoting Equality Through an Employment of Last Resort Policy

Program: Economic Policy for the 21st Century

Explorations in Theory and Empirical Analysis

• GREG HANNSGEN, Do the Innovations in a Monetary VAR Have Finite Variances?

INSTITUTE NEWS

• New Research Scholar
• New Research Associates
• Conference: The Financial Crisis, the US Economy, and International Security in the New Administration
• Research Grants
• Upcoming Event: The 18th Annual Hyman P. Minsky Conference

PUBLICATIONS AND PRESENTATIONS

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

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