Σε όλο τον κόσμο, οι χώρες που βρίσκονται σε κρίση έχουν μπροστά τους το δύσκολο έργο της αντιμετώπισης των αυξανόμενων ποσοστών ανεργίας και της εμβάθυνσης της φτώχειας. Η Ελλάδα, η οποία αντιμετωπίζει μια βαθιά κρίση κυρίαρχου χρέους, έχει πληγεί σε πολύ μεγαλύτερο βαθμό από τις υπόλοιπες χώρες.

Υπάρχει αφθονία πολιτικών απασχόλησης, από προγράμματα επιδότησης της απασχόλησης έως τακτικές για τη μείωση των εβδομαδιαίων εργάσιμων ημερών, αλλά ικανοποιητική απάντηση στο πρόβλημα της ανεργίας δεν έχει δώσει καμία από τις υφιστάμενες πολιτικές. Αντιθέτως, η πολιτική της δημιουργίας θέσεων εργασίας στον τομέα των υπηρεσιών κοινής ωφέλειας επιτρέπει στις κοινότητες να μετριάσουν τους κινδύνους και τις κοινωνικές ευπάθειες που αναδύονται ιδιαίτερα σε περιόδους αναταραχής με τον ενεργό μετασχηματισμό των τοπικών οικονομιών και την ενδυνάμωση του κοινωνικού ιστού.

Με τη στήριξη του Ινστιτούτου Εργασίας της Γενικής Συνομοσπονδίας Εργατών Ελλάδας, το Ινστιτούτο Οικονομικών Levy συνέβαλε θεμελιωδώς στον σχεδιασμό και την εφαρμογή ενός κοινωνικού προγράμματος άμεσης δημιουργίας θέσεων εργασίας σε όλη την Ελλάδα. Διετή έργα, χρηματοδοτούμενα από τα διαρθρωτικά ταμεία της ΕΕ, έχουν ήδη ξεκινήσει.

Η έκθεση ανιχνεύει τις οικονομικές τάσεις που επικρατούσαν πριν από την κρίση και καταγράφει τις τάσεις που επικρατούν σήμερα, την περίοδο της μεγάλης οικονομικής κρίσης, με ιδιαίτερη έμφαση στις πρόσφατες τάσεις στην αγορά εργασίας και τις ελλείψεις του κοινωνικού διχτύου ασφαλείας. Ο πρωταρχικός στόχος της έκθεσης είναι η αναγνώριση των κοινωνικοοικονομικών αναγκών στην Ελλάδα, αλλά ταυτόχρονα υπογραμμίζει τη σπουδαιότητα της στρατηγικής της άμεσης δημιουργίας θέσεων εργασίας ως μέσο για την άμβλυνση των κοινωνικών επιπτώσεων μιας οικονομικής κρίσης.

Δημοσιεύθηκε από: Παρατηρητηριο Οικονομικων kαι Κοινωνικων Εξελιξεων, Ινστιτουτο Εργασίας, ΓΣΕΕ

The Summary updates current Levy Institute research, with synopses of new publications, accounts of professional presentations by the research staff, and an overview of Levy Institute events. This issue contains the proceedings of the Hyman P. Minsky Conference on Financial Instability: Debt, Deficits, and Unstable Markets, as well as an analysis of the “fiscal cliff” debate, proposals to address the ongoing eurozone crisis, an examination of the current conditions and prospects for the Greek economy, findings from the application of the Levy Institute Measure of Time and Income Poverty, a proposal for a new meme for money, a review of the implications of Dodd-Frank for the Fed, contributions to the capacity utilization literature, and a discussion of employer-of-last-resort programs as institutions for change.

INSTITUTE RESEARCH

Program: The State of the US and World Economies

• Hyman P. Minsky Conference on Financial Instability: Debt, Deficits, and Unstable Markets
• C. J. POLYCHRONIOU, Greece’s Bailouts and the Economics of Social Disaster
• ECKHARD HEIN, The Crisis of Finance-dominated Capitalism in the Euro Area, Deficiencies in the Economic Policy Architecture, and Deflationary Stagnation Policies
• JÖRG BIBOW, At the Crossroads: The Euro and Its Central Bank Guardian (and Savior?)
• ALBERTO BOTTA, Conflicting Claims in the Eurozone? Austerity’s Myopic Logic and the Need for a European Federal Union in a Post-Keynesian Eurozone Center – Periphery Model

Program: Monetary Policy and Financial Structure

• GREG HANNSGEN and DIMITRI B. PAPADIMITRIOU, Fiscal Traps and Macro Policy after the Eurozone Crisis
• BERNARD SHULL, The Impact of Reform on Federal Reserve Autonomy
• L. RANDALL WRAY, A Meme for Money

Program: The Distribution of Income and Wealth

Levy Institute Measure of Time and Income Poverty

• RANIA ANTONOPOULOS, THOMAS MASTERSON, and AJIT ZACHARIAS, It’s About “Time”: Why Time Deficits Matter

Program: Employment Policy and Labor Markets

• DIMITRI B. PAPADIMITRIOU, GENNARO ZEZZA, and VINCENT DUWICQUET, Current Prospects for the Greek Economy: Interim Report
• PAVLINA R. TCHERVENA, Beyond Full Employment: The Employer of Last Resort as an Institution for Change

Program: Economic Policy for the 21st Century

Explorations in Theory and Empirical Analysis

• EGMONT KAKAROT-HANDTKE, The Common Error of Common Sense: An Essential Rectification of the Accounting Approach
• ALESSANDRO CAIANI, ANTOINE GODIN, and STEFANO LUCARELLI, Innovation and Finance: An SFC Analysis of Great Surges of Development
• MICHALIS NIKIFOROS, The (Normal) Rate of Capacity Utilization at the Firm Level
• MICHALIS NIKIFOROS, On the “Utilization Controversy”: A Theoretical and Empirical
• Discussion of the Kaleckian Model of Growth and Distribution

INSTITUTE NEWS

• New Research Scholars
• New Research Associate
• New Editor

Upcoming Events:

• 22nd Annual Hyman P. Minsky Conference: Building a Financial Structure for a More Stable and Equitable Economy
• The 2013 Hyman P. Minsky Summer Seminar

PUBLICATIONS AND PRESENTATIONS

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

Organized by the Levy Economics Institute and ECLA of Bard with support from the Ford Foundation, The German Marshall Fund of the United States, and Deutsche Bank AG

This two-day conference in central Berlin focused on the causes of financial instability and its implications for the global economy. The conference addressed some of the main issues now confronting economic policymakers, including the challenge to global growth resulting from the eurozone debt crisis; the impact of the credit crunch on economic and financial markets; the larger implications of government deficits and debt crises for US, European, and Asian economic policy; and central bank independence and financial reform.

The Levy Economics Institute is pleased to announce the release of the Fall 2012 Summary. Available in both printed and electronic form, the Summary updates current Levy Institute research, with synopses of new publications, accounts of professional presentations by the research staff, and an overview of Levy Institute events.

In this issue, papers survey the prospects for the US economy, examine the direction of US fiscal policy, analyze the ongoing crisis in the eurozone, discuss the effects of austerity measures in Greece, propose an alternative explanation of the LIBOR scandal, offer more effective measures of poverty, review developments in regulatory reform of the financial sector, present an alternative history of money, outline new issues in gender equality, and contribute to ongoing debates in areas ranging from financial instability to aggregate production functions.

INSTITUTE RESEARCH

Program: The State of the US and World Economies

• DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and GENNARO ZEZZA, Back to Business as Usual? Or a Fiscal Boost?
• C. J. POLYCHRONIOU, The Mediterranean Conundrum: The Link between the State and the Macroeconomy, and the Disastrous Effects of the European Policy of Austerity
• C. J. POLYCHRONIOU, Reconceiving Change in the Age of Parasitic Capitalism: Writing Down Debt, Returning to Democratic Governance, and Setting Up Alternative Financial Systems—Now
• PHILIP PILKINGTON and WARREN MOSLER, Tax-backed Bonds—A National Solution to the European Debt Crisis
• RAINER KATTEL and RINGA RAUDLA, Austerity that Never Was? The Baltic States and the Crisis
• C. J. POLYCHRONIOU, The Greek Crisis: Possible Costs and Likely Outcomes of a Grexit
• DIMITRI B. PAPADIMITRIOU and L. RANDALL WRAY, Euroland’s Original Sin
• JAN KREGEL, Six Lessons from the Euro Crisis
• SUNANDA SEN, Managing Global Financial Flows at the Cost of National Autonomy: China and India
• PAVLINA R. TCHERNEVA, Reorienting Fiscal Policy after the Great Recession
• JÖRG BIBOW, The Euro Debt Crisis and Germany’s Euro Trilemma
• GREG HANNSGEN, Fiscal Policy, Unemployment Insurance, and Financial Crises in a Model of Growth and Distribution
• ESTEBAN PÉREZ CALDENTEY and MATÍAS VERNENGO, Toward an Understanding of Crises Episodes in Latin America: A Post-Keynesian Approach

Program: Monetary Policy and Financial Structure

• JAN KREGEL, Minsky and the Narrow Banking Proposal: No Solution for Financial Reform
• JAN KREGEL, The Wrong Risks: What a Hedge Gone Awry at JPMorgan Chase Tells Us about What’s Wrong with Dodd-Frank
• JAN KREGEL, The LIBOR Scandal: The Fix Is In—the Bank of England Did It!
• L. RANDALL WRAY, Global Financial Crisis: A Minskyan Interpretation of the Causes, the Fed’s Bailout, and the Future
• THORVALD GRUNG MOE, Shadow Banking and the Limits of Central Bank Liquidity Support: How to Achieve a Better Balance between Global and Official Liquidity
• THORVALD GRUNG MOE, Control of Finance as a Prerequisite for Successful Monetary Policy: A Reinterpretation of Henry Simons’s “Rules versus Authorities in Monetary Policy”
• ÉRIC TYMOIGNE, Measuring Macroprudential Risk through Financial Fragility: A Minskyan Approach
• L. RANDALL WRAY, Introduction to an Alternative History of Money
• NICHOLAS APERGIS and EMMANUEL MAMATZAKIS, What Are the Driving Factors behind the Rise of Spreads and CDSs of Euro-area Sovereign Bonds? A FAVAR Model for Greece and Ireland
• CHARLES J. WHALEN, Post-Keynesian Institutionalism after the Great Recession
• JAN KREGEL, Diversity and Uniformity in Economic Theory as an Explanation of the Recent Economic Crisis

Program: The Distribution of Income and Wealth

Levy Institute Measure of Economic Well-Being

• THOMAS MASTERSON, Simulations of Full-Time Employment and Household Work in the Levy Institute Measure of Time and Income Poverty (LIMTIP) for Argentina, Chile, and Mexico

Program: Gender Equality and the Economy

• GÜNSELI BERIK and EBRU KONGAR, Time Use of Mothers and Fathers in Hard Times: The US Recession of 2007–09

Program: Employment Policy and Labor Markets

• ANTOINE GODIN, Guaranteed Green Jobs, Sustainable Full Employment

Program: Economic Policy for the 21st Century

Explorations in Theory and Empirical Analysis

• JESUS FELIPE, ARNELYN ABDON, and UTSAV KUMAR, Tracking the Middle-income Trap: What Is It, Who Is in It, and Why?
• JESUS FELIPE and JOHN MCCOMBIE, Aggregate Production Functions and the Accounting Identity Critique: Further Reflections on Temple’s Criticisms and Misunderstandings
• JESUS FELIPE and JOHN MCCOMBIE, Problems with Regional Production Functions and Estimates of Agglomeration Economies: A Caveat Emptor for Regional Scientists
• MICHAEL HUDSON, Veblen’s Institutionalist Elaboration of Rent

INSTITUTE NEWS

• New Master’s Degree Program in Economic Theory and Policy
• 21st Annual Hyman P. Minsky Conference: Debt, Deficits, and Financial Instability

Upcoming Event:

• The 2013 Hyman P. Minsky Summer Seminar

PUBLICATIONS AND PRESENTATIONS

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

A conference organized by the Levy Economics Institute of Bard College with support from the Ford Foundation

The 2012 Minsky conference addressed the ongoing and far-reaching effects of the global financial crisis, including the challenge to global growth represented by the eurozone debt crisis, the impact of the credit crunch on the economic and financial markets outlook, the sustainability of the US economic recovery in the absence of support from monetary and fiscal policy, reregulation of the financial system and the design of a new financial architecture, and the larger implications of the debt crisis for US economic policy—and for the international financial and monetary system as a whole.

A conference organized by the Levy Economics Institute of Bard College with support from the Ford Foundation

In April 2012, leading policymakers, economists, and analysts will gather at the New York headquarters of the Ford Foundation to take part in the Levy Institute’s 21st Annual Hyman P. Minsky Conference. This conference will address, among other issues, the challenge to global growth represented by the eurozone debt crisis; the impact of the credit crunch on the economic and financial markets outlook; the sustainability of the US economic recovery in the absence of support from monetary and fiscal policy; reregulation of the financial system and the design of a new financial architecture; and the larger implications of the debt crisis for US economic policy, and for the international financial and monetary system as a whole.

The Summary updates current Levy Institute research, with synopses of new publications, accounts of professional presentations by the research staff, and an overview of Levy Institute events. In this issue, papers survey the prospects of a new global financial crisis, propose a new institutional architecture and other solutions to the global debt crisis, quantify the Federal Reserve measures to stabilize the US economy, compare inequality and living standards in Canada and the United States, outline labor-demand policies that connect fiscal policy with full employment, and suggest a return to classical economic policies, including debt write-downs.

INSTITUTE RESEARCH

Program: The State of the US and World Economies

• DIMITRI B. PAPADIMITRIOU and L. RANDALL WRAY, Fiddling in Euroland as the Global Meltdown Nears
• C. J. POLYCRHONIOU, Neo-Hooverian Policies Threaten to Turn Europe into an Economic Wasteland
• ESTEBAN PÉREZ-CALDENTEY and MATÍAS VERNENGO, The Euro Imbalances and Financial Deregulation: A Post-Keynesian Interpretation of the European Debt Crisis
• L. RANDALL WRAY, The Euro Crisis and the Job Guarantee: A Proposal for Ireland
• ROBERT DUBOIS, The European Central Bank and Why Things Are the Way They Are: A Historic Monetary Policy Pivot Point and Moment of (Relative) Clarity

Program: Monetary Policy and Financial Structure

• JAMES FELKERSON, A Detailed Look at the Fed’s Crisis Response by Funding Facility and Recipient
• JAMES FELKERSON, $29,000,000,000,000: A Detailed Look at the Fed’s Bailout by Funding Facility and Recipient
• L. RANDALL WRAY, Is There Room for Bulls, Bears, and States in the Circuit?
• L. RANDALL WRAY, Imbalances? What Imbalances? A Dissenting View
• BERNARD SHULL, Too Big to Fail: Motives, Countermeasures, and the Dodd-Frank Response

Program: The Distribution of Income and Wealth

Levy Institute Measure of Economic Well-Being

• EDWARD N. WOLFF, AJIT ZACHARIAS, THOMAS MASTERSON, SELÇUK EREN, ANDREW SHARPE, and ELSPETH HAZELL, A Comparison of Inequality and Living Standards in Canada and the United States Using an Expanded Measure of Economic Well-Being

Program: Employment Policy and Labor Markets

• PAVLINA R. TCHERNEVA, Full Employment through Social Entrepreneurship: The Nonprofit Model for Implementing a Job Guarantee
• PAVLINA R. TCHERNEVA, What Do Poor Women Want? Employment or Cash Transfers? Lessons from Argentina
• PAVLINA R. TCHERNEVA, Inflationary and Distributional Effects of Alternative Fiscal Policies: An Augmented Minskyan-Kaleckian Model

Program: Economic Policy for the 21st Century

Explorations in Theory and Empirical Analysis

• MICHAEL HUDSON, Trade and Payments Theory in a Financialized Economy
• SANJAYA DESILVA and MOHAMMED MEHRAB BIN BAKHTIAR, Women, Schooling, and Marriage in Rural Philippines
• MICHAEL HUDSON, The Road to Debt Deflation, Debt Peonage, and Neofeudalism

INSTITUTE NEWS

Upcoming Events:

• 21st Annual Hyman P. Minsky Conference, April 11–12, 2012
• The Hyman P. Minsky Summer Seminar, June 16–24, 2012

PUBLICATIONS AND PRESENTATIONS

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

Papers highlighted in the January issue include a new Strategic Analysis that justifies fears of prolonged stagnation and flat employment, proposals to resolve problems in the eurozone, recommendations for avoiding another global financial crisis, the Levy Institute Measure of Time and Income Poverty, gender inequalities in work time, and the economic impact of legalizing undocumented immigrants in the United States.

NEW STRATEGIC ANALYSIS

• Is the Recovery Sustainable?

NEW PUBLIC POLICY BRIEFS

• Waiting for the Next Crash: The Minskyan Lessons We Failed to Learn Debtors’ Crisis or Creditors’ Crisis? Who Pays for the European Sovereign and Subprime Mortgage Losses?

NEW POLICY NOTES

• Resolving the Eurozone Crisis—without Debt Buyouts, National Guarantees, Mutual Insurance, or Fiscal Transfers
• Toward a Workable Solution for the Eurozone

NEW WORKING PAPERS

• Lessons We Should Have Learned from the Global Financial Crisis but Didn’t
• Infinite-variance, Alpha-stable Shocks in Monetary SVAR: Final Working-Paper Version
• Permanent and Selective Capital Account Management Regimes as an Alternative to Self-Insurance Strategies in Emerging-market Economies
• Central Banking in an Era of Quantitative Easing
• Quantitative Easing, Functional Finance, and the “Neutral” Interest Rate
• Estimating the Impact of the Recent Economic Crisis on Work Time in Turkey
• Access to Markets and Farm Efficiency: A Study of Rice Farms in the Bicol Region, Philippines
• An Unblinking Glance at a National Catastrophe and the Potential Dissolution of the Eurozone: Greece’s Debt Crisis in Context
• Effects of Legal and Unauthorized Immigration on the US Social Security System
• The Measurement of Time and Income Poverty
• Unpaid and Paid Care: The Effects of Child Care and Elder Care on the Standard of Living
• Quality of Match for Statistical Matches Used in the Development of the Levy Institute Measure of Time and Income Poverty (LIMTIP) for Argentina, Chile, and Mexico
• Euroland in Crisis as the Global Meltdown Picks Up Speed
• Reducing Economic Imbalances in the Euro Area
• Orthodox versus Heterodox (Minskyan) Perspectives of Financial Crises: Explosion in the 1990s versus Implosion in the 2000s
• Time Use of Mothers and Fathers in Hard Times and Better Times: The US Business Cycle of 2003–10
• Distribution and Growth: A Dynamic Kaleckian Approach

INSTITUTE NEWS

• Upcoming Event: 21st Annual Hyman P. Minsky Conference, April 11–12, 2012
• Upcoming Event: The Hyman P. Minsky Summer Seminar, June 16–24, 2012
• Levy Institute Launches Greek Website
• 1967 Census of the West Bank and Gaza Strip Now Available Online
• New Research Associate and Policy Fellow
• New Research Associate

PUBLICATIONS AND PRESENTATIONS

• Publications and Presentations by Levy Institute Scholars

The Summary updates current Levy Institute research, with synopses of new publications, accounts of professional presentations by the research staff, and an overview of Levy Institute events. In this issue, papers include a new Strategic Analysis that justifies fears of prolonged stagnation and flat employment, proposals to resolve problems in the eurozone, recommendations for avoiding another global financial crisis, the Levy Institute Measure of Time and Income Poverty, gender inequalities in work time, and the economic impact of legalizing undocumented immigrants in the United States.

INSTITUTE RESEARCH

Program: The State of the US and World Economies

• DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and GENNARO ZEZZA, Is the Recovery Sustainable?
• THOMAS I. PALLEY, The Contradictions of Export-led Growth
• JAN KREGEL, Debtors’ Crisis or Creditors’ Crisis? Who Pays for the European Sovereign and Subprime Mortgage Losses?
• STUART HOLLAND, Resolving the Eurozone Crisis—without Debt Buyouts, National Guarantees, Mutual Insurance, or Fiscal Transfers
• MARSHALL AUERBACK, Toward a Workable Solution for the Eurozone
• C. J. POLYCHRONIOU, An Unblinking Glance at a National Catastrophe and the Potential Dissolution of the Eurozone: Greece’s Debt Crisis in Context
• DIMITRI B. PAPADIMITRIOU and L. RANDALL WRAY, Euroland in Crisis as the Global Meltdown Picks Up Speed
• GREGOR SEMIENIUK, TILL VAN TREECK, and ACHIM TRUGER, Reducing Economic Imbalances in the Euro Area: Some Remarks on the Current Stability Programs, 2011–14

Program: Monetary Policy and Financial Structure

• L. RANDALL WRAY, Waiting for the Next Crash: The Minskyan Lessons We Failed to Learn
• L. RANDALL WRAY, Lessons We Should Have Learned from the Global Financial Crisis but Didn’t
• GREG HANNSGEN, Infinite-variance, Alpha-stable Shocks in Monetary SVAR: Final Working Paper Version
• JÖRG BIBOW, Permanent and Selective Capital Account Management Regimes as an Alternative in Self-Insurance Strategies in Emerging-market Economies
• ANDREW SHENG, Central Banking in an Era of Quantitative Easing
• ALFONSO PALACIO-VERA, Quantitative Easing, Functional Finance, and the “Neutral” Interest Rate
• JESÚS MUÑOZ, Orthodox versus Heterodox (Minskyan) Perspectives of Financial Crises: Explosion in the 1990s versus Implosion in the 2000s

Program: The Distribution of Income and Wealth

• AJIT ZACHARIAS, The Measurement of Time and Income Poverty

Levy Institute Measure of Economic Well-Being

• THOMAS MASTERSON, Quality of Match for Statistical Matches Used in the Development of the Levy Institute Measure of Time and Income Poverty (LIMTIP) for Argentina, Chile, and Mexico

Program: Gender Equality and the Economy

• EMEL MEMIS and S. A. KAYA BAHÇE, Estimating the Impact of the Recent Economic Crisis on Work Time in Turkey
• KIJONG KIM and RANIA ANTONOPOULOS, Unpaid and Paid Care: The Effects of Child Care and Elder Care on the Standard of Living
• GUNSELI BERIK and EBRU KONGAR, Time Use of Mothers and Fathers in Hard Times and Better Times: The US Business Cycle of 2003–10

Program: Immigration, Ethnicity, and Social Structure

• SELÇUK EREN, HUGO BENÍTEZ-SILVA, and EVA CÁRCELES-POVEDA, Effects of Legal and Unauthorized Immigration on the US Social Security System

Program: Economic Policy for the 21st Century

• SANJAYA DESILVA, Access to Markets and Farm Efficiency: A Study of Rice Farms in the Bicol Region, Philippines

Explorations in Theory and Empirical Analysis

• F. PATRIARCA and C. SARDONI, Distribution and Growth: A Dynamic Kaleckian Approach

INSTITUTE NEWS

• 21st Annual Hyman P. Minsky Conference, April 11–12, 2012
• The Hyman P. Minsky Summer Seminar, June 16–24, 2012
• Levy Institute Launches Greek Website
• 1967 Israeli Census Now Available Online
• New Research Associate and Policy Fellow
• New Research Associate

PUBLICATIONS AND PRESENTATIONS

• Publications and Presentations by Levy Institute Scholars

A conference organized by the Levy Economics Institute of Bard College with support from the .

This year’s Minsky conference marks the Levy Institute’s 25 anniversary, and the third year of the Ford–Levy joint initiative on reforming global financial governance. This initiative aims to examine financial instability and reregulation within the theoretical framework of Minsky’s work on financial crises. Minsky was convinced that a program of financial reform must be based on a critique of the existing system that identifies not only what went wrong, but also why it happened. Speakers addressed the ongoing effects of the global financial crisis on the real economy, and examined proposed as well as recently enacted policy responses. Should ending too-big-to-fail be the cornerstone of reform? Do the markets’ pursuit of self-interest generate real societal benefits? Is financial sector growth actually good for the real economy? Will the recently passed US financial reform bill make the entire financial system, not only the banks, safer?

Throughout its 25-year history, the Levy Economics Institute has maintained its commitment to independent thinking and the belief that economics can and should make a profound contribution to improving the human condition. The purpose of all our activities and research is to serve the wider policymaking community in the United States and throughout the world.

Our 25th Anniversary Report details the Institute’s contributions—through its conferences, seminars, and publications—to the debate surrounding such fundamental public policy issues as the sustainability of long-term economic growth, unemployment, income and wealth inequality, systemic risks in the financial sector, and the deteriorating international trade environment. It also outlines our latest initiatives, including partnerships with other leading public policy institutions, pilot programs abroad, and the newly digitized Minsky Archive.

In this issue of the Report, papers focus on the prospects for US economic growth, including public-sector job initiatives; the eurozone’s sovereign-debt crisis; economic tensions between emerging market and industrialized economies; the role of global finance in real-world economies; the impact of fiscal policy on economic recovery; and estimating the Levy Institute Measure of Economic Well-Being for Great Britain, France, and Canada.

NEW STRATEGIC ANALYSIS

• Jobless Recovery Is No Recovery: Prospects for the US Economy

NEW PUBLIC POLICY BRIEFS

• Will the Recovery Continue? Four Fragile Markets, Four Years Later
• The Contradictions of Export-led Growth

NEW POLICY NOTES

• Is the Federal Debt Unsustainable?
• A Modest Proposal for Overcoming the Euro Crisis
• Was Keynes’s Monetary Policy, à Outrance in the Treatise, a Forerunner of ZIRP and QE? Did He Change His Mind in the General Theory?

NEW WORKING PAPERS

• The Dismal State of Macroeconomics and the Opportunity for a New Beginning
• Financial Keynesianism and Market Instability
• Measuring Macroprudential Risk: Financial Fragility Indexes
• A Minskyan Road to Financial Reform
• Money in Finance
• What Does Norway Get Out Of Its Oil Fund, if Not More Strategic Infrastructure Investment?
• Keynes after 75 Years: Rethinking Money as a Public Monopoly
• Minsky Crisis
• Financial Markets
• Minsky’s Money Manager Capitalism and the Global Financial Crisis
• The Financial Crisis Viewed from the Perspective of the “Social Costs” Theory
• Quality of Match for Statistical Matches Used in the 1995 and 2005 LIMEW Estimates for Great Britain
• Can Portugal Escape Stagnation without Opting Out from the Eurozone?
• Causes of Financial Instability: Don’t Forget Finance
• Hegemonic Currencies during the Crisis: The Dollar versus the Euro in a Cartalist Perspective
• The Levy Institute Measure of Economic Well-Being, Great Britain, 1995 and 2005
• The Freedom Budget at 45: Functional Finance and Full Employment
• Race, Power, and the Subprime/Foreclosure Crisis: A Mesoanalysis
• The Product Space: What Does It Say About the Opportunities for Growth and Structural Transformation of Sub-Saharan Africa?
• Public Job-creation Programs: The Economic Benefits of Investing in Social Care: Case Studies in South Africa and the United States
• Income Distribution in a Monetary Economy: A Ricardo-Keynes Synthesis
• Effective Demand in the Recent Evolution of the US Economy
• Institutional Prerequisites of Financial Fragility within Minsky’s Financial Instability Hypothesis: A Proposal in Terms of “Institutional Fragility”
• The Rise and Fall of Export-led Growth
• Quality of Match for Statistical Matches Used in the 1989 and 2000 LIMEW Estimates for France
• The Global Crisis and the Remedial Actions: A Nonmainstream Perspective
• What Ended the Great Depression? Reevaluating the Role of Fiscal Policy
• The Levy Institute Measure of Economic Well-Being, France, 1989 and 2000
• The Levy Institute Measure of Economic Well-Being, Estimates for Canada, 1999 and 2005

INSTITUTE NEWS

• 20th Annual Hyman P. Minsky Conference: Financial Reform and the Real Economy
• The Wynne Godley Memorial Conference: Contributions in Stock-flow Modeling
• The Hyman P. Minsky Summer Seminar
• New Research Associate
• New Senior Editor and Policy Fellow

PUBLICATIONS AND PRESENTATIONS

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

In this issue, papers focus on the prospects for US economic growth, including jobs programs and other public-sector initiatives; the euro and sovereign-debt crises in the eurozone, as well as global economic tensions between emerging market and industrialized economies; the nature of global finance and its role in real world economies; the impact of government fiscal policy on economic recovery; estimating the Levy Institute Measure of Economic Well-Being for Great Britain, France, and Canada; and the potential role of social care delivery in generating economy-wide employment outcomes.

INSTITUTE RESEARCH

Program: The State of the US and World Economies

Strategic Analysis

• DIMITRI B. PAPADIMITRIOU, GREG HANNSGEN, and GENNARO ZEZZA, Jobless Recovery Is No Recovery: Prospects for the US Economy
• GREG HANNSGEN and DIMITRI B. PAPADIMITRIOU, Will the Recovery Continue? Four Fragile Markets, Four Years Later
• JAMES K. GALBRAITH, Is the Federal Debt Unsustainable?
• YANIS VAROUFAKIS and STUART HOLLAND, A Modest Proposal for Overcoming the Euro Crisis
• MICHAEL HUDSON, What Does Norway Get Out Of Its Oil Fund, if Not More Strategic Infrastructure Investment?
• JULIO LÓPEZ-GALLARDO and LUIS REYES-ORTIZ, Effective Demand in the Recent Evolution of the US Economy
• THOMAS I. PALLEY, The Rise and Fall of Export-led Growth
• NATHAN PERRY and MATÍAS VERNENGO, What Ended the Great Depression? Reevaluating the Role of Fiscal Policy

Program: Monetary Policy and Financial Structure

• JAN KREGEL, Was Keynes’s Monetary Policy, à Outrance in the Treatise, a Forerunner of ZIRP and QE? Did He Change His Mind in the General Theory?
• L. RANDALL WRAY, Financial Keynesianism and Market Instability
• ÉRIC TYMOIGNE, Measuring Macroprudential Risk: Financial Fragility Indexes
• L. RANDALL WRAY, A Minskyan Road to Financial Reform
• L. RANDALL WRAY, Money in Finance
• L. RANDALL WRAY, Keynes after 75 Years: Rethinking Money as a Public Monopoly
• L. RANDALL WRAY, Minsky Crisis
• JÖRG BIBOW, Financial Markets
• L. RANDALL WRAY, Minsky’s Money Manager Capitalism and the Global Financial Crisis
• L. RANDALL WRAY, The Financial Crisis Viewed from the Perspective of the "Social Costs" Theory
• PEDRO LEAO and ALFONSO PALACIO-VERA, Can Portugal Escape Stagnation without Opting Out from the Eurozone?
• DIRK J. BEZEMER, Causes of Financial Instability: Don’t Forget Finance
• DAVID FIELDS and MATÍAS VERNENGO, Hegemonic Currencies during the Crisis: The Dollar versus the Euro in a Cartalist Perspective
• GARY A. DYMSKI, JESUS HERNANDEZ, and LISA MOHANTY, Race, Power, and the Subprime/Foreclosure Crisis: A Mesoanalysis
• CHRISTINE SINAPI, Institutional Prerequisites of Financial Fragility within Minsky’s Financial Instability Hypothesis: A Proposal in Terms of "Institutional Fragility"

Program: The Distribution of Income and Wealth

Levy Institute Measure of Economic Well-Being

• THOMAS MASTERSON, Quality of Match for Statistical Matches Used in the 1995 and 2005 LIMEW Estimates for Great Britain
• SELÇUK EREN, THOMAS MASTERSON, EDWARD WOLFF, and AJIT ZACHARIAS, The Levy Institute Measure of Economic Well-Being, Great Britain, 1995 and 2005
• THOMAS MASTERSON, Quality of Match for Statistical Matches Used in the 1989 and 2000 LIMEW Estimates for France
• THOMAS MASTERSON, AJIT ZACHARIAS, SELÇUK EREN, and EDWARD N. WOLFF, The Levy Institute Measure of Economic Well-Being, France, 1989 and 2000
• ANDREW SHARPE, ALEXANDER MURRAY, BENJAMIN EVANS, and ELSPETH HAZELL, The Levy Institute Measure of Economic Well-Being: Estimates for Canada, 1999 and 2005

Program: Employment Policy and Labor Markets

• MATHEW FORSTATER, The Freedom Budget at 45: Functional Finance and Full Employment
• RANIA ANTONOPOULOS and KIJONG KIM, Public Job-creation Programs: The Economic Benefits of Investing in Social Care: Case Studies in South Africa and the United States

Program: Economic Policy for the 21st Century

Explorations in Theory and Empirical Analysis

• L. RANDALL WRAY, The Dismal State of Macroeconomics and the Opportunity for a New Beginning
• ARNELYN ABDON and JESUS FELIPE, The Product Space: What Does It Say About the Opportunities for Growth and Structural Transformation of Sub-Saharan Africa?
• NAZIM KADRI EKINCI, Income Distribution in a Monetary Economy: A Ricardo-Keynes Synthesis
• SUNANDA SEN, The Global Crisis and the Remedial Actions: A Nonmainstream Perspective

INSTITUTE NEWS

• 20th Annual Hyman P. Minsky Conference: Financial Reform and the Real Economy
• The Wynne Godley Memorial Conference: Contributions in Stock-flow Modeling
• The Hyman P. Minsky Summer Seminar
• New Research Associate
• New Senior Editor and Policy Fellow

PUBLICATIONS AND PRESENTATIONS

• Publications and Presentations by Levy Institute Scholars

Wynne Godley’s work focused on the strategic prospects for the US, UK, and world economies, and the use of accounting macroeconomic models to reveal structural imbalances. This conference will provide scholars profoundly influenced by his work the opportunity to celebrate his contributions to the field of economics. Topics will include fiscal policy and stock-flow consistent models; unsustainable processes and the role of the dollar in fostering global imbalances; stability and convergence programs; trade and current account imbalances and international currencies; financial integration, intrazone credit, and stabilization in a monetary union; debt-deflation traps within small open economies; and the UK and US private expenditure function.

A conference organized by the Levy Economics Institute of Bard College with support from the Ford Foundation

The 20th Annual Minsky Conference addressed the ongoing effects of the global financial crisis on the real economy, and examined proposed and recently enacted policy responses: Should ending too-big-to-fail be the cornerstone of reform? Do the markets’ pursuit of self-interest generate real societal benefits? Is financial sector growth actually good for the real economy? Will the Dodd-Frank financial reform bill make the entire financial system, not only the banks, safer?

This issue leads off with a public policy brief by Scott Fullwiler and Senior Scholar L. Randall Wray about reining in the Federal Reserve. In addition, it includes a policy note by Research Associate Marshall Auerback about the impact of Germany exiting the eurozone and 17 working papers by Levy Institute scholars and associates, as well as other authors.

NEW PUBLIC POLICY BRIEFS

• It’s Time to Rein In the Fed

NEW POLICY NOTES

• What Happens if Germany Exits the Euro?

NEW WORKING PAPERS

• Quality of Match for Statistical Matches Used in the 1999 and 2005 LIMEW Estimates for Canada
• International Trade Theory and Policy: A Review of the Literature
• Bernanke’s Paradox: Can He Reconcile His Position on the Federal Budget with His Recent Charge to Prevent Deflation?
• Financial Stability, Regulatory Buffers, and Economic Growth: Some Postrecession Regulatory Implications
• Exports, Capabilities, and Industrial Policy in India
• US “Quantitative Easing” Is Fracturing the Global Economy
• The Central Bank “Printing Press”: Boon or Bane? Remedies for High Unemployment and Fears of Fiscal Crisis
• Disaggregating the Resource Curse: Is the Curse More Difficult to Dispel in Oil States than in Mineral States?
• China in the Global Economy
• Modeling Technological Progress and Investment in China: Some Caveats
• How Rich Countries Became Rich and Why Poor Countries Remain Poor: It’s the Economic Structure . . . Duh!
• Quantitative Easing and Proposals for Reform of Monetary Policy Operations
• A Demographic Base for Ethnic Survival? Blending across Four Generations of German-Americans
• Money
• Views of European Races among the Research Staff of the US Immigration Commission and the Census Bureau, ca. 1910
• Fiscal Policy Effectiveness: Lessons from the Great Recession
• Fiscal Policy: Why Aggregate Demand Management Fails and What to Do about It
• Unit Labor Costs in the Eurozone: The Competitiveness Debate Again

INSTITUTE NEWS

• Upcoming Event: 20th Annual Hyman P. Minsky Conference, April 13–15, 2011
• Upcoming Event: The Wynne Godley Memorial Conference, May 25–26, 2011
• Upcoming Event: The Hyman P. Minsky Summer Seminar, June 18–26, 2011

PUBLICATIONS AND PRESENTATIONS

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

In this issue of the Summary, papers focus on international trade and the export baskets of China and India, the competitiveness of the eurozone, the roles of the Federal Reserve and Treasury, a reorientation of fiscal policy, a restructuring of the global financial system, the merits of capital controls, financial fragility, a theory of money, and US immigration.

INSTITUTE RESEARCH

Program: The State of the US and World Economies

• SUNANDA SEN, International Trade Theory and Policy: A Review of the Literature
• SUNANDA SEN, China in the Global Economy
• JESUS FELIPE and UTSAV KUMAR, Unit Labor Costs in the Eurozone: The Competitiveness Debate Again

Program: Monetary Policy and Financial Structure

• SCOTT FULLWILER and L. RANDALL WRAY, It’s Time to Rein In the Fed
• MARSHALL AUERBACK, What Happens if Germany Exits the Euro?
• PAVLINA R. TCHERNEVA, Bernanke’s Paradox: Can He Reconcile His Position on theFederal Budget with His Recent Charge to Prevent Deflation?
• ÉRIC TYMOIGNE, Financial Stability, Regulatory Buffers, and Economic Growth: Some Postrecession Regulatory Implications
• MICHAEL HUDSON, US “Quantitative Easing” Is Fracturing the Global Economy
• GREG HANNSGEN and DIMITRI B. PAPADIMITRIOU, The Central Bank “Printing Press”: Boon or Bane? Remedies for High Unemployment and Fears of Fiscal Crisis
• SCOTT FULLWILER and L. RANDALL WRAY, Quantitative Easing and Proposals for Reform of Monetary Policy Operations
• L. RANDALL WRAY, Money
• PAVLINA R. TCHERNEVA, Fiscal Policy Effectiveness: Lessons from the Great Recession
• PAVLINA R. TCHERNEVA, Fiscal Policy: Why Aggregate Demand Management Fails and What to Do about It

Program: Immigration, Ethnicity, and Social Structure

• JOEL PERLMANN, A Demographic Base for Ethnic Survival? Blending across Four Generations of German-Americans
• JOEL PERLMANN, Views of European Races among the Research Staff of the US Immigration Commission and the Census Bureau, ca. 1910

Program: Economic Policy for the 21st Century

Explorations in Theory and Empirical Analysis

• JESUS FELIPE, UTSAV KUMAR and ARNELYN ABDON, Exports, Capabilities, and Industrial Policy in India
• TIMOTHY AZARCHS and TAMAR KHITARISHVILI, Disaggregating the Resource Curse: Is theCurse More Difficult to Dispel in Oil States than in Mineral States?
• JESUS FELIPE and JOHN MCCOMBIE, Modeling Technological Progress and Investment in China: Some Caveats
• JESUS FELIPE, UTSAV KUMAR and ARNELYN ABDON, How Rich Countries Became Richand Why Poor Countries Remain Poor: It’s the Economic Structure . . . Duh!

INSTITUTE NEWS

Upcoming Events:

• 20th Annual Hyman P. Minsky Conference, April 13–15, 2011
• The Wynne Godley Memorial Conference, May 25–26, 2011
• The Hyman P. Minsky Summer Seminar, June 18–26, 2011

PUBLICATIONS AND PRESENTATIONS

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

New policy briefs by Senior Scholars Jan Kregel and L. Randall Wray are featured in the Summary’s Winter issue. Kregel finds that export-led growth and free capital flows are the real causes of sustained international imbalances. The only way out of this predicament is to shift to domestic demand–led development strategies—and capital flows will have to be part of the solution. Wray examines Hyman Minsky’s later works, with a focus on Minsky’s general approach to banking and the proper role of the financial system. Minsky recognized the development of money manager capitalism as leading to a convergence of banking models—an insight that helps to explain the current economic crisis.

INSTITUTE RESEARCH

Program: The State of the US and World Economies

• JAN KREGEL, An Alternative Perspective on Global Imbalances and International Reserve Currencies
• JESUS FELIPE, UTSAV KUMAR, NORIO USUI, and ARNELYN ABDON, Why China Has Succeeded—and Why It Will Continue to Do So
• JÖRG BIBOW, How to Sustain the Chinese Economic Miracle? The Risk of Unraveling the Global Rebalancing
• JESUS FELIPE, Asia and the Global Crisis: Recovery Prospects and the Future
• PAOLO CASADIO and ANTONIO PARADISO, The Household Sector Financial Balance, Financing Gap, Financial Markets, and Economic Cycles in the US Economy: A Structural VAR Analysis

Program: Monetary Policy and Financial Structure

• L. RANDALL WRAY, What Should Banks Do? A Minskyan Analysis
• MICHAEL HUDSON, Why the IMF Meetings Failed, and the Coming Capital Controls
• MARSHALL AUERBACK, A New “Teachable” Moment?
• MARC LAVOIE, Changes in Central Bank Procedures during the Subprime Crisis and Their Repercussions on Monetary Theory
• L. RANDALL WRAY, What Do Banks Do? What Should Banks Do?
• ANDREA TERZI, The “Keynesian Moment” in Policymaking, the Perils Ahead, and a Flow-of-funds Interpretation of Fiscal Policy
• DIRK BEZEMER and GEOFFREY GARDINER, Innocent Frauds Meet Goodhart’s Law in Monetary Policy
• SUNANDA SEN, The Meltdown of the Global Economy: A Keynes-Minsky Episode?
• JÖRG BIBOW, A Post Keynesian Perspective on the Rise of Central Bank Independence: A Dubious Success Story in Monetary Economics
• SUNANDA SEN, Managing Finance in Emerging Economies: The Case of India
• MICHAEL HUDSON, How Brazil Can Defend Against Financialization and Keep Its Economic Surplus for Itself

Program: The Distribution of Income and Wealth

• FRANCISCO AZPITARTE, Measuring Poverty Using Both Income and Wealth: An Empirical Comparison of Multidimensional Approaches Using Data for the US and Spain

Levy Institute Measure of Economic Well-Being

• THOMAS MASTERSON, Quality of Match for Statistical Matches Used in the 1999 and 2005 LIMEW Estimates for Canada
• THOMAS MASTERSON, Quality of Match for Statistical Matches Used in the 1992 and 2007 LIMEW Estimates for the United States

Program: Gender Equality and the Economy

• SUNANDA SEN, Gendered Aspects of Globalization

Program: Employment Policy and Labor Markets

• JAMES B. REBITZER and LOWELL J. TAYLOR, Extrinsic Rewards and Intrinsic Motives: Standard and Behavioral Approaches to Agency and Labor Markets
• TAMAR KHITARISHVILI, Assessing the Returns to Education in Georgia
• RANIA ANTONOPOULOS, KIJONG KIM, THOMAS MASTERSON, and AJIT ZACHARIAS, Investing in Care: A Strategy for Effective and Equitable Job Creation
• JESUS FELIPE and UTSAV KUMAR, A Reassessment of the Use of Unit Labor Costs as a Tool for Competitiveness and Policy Analyses in India

Program: Immigration, Ethnicity, and Social Structure

• JOEL PERLMANN and YUVAL ELMELECH, Immigrant Parents’ Attributes versus Discrimination: New Evidence in the Debate about the Creation of Second Generation Educational Outcomes in Israel

Program: Economic Policy for the 21st Century

Explorations in Theory and Empirical Analysis

• JESUS FELIPE, UTSAV KUMAR, and ARNELYN ABDON, Using Capabilities to Project Growth, 2010–30
• JESUS FELIPE, UTSAV KUMAR, and ARNELYN ABDON, As You Sow So Shall You Reap: From Capabilities to Opportunities
• ARNELYN ABDON, MARIFE BACATE, JESUS FELIPE, and UTSAV KUMAR, Product Complexity and Economic Development
• JESUS FELIPE and UTSAV KUMAR, Technical Change in India’s Organized Manufacturing Sector
• MICHAEL HUDSON, The Transition from Industrial Capitalism to a Financialized Bubble Economy
• JESUS FELIPE and UTSAV KUMAR, The Role of Trade Facilitation in Central Asia: A Gravity Model
• JESUS FELIPE and UTSAV KUMAR, The Impact of Geography and Natural Resource Abundance on Growth in Central Asia
• NEDELYN MAGTIBAY-RAMOS, GEMMA ESTRADA, and JESUS FELIPE, Exploring the Philippine Economic Landscape and Structural Change Using the Input-Output Framework

INSTITUTE NEWS

• New Research Associates
• Upcoming Events:
• 20th Annual Hyman P. Minsky Conference, April 13–15, 2011
• The 2011 Hyman P. Minsky Summer Seminar, June 18–26, 2011
• New Levy Institute Book:The Elgar Companion to Hyman Minsky

PUBLICATIONS AND PRESENTATIONS

• Publications and Presentations by Levy Institute Scholars

The January Report highlights a new policy brief by Senior Scholar Jan Kregel that offers an alternative view of global imbalances and international reserve currencies. Kregel finds that export-led growth and free capital flows are the real causes of sustained international imbalances. The only way out of this predicament is to shift to domestic demand–led development strategies—and capital flows will have to be part of the solution. In a series of working papers, members of the Asian Development Bank examine technological change in India’s manufacturing sector, the role of trade facilitation and the impact of natural resource abundance in Central Asia, and the key to China’s continuing “economic miracle.”

NEW PUBLIC POLICY BRIEFS

• An Alternative Perspective on Global Imbalances and International Reserve Currencies
• What Should Banks Do? A Minskyan Analysis

NEW POLICY NOTES

• Why the IMF Meetings Failed, and the Coming Capital Controls
• A New “Teachable” Moment

NEW WORKING PAPERS

• Quality of Match for Statistical Matches Used in the 1999 and 2005 LIMEW Estimates for Canada
• Product Complexity and Economic Development
• How to Sustain the Chinese Economic Miracle? The Risk of Unraveling the Global Rebalancing
• Quality of Match for Statistical Matches Used in the 1992 and 2007 LIMEW Estimates for the United States
• Asia and the Global Crisis: Recovery Prospects and the Future
• Measuring Poverty Using Both Income and Wealth: An Empirical Comparison of Multidimensional Approaches Using Data for the US and Spain
• Gendered Aspects of Globalization
• Innocent Frauds Meet Goodhart’s Law in Monetary Policy
• The Meltdown of the Global Economy: A Keynes-Minsky Episode?
• A Reassessment of the Use of Unit Labor Costs as a Tool for Competitiveness and Policy Analyses in India
• A Post Keynesian Perspective on the Rise of Central Bank Independence: A Dubious Success Story in Monetary Economics
• Technical Change in India’s Organized Manufacturing Sector
• The Transition from Industrial Capitalism to a Financialized Bubble Economy
• The Role of Trade Facilitation in Central Asia: A Gravity Model
• The Impact of Geography and Natural Resource Abundance on Growth in Central Asia
• Managing Finance in Emerging Economies: The Case of India
• Exploring the Philippine Economic Landscape and Structural Change Using the Input-Output Framework
• The Household Sector Financial Balance, Financing Gap, Financial Markets, and Economic Cycles in the US Economy: A Structural VAR Analysis
• Immigrant Parents’ Attributes versus Discrimination: New Evidence in the Debate about the Creation of Second Generation Educational Outcomes in Israel
• How Brazil Can Defend Against Financialization and Keep Its Economic Surplus for Itself

INSTITUTE NEWS

• New Research Associates
• Upcoming Event: 20th Annual Hyman P. Minsky Conference, April 13–15, 2011
• Upcoming Event: The Hyman P. Minsky Summer Seminar, June 18–26, 2011
• New Levy Institute Book: The Elgar Companion to Hyman Minsky

PUBLICATIONS AND PRESENTATIONS

• Publications and Presentations by Levy Institute Scholars

This issue highlights the 2010 Minsky Conference on the State of the US and World Economies, as well as a series of policy briefs and notes that examine the efficacy of sustained budget deficits, the role of the economics profession in the current crisis, proposals to restructure the eurozone, and the financial balances approach to global rebalancing. Working papers in the areas of monetary policy, gender equality and the economy, employment policy, ethnicity and social structure, and theory and empirical analysis are also summarized.

CONFERENCE

• 19th Annual Hyman P. Minsky Conference on the State of the US and World Economies: After the Crisis: Planning a New Financial Structure

NEW PUBLIC POLICY BRIEFS

• Deficit Hysteria Redux? Why We Should Stop Worrying about US Government Deficits
• The Great Crisis and the American Response
• Endgame for the Euro? Without Major Restructuring, the Eurozone is Doomed
• Debts, Deficits, Economic Recovery, and the US Government

NEW POLICY NOTES

• Economic Policy for the Real World
• Global Central Bank Focus: Facts on the Ground

NEW WORKING PAPERS

• Determining Gender Equity in Fiscal Federalism: Analytical Issues and Empirical Evidence from India
• Global Imbalances, the US Dollar, and How the Crisis at the Core of Global Finance Spread to “Self-Insuring” Emerging Market Economies
• The Global Financial Crisis and a New Capitalism?
• A Contribution to the Theory of Financial Fragility and Crisis
• Revisiting “New Cambridge”: The Three Financial Balances in a General Stock-flow Consistent Applied Modeling Strategy
• The Recycling Problem in a Currency Union
• Infinite-variance, Alpha-stable Shocks in Monetary SVAR
• Bretton Woods 2 Is Dead, Long Live Bretton Woods 3?
• The Economic and Financial Crises in CEE and CIS: Gender Perspectives and Policy Choices
• Racial Preferences in a Small Urban Housing Market: A Spatial Econometric Analysis of Microneighborhoods in Kingston, New York
• Time and Poverty from a Developing Country Perspective
• Too Big to Fail in Financial Crisis: Motives, Countermeasures, and Prospects
• Fiscal Responsibility: What Exactly Does It Mean?
• Does Excessive Sovereign Debt Really Hurt Growth? A Critique of This Time Is Different, by Reinhart and Rogoff
• Three Futures for Postcrisis Banking in the Americas: The Financial Trilemma and the Wall Street Complex
• Detecting Ponzi Finance: An Evolutionary Approach to the Measure of Financial Fragility
• Changes in Central Bank Procedures during the Subprime Crisis and Their Repercussions on Monetary Theory
• Extrinsic Rewards and Intrinsic Motives: Standard and Behavioral Approaches to Agency and Labor Markets
• Assessing the Returns to Education in Georgia
• Using Capabilities to Project Growth, 2010–30
• Investing in Care: A Strategy for Effective and Equitable Job Creation
• Why China Has Succeeded—and Why It Will Continue to Do So
• What Do Banks Do? What Should Banks Do?
• As You Sow So Shall You Reap: From Capabilities to Opportunities
• The “Keynesian Moment” in Policymaking, the Perils Ahead, and a Flow-of-funds Interpretation of Fiscal Policy

INSTITUTE NEWS

• The Hyman P. Minsky Summer Seminar and Conference, June 19–29, 2010
• Upcoming Event: The Hyman P. Minsky Summer Seminar, June 18–26, 2011
• New Research Associate

PUBLICATIONS AND PRESENTATIONS

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