Report October 2004

The 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. In this issue of the Report, a new Strategic Analysis argues that the expansion may indeed continue through 2004, and for some time beyond.

Contents: New Strategic Analysis – “Prospects and Policies for the US Economy: Why Net Exports Must Now Be the Motor for US Growth” * New Publication – “Levy Institute Measure of Economic Well-Being: United States, 1989, 1995, 2000, and 2001” * New Policy Note – “Those ‘D’ Words: Deficits, Debt, Deflation, and Depreciation” * New Working Papers – “Some Simple, Consistent Models of the Monetary Circuit,” “Investigating the Intellectual Origins of Euroland’s Macroeconomic Policy Regime: Central Banking Institutions and Traditions in West Germany After the War,” “Changes in Household Wealth in the 1980s and 1990s in the US,” “Keynesian Theorizing During Hard Times: Stock-Flow Consistent Models as an Unexplored ‘Frontier’ of Keynesian Macroeconomics,” “Assessing the ECB’s Performance since the Global Slowdown: A Structural Policy Bias Coming Home to Roost?,” “Gibson’s Paradox, Monetary Policy, and the Emergence of Cycles”, “Financial Liberalization and Poverty: Channels of Influence” * Conference – 14th Annual Hyman P. Minsky Conference on Financial Structure: Can the Recovery Be Sustained? US and International Perspectives * Levy Institute News – Upcoming Event, Conference: The Distributional Effects of Government Spending and Taxation * New Board Members * New Book * Publications and Presentations by Levy Institute Scholars * Recent Levy Institute Publications”