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Gennaro Zezza, “Getting out of recession?”, Levy Institute Strategic Analysis, March 2010.

Research Scholar Gennaro Zezza updates the Levy Institute’s previous Strategic Analysis (December 2009) and finds that the 2009 increase in public sector aggregate demand was a result of the fiscal stimulus, without which the recession would have been much deeper. He confirms that strong policy action is required to achieve full employment in the medium term, including a persistently high government deficit in the short term. This implies a growing public debt, which is sustainable as long as interest rates are kept at the current low level. The alternative is an ongoing unemployment rate above 10 percent that would represent a higher cost to future generations.

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il nostro modello interpretativo era quello giusto.
“Nel numero di dicembre di “Strategic Analysis”, un saggio di Wynne Godley, Dimitri Papadimitriou e Gennaro Zezza documenta che, nonostante la manovra espansionista in atto (e che sarà verosimilmente accentuata da Obama) il tasso di disoccupazione Usa (oggi al 7,2% della forza lavoro) arriverà al 10% entro il 2010.” (Il Tempo, 19/1/2009)