GZ – webspace

Wynne Godley, Dimitri B. Papadimitriou, Greg Hannsgen and Gennaro Zezza, “The U.S. Economy: Is There a Way Out of the Woods?”, Levy Economics Institute, Strategic Analysis, November, 2007.

This Strategic Analysis provides a retrospective view of U.S. growth in the last 10 years, showing that the authors’ previous work, grounded in the linkages between growth and the financial balances of the private, public, and foreign sectors of the economy, has proven a useful contribution to the public discussion. The analysis reviews recent events in the U.S. housing and financial markets to obtain a likely scenario for the evolution of household spending. It argues that a significant drop in borrowing is likely to take place in the coming quarters, with severe consequences for growth and unemployment, unless (1) the U.S. dollar is allowed to continue its fall and thus complete the recovery in the U.S. external imbalance, and (2) fiscal policy shifts its course—as it did in the 2001 recession

Download

It is sometime useful to estimate cells in a matrix for which we know rows and columns totals. The RAS algorithm provides one way to accomplish the task (See Michael H. Schneider; Stavros A. Zenios, “A Comparative Study of Algorithms for Matrix Balancing”, Operations Research, Vol. 38, No. 3. (May – Jun., 1990), pp. 439-455, among many other analysis of such algorithms).
An Eviews subroutine for using the RAS algorithm can be downloaded here.