Prospects for the U.S. and the World
Wynne Godley, Dimitri B. Papadimitriou, and Gennaro Zezza, “Prospects for the U.S. and the World: A Crisis That Conventional Remedies Cannot Resolve”, Levy Economics Institute, Strategic Analysis, December, 2008.
The economic recovery plans currently under consideration by the United States and many other countries seem to be concentrated on the possibility of using expansionary fiscal and monetary policies alone. In a new Strategic Analysis, the Levy Institute’s Macro-Modeling Team argues that, however well coordinated, this approach will not be sufficient; what’s required, they say, is a worldwide recovery of output, combined with sustainable balances in international trade.
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