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The U.S. Economy: What's Next?

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  • Wynne Godley
  • Dimitri B. Papadimitriou
  • Gennaro Zezza

Abstract

The collapse in the subprime mortgage market, along with multiple signals of distress in the broader housing market, has already drawn forth a large body of comment. Some people think the upheaval will turn out to be contagious, causing a major slowdown or even a recession later in 2007. Others believe that the turmoil will be contained, and that the U.S. economy will recover quite rapidly and resume the steady growth it has enjoyed during the last four years or so. Yet no participants in the public discussion, so far as we know, have framed their views in the context of a formal model that enables them to draw well-argued conclusions (however conditional) about the magnitude and timing of the impact of recent events on the overall economy in the medium term--not just the next few months.

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Bibliographic Info

Paper provided by Levy Economics Institute in its series Economics Strategic Analysis Archive with number sa_apr_07.

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Date of creation: Apr 2007
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Handle: RePEc:lev:levysa:sa_apr_07

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Web page: http://www.levyinstitute.org

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Cited by:
  1. Marco, Passarella, 2011. "A simplified stock-flow consistent dynamic model of the systemic financial fragility in the 'New Capitalism'," MPRA Paper 28499, University Library of Munich, Germany.
  2. Marco, Passarella, 2011. "Systemic financial fragility and the monetary circuit: a stock-flow consistent approach," MPRA Paper 28498, University Library of Munich, Germany.
  3. Dimitri B. Papadimitriou & Greg Hannsgen & Gennaro Zezza, 2007. "The Effects of a Declining Housing Market on the U.S. Economy," Economics Working Paper Archive wp_506, Levy Economics Institute.

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