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Rescuing the Recovery: Prospects and Policies for the United States

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  • Dimitri B. Papadimitriou
  • Greg Hannsgen
  • Michalis Nikiforos
  • Gennaro Zezza

Abstract

If the Congressional Budget Office's recent projections of government revenues and outlays come to pass, the United States will not grow fast enough to bring down the unemployment rate between now and 2016. The public sector deficit will decline from present levels, endangering the sustainability of the recovery. But as this new Strategic Analysis shows, a public sector stimulus of a little over 1 percent of GDP per year focused on export-oriented R and D investment would increase US competitiveness through export-price effects, resulting in a rise of net exports, and slowly lower unemployment to less than 5 percent by 2016. The improvement in net export demand would allow the US economy to enter a period of aggregate-demand rehabilitation—with very encouraging consequences at home.

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Paper provided by Levy Economics Institute in its series Economics Strategic Analysis Archive with number sa_oct_13.

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Date of creation: Oct 2013
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Handle: RePEc:lev:levysa:sa_oct_13

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

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  1. David Aschauer, 1988. "Is public expenditure productive?," Staff Memoranda, Federal Reserve Bank of Chicago 88-7, Federal Reserve Bank of Chicago.
  2. Greg Hannsgen & Dimitri B. Papadimitriou, 2012. "Fiscal Traps and Macro Policy after the Eurozone Crisis," Economics Public Policy Brief Archive ppb_127, Levy Economics Institute.
  3. Dimitri B. Papadimitriou & Michalis Nikiforos & Gennaro Zezza, 2013. "The Greek Economic Crisis and the Experience of Austerity: A Strategic Analysis," Economics Strategic Analysis Archive, Levy Economics Institute sa_jul_13, Levy Economics Institute.
  4. Michalis Nikiforos, 2013. "Employment Recovery? after the Great Recession," Economics Policy Note Archive 13-03, Levy Economics Institute.
  5. Dimitri B. Papadimitriou & Greg Hannsgen & Michalis Nikiforos, 2013. "Is the Link between Output and Jobs Broken?," Economics Strategic Analysis Archive, Levy Economics Institute sa_mar_13, Levy Economics Institute.
  6. Anwar Shaikh & Gennaro Zezza & Claudio dos Santos, . "Is International Growth the Way Out of U.S. Current Account Deficits? A Note of Caution," Economics Policy Note Archive 03-6, Levy Economics Institute.
  7. Dimitri B. Papadimitriou & Greg Hannsgen & Gennaro Zezza, 2011. "Is the Recovery Sustainable?," Economics Strategic Analysis Archive, Levy Economics Institute sa_dec_11, Levy Economics Institute.
  8. Wynne Godley & Alex Izurieta & Gennaro Zezza, 2004. "Prospects and Policies for the U.S. Economy: Why Net Exports Must Now Be the Motor for U.S. Growth," Economics Strategic Analysis Archive, Levy Economics Institute 04-7, Levy Economics Institute.
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Cited by:
  1. Robert A. Blecker, 2013. "Economic Stagnation in the United States: Underlying Causes and Global Consequences," Working Papers, American University, Department of Economics 2013-16, American University, Department of Economics.
  2. Dimitri B. Papadimitriou & Michalis Nikiforos & Gennaro Zezza & Greg Hannsgen, 2014. "Is Rising Inequality a Hindrance to the US Economic Recovery?," Economics Strategic Analysis Archive, Levy Economics Institute sa_apr_14, Levy Economics Institute.

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