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Can Goldilocks Survive?

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  • Wynne Godley
  • L. Randall Wray

Abstract

Growing government budget surpluses combined with growing trade deficits have generated record private sector deficits. Unless households continue to reduce their saving--creating an increasingly unsustainable debt burden--the impetus that has driven the expansion will evaporate.

Suggested Citation

  • Wynne Godley & L. Randall Wray, "undated". "Can Goldilocks Survive?," Economics Policy Note Archive 99-4, Levy Economics Institute.
  • Handle: RePEc:lev:levypn:99-4
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    File URL: http://www.levyinstitute.org/pubs/pn99_4.pdf
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    Cited by:

    1. Jorg Bibow, "undated". "Easy Money Through The Back Door: The Markets Vs. The ECB," Economics Public Policy Brief Archive ppb_65, Levy Economics Institute.
    2. Jorg Bibow, 2004. "Fiscal Consolidation: Contrasting Strategies & Lessons From International Experiences," Economics Working Paper Archive wp_400, Levy Economics Institute.
    3. Mario Seccareccia, 2005. "Growing Household Indebtedness and the Plummeting Saving Rate in Canada: An Explanatory Note," The Economic and Labour Relations Review, , vol. 16(1), pages 133-151, July.
    4. Jorg Bibow, 2001. "Making EMU Work: Some lessons from the 1990s," International Review of Applied Economics, Taylor & Francis Journals, vol. 15(3), pages 233-259.
    5. Mathew Forstater, 1999. "Savings-Recycling Public Employment: An Assets-Based Approach to Full Employment and Price Stability," Macroeconomics 9908003, University Library of Munich, Germany.
    6. Wynne Godley & Alex Izurieta, 2004. "The US economy: weakness of the "strong" recovery," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 57(229), pages 131-139.
    7. Dimitri B. Papadimitriou & L. Randall Wray, "undated". "Fiscal Policy For the Coming Recession: Large Tax Cuts are Needed to Prevent a Hard Landing," Economics Policy Note Archive 01-2, Levy Economics Institute.
    8. L. Randall Wray, 2012. "Global Financial Crisis: A Minskyan Interpretation of the Causes, the Fed's Bailout, and the Future," Economics Working Paper Archive wp_711, Levy Economics Institute.
    9. Fabrício Pitombo Leite, 2015. "Taking Godley's Ratios Seriously," Metroeconomica, Wiley Blackwell, vol. 66(3), pages 508-533, July.
    10. L. Randall Wray & Dimitri B. Papadimitriou, "undated". "Understanding Deflation: Treating the Disease, Not the Symptoms," Economics Public Policy Brief Archive ppb_74, Levy Economics Institute.
    11. Wynne Godley & Alex Izurieta, 2001. "As The Implosion Begins . . .? Prospects and Policies for the U.S. Economy: A Strategic View," Economics Strategic Analysis Archive 01-7, Levy Economics Institute.
    12. Anis Chowdhury & Iyanatul Islam, 2012. "The Debate on Expansionary Fiscal Consolidation: How Robust is the Evidence?," The Economic and Labour Relations Review, , vol. 23(3), pages 13-38, September.
    13. Wynne Godley & Alex Izurieta, 2004. "The US economy: weakness of the "strong" recovery," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 57(229), pages 131-139.
    14. Scott T. Fullwiler, 2016. "The Debt Ratio and Sustainable Macroeconomic Policy," World Economic Review, World Economics Association, vol. 2016(7), pages 12-42, July.
    15. Wymme Godley & Alex Izurieta, 2009. "The US economy: weaknesses of the "strong" recovery," PSL Quarterly Review, Economia civile, vol. 62(248-251), pages 93-101.
    16. Caiani, Alessandro & Godin, Antoine & Caverzasi, Eugenio & Gallegati, Mauro & Kinsella, Stephen & Stiglitz, Joseph E., 2016. "Agent based-stock flow consistent macroeconomics: Towards a benchmark model," Journal of Economic Dynamics and Control, Elsevier, vol. 69(C), pages 375-408.
    17. Wynne Godley & Alex Izurieta, 2004. "L' economia statunitense: debolezze della ÒforteÓ ripresa," Moneta e Credito, Economia civile, vol. 57(226), pages 151-160.
    18. Zdravka Todorova, 2013. "Connecting social provisioning and functional finance in a post-Keynesian–Institutional analysis of the public sector," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(1), pages 61-75.
    19. L. Randall Wray & Marc-André Pigeon, 2000. "Can a Rising Tide Raise All Boats? Evidence from the Clinton-Era Expansion," Journal of Economic Issues, Taylor & Francis Journals, vol. 34(4), pages 811-845, December.
    20. Mathew Forstater, 1999. "Savings-Recycling Public Employment: An Assets-Based Approach to Full Employment and Price Stability," Economics Working Paper Archive wp_273, Levy Economics Institute.
    21. L. Randall Wray, 2020. "The "Kansas City" Approach to Modern Money Theory," Economics Working Paper Archive wp_961, Levy Economics Institute.

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