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The U.S. Economy: Is There a Way Out of the Woods?

  • Wynne Godley
  • Dimitri B. Papadimitriou
  • Greg Hannsgen
  • Gennaro Zezza

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.

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File URL: http://www.levyinstitute.org/pubs/sa_nov_07.pdf
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Paper provided by Levy Economics Institute in its series Economics Strategic Analysis Archive with number sa_nov_07.

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Date of creation: Nov 2007
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Handle: RePEc:lev:levysa:sa_nov_07
Contact details of provider: Web page: http://www.levyinstitute.org

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