Unlike the Papa, Mama, and Baby Bears faced by the storybook Goldilocks, our Goldilocks faced three ferocious grizzlies: a cascading, global financial crisis; global deflation and excess capacity (or insufficient demand); and a domestic fiscal surplus in conjunction with record private deficits.

L. Randall Wray

English

Research Papers in Economics

A Hedge Fund's Stars Didn't Tell, and Savvy Financiers Didn't Ask.&quot;

Banker's Trust $488 Million Loss Shows Wall Street's Vulnerability.&quot;

For Levy Institute research on this subject, see: David Alan Aschauer, How Should the Surplus Be Spent? Policy Note 1998/2 Wynne Godley and Jan Kregel, Levy Bulletin on the Real Effects of the Asian Crisis,

How to Spend the Budget Surplus.&quot; NPR Morning Edition ,

Inflation and Growth: In Search of a Stable Relationship.&quot; Federal Reserve Bank of St. Louis Review,

Levy Bulletin on the Real Effects of the Asian Crisis.&quot; Policy Briefing Paper. Annandale-on-Hudson, N.Y.: The Jerome Levy Economics Institute.

Prozac, Please: An Interview with

Targeting Inflation: The Effects of Monetary Policy on the CPI and Its Housing Component. Public Policy Brief no. 27. Annandale-on-Hudson, N.Y.: The Jerome Levy Economics Institute.

The Asian Disease: Plausible Diagnoses, Possible Remedies. Public Policy Brief no. 44. Annandale-on-Hudson, N.Y.: The Jerome Levy Economics Institute.

The Fed Should Lower Interest Rates More .&quot; Policy Note 1998/5. Annandale-on-Hudson, N.Y.: The Jerome Levy Economics Institute.

World Economic Outlook.

"Goldilocks and the Three Bears"

http://www.levyinstitute.org/pubs/pn98_7.pdf

"Goldilocks and the Three Bears"

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