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  1. Tracking the U.S. economy Gennaro Zezza Department of Economics Università di Cassino (Italy) and Levy Economics Institute (U.S.) Gennaro Zezza Dipartimento di Scienze Economiche – Università degli Studi di Cassino Levy Economics Institute of Bard College – U.S.

  2. Fiscal policy and devaluation

  3. #1. The fall in private sector saving

  4. #2. The rise in lending

  5. More detail: the personal sector

  6. #6&7. External imbalance

  7. #3. Monetary policy

  8. #4. The asset price bubbles