PHILIP ARESTIS is a Professor at the Cambridge Centre for Economic and Public Policy, University of Cambridge, and Senior Research Fellow at the Levy Institute, New York City. His publications include Introducing Macroeconomic Modelling: An Econometric Study of the United Kingdom and Money, Pricing Distribution and Economic Integration. He has been editor and joint editor, and has served on the editorial board, of a number of journals.

• Introduction Sector Imbalances and Long-term Consequences The Role of Fiscal and Monetary Policy Under Sector Imbalances Asset Prices under Current Circumstances For How Long Can the US Consumer Remain Resilient? Can the Investor do the Trick? Can the Recovery become Sustainable? Summary and Conclusions