PHILIP ARESTIS is Professor of Economics at South Bank University, London 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. ELIAS KARAKITSOS is at Global Economic Research. He has previously acted as an economic and investment advisor to many institutional investors, including Citibank/Citicorp, Opp

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• 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