Publications

In-progress research by Levy Institute scholars as well as outside contributors

1153 publications found, searching for 'Working Paper '

• Working Paper No. 1108
  March 05, 2026

  Monetary Policy Transmission to Consumption: Inequalities by Gender and Race

  Aina Puig
  Abstract

  This paper estimates the causal effects of monetary policy shocks on household consumption, with additional analysis of labor market and income responses, disaggregated by gender and race. I find that…more

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• Working Paper No. 1107
  February 20, 2026

  Artificial Intelligence: Friend, Foe, Fraud

  L. Randall Wray
  Abstract

  The over-hyped Dot.com revolution bubbled and crashed at the end of the 1990s, leaving a largely unused physical and virtual infrastructure that eventually supported the rise of social media that…more

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• Working Paper No. 1106
  February 19, 2026

  Monetary Policy, Deposit Funding Shocks, and Bank Credit Supply: Bank-Level IV Evidence

  Chenning Xu
  Abstract

  This paper examines how monetary tightening transmits to bank credit supply through deposit funding conditions during the 2022–23 cycle. Using a quarterly panel of more than 3,800 US commercial banks,…more

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• Working Paper No. 1105
  January 22, 2026

  OPENSIMPLEST: The Smallest SFC Open Economy Model

  Francesco Zezza
  Abstract

  This article introduces OPENSIMPLEST, a highly parsimonious stock-flow consistent (SFC) model of an open economy. The model is designed as a pedagogical and analytical benchmark that preserves the core mechanisms…more

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• Working Paper No. 1104
  January 20, 2026

  Levy Institute Measure of Time and Income Poverty: United States, 2007–2022

  Fernando Rios-Avila, Ajit Zacharias, Thomas Masterson, and Aashima Sinha
  Abstract

  In this paper, we present the empirical methodology used to estimate the Levy Institute Measure of Time and Income Poverty (LIMTIP) for the United States over the period 2007–2022. We…more

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• Working Paper No. 1103
  January 08, 2026

  Legal Tender, Debt, and the Institutional Settlement of Monetary Obligations in English Law

  Neil Wilson, Richard Tye, and Andrew Berkeley
  Abstract

  This paper challenges the widespread public and institutional misconception that legal tender laws in English law compel creditors to accept payment in a specific form. We argue that legal tender…more

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• Working Paper No. 1102
  December 12, 2025

  No More than Double: Can a Single Rule Tame Capitalism?

  Lorenzo Esposito and Giuseppe Mastromatteo
  Abstract

  Capitalism’s defining feature—profit maximization without limits—drives instability, inequality, and environmental degradation. Traditional policies such as taxation and regulation have failed to curb this dynamic because they do not alter firms’…more

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• Working Paper No. 1101
  November 18, 2025

  Currencies Come and Go, but Employment Always Takes Root

  Esteban Cruz-Hidalgo, Stuart Medina-Miltimore, and Agustín Mario
  Abstract

  This paper explores a development strategy for peripheral economies by advocating for a paradigm shift from traditional economic models that rely on accumulating foreign reserves. It proposes the job guarantee…more

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• Working Paper No. 1100
  November 05, 2025

  The Death of the Social Contract and the Enshittification of Jobs

  Pavlina R. Tcherneva
  Abstract

  This paper employs the concept of “enshittification”—the systematic degradation of a service or product in the pursuit of profit—as a powerful metaphor to analyze the decay of the US labor…more

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• Working Paper No. 1099
  October 22, 2025

  A Stock-Flow Consistent Model of Emulation, Debt, and Personal Income Inequality

  Francesco Ruggeri, Riccardo Pariboni, and Giuliano Toshiro Yajima
  Abstract

  Read the associated blog post here. Divergent trends in income and consumption inequality—with the first increasing substantially more than the latter—are an established, stylized fact for the US economy in…more

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• Working Paper No. 1098
  October 17, 2025

  Creative Destruction Meets Financial Instability: Toward a New Synthesis

  Leonardo Burlamaqui
  Abstract

  This paper reconstructs Joseph Schumpeter’s major works to propose a coherent new departure point for analyzing economic and social change. I argue that Capitalism, Socialism and Democracy (1942) (CSD) marks…more

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• Working Paper No. 1097
  October 08, 2025

  How Fiscal Policy Matters: An Empirical Analysis of the “Crowding-In” Effects of Public Infrastructure Investment in India

  Venkat Hariharan Asha, Ajay Ojha, Sutharson T., and Lekha S. Chakraborty
  Abstract

  Using high-frequency data, the paper analyzes the link between public infrastructure investment and private corporate investment in India for the decade ending 2023–24. We adopt the ARDL model to investigate…more

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• Working Paper No. 1096
  October 07, 2025

  Gender Norms and Women’s Employment During the COVID-19 Pandemic: Evidence from India

  Amit Basole, M. K. Shravan, and R. Vijayamba
  Abstract

  We examine the role of household-level social norms regarding women’s mobility in determining the impact of the COVID-19 pandemic on women’s employment. The shock of the pandemic containment measures, such…more

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• Working Paper No. 1095
  October 06, 2025

  A Short History of MGNREGA: Twenty Years in Ten Charts

  Jean Drèze and Rahul R.
  Abstract

  India’s Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), enacted in 2005, is an experiment of major significance. Drawing on official statistics, this paper presents a broad-brush retrospective on MGNREGA’s…more

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• Working Paper No. 1094
  October 01, 2025

  Lebanon’s Eventual Transition to a Floating Exchange Rate System

  Roudy Sassine
  Abstract

  Lebanon’s longstanding fixed exchange rate regime collapsed in the wake of the country’s 2019 financial crisis. This paper examines the underlying monetary factors that contributed to the collapse, offering a…more

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• Working Paper No. 1093
  September 19, 2025

  “Trapped Inside a World of Labor”: Gender Gaps in Agricultural Productivity and Reproductive Labor in Malawi

  A. Haroon Akram-Lodhi
  Abstract

  This paper investigates the relationship between the work of reproductive labor and the efficiency of gender-segmented farm production in Malawi. It starts by presenting quantitative estimates of the gender gap…more

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• Working Paper No. 1092
  September 19, 2025

  Recent Initiatives in Improving the Collection of Time-use Data for Measuring Work: Some Issues

  Indira Hirway
  Abstract

  Time-use data are expected to help in understanding and addressing critical socioeconomic concerns including gender inequalities in a country. The data also help in integrating gender into economic analysis and…more

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• Working Paper No. 1091
  September 04, 2025

  Banking on Payments?

  Jörg Bibow
  Abstract

  For the past hundred years or more, payments have been primarily associated with banking, and banking as we know it today—being the result of many centuries of evolution—features a bundling…more

  Download Working Paper No. 1091 PDF (511.96 KB)
• Working Paper No. 1090
  August 14, 2025

  Education and Economic Isolation

  Yousuf Daas, Sameh Hallaq, Danilo Leite Dalmon, and Jennifer Olmsted
  Abstract

  This study examines the impact of the Gaza blockade on private returns to education, with a focus on regional and gender disparities in the Palestinian territories. Using data from the…more

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• Working Paper No. 1089
  August 07, 2025

  Rising Temperatures, Falling Yields: The Effect of Climate Shocks on Olive Oil Production in Palestine

  Yousuf Daas, Sameh Hallaq, Kenichi Kashiwagi, and Keiichi Ogawa
  Abstract

  This study investigates the effect of climate shocks on olive oil production in Palestine, a region acutely vulnerable to both environmental change and political instability. We estimate the influences of…more

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• Working Paper No. 1088
  August 01, 2025

  The Job Guarantee: Lessons from Argentina’s Jefes Plan and Its Reform

  Agustín Mario
  Abstract

  According to current macroeconomic models, there is a need to maintain a natural rate of unemployment to contain inflation. Put simply, unemployment is considered an (inevitable) cost of price stability….more

  Download Working Paper No. 1088 PDF (754.35 KB)
• Working Paper No. 1087
  July 30, 2025

  A Model of External Debt Sustainability and Monetary Hierarchy

  Nicolás M. Burotto
  Abstract

  The author develops a dynamic macroeconomic model of a small open economy to identify two key vulnerabilities that prevent emerging markets from fully integrating into global markets: high financial integration…more

  Download Working Paper No. 1087 PDF (509.36 KB)
• Working Paper No. 1086
  July 29, 2025

  Financial Fragility Without Financial Instability

  Leonardo Burlamaqui
  Abstract

  Between the late 1990s and mid-2000s, China’s banking sector underwent a profound yet largely underappreciated transformation—arguably one of the most consequential episodes of financial restructuring in recent economic history. This…more

  Download Working Paper No. 1086 PDF (702.26 KB)
• Working Paper No. 1085
  July 17, 2025

  Fiscal Deficit and Term Structure of Interest Rate Links on Corporate Investment

  Lekha S. Chakraborty and C. Prasanth
  Abstract

  Using high-frequency macro data from a financially deregulated regime, this paper examines whether there is any evidence of financial crowding out in India. The macroeconomic channel through which financial crowding…more

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