Publications

617 publications found, searching for 'Monetary Policy and Financial Structure '

• Policy Note No. 2026/8
  September 22, 2026

  Is the US Running Out of Time as the Rest of the World Runs Out of the Dollar?

  L. Randall Wray
  Abstract

  Global trust in the US and its almighty dollar seems to be in question, with some nations scrambling to create alternative payment systems to compete with it. Some believe it…more

• Working Paper No. 1131
  September 05, 2026

  Toward a Marx-Keynes-Minsky Synthesis

  L. Randall Wray
  Abstract

  This paper summarizes and compares the approaches of Marx and Keynes to the theory of effective demand and places it within the monetary theory of production. While their techniques differed…more

  Download Working Paper No. 1131 PDF (304.90 KB)
• Policy Note No. 2026/7
  September 04, 2026

  Treasury Buybacks: Much Ado About Nothing?

  Yeva Nersisyan and L. Randall Wray
  Abstract

  Introduction The recent move by the US Treasury to increase the buybacks of long-term Treasury bonds has created an equal mix of confusion, uncertainty, skepticism, and even panic. Some have…more

  Download PDF (349.88 KB)
• Policy Note No. 2026/6
  August 28, 2026

  Congress Is Rightly Tired of Budget Boys Crying “Wolf!”

  James K. Galbraith
  Abstract

  Bobby Kogan and Jared Bernstein’s new report for the Center for American Progress, on  “Why the National Debt Matters More than It Used to …”, does not cite my 2011…more

• Policy Note No. 2026/5
  July 31, 2026

  Warsh: Caught Between a Rock and a Hard Place

  Pavlina R. Tcherneva and Juan Matias De Lucchi
  Abstract

  For over two decades, markets have been trained to hang on every word out of the Fed chair’s mouth. That conditioning doesn’t switch off because a new chair decides he’d…more

• Working Paper No. 1122
  July 08, 2026

  Plutonomy—the AI Edition—and the Coming Crisis

  Yeva Nersisyan and L. Randall Wray
  Abstract

  This paper examines the rise of the plutonomy—an economy dominated by the new plutocrats—and compares it with the Gilded Age of the 1920s. We show how John Kenneth Galbraith’s analysis…more

  Download Working Paper No. 1122 PDF (767.70 KB)
• Working Paper No. 1121
  July 02, 2026

  How an Energy Transition Underlay the Great Depression

  Christopher Kennedy
  Abstract

  This paper explains the mechanisms by which a major energy transition produced the US Great Depression. Stock market indices show the 1927–29 Wall Street Bubble was led by petroleum-based technologies—especially…more

  Download Working Paper No. 1121 PDF (561.40 KB)
• Policy Note No. 2026/4
  July 02, 2026

  The Retailization of Private Markets and the Rise of Ponzi Finance

  Éric Tymoigne
  Abstract

  Read the Working Paper by Tymoigne on this topic here. Introduction Following the 2008 financial crisis, the US entered an economic environment characterized by low interest rates, cautious banks, and…more

  Download Policy Note 2026/4 PDF (211.52 KB)
• Working Paper No. 1119
  June 29, 2026

  Keynes, Minsky, and Me

  William H. Janeway
  Abstract

  This paper is based on keynote remarks delivered at the Levy Institute Anniversary Conference, May 8th, 2026.

  Download Working Paper No. 1119 PDF (228.85 KB)
• Working Paper No. 1117
  June 08, 2026

  Money Manager Capitalism and the Growth and Spread of Ponzi Finance, Private Market Version

  Éric Tymoigne
  Abstract

  Read the Policy Note by Tymoigne on this topic here. Private debt and equity markets have been a funding source for nascent and credit constrained businesses for several decades. Following…more

  Download Working Paper No. 1117 PDF (1.36 MB)
• Working Paper No. 1114
  May 13, 2026

  Macroeconomic Fragility Effects of Financial Innovation: Behavioral and Decentralized Finance and Artificial Intelligence

  Dimitri B. Papadimitriou
  Abstract

  There seems to be a building consensus of global uncertainty and instability. This can be observed not only from surveys, the media, and country reports, but in the recent speeches…more

  Download Working Paper No. 1114 PDF (318.27 KB)
• Working Paper No. 1113
  May 12, 2026

  Corporate Finance in the Theory of Innovative Enterprise

  William H. Lazonick
  Abstract

  In my research on innovative enterprise and sustainable prosperity, I use the “theory of innovative enterprise” to examine how modes of corporate finance—founder investments, private placements, initial public offerings, retained…more

  Download Working Paper No. 1113 PDF (594.35 KB)
• Working Paper No. 1111
  April 07, 2026

  Money in Shadow Banking and the Crypto Economy: A Chartalist Perspective

  Hongkil Kim and Éric Tymoigne
  Abstract

  As instructors of Money and Banking, we regularly confront enduring questions: What is money? Is gold money? More recently, students ask whether shadow money, Bitcoin, or stablecoins qualify as money….more

  Download Working Paper No. 1111 PDF (496.51 KB)
• 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

  Download Working Paper No. 1108 PDF (811.45 KB)
• Policy Note No. 2026/1
  February 24, 2026

  The US Supreme Court Rules and Future Prospects of Trump’s Tariff Gambit

  Yan Liang
  Abstract

  The Supreme Court Strikes Down IEEPA Tariffs On February 20, 2026, the Supreme Court of the United States ruled, by a majority of six to three, that the International Emergency…more

  Download Policy Note 2026/1 PDF (227.58 KB)
• 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

  Download Working Paper No. 1107 PDF (407.86 KB)
• 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

  Download Working Paper No. 1106 PDF (468.02 KB)
• 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

  Download Working Paper No. 1105 PDF (994.22 KB)
• 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

  Download Working Paper, No. 1103 PDF (230.64 KB)
• Policy Note No. 2025/10
  December 22, 2025

  The Fed Lowered Rates Again. Is It Really a Surprise?

  Yeva Nersisyan and L. Randall Wray
  Abstract

  The whole world was watching on December 10, 2025 to finally find out what the Fed was going to do. Big money bets were placed—would the Fed leave rates unchanged…more

  Download Policy Note 2025/10 PDF (658.46 KB)
• 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

  Download Working Paper No. 1098 PDF (387.84 KB)
• 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

  Download Working Paper No. 1094 PDF (448.42 KB)
• Policy Note No. 2025/7
  September 19, 2025

  No, the Fed Is NOT Independent—It Is a Creature of Congress

  Yeva Nersisyan and L. Randall Wray
  Abstract

  In response to President Trump’s attack on the Federal Reserve, the natural critics of misguided monetary policy find themselves defending the Fed and the notion that the Fed is—and must…more

  Download Policy Note No. 2025/7 PDF (186.35 KB)
• 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)