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EventLevy Graduate Programs Information Session August 6th
Thinking about graduate school in economics? The Levy Institute programs in economic theory and policy may be just the transformative experience you’re looking for. Learn more, August 6th at our first information session of the 2025 application cycle. Find out more about our graduate programs at our website, or register to attend the session virtually […] -
Working Paper No. 1085Fiscal Deficit and Term Structure of Interest Rate Links on Corporate Investment
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 out occurs is the link between the fiscal deficit and the interest rate determination. The results revealed that the fiscal deficit does not significantly determine […] -
Video Now Available from the 32nd Annual Levy Institute Conference
Now Available: Full Video from the 32nd Annual Levy Economics Institute Conference We’re pleased to share the full video recordings from our conference on June 16, 2025: “Money, Finance, and Economic Strategies in Fractured Times.” Revisit the day’s discussions—including panels on Minskyan analysis for the modern era, climate finance, and global development—as well as a […] -
“Why we should stop worrying and learn to love the national debt,” Wray and Nersisyan for The Hill
“Moody’s recent downgrade of the U.S. credit rating has put the national debt in the spotlight once again. Recent increases in Treasury bond yields and the passage of President Trump’s “Big Beautiful Bill,” which is likely to further increase the debt, have added to worries about the country’s fiscal position. Former President Barack Obama’s budget […] -
Working Paper No. 1084MMT: Heuristics versus Paradigm Shift?
This is a revised version of the keynote address presented at the FDR library for the Levy Institute Summer Seminar on Money, Finance, and Public Policy on June 20th, 2025. -
Levy Institute Takes Center Stage at an ILO Conference
The Levy Institute was pleased to co-sponsor multiple sessions at the International Labour Organization’s conference, Regulating for Decent Work on July 4th, 2025. We organized a special session on Designing Effective Job Guarantee Programs and Measurement Approaches to Growth and Development, featuring insights from global experts. Research Associate Agustin Mario participated at the closing plenary, Rethinking our Economic […] -
BlogProtecting Social Security: The Case Against Privatization
Attempts to undermine Social Security have been ongoing since its enactment in 1935. As the Social Security Administration projects trust fund insolvency by 2033 and Congress looks for deep spending cuts, the pressure is mounting for Social Security benefit cutbacks, despite promises from President Trump and House Speaker Johnson not to reduce benefits. While extending [...] -
Working Paper No. 1083
Integrating the Social Reproduction of Labor into Macroeconomic Theory: Unpaid Caregiving and Productivity in Paid Production
The purpose of this paper is to contribute to the integration of unpaid caregiving in the household into short- and long-term macroeconomic theory and, in particular, the theoretical structure of production on the supply side of the economy. The ambition of the project is to furnish a general theoretical representation of how unpaid caregiving and […] -
Recapping the 32nd Annual Levy Economics Institute Conference
The Levy Economics Institute’s flagship conference, which took place on June 16, 2025, was a resounding success. The 32nd Annual Minsky Conference brought together leading scholars and policymakers to examine contemporary developments in finance through a Minskyan lens, with a focus on the persistent economic fissures shaping political outcomes in the US. Discussions highlighted the long-term exodus of the working […] -
BlogConfronting Financial Fragility, Worker Crisis, and Global Turmoil
On June 16, 2025, I will welcome colleagues and friends to the 32nd Annual Conference of the Levy Economics Institute—our first in-person gathering since the pandemic, convening at a moment of extraordinary economic upheaval. The challenges before us are among the most consequential in a century: a global trade order in disarray, deepening economic insecurity [...] -
Understanding Modern Money Theory by L. Randall Wray Out Now
In this illuminating book, Senior Scholar L. Randall Wray emphasizes the critical role played by both credit and state money in capitalism and explores the origins and evolution of the modern monetary system. Integrating and updating the influential theories presented in Wray’s previous books, Money and Credit in Capitalist Economies and Understanding Modern Money, this […] -
Policy NotesRatings Agencies Downgrade the Dollar’s Exorbitant Privilege
They are at it again. Moody’s has finally joined the other two ratings agencies in downgrading US government debt. Standard & Poor’s downgrade was first in 2011[1], while Fitch waited until 2023. Now they unanimously give US budgeting a vote of no confidence.[2] They’re sending the message that America must get its fiscal house in […]