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Policy Note No. 2026/4The Retailization of Private Markets and the Rise of Ponzi Finance
July 02, 2026 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 Publication -
Levy Institute President Contributes to Landmark UN Roadmap for Eradicating Poverty
June 23, 2026 Levy Institute President Pavlina R. Tcherneva is among over 350 distinguished signatories endorsing the new United Nations “Roadmap for Eradicating Poverty Beyond Growth.” This ambitious plan, spearheaded by UN Special...more News -
Public Policy Brief No. 159How Poor Are Employed People in the United States?
June 02, 2026 Standard measures of poverty suffer from a blind spot: those measures ignore the household labor that transforms purchased products into consumables—the cooking, cleaning, childcare, and numerous other tasks that sustain...more Publication -
Strategic AnalysisGreece: Navigating in Turbulent Waters
April 09, 2026 Recent narratives on the Greek economy emphasize a strong recovery, fiscal discipline, and improved financial credibility. While official statistics indeed point to positive developments—such as output growth, declining unemployment rates,...more Publication -
Working Paper No. 1110
Speculation or Fundamentals? European Natural Gas Price Swings Post 2020
March 30, 2026 We investigate the role of speculation in the European natural gas market over the period 2020–2024, a period marked by extreme price volatility driven by the energy crisis following Russia’s...more Publication -
Policy Note No. 2026/1The US Supreme Court Rules and Future Prospects of Trump’s Tariff Gambit
February 24, 2026 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 Publication -
Working Paper No. 1106
Monetary Policy, Deposit Funding Shocks, and Bank Credit Supply: Bank-Level IV Evidence
February 19, 2026 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 Publication -
BlogThe “Dark Horse” and the Bright Line: Why a Fundamental Fed Reform Is Overdue
February 13, 2026 The return of Judy Shelton to the center of the monetary policy debate has been greeted by the financial press with a mixture of alarm and condescension. While critics fixate on her affinity for the gold standard (and with good reason), they are missing the more profound shift her presence represents: a long-overdue challenge to [...] Blog -
BlogEmployment Guarantee on the Block
December 23, 2025 This article has been cross-posted from its original appearance in the Indian Express (published December 20, 2025). Please read the open letter to the Indian Government in Support of the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) and add your name to the list of experts calling for the preservation of the NREGA law. [...] Blog -
An Open Letter to the Indian Government in Support of the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA)
December 18, 2025 The Mahatma Gandhi Rural Employment Guarantee (MGNREGA or NREGA) is the largest rights-based public employment program in the world, signed into law in 2005. It faces repeal by the Indian...more News -
Policy Note No. 2025/8How Secure Is Wage Employment in Sub-Saharan Africa?
October 08, 2025 Employment security refers to the ability of both formal and informal institutions to provide employed individuals protection against economic risks and support their economic progress. It is related, but not...more Publication -
Working Paper No. 1091
Banking on Payments?
September 04, 2025 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 Publication -
BlogClimate Catastrophe and the Second Coming
August 21, 2025 Back in the early 2000s, financial market participants would wisecrack that unlikely events that should happen once in 10,000 years were occurring every month. We know where that led—to the Global Financial Crisis. Everything crashed. The Fed had to spend and lend $29 trillion to bail out the world’s financial system. It took economies a [...] Blog -
BlogSeminar on Modern Monetary Theory and Launch of New Macroeconomics
August 08, 2025 On July 19, 2025, the Seminar on Modern Monetary Theory and the Launch of New Macroeconomics was held in the main hall of the Mingde Building (明德楼) at Renmin University (人民大学)of China. The event was jointly hosted by the School of Economics at Renmin University, the Central Compilation and Translation Press, and the Ministry of [...] Blog -
Policy Note No. 2025/4Ratings Agencies Downgrade the Dollar’s Exorbitant Privilege
May 22, 2025 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...more Publication -
Policy Note No. 2025/3What Do We Save When We DOGE the Government?
May 20, 2025 The second Trump administration has seemingly added a new term to the English vocabulary – getting DOGE-ed. Almost every week we hear about another government agency getting the DOGE treatment,...more Publication -
Working Paper No. 1081
The Rise and Rise of Feminist Macroeconomics: Who’s Recognizing?
April 21, 2025 Macroeconomics is arguably the most male-dominated field within the discipline of economics. Since the mid-1990s, feminist economists have thoroughly and meticulously challenged this field through empirical and theoretical analyses and...more Publication -
EFSyn features the latest Strategic Analysis from the Levy Institute’s Macro-Modeling Team, “Greece: Growing on an Unsustainable Path”
April 02, 2025 The Greek journal, EFSyn featured the predictions of the Levy Institute’s Macro-Modeling Team in a report over the weekend: The authors of the report (D. Papadimitriou, N. Rodousakis, G.T. Yajima, G. Zezza)...more News -
Public Policy Brief No. 158That “Vision Thing”: Formulating a Winning Policy Agenda
March 04, 2025 For a PDF version of this Public Policy Brief, please click here. There are many ways to lose a presidential election, and pundits have come up with a long list:...more Publication -
Policy Note No. 2024/1The Boy Who Cried Wolf About Government Debt
October 11, 2024 In a New York Times editorial, David Leonhardt recounts Aesop’s apocryphal story about the boy and the wolf, warning that while deficit hawks have so far been wrong, the growing government debt will eventually bite. He reports the economic plans of both presidential candidates would add to the debt that will soon exceed GDP and grow to 130 percent of annual output under a President Harris, or 140 percent with a Trump presidency. The story of the boy and the wolf was a fable, although it was within the realm of possibility. The fable of the debt wolf is not. While there are real world wolves—Leonhardt mentions climate catastrophe and autocratic leaders, and the authors would add rising inequality and the concentration of economic and political power in the hands of billionaires—authors Yeva Nersisyan and L. Randall Wray assert, federal debt is not one of them. Publication -
Wray on DemystifySci: “Tally Sticks, Central Banks, Evolution of Money”
October 06, 2024 Listen to Senior Scholar L. Randall Wray on Demystify Sci Podcast #288. L. Randall Wray is a long-term proponent of Modern Monetary Theory, a heterodox macroeconomic theory that teaches that the government should not worry about accruing debt, because it is always able to print more money to service that debt. News -
Working Paper No. 1051
Euro Interest Rate Swap Yields: Some ARDL Models
May 10, 2024 This paper examines the dynamics of euro-denominated (EUR) long-term interest rate swap yields. It shows that the short-term interest rate has an economically and statistically significant effect on EUR swap...more Publication -
Working Paper No. 1034
Euro Interest Rate Swap Yields: A GARCH Analysis
December 08, 2023 This paper models the month-over-month change in euro-denominated (EUR) long-term interest rate swap yields. It shows that the change in the short-term interest rate has an economically and statistically significant...more Publication -
Working Paper No. 1033
The Impact of Climate Change on the Palestinian Sectoral Reallocation of Labor
November 20, 2023 The research leverages yearly variations in climate variables, such as rainfall and temperature, across the West Bank from 1999 to 2018 to assess their influence on individuals' decisions to stay...more Publication