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Working Paper No. 1088The Job Guarantee: Lessons from Argentina’s Jefes Plan and Its Reform
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. Even some Post Keynesian economists believe the so-called balance-of-payments (BOP) constraint imposes a trade-off between inflation and unemployment in developing countries. On the contrary, what […] -
Policy NotesWorking Harder, Paying Less: Wage Suppression in Greece
The state of the labor market in Greece exemplifies the socioeconomic damage caused by austerity.[i] More than 15 years into a recession that has proven both deep and enduring, signs of a full recovery remain absent. Declining living standards, an increased tax burden, and the deterioration of public infrastructure and services have all contributed to […] -
Working Paper No. 1087
A Model of External Debt Sustainability and Monetary Hierarchy
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 costs and their low position in the international monetary hierarchy. These vulnerabilities make them susceptible to financial traps, jeopardize debt sustainability, and increase volatility. He […] -
Working Paper No. 1086
Financial Fragility Without Financial Instability
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 paper analyzes the Chinese banking reform process through a Minskyian lens, with particular attention to the conceptual ambiguity between financial fragility and financial instability in […] -
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. 1085
Fiscal 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 […]