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New Assistantship in Labor Studies
December 06, 2024 The Research Assistantship in Labor Studies provides support to Levy Institute graduate students to conduct research on issues of employment, unemployment, and fiscal policy. Applicants who are awarded this assistantship will also...more News -
Working Paper No. 1063Fiscal and Monetary Policy in an SFC Model of the Italian Economy
December 03, 2024 Following the Great Financial Crisis of 2008–9, there has been a shift in mainstream economic policy modeling toward “realism,” with dynamic stochastic general equilibrium (DSGE) models partly diverging from the...more Publication -
Working Paper No. 1062
The Value of Money
December 03, 2024 This paper examines heterodox theories of the determinants of the value of money. Orthodox approaches that tie money’s value to relative scarcity of money or to the price level are...more Publication -
Working Paper No. 1061
Modern Money Theory on Fiscal and Monetary Policies
November 26, 2024 Originally issued as EDI Working Paper No. 04, 2022 Drumetz and Pfister make several claims about the inadequacy and fallacies of Modern Money Theory (MMT) and conclude that MMT is...more Publication -
Working Paper No. 1060
The Job Guarantee
November 26, 2024 Originally issued as EDI Working Paper No. 02, 2022 Orthodox economic theory presents the policy maker with an impossible choice: eradicate unemployment at the cost of undesirable inflation or keep...more Publication -
Working Paper No. 1059
Three Lessons from Government Spending and the Post-Pandemic Recovery
November 26, 2024 Originally issued as EDI Working Paper No. 01, 2021 The central lesson of the COVID-19 fiscal response is that money is not scarce. Without delay, governments around the world appropriated...more Publication -
Working Paper No. 1058
The Origins of the Platonic Approach to Monetary Systems
November 20, 2024 A monetary approach that combines Chartalism, Nominalism, and Command origins of monetary systems is often deemed to have emerged only recently, while the Aristotelian approach (Commodity, Metallism, and Market origins...more Publication -
Policy NoteTrump Wins While Americans Vote for Progressive Policies
November 07, 2024 On November 5, 2024, American voters sent Donald Trump back to the White House. In 2020, he lost his bid for reelection to Joe Biden, after winning in 2016 against...more Publication -
Strategic AnalysisEconomic Challenges of the New U.S. Administration
November 05, 2024 On the eve of the 2024 US presidential election, the authors share their latest macroeconomic projections using the Levy Institute’s tailored stock-flow consistent model and evaluate two alternative policy scenarios, depending upon the next occupant of the White House: (1) a significant increase in import tariffs and decrease in the marginal tax rate, and (2) a substantial increase in government expenditure paired with an increase in the marginal tax rate. Publication -
Policy NoteInflation
November 04, 2024 Edward Lane surveys some of the main potential contributors to the recent period of elevated inflation rates in the US economy—focusing on supply disruptions, inflation-adjusted consumer spending, and consumer spending...more Publication -
Policy Note No. 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 -
Working Paper No. 1057
Rise and Fall of Mexican Super Peso: Heterodox Perspective versus Orthodoxy
October 09, 2024 This working paper contrasts the neo-Keynesian and post-Keynesian theories of monetary policy for an open economy, highlighting the irrelevance of the orthodox theory and the explanatory capacity of heterodoxy for...more Publication -
Working Paper No. 1056
Federal Tax Transfers and Demographic Transition: Balancing Equity and Efficiency
October 07, 2024 Against the backdrop of demographic transition in India, the study highlights the necessity of integrating the elderly population as a critical factor in formula-based intergovernmental fiscal transfers. The demographic transition,...more 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 -
Tcherneva on Marketplace: “Automation on the Waterfront”
October 04, 2024 Be sure to check out Institute President Pavlina R. Tcherneva‘s interview with Marketplace Morning Report, where she discusses the recent job openings and labor turnover data on the episode “Automation...more News -
Now Available Worldwide: Finding the Money
October 03, 2024 Now available worldwide, Finding the Money explores ideas and principles of MMT, following Scholar Stephanie Kelton. The documentary features other Levy Scholars, including L. Randall Wray, Matthew Forstater, Fadhel Kaboub, Pavlina R....more News -
Tcherneva on WAMC Northeastern Public Radio: The 2024 Election and the Economy
October 02, 2024 The Roundtable Panel: a daily open discussion of issues in the news and beyond. Today’s panelists are Aaron Pacitti is Professor of Economics at Siena College, Pavlina Tcherneva is an...more News -
Scholar Stephanie Kelton on The Weekly Show with Jon Stewart
September 27, 2024 On September 27, Levy Scholar Stephanie Kelton appeared on The Weekly Show Podcast with Jon Stewart to discuss government spending and deficits. News -
New Scholarship in Institutional Economics
September 26, 2024 The Scholarship in Institutional Economics, established in memory of John F. Henry, is awarded to a student interested in research in political economy, historical and evolutionary analysis of modern market economies, and...more News -
New Scholarship in Gender Studies
September 23, 2024 The Scholarship in Gender Studies is awarded to a student showing academic promise and interest in incorporating gender awareness in the study of the macroeconomy. Awarded in memory of Nilüfer A. Cagatay. News -
Working Paper No. 1055
The Relation Between Budget Deficits and Growth: Complicated but Clear
September 18, 2024 This paper looks at the relationship between government budget deficits and the growth rate of GDP. While orthodox economic theory offers several reasons to believe that growing deficits might be...more Publication -
Recap: A Path to Inclusive Development, A Levy Institute Workshop in Gender Studies
September 18, 2024 On September 11–13, the Levy Institute, with generous support from The William and Flora Hewlett Foundation, convened A Path to Inclusive Development: Unpacking Gender Inequalities in Economic Theory and Policies. This was...more News -
Galbraith and Weber for the Boston Globe: “Harris’s fight on price gouging is good economics”
August 22, 2024 “The idea that prices serve to balance supply and demand — and should be left free to do so — is bred in the bones of economists. So much so...more News -
Levy Scholars Present at Gender Disparities Workshop in Accra, Ghana
August 20, 2024 Levy Scholars presenting at the workshop include: Senior Scholar Ajit Zacharias: Old-age income (in)security in Ghana and South Africa: trends and prospects Senior Scholar Thomas Masterson: Methodological aspects Research...more News