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William Waller
William Waller is currently Professor of Economics at Hobart and William Smith Colleges (where he has taught since 1982). He is also currently the editor of the Journal of Economic Issues. He was William R. Kenan Jr. Professor of Economics at Hobart and William Smith Colleges. He was the Helen Cam Visiting Fellow at Girton [...] People -
Jussi Ora
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Working Paper No. 1108Monetary Policy Transmission to Consumption: Inequalities by Gender and Race
March 05, 2026 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 Publication -
EventInsights from a 25-Year Monetary Policy Experiment
Free and open to the public. The year 2026 marks the 40th anniversary of the Levy Institute’s founding, and this event inaugurates a broader series of programs commemorating this significant...more Event -
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 -
EventLevy Graduate Programs Information Session March 6
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. Our info sessions provide an overview...more Event -
Working Paper No. 1107Artificial Intelligence: Friend, Foe, Fraud
February 20, 2026 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 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 -
BlogCost Estimate for New York Student Voter Empowerment Act
February 17, 2026 This memo estimates the annual statewide cost of implementing the Student Voter Empowerment Act (A.3954–A/S2056-A). The Act requires every public and private college or university campus in New York State to designate a Student Voting Coordinator and maintain a baseline set of nonpartisan voter outreach, voter education, and annual reporting activities. Since the enactment of [...] Blog -
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 -
“The labor market is a very challenging place for young workers,” Tcherneva for Marketplace
February 06, 2026 Listen to the perspectives from Levy President Pavlina R. Tcherneva and other economists regarding labor market trends for young workers under the lens of AI. You can hear the report...more News -
EventPrivate Sectoral Balances, Financial Markets and Business Cycles in the US Economy
Join us on February 25 for a presentation of research with Scholar Giuliano Toshiro Yajima. The presentation will be streamed live on Zoom. ABSTRACT This paper studies the dynamic...more Event -
EventLevy Economics Institute Anniversary Conference
On May 8, 2026, the Levy Economics Institute convenes its annual conference on the 40th anniversary of the Institute’s founding. This year’s conference will be held in person on the...more Event -
EventLevy Graduate Programs Information Session February 6
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. Our info sessions provide an overview...more Event -
Working Paper No. 1105
OPENSIMPLEST: The Smallest SFC Open Economy Model
January 22, 2026 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 Publication -
Working Paper No. 1104
Levy Institute Measure of Time and Income Poverty: United States, 2007–2022
January 20, 2026 In this paper, we present the empirical methodology used to estimate the Levy Institute Measure of Time and Income Poverty (LIMTIP) for the United States over the period 2007–2022. We...more Publication -
BlogLevy Institute Capitol Hill Series: Rethinking the Federal Reserve’s Policy Framework and Independence
January 14, 2026 A PDF of this document can be found here. “Congress retains the ultimate authority to instruct, to direct, and to even redefine the Federal Reserve’s objectives” — Pavlina Tcherneva, President, Levy Economics Institute As the independence of the Federal Reserve is publicly under threat from the Trump White House, the Levy Economics Institute brought [...] Blog -
Working Paper No. 1103
Legal Tender, Debt, and the Institutional Settlement of Monetary Obligations in English Law
January 08, 2026 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 Publication -
EventLevy Graduate Programs Application Workshop
This workshop and information session provides an overview of the Levy academic programs, student life, admission requirements, enrollment steps, financial aid procedures, and immigration requirements for international students. Bring your...more Event -
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 -
Policy Note No. 2025/10The Fed Lowered Rates Again. Is It Really a Surprise?
December 22, 2025 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 Publication -
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 -
Watch Video of Jörg Bibow’s Levy Institute Lecture, “Money & Payments: Evolution or Revolution?”
December 18, 2025 On November 21, 2025, Levy Scholar Jörg Bibow spoke at the Levy Institute, presenting his new working paper, “Banking on Payments?” The video recording from his lecture is now available on...more News -
Working Paper No. 1102
No More than Double: Can a Single Rule Tame Capitalism?
December 12, 2025 Capitalism’s defining feature—profit maximization without limits—drives instability, inequality, and environmental degradation. Traditional policies such as taxation and regulation have failed to curb this dynamic because they do not alter firms’...more Publication