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Working Paper No. 1134Fiscal Stance and Macroeconomic Stabilization: Evidence from Indian Subnational Governments
October 29, 2026 Against the backdrop of fiscal rules-based legislation in India, this paper examines the link between the fiscal stance and the output gap to analyze if India experiences Keynesian countercyclicality of...more Publication -
EventLevy Grad Info Session
Join Tom Masterson, Levy Senior Scholar and Director of the Levy Graduate Programs in Economic Theory and Policy, with Karley Sullivan, Levy Communication and Recruitment Coordinator, for a 45 min...more Event -
Working Paper No. No. 1133Finance, Capitalist Evolution, and Structural Reform: A Backwards Perspective on Hyman P. Minsky
October 19, 2026 Thirty years after Hyman Minsky’s death, his name is more familiar than his economics. The notion of a “Minsky moment” has helped restore financial instability to macroeconomics, but it has...more Publication -
EventMoney Managers and the Rise of Financial Fragility, Private Market Version
THIS EVENT HAS ENDED BUT YOU CAN FIND VIDEO HERE. Private debt and equity markets have been a funding source for nascent and credit constrained businesses for several decades....more Event -
Working Paper No. 1132Liquidity Trap: What Is to Be Done?
October 15, 2026 Major advanced capitalist economies—including Japan since the mid-1990s, and the United States, the euro area, the United Kingdom, and Canada after the 2008 global financial crisis—have experienced prolonged liquidity traps...more Publication -
Policy Note No. 2026/9Smoothing the Stress Test: Averaging Reduces Capital Requirement Volatility, Not Fragility
October 14, 2026 On September 30, 2026, the Fed decided that, starting with the 2028 cycle, each large bank’s stress capital buffer will be set on the basis of the average of its...more Publication -
The Levy Institute Mourns the Passing of Anwar Shaikh
October 07, 2026 The Levy Institute mourns the passing of Anwar Shaikh, an outstanding scholar, teacher, and mentor to a generation of socially committed economists, including several current and former Levy Institute scholars. On...more News -
Research Project Report No. 8/26Assessing the Impact of Social Care Expansion: Time Use, Employment, and Poverty
October 07, 2026 In recent years, there has been increased interest in the expansion of social care services in Mexico as well as in other countries. This is due partly to the recognition...more Publication -
Celebrating Wynne Godley at 100
September 30, 2026 The Levy Institute remembers Distinguished Scholar Wynne Godley during what would have been his 100th birthday month. His work is much appreciated, and his presence dearly missed. Longtime head of...more News -
EventCapitalism and Its Critics: the Return of Political Economy
THIS EVENT HAS ENDED BUT YOU CAN FIND VIDEO HERE. The Levy Economics Institute of Bard College invites the Bard community to a fall speaker series beginning with John...more Event -
Policy Note No. 2026/8Is the US Running Out of Time as the Rest of the World Runs Out of the Dollar?
September 22, 2026 Global trust in the US and its almighty dollar seems to be in question, with some nations scrambling to create alternative payment systems to compete with it. Some believe it...more Publication -
BlogAn Appreciation of Lekha Chakraborty’s “Gender Budgeting: That Fire in My Belly”
September 17, 2026 An Appreciation of Levy Institute Research Associate Lekha Chakraborty’s “Gender Budgeting: That Fire in My Belly” in Women in Public Finance: Stories of Gender in Budgeting, ed. Maja Bosnić and Manal Fouad (Routledge) Economists are trained to keep personal experience separate from analysis. But the questions we choose to study often reflect what we have [...] Blog -
EventThe AI Bubble: From Boom to Financial Bust
THIS EVENT HAS ENDED BUT YOU CAN FIND VIDEOS HERE. Presentation slides from our panelists are also available: Corey Frayer, (Director of Investor Protection for the Consumer Federation of America),...more Event -
“How inflation expectations can fuel rising prices”, Tcherneva on NPR Marketplace
September 08, 2026 “On Tuesday, the New York Fed will release its monthly Survey of Consumer Expectations. It’ll provide some of the data points the central bank’s Open Market Committee will use to...more News -
“Kevin Warsh’s Best Move Is to Do Nothing”, James K. Galbraith for Project Syndicate
September 07, 2026 Beholden to mainstream economic ideas, the new US Federal Reserve chair has committed himself, and his reputation, to a goal he cannot achieve. Reining in inflation requires not interest-rate adjustments...more News -
BlogSound Accounting and Uncompromising Vision: Remembering Wynne Godley at 100
September 05, 2026 September 2026 marks the centenary of the birth of Wynne Godley, one of the most original and consequential macroeconomists of the late twentieth century. For the Levy Economics Institute of Bard College, this anniversary holds a deeply personal significance. It was here, in the final and exceptionally fruitful chapter of his long career, that Godley—alongside [...] Blog -
Working Paper No. 1131Toward a Marx-Keynes-Minsky Synthesis
September 05, 2026 This paper summarizes and compares the approaches of Marx and Keynes to the theory of effective demand and places it within the monetary theory of production. While their techniques differed...more Publication -
Policy Note No. 2026/7Treasury Buybacks: Much Ado About Nothing?
September 04, 2026 Introduction The recent move by the US Treasury to increase the buybacks of long-term Treasury bonds has created an equal mix of confusion, uncertainty, skepticism, and even panic. Some have...more Publication -
Can the Fed Chairman and Treasury Secretary Do Their Job and at the Same Time Please Their Boss
September 01, 2026 Pavlina Tcherneva checked in with Ian Masters of Background Briefing for a far-ranging conversation that begins with Fed Chair Warsh’s keynote at Jackson Hole and Treasury Secretary Bessent’s recent intervention...more News -
Policy Note No. 2026/6Congress Is Rightly Tired of Budget Boys Crying “Wolf!”
August 28, 2026 Bobby Kogan and Jared Bernstein’s new report for the Center for American Progress, on “Why the National Debt Matters More than It Used to …”, does not cite my 2011...more Publication -
“Of Debt and Deficits and the Dollar System”, Scholar James Galbraith for The Nation
August 25, 2026 “By force of preset agendas, conservatives and liberals react to debt headlines like Pavlov’s dogs. For one side, it’s about Social Security and Medicare. For the other, it’s about making...more News -
Working Paper No. 1130Some Reflections on Climate Change in a Keynesian Spirit
August 21, 2026 Over the next few decades humanity and countries around the world will be facing three major challenges. First, artificial intelligence will fundamentally reshape work and greatly impact employment and labor...more Publication -
Working Paper No. 1129Political Instability, Economic Restructuring, and the Informal Sector: Evidence from Palestine
August 14, 2026 This study investigates how prolonged political instability and economic restructuring have shaped the informal sector in Palestine. Using data from the Palestinian Labor Force Survey and applying econometric analysis with...more Publication -
Working Paper No. 1128Globalization—Quo Vadis?
August 12, 2026 The Global Financial Crisis of 2008–9 provided a critical watershed in the evolving global economic rebalancing and re-shifting towards China and Asia. The era of unchallenged US hegemony and “hyperglobalization”...more Publication