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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 -
Working Paper No. 1127Whatever It Takes: How Neoliberalism Hijacked the Public Purse
August 05, 2026 The 2008 financial crisis and the COVID-19 pandemic are widely understood as moments that discredited neoliberal orthodoxy and some have even declared it dead. This paper argues that, to the...more Publication -
“Why job openings have been rising slowly this year,” Tcherneva on NPR Marketplace
August 05, 2026 Hiring ticked up slightly in June, according to the latest Job Openings and Labor Turnover Survey report from the Bureau of Labor Statistics, and overall the number of job openings...more News -
Policy Note No. 2026/5Warsh: Caught Between a Rock and a Hard Place
July 31, 2026 For over two decades, markets have been trained to hang on every word out of the Fed chair’s mouth. That conditioning doesn’t switch off because a new chair decides he’d...more Publication -
Working Paper No. 1126The Evolution and Diversification of Stock-Flow Consistent Modeling
July 31, 2026 This paper presents a bibliometric analysis of the Stock-Flow Consistent (SFC) literature from 1975 to 2026. The corpus includes 479 publications from Scopus, Web of Science, and expert-guided screening.Building on...more Publication -
Working Paper No. 1125What Do Unemployed Workers Want: Guaranteed Jobs or Guaranteed Income
July 31, 2026 This paper studies unemployed workers’ preferences for two widely debated social policy innovations often framed as rivals: a job guarantee and a basic income. It addresses how support for the...more Publication -
Working Paper No. 1124
Climate Change and Education: Evidence from Palestine
July 31, 2026 This study investigates the impact of climate change on women’s education in Palestine, focusing on how climatic factors affect years of schooling. Using pooled data from the Palestinian Labor Force...more Publication -
Strategic AnalysisEconomic Prospects for the United States: Is the Current K-shaped Economy Sustainable?
July 29, 2026 Although the U.S. economy continues to expand at a moderate pace, the foundations of growth are becoming increasingly fragile. This Strategic Analysis examines the current state of the US economy...more Publication -
Working Paper No. 1123
Twin Deficits and External Constraints in a Dollarized Economy
July 24, 2026 This paper develops a stock-flow consistent (SFC) exercise for a smaller and dollarized economy and applies it to the case of El Salvador. Against the backdrop of the 2025 IMF-supported...more Publication -
“On the US-EU Debate: A Response to Paul Krugman,” Scholar James K. Galbraith for INET
July 24, 2026 “If the standard metrics point in conflicting directions, perhaps the problem lies less with the economies than with the measures themselves.” In a new piece for the Institute for New...more News -
BlogUnderstanding Modern Money Theory: Four Decades in Development
July 24, 2026 This was my response to a book review panel organized by Reynold Nesiba, Professor of Economics at Augustana College, dedicated to my recently published Understanding Modern Money Theory: Money and Credit in Capitalist Economies (Edward Elgar 2025), reflecting the continued influence of MMT scholarship within institutionalist circles. In 1986, I went to Bologna (on a [...] Blog -
Working Paper No. 1122Plutonomy—the AI Edition—and the Coming Crisis
July 08, 2026 This paper examines the rise of the plutonomy—an economy dominated by the new plutocrats—and compares it with the Gilded Age of the 1920s. We show how John Kenneth Galbraith’s analysis...more Publication -
Working Paper No. 1121How an Energy Transition Underlay the Great Depression
July 02, 2026 This paper explains the mechanisms by which a major energy transition produced the US Great Depression. Stock market indices show the 1927–29 Wall Street Bubble was led by petroleum-based technologies—especially...more Publication -
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 -
Working Paper No. 1120
Technology Gap and Endogenous Conflict
June 30, 2026 This paper investigates the endogenous mechanism by which decentralized technological imitation in Southern countries transitions from catch-up to competitive conflict with the North. Integrating intermediate goods variety into a North-South...more Publication -
The Levy Institute Issues Letter of Support for Emel Memiş
June 29, 2026 We are pleased to report that Emel Memiş has been released as of July 22, 2026. You can read more about it here. The Levy Economics Institute of Bard College...more News -
Working Paper No. 1119
Keynes, Minsky, and Me
June 29, 2026 This paper is based on keynote remarks delivered at the Levy Institute Anniversary Conference, May 8th, 2026. Publication