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Working Paper No. 1112After the Wreckage: The Job Guarantee as a New Labor Standard
April 23, 2026 The job guarantee (JG) has long been theorized as a cyclical stabilizer, a buffer stock of publicly employed workers that expands in downturns and contracts in booms. That framing was...more Publication -
Policy Note No. 2026/3The Real Cost of War
April 22, 2026 The press is full of stories on the cost of President Trump’s war of choice against Iran—said to be running at $2 billion a day. With an on-again, off-again ceasefire,...more Publication -
Policy Note No. 2026/2A Premium Crisis: Climate Change Threatens Homeowner’s Insurance, Housing, and Financial Stability
April 15, 2026 A Climate-Driven Systemic Crisis Climate change is rapidly destabilizing the US homeowner’s insurance system, creating major challenges for policymakers concerned with housing affordability and financial stability. Hurricanes, floods, wildfires, tornadoes,...more Publication -
EventSpeculation or Fundamentals? European Natural Gas Price Swings Post 2020
The study by Emanuele Citera and Veronika Dolar explores the dynamics of the European natural gas market during one of its most turbulent periods, 2020–24. Amid extreme price volatility triggered...more Event -
EventThe Role of Production Networks in Price Stability
Part of the Levy at 40 Event Series The pandemic inflation, the war in Ukraine, and now a potential energy crisis from the war in Iran, have all sparked interest...more Event -
Strategic AnalysisGreece: Navigating in Turbulent Waters
April 09, 2026 Recent narratives on the Greek economy emphasize a strong recovery, fiscal discipline, and improved financial credibility. While official statistics indeed point to positive developments—such as output growth, declining unemployment rates,...more Publication -
Working Paper No. 1111Money in Shadow Banking and the Crypto Economy: A Chartalist Perspective
April 07, 2026 As instructors of Money and Banking, we regularly confront enduring questions: What is money? Is gold money? More recently, students ask whether shadow money, Bitcoin, or stablecoins qualify as money....more Publication -
Tcherneva weighs in on new memo to investors from JP Morgan Chase CEO on Marketplace
April 07, 2026 Jamie Dimon, CEO of JPMorgan Chase, put out his annual letter to shareholders this week. Levy President Pavlina R. Tcherneva weighed in on this morning’s Marketplace report with NPR. “These types...more News -
Working Paper No. 1110
Speculation or Fundamentals? European Natural Gas Price Swings Post 2020
March 30, 2026 We investigate the role of speculation in the European natural gas market over the period 2020–2024, a period marked by extreme price volatility driven by the energy crisis following Russia’s...more Publication -
Working Paper No. 1109
The Evolution of Income Inequality in the United States, Its Consequences, and Some Policy Measures
March 30, 2026 This paper discusses the key concepts and main stylized facts concerning household real income and income inequality in the United States in recent decades. It explains the widely used summary...more Publication -
EventLevy Master’s Alumni Panel + Q&A
Join Thomas Masterson, Director of Levy’s Graduate Programs, and Tyler Emerson, Levy’s Recruiter, in conversation with Levy Alumni about their careers in academia, public policy, and the private sector. We...more Event -
Working Paper No. 1108
Monetary 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
If you are registered to attend this event, you can find the logistics to plan your visit here. On May 8, 2026, the Levy Economics Institute convenes its annual conference on...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