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Watch President Pavlina Tcherneva on C-SPAN: “Labor Market Dislocations and the Impact of Climate Change”
August 19, 2025 On Monday, August 18, Levy President Pavlina R. Tcherneva appeared on C-SPAN along with Representative Sean Casten (D-IL) and other experts during the segment hosted by Public Citizen, titled “Heat &...more News -
Working Paper No. 1090Education and Economic Isolation
August 14, 2025 This study examines the impact of the Gaza blockade on private returns to education, with a focus on regional and gender disparities in the Palestinian territories. Using data from the...more Publication -
EventThe Importance of Official Data in Assessing Economic Conditions | Erika McEntarfer
Following the events of August 1, 2025, when the world saw President Trump question the integrity of one of the most widely used government data sources, the Levy Institute was...more Event -
EventLevy Graduate Programs Information Session August 22nd
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 -
BlogSeminar on Modern Monetary Theory and Launch of New Macroeconomics
August 08, 2025 On July 19, 2025, the Seminar on Modern Monetary Theory and the Launch of New Macroeconomics was held in the main hall of the Mingde Building (明德楼) at Renmin University （人民大学）of China. The event was jointly hosted by the School of Economics at Renmin University, the Central Compilation and Translation Press, and the Ministry of [...] Blog -
Levy Institute Collaboration with University of Ghana and Stellenbosch on “Gendered Aspects of Economic Security” in Cape Town
August 08, 2025 With support from the William & Flora Hewlett Foundation and in collaboration with the University of Ghana and Stellenbosch Business School, the Levy Institute is holding “Gendered Aspects of Economic...more News -
Working Paper No. 1089
Rising Temperatures, Falling Yields: The Effect of Climate Shocks on Olive Oil Production in Palestine
August 07, 2025 This study investigates the effect of climate shocks on olive oil production in Palestine, a region acutely vulnerable to both environmental change and political instability. We estimate the influences of...more Publication -
President Pavlina R. Tcherneva weighs in on recent BLS report: “It wasn’t terribly surprising”
August 05, 2025 Listen to the perspectives from Levy President Pavlina R. Tcherneva and other economists regarding recent labor market statistics as reported in Friday’s BLS jobs report. You can hear the report...more News -
Working Paper No. 1088
The Job Guarantee: Lessons from Argentina’s Jefes Plan and Its Reform
August 01, 2025 According to current macroeconomic models, there is a need to maintain a natural rate of unemployment to contain inflation. Put simply, unemployment is considered an (inevitable) cost of price stability....more Publication -
Policy Note No. 2025/5Working Harder, Paying Less: Wage Suppression in Greece
July 30, 2025 The state of the labor market in Greece exemplifies the socioeconomic damage caused by austerity.[i] More than 15 years into a recession that has proven both deep and enduring, signs...more Publication -
Working Paper No. 1087
A Model of External Debt Sustainability and Monetary Hierarchy
July 30, 2025 The author develops a dynamic macroeconomic model of a small open economy to identify two key vulnerabilities that prevent emerging markets from fully integrating into global markets: high financial integration...more Publication -
Working Paper No. 1086
Financial Fragility Without Financial Instability
July 29, 2025 Between the late 1990s and mid-2000s, China’s banking sector underwent a profound yet largely underappreciated transformation—arguably one of the most consequential episodes of financial restructuring in recent economic history. This...more Publication -
EventLevy Graduate Programs Information Session August 6th
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. Learn more, August 6th at our...more Event -
Working Paper No. 1085
Fiscal Deficit and Term Structure of Interest Rate Links on Corporate Investment
July 17, 2025 Using high-frequency macro data from a financially deregulated regime, this paper examines whether there is any evidence of financial crowding out in India. The macroeconomic channel through which financial crowding...more Publication -
Video Now Available from the 32nd Annual Levy Institute Conference
July 16, 2025 Now Available: Full Video from the 32nd Annual Levy Economics Institute Conference We’re pleased to share the full video recordings from our conference on June 16, 2025: “Money, Finance, and...more News -
“Why we should stop worrying and learn to love the national debt,” Wray and Nersisyan for The Hill
July 14, 2025 “Moody’s recent downgrade of the U.S. credit rating has put the national debt in the spotlight once again. Recent increases in Treasury bond yields and the passage of President Trump’s...more News -
Working Paper No. 1084MMT: Heuristics versus Paradigm Shift?
July 09, 2025 This is a revised version of the keynote address presented at the FDR library for the Levy Institute Summer Seminar on Money, Finance, and Public Policy on June 20th, 2025. Publication -
Levy Institute Takes Center Stage at an ILO Conference
July 07, 2025 The Levy Institute was pleased to co-sponsor multiple sessions at the International Labour Organization’s conference, Regulating for Decent Work on July 4th, 2025. We organized a special session on Designing Effective...more News -
BlogProtecting Social Security: The Case Against Privatization
July 07, 2025 Attempts to undermine Social Security have been ongoing since its enactment in 1935. As the Social Security Administration projects trust fund insolvency by 2033 and Congress looks for deep spending cuts, the pressure is mounting for Social Security benefit cutbacks, despite promises from President Trump and House Speaker Johnson not to reduce benefits. While extending [...] Blog -
Working Paper No. 1083
Integrating the Social Reproduction of Labor into Macroeconomic Theory: Unpaid Caregiving and Productivity in Paid Production
June 26, 2025 The purpose of this paper is to contribute to the integration of unpaid caregiving in the household into short- and long-term macroeconomic theory and, in particular, the theoretical structure of...more Publication -
Recapping the 32nd Annual Levy Economics Institute Conference
June 20, 2025 The Levy Economics Institute’s flagship conference, which took place on June 16, 2025, was a resounding success. The 32nd Annual Minsky Conference brought together leading scholars and policymakers to examine contemporary developments in finance through...more News -
BlogConfronting Financial Fragility, Worker Crisis, and Global Turmoil
June 06, 2025 On June 16, 2025, I will welcome colleagues and friends to the 32nd Annual Conference of the Levy Economics Institute—our first in-person gathering since the pandemic, convening at a moment of extraordinary economic upheaval. The challenges before us are among the most consequential in a century: a global trade order in disarray, deepening economic insecurity [...] Blog -
Understanding Modern Money Theory by L. Randall Wray Out Now
May 23, 2025 In this illuminating book, Senior Scholar L. Randall Wray emphasizes the critical role played by both credit and state money in capitalism and explores the origins and evolution of the...more News -
Policy Note No. 2025/4Ratings Agencies Downgrade the Dollar’s Exorbitant Privilege
May 22, 2025 They are at it again. Moody’s has finally joined the other two ratings agencies in downgrading US government debt. Standard & Poor’s downgrade was first in 2011[1], while Fitch waited...more Publication