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BlogSeminar on Modern Monetary Theory and Launch of New Macroeconomics
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 [...] -
Levy Institute Collaboration with University of Ghana and Stellenbosch on “Gendered Aspects of Economic Security” in Cape Town
In collaboration with the University of Ghana and Stellenbosch Business School, the Levy Institute is holding “Gendered Aspects of Economic Security,” a three-session forum and workshop focused on women’s labor market frameworks. The event will be held in Cape Town, South Africa on August 15, 2025. The research team at the helm of this workshop […] -
Working Paper No. 1089Rising Temperatures, Falling Yields: The Effect of Climate Shocks on Olive Oil Production in Palestine
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 temperature and rainfall fluctuations on four key outcomes: the olive-to-oil yield ratio, extracted oil quantity, cultivated olive volume, and olive oil prices. Our findings reveal […] -
President Pavlina R. Tcherneva weighs in on recent BLS report: “It wasn’t terribly surprising”
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 by Marketplace and Daniel Ackerman at the link below. -
Working Paper No. 1088
The Job Guarantee: Lessons from Argentina’s Jefes Plan and Its Reform
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. Even some Post Keynesian economists believe the so-called balance-of-payments (BOP) constraint imposes a trade-off between inflation and unemployment in developing countries. On the contrary, what […] -
Policy NotesWorking Harder, Paying Less: Wage Suppression in Greece
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 of a full recovery remain absent. Declining living standards, an increased tax burden, and the deterioration of public infrastructure and services have all contributed to […] -
Working Paper No. 1087
A Model of External Debt Sustainability and Monetary Hierarchy
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 costs and their low position in the international monetary hierarchy. These vulnerabilities make them susceptible to financial traps, jeopardize debt sustainability, and increase volatility. He […] -
Working Paper No. 1086
Financial Fragility Without Financial Instability
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 paper analyzes the Chinese banking reform process through a Minskyian lens, with particular attention to the conceptual ambiguity between financial fragility and financial instability in […] -
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 first information session of the 2025 application cycle. Find out more about our graduate programs at our website, or register to attend the session virtually […] -
Working Paper No. 1085
Fiscal Deficit and Term Structure of Interest Rate Links on Corporate Investment
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 out occurs is the link between the fiscal deficit and the interest rate determination. The results revealed that the fiscal deficit does not significantly determine […] -
Video Now Available from the 32nd Annual Levy Institute Conference
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 Economic Strategies in Fractured Times.” Revisit the day’s discussions—including panels on Minskyan analysis for the modern era, climate finance, and global development—as well as a […] -
“Why we should stop worrying and learn to love the national debt,” Wray and Nersisyan for The Hill
“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 “Big Beautiful Bill,” which is likely to further increase the debt, have added to worries about the country’s fiscal position. Former President Barack Obama’s budget […]