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Policy Note No. 2025/7No, the Fed Is NOT Independent—It Is a Creature of Congress
September 19, 2025 In response to President Trump’s attack on the Federal Reserve, the natural critics of misguided monetary policy find themselves defending the Fed and the notion that the Fed is—and must...more Publication -
BlogClimate Catastrophe and the Second Coming
August 21, 2025 Back in the early 2000s, financial market participants would wisecrack that unlikely events that should happen once in 10,000 years were occurring every month. We know where that led—to the Global Financial Crisis. Everything crashed. The Fed had to spend and lend $29 trillion to bail out the world’s financial system. It took economies a [...] Blog -
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 -
BlogThe Levy Institute and the Future of Economics
April 04, 2025 According to my vita, my first paper for the Levy Economics Institute, “Unemployment, Inflation, and the Job Structure,” was first published almost exactly thirty years ago, in May 1995.[1] It was a categorical dissent from the micro-market framework, dominant then and still, of mainstream economics. The abstract reads: In this working paper, James K. Galbraith [...] Blog -
BlogUnmasking Hidden Poverty in America: The Role of Time Deficits
April 04, 2025 What if Household Production is recognized as a necessity? Imagine if unpaid work done at home—cooking, cleaning, childcare, eldercare[1]—were recognized as part of basic needs as, for example, a minimal quantity of food and clothing? Would it change how much poverty we find? An upcoming study by the Levy Economics Institute suggests it absolutely would. [...] Blog -
Applying to the Levy Graduate Programs in Economic Theory and Policy
April 01, 2025 The Levy Economics Institute Graduate Programs in Economic Theory and Policy were created to offer students an alternative to mainstream programs in economics and finance. These innovative programs combine a...more News -
The Levy Institute Podcast with Lord Robert Skidelsky
January 21, 2025 Levy Institute President Pavlina R. Tcherneva sits down with Lord Robert Skidelsky to discuss his new book, Mindless. Their conversation spans Skidelsky’s roots in economics, his studies as biographer...more News -
BlogThe Pandemic, “Flexible” Work, and Household Labor in Brazil (Interview)
December 01, 2020 [The following is an interview by Paula Quental of Lygia Sabbag Fares, one of my coauthors for this post on how home quarantine has impacted domestic violence. The interview originally appeared in Portuguese and is posted here with permission.] Labor market deregulation is bad for all workers and even more perverse for women, says [...] Blog -
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The Second International Modern Monetary Theory Conference
September 10, 2018 The Levy Institute is a cosponsor of the Second International Modern Monetary Theory Conference, which will take place September 28–30 at the New School and will feature Institute scholars L. Randall Wray, Pavlina Tcherneva, Stephanie Kelton, and Mathew Forstater: Like the first conference, this year will feature contributions from fields as diverse as macroeconomics, law, [...] Blog -
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Applications Open for the Levy Institute M.S. and New One-Year M.A.
October 17, 2017 The Levy Institute is accepting applications to the M.S. and M.A. in Economic Theory and Policy for Fall 2018. The new, one-year M.A.* joins the two-year M.S. in offering students an alternative to mainstream programs in economics and finance. Our graduate curriculum is rooted in the Institute’s distinctive research program, including macroeconomic theory and policy analysis, [...] Blog -
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On the Concert of Interests and Unlearning the Lessons of the 1930s
April 20, 2017 Jan Kregel opened this year’s Minsky Conference (which just wrapped up yesterday) with a reminder that the broader public challenges we face today are still in many ways an echo of those that faced the nation in 1930s. What follows is an abridged version of those remarks: This year’s conference takes place in an increasingly charged and divisive [...] Blog -
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Registration Now Open for 25th Annual Hyman P. Minsky Conference
December 17, 2015 The 2016 Minsky Conference will address whether what appears to be a global economic slowdown will jeopardize the implementation and efficiency of Dodd-Frank regulatory reforms, the transition of monetary policy away from zero interest rates, and the “new” normal of fiscal policy, as well as the use of fiscal policies aimed at achieving sustainable growth [...] Blog -
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Levy MS Program Now Accepting Applications for Fall 2016
September 10, 2015 The Levy Economics Institute Master of Science in Economic Theory and Policy is a two-year degree program that emphasizes theoretical and empirical aspects of economic policy analysis through specialization in one of five key research areas: macroeconomic theory, policy, and modeling; monetary policy and financial structure; distribution of income, wealth, and well-being; gender equality and [...] Blog -
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A Cycle of Financial Fragility?
June 03, 2015 (click image above to enlarge) Can a bull market founded largely on credit survive? A forthcoming Levy Institute working paper I wrote with Tai Young-Taft of Bard College at Simon’s Rock (link for those interested) represents an attempt to deal with the role of financial instability—along with other sources of economic fluctuations—in the dynamics of [...] Blog -
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Boom Bust Boom: Minsky at the Movies
December 22, 2014 I highly recommend a movie to be released next year (that is, the year that begins next week). Terry Jones, of Monty Python fame, is one of the key developers of the film. It is on the Global Financial Crisis, but also provides a quick history of bubbles and crashes. It is highly entertaining and [...] Blog -
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Levy Institute Master’s Program Webinars
December 04, 2014 The Levy Economics Institute Master of Science in Economic Theory and Policy is an innovative degree program focusing on empirical and policy analysis, with extensive research opportunities. To learn more about the program and receive an application fee waiver, attend one of our upcoming webinars: Saturday, December 6, at noon (EST): Co-hosted by Program Director [...] Blog -
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To Consolidate or Not to Consolidate, That Is the Question (or maybe it isn’t)
June 27, 2014 This is another short post on MMT, a sort of follow-up to my post from a couple of days ago. There was an interesting response to various comments on my piece, which was posted up on Mike Norman’s website. We got the typical: “oh you MMTers always want to consolidate the Fed and Treasury, but really [...] Blog -
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Modern Money In Six Short Videos
March 31, 2014 I recently did an interview for Euro Truffa on six topics related to MMT. The website is here. They are transcribing my interview to Italian (I think that only two are up so far) and putting up the videos. They have also posted all of the videos to YouTube. As you can tell, I did [...] Blog -
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Mindless Austerity and Security Guards
December 03, 2013 I recently had the great fortune to listen to a speech delivered by Mr Yves Mersch, Member of the Executive Board of the European Central Bank. This was in Athens on November 8 at the first Minsky Conference in Greece organized by the Levy Economics Institute. The title of the conference was “The Eurozone crisis, [...] Blog -
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Modern Money Network
August 29, 2013 The Modern Money Network at Columbia University — heir to the “Modern Money and Public Purpose” seminar series — is starting up in September, with a pair of events that might be interesting to some of our readers: 1. Money as a Hierarchical System Date: Thursday, September 12th, 6.15pm Location: Room 104, Jerome Greene Hall, [...] Blog -
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International Conference on Applied Business and Economics
July 22, 2013 October 2—4, 2013 International Conference on Applied Business and Economics The Levy Institute is cosponsoring the 2013 edition of the International Conference on Applied Business and Economics (ICABE), which will be held in Manhattan at the John Jay College of Criminal Justice, City University of New York. The main goal of this annual conference is [...] Blog -
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How BIG is BIG Enough: Would the Basic Income Guarantee Satisfy the Unemployed?
July 10, 2013 (This is a prequel, Part 1 on BIG; I already did Part 2. Sorry it is longish, but not technical.) Last week I criticized an article by Allan Sheahan who argued that “Jobs Are Not the Answer” to America’s unemployment problem. The thesis was based on two propositions. First, labor productivity has grown so we’d [...] Blog -
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Has There Been a Fiscal Shock in the United States Recently?
June 12, 2013 I used a figure like the one above in a talk that I gave at the Eastern Economic Association 39th Annual Conference last month on the topic “Heterodox Shocks.” (The diagram above incorporates data released at the end of last month.) Total government spending in the US, shown in red, continues to fall as a [...] Blog -
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22nd Annual Minsky Conference: Building a Financial Structure for a More Stable and Equitable Economy
February 06, 2013 A conference organized by the Levy Economics Institute of Bard College with support from the Ford Foundation. April 17–19, 2013 Ford Foundation 320 East 43 Street, New York City In 2008–09, the world experienced its worst financial and economic crisis since the Great Depression. Global employment and output collapsed, and an estimated 84 million people [...] Blog