Global trust in the US and its almighty dollar seems to be in question, with some nations scrambling to create alternative payment systems to compete with it. Some believe it...more

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

An Appreciation of Levy Institute Research Associate Lekha Chakraborty’s “Gender Budgeting: That Fire in My Belly” in Women in Public Finance: Stories of Gender in Budgeting, ed. Maja Bosnić and Manal...

“On Tuesday, the New York Fed will release its monthly Survey of Consumer Expectations. It’ll provide some of the data points the central bank’s Open Market Committee will use to...more

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 i...

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

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 an...

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 “hypergl...

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

A response to Paul Krugman's recent essay on U.S. and European productivity opens onto a broader question. If the standard metrics point in conflicting directions, perhaps the problem lies less with t...

The Levy Economics Institute Graduate Programs in Economic Theory and Policy were created to offer students an alternative to mainstream programs in economic...

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With the consumer price index running at 3.8% — and expected to rise further when new data drops Wednesday — purchasing power is eroding.

Levy Scholars Claudio H. Dos Santos, Gennaro Zezza, and Michalis Nikiforos sit down in this episode to discuss the life and legacy of one of the Institute's Distinguished Scholars, Wynne Godley (1926-...

Although remaining controversial and in its infancy, the “greening” of monetary policy and financial regulation is spreading. Such an environmental turn appears as a key channel to reform capitalism, ...