Email from Levy Economics Institute Register now for the 32nd Annual Conference featuring Ro Khanna THE LEVY NEWS Our Site Research Events Publications CONTRIBUTE May 21, 2025 HIGHLIGHTS   Dear Friends, I’m delighted to share that the Levy Institute remains an influential voice in shaping the work of international organizations, including the United Nations. Last month, the Levy Institute served as co-sponsor for the UN Side Event at the 4th PrepCom for the Fourth Financing for Development (FfD4). This event, titled, "Engendering Fiscal Space: The Role of Macro-Level Economic Policies, External Debt, Concessional Finance, Special Drawing Rights, and Economic Modelling," aimed to provide a platform for gender equality advocates to put financing for gender equality at the forefront of the discussions during FfD4. The event inaugurated a new research model developed by Levy Institute Scholars Ajit Zacharias, Gennaro Zezza, and Thomas Masterson, titled "Engendering Fiscal Space: Modelling Alternative Methods of Financing Investments for Gender Equality." The report integrates two signature programs of the Levy Institute: the stock flow consistent macro-model and our research on unpaid work and time poverty. With this integrated model, we are able to evaluate the distributive effects of various macroeconomic policies. I delivered the closing remarks at the UN event, urging international organizations to incorporate an analysis of monetary regimes and varying degrees of monetary sovereignty into their work on fiscal space. Pavlina R. Tcherneva President Levy Economics Institute UPCOMING EVENTS   The Levy Institute is pleased to announce the keynote speaker for our 32nd Annual Conference: US House Representative Ro Khanna (CA-17)! The 32nd Annual Levy Economics Institute Conference, Money, Finance, and Economic Strategies in Fractured Times will be returning as an in-person event on Monday, June 16, 2025. The conference will take place on the Bard College campus in Annandale-on-Hudson, NY. This year’s annual conference will feature panels on Minskyan analyses of current sources of financial fragility; new directions in public finance; visions for the next progressive policy agenda; climate finance, balance of payments constraints, and the global economy; and more. Speakers include: James K. Galbraith, Rogerio Studart, Dan Alpert, Pavlina R. Tcherneva, L. Randall Wray, Yan Liang, Ndongo Samba Sylla, Leila Davis, and more. Follow the link below for the full program. Get your tickets now to guarantee your spot. REGISTER NOW   FEATURED PUBLICATIONS   The Incoming Recession: Are Imports the Real Culprit? by Dimitri B. Papadimitriou, Giuliano Toshiro Yajima, and Gennaro Zezza It is well known that the demand components of GDP are comprised of consumption, investment, government expenditure, and exports minus imports. That negative contribution from imports may lead those less knowledgeable of national accounting to assume a direct, one-to-one negative link between imports and GDP. A better informed view falsifies this conclusion... Read More Growth vs. Discipline: Italy’s Fiscal Dilemmas in a Stock-Flow Consistent Model by Francesco Zezza and Gennaro Zezza In this working paper, Levy Scholars Francesco Zezza and Gennaro Zezza investigate the implications of the European Union’s revised fiscal governance framework for Italy, a country facing the dual challenge of high public debt and persistent economic stagnation. Using a Stock-Flow Consistent (SFC) macroeconometric model of the Italian economy (MITA), the authors assess the medium-term macroeconomic implications of the government Medium-term Fiscal-Structural Plan, and whether it aligns with debt stabilization and economic recovery goals. They show how the government expenditure path, consistent with the new Debt Sustainability Analysis, leads instead to an increase in debt/GDP.  Read More Tribute to Edwin Le Héron by Jean-François Ponsot Our eminent French economist colleague, Edwin Le Héron, passed away on 23 April 2025 in Bordeaux. A professor at Sciences Po Bordeaux since 1987, he was the founder and long-standing president of the Association pour le Développement des Études Keynésiennes (ADEK), established in 2000. ADEK has brought together French-speaking post-keynesian economists and organized major international post-Keynesian conferences in Dijon, Grenoble, and Lille. Read More GRADUATE PROGRAMS   At Levy, economics isn’t just studied—it’s reimagined. Backed by over 30 years of groundbreaking policy research and impact, the Levy Institute Graduate Programs in Economic Theory and Policy stand apart by integrating heterodox perspectives with rigorous analysis—examining money, finance, government budgets, employment, poverty, and time use through a critical, policy-oriented lens. Unlike traditional programs, we emphasize the social and institutional forces that shape economic outcomes, empowering students to gain key tools, such as stock flow consistent macroeconomic modeling and gender-aware analysis, that bridge theory and practice. The Levy Institute programs combine rigorous academics with a close-knit, supportive community. Students thrive in an environment where collaboration is key—sharing research, debating ideas, and working alongside faculty and peers to deepen their understanding through meaningful intellectual exchange. Interested students should contact the Institute at [email protected] for more information. Scholarships are available. To find out more, visit bard.edu/levygrad and apply now. IN THE NEWS   Institute President Pavlina R. Tcherneva was featured on the Marketplace Morning Report on May 8 to speak on US labor productivity. Senior Scholar Ajit Zacharias has been appointed to serve on the Committee on A Data Infrastructure for Measuring the Care Economy with The National Academies of Science, Engineering, and Medicine. This panel, created to assess the current data available on the care economy, will provide conclusion and recommendations on the potential for improving, expanding, and integrating the care data infrastructure to more fully understand the care economy in the United States. The Marketplace Morning Report also brought on Levy Scholar Stephanie Kelton for the episode, "The first quarter saw a shrinking economy and rising prices. But it wasn't stagflation." 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