Email from Levy Economics Institute Launch of the Levy Capitol Hill Series and new research THE LEVY NEWS Our Site Research Events Publications CONTRIBUTE October 15, 2025 HIGHLIGHTS   Dear Friends, I am pleased to announce the launch of the Levy Economics Institute Capitol Hill Series, a new forum dedicated to fostering dialogue on critical economic issues among policymakers, congressional staffers, experts, and the public. Our inaugural session kicks off with a debate around Federal Reserve Independence and its Monetary Policy Framework. While president Trump has publicly pressured the Fed to lower interest rates and bend to his political will, the economics profession—on the whole—has rallied to defend Fed independence. Our position at the Levy Economics Institute has always been more nuanced: the Fed must ultimately be accountable to someone, and in a democracy, that someone is Congress. But what does that truly mean? Is the Fed’s current policy framework sufficient for today’s challenges, or does it risk becoming impervious to necessary political oversight? We must ask: what form should that oversight take to ensure both effective governance and democratic accountability? I am excited to be joined by an esteemed panel of experts, including Claudia Sahm (New Century Advisors), Bill Bergman (Former Federal Reserve Bank of Chicago), James K. Galbraith (University of Texas at Austin), and L. Randall Wray (Levy Economics Institute) to discuss these vital questions. This event is open to the public, but registration is required and space is limited. Reserve your spot today. In parallel, the Levy Institute is proud to invest in the next generation of economists by launching a series of professional development opportunities for young scholars. The first of these is a residency program, designed to provide participants with access to the Levy Institute’s community, resources, and distinctive methodological approaches, as they conduct research in the areas of our signature programs. Space is limited and fees apply. For more information, please visit our opportunities page. We look forward to seeing you at our inaugural event in Washington, D.C. on November 19. Pavlina R. Tcherneva President Levy Economics Institute   HIGHLIGHTS   Former Commissioner of the Bureau of Labor Statistics Erika McEntarfer (’95) Spoke at Bard College in First Public Remarks Since Dismissal Hosted by the Levy Economics Institute, Bard alumna Erika McEntarfer ’95, former commissioner of the Bureau of Labor Statistics (BLS), spoke to an audience of Bard students, faculty, staff, and community members in Olin Hall on September 16. She recounted the day of her abrupt dismissal following the release of the July jobs report and discussed the ways that nonpartisan statisticians affect our everyday lives as Americans. The data produced by BLS is used widely, from top officials in the federal government to traders on Wall Street, whose decisions have real consequences for Americans. “The decisions they make—to adjust interest rates to avoid a recession, to build a new plant in your city, to sell stocks or bonds—impact how easy it will be for you to find a good job, how affordable it will be for you to buy a house and raise a family, and how comfortable your retirement will be.” The discussion, held on September 16 at Bard College, was featured by various news outlets such as the New York Times, Politico, The Wall Street Journal, CNN, Bloomberg, and The Financial Times. Read More and watch the recording on our YouTube channel.   FEATURED PUBLICATIONS   Policy Note 2025/7: No, the Fed Is NOT Independent—It Is a Creature of Congress by Yeva Nersisyan and L. Randall Wray 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 be—independent. But from whom should the Fed be independent? This is seldom clarified. And independent to do what? It is essential to bear in mind that the Fed is a creature of Congress. Congress created the Fed in the Federal Reserve Act of 1913 .... Indeed, Congress made clear what it believes is in the best interest of Americans. While the precise policy measures that might be appropriate to achieving the goals set by Congress could be debated, there is no room for doubt about what Congress has laid out as the Fed’s mandate. Read More Policy Note 2025/8: How Secure Is Wage Employment in Sub-Saharan Africa? by Ajit Zacharias, Aashima Sinha, Abena D. Oduro, Nthabiseng Moleko, Thomas Masterson, and Fernando Rios-Avila Since the early 2000s, research and policy on employment quality have advanced through initiatives such as the International Labour Organization’s (ILO) Decent Work Indicators, which monitor employment creation, social protection, rights at work, and social dialogue. The United Nations (UN) incorporated these goals into the 2030 Agenda for Sustainable Development, promoting inclusive economic growth and decent work. Building on this body of work, Scholars Ajit Zacharias, Aashima Sinha, Abena D. Oduro, Nthabiseng Moleko, Thomas Masterson, and Fernando Rios-Avila develop an employment insecurity index (EII) that combines two dimensions of wage employment: (1) access to nonwage benefits and (2) desirable features of the employment relationship, with a focus on gender disparities among employees. Read More Featured Working Paper: A Short History of MGNREGA: Twenty Years in Ten Charts by Jean Drèze and Rahul R. India’s Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), enacted in 2005, is an experiment of major significance. Drawing on official statistics, Jean Drèze and Rahul R. present a broad-brush retrospective on MGNREGA’s first 20 years, focusing inter alia on employment generation, the participation of marginalized groups, real wages, administrative expenditure, and comparative experiences of different Indian states. The program is an important demonstration of the possibility of a legal job guarantee, but its practical achievements are still heavily concentrated in a few states. Read More Featured Working Paper: Recent Initiatives in Improving the Collection of Time-use Data for Measuring Work: Some Issues by Indira Hirway Time-use data are expected to help in understanding and addressing critical socioeconomic concerns including gender inequalities in a country. The data also help in integrating gender into economic analysis and economic policy making to promote inclusive development. Against this rising demand for time-use data, the supply of quality time-use data is not coming forth, particularly in low- and middle-income countries. In this paper, Research Associate Indira Hirway presents the recommendations made by UN Women, UNSD, the World Bank, ILO, and other experts, and makes an assessment of these recommendations. The paper argues that a light time diary, recommended by these organizations does not particularly help in accessing quality time-use data. The paper recommends that though a time-use survey is a complex survey, particularly in a country where literacy is low, the survey is feasible if adequate care is taken by the National Statistical Office (NSO).  Read More Featured Working Paper: Banking on Payments? by Jörg Bibow For the past hundred years or more, payments have been primarily associated with banking, and banking as we know it today—being the result of many centuries of evolution—features a bundling of (at least) three main lines of business: lending, deposit-taking, and payment services. In the past 15 years or so, banks have come under severe competition as providers of payment services. Will “banking on payments” become outmoded and payments untethered from banking, or will payments still have a place in the future of banking?Research Associate Jörg Bibow sets out to explore this question and to address the likely consequences of the apparent “unbundling” of the traditional connections in banking between lending, deposit-taking, and payment services, as well as the implications of the evolution (or revolution) of money, payments, and banking.  Read More GRADUATE PROGRAMS   The admissions cycle for Fall 2026 is well underway, and the Levy Graduate team is on the road. In October, we tabled at the NYC Idealist, U Albany, and SUNY Cortland Graduate fairs where we were able to speak with students about how advancing their education with the Levy Institute can equip them to shape modern economic thought. If we missed you, we'd still love to chat! In November we'll be at Siena on November 3rd and SUNY New Paltz on November 12th, or join our next information session on Zoom, November 14 at 12:00 PM EST. Unlike traditional programs, at Levy 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 is uniquely positioned in the face of the political, economic, and ecological challenges of the 21st century. We provide our students with the technical and theoretical skills they need to have an impactful career as researchers, analysts, and change-makers in think tanks, finance, business, and academia. Our applications for the MA and MS programs in Economic Theory and Policy for Fall 2026 are NOW OPEN! Deadlines Early Decision on January 15 Regular Decision on April 15 We invite you to apply today! Interested students should contact the Institute at [email protected] or visit our website for more information. Scholarships are available. IN THE NEWS   Senior Scholar Rania Antonopoulos has been invited to speak at the opening Expert Roundtable on Beyond GDP and Human Rights, scheduled for October 8th and 9th, 2025, in Geneva. The event is organized by OHCHR, in partnership with UNCTAD, UNRISD, the Beyond Lab, and the UN Special Rapporteur on Extreme Poverty. Antonopoulos was invited in recognition of her extensive experience in policy design and implementation—particularly through her work and publications on employment guarantee schemes and tenure as Alternate Minister of Labour in Greece. You can read Antonopoulos' work "Towards a European Job Guarantee," published by the European Trade Union Institute here. On October 24th, the 80th anniversary of the signing of the charter of the United Nations, the UN Department of Economic and Social Affairs (UN DESA) will convene a Global Policy Dialogue, “Charting New Directions: Shaping the Future of Sustainable Development." Here, members of the UN High-level Advisory Board on Economic and Social Affairs (HLAB), including Levy Scholar Fadhel Kaboub, will explore different avenues for achieving and maintaining inclusive, sustainable, and forward-looking development towards and beyond 2030. Registration is available to attend in person or online. Levy Institute President Pavlina R. Tcherneva was invited to Franklin & Marshall College to give the Will Lyons Memorial Lecture on October 9. The lecture, titled "What Do Working Families Want: Economic Anxiety and Political Realignment in the US," examined the political retreat of the working class in the US in the 2024 Presidential election. Tcherneva was also featured on the Marketplace Morning Report on October 1 to discuss the ADP-reported loss of 32,000 private sector jobs in September. Levy Scholar Yeva Nersisyan was interviewed by ABC News regarding the impact of the October 2025 government shutdown on the actions of the Federal Reserve. Read "Government shutdown halts release of economic data. The Fed may be 'flying blind' on interest rates," by Max Zahn now. On October 2, the Global Money Talk podcast released an episode featuring Senior Scholar L. Randall Wray where he discusses the myths surrounding government finance and the irrationality of the 2 percent inflation rate. How did you like this email?   Our Website | Press Room | Donate   Levy Economics Institute | Blithewood Bard College | Annandale-On-Hudson, NY 12504-5000 US Unsubscribe | Update Profile | Constant Contact Data Notice