The Levy Economics Institute Drafts Open Letter to Indian Government
The Levy Economics Institute of Bard College has drafted an open letter to the government of India and gathered signatures in defense of the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), the largest rights-based public employment program in the world. Spearheaded by Levy Institute President Pavlina R. Tcherneva, leading international experts have added their names to the open letter in support of the program, which is facing imminent repeal by the Indian government.
The Levy Economics Institute Drafts Open Letter to Indian Government
MGNREGA, signed into law in 2005, is set to be replaced by the Viksit Bharat G RAM G Bill (2025), which would consolidate authority over the program in the central government while transferring greater and likely unsustainable obligations for administration and payment to the states. MGNREGA aims to guarantee the right to work, and generates over 2 billion person-days of work annually for approximately 50 million households in India. More than half of all workers in the program are women, and about 40 percent are from Scheduled Castes or Tribes. The early years of MGNREGA coincided with unprecedented rural wage growth, and studies confirmed the program’s positive effects on economic output and efficiency.
“Originally passed with unanimous parliamentary support, MGNREGA transcends political lines. Its foundational principle—that the national government must guarantee an employment safety net—affirms economic dignity as a fundamental right,” the letter states. Dismantling the program, the letter concludes, would be a “historic error.”
Post Date: 12-19-2025
Economist Pavlina Tcherneva Speaks with Marketplace About Labor Market
Pavlina Tcherneva, president of the Levy Economics Institute at Bard College, spoke with Marketplace about the current state of the US labor market. “Now the slowdown in hiring is turning into more layoffs,” Tcherneva said. “So, I think basically, we are slowly moving towards a vicious cycle in the labor market that is likely to get worse.”Economist Pavlina Tcherneva Speaks with Marketplace About Labor Market
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 programs combine a rigorous course of study with the exceptional opportunity to participate in advanced economics research alongside Institute scholars. The Levy Institute’s programs also give Bard College undergraduates the opportunity to meet prominent figures who give seminars, attend conferences, and serve on the research staff.
Post Date: 11-11-2025
Bard College’s Levy Economics Institute Launches New Capitol Hill Series in D.C. on November 19
On November 19, the Levy Economics Institute of Bard College is launching its Capitol Hill Series, which will bring together financial experts, academics, and policymakers in Washington, D.C., to discuss the most pressing issues facing the economy. The inaugural session, “Rethinking the Federal Reserve’s Policy Framework and Independence,” takes place at at the Rayburn House Office Building and aims to foster dialogue on critical economic issues among policymakers, congressional staffers, experts, and the public.Bard College’s Levy Economics Institute Launches New Capitol Hill Series in D.C. on November 19
Speakers include Pavlina R. Tcherneva, president of the Levy Economics Institute; Claudia Sahm, chief economist at New Century Advisors; James K. Galbraith, professor at the University of Texas at Austin; L. Randall Wray, professor at the Levy Economics Institute; and William Bergman, former economist at the Federal Reserve Bank of Chicago. A Q&A period will follow, moderated by Claire Jones, US economics editor at the Financial Times.
The event will take place on Wednesday, November 19 from 1:30 – 3:30 pm at the Rayburn House Office Building (Room 2045) in Washington, D.C., followed by refreshments and appetizers. The event is free and open to the public. Registration is required and space is limited. Learn more about the event and registration here.
SPEAKER SCHEDULE
Introduction | Pavlina R. Tcherneva, Levy Economics Institute
“Why Fed Independence Matters” | Claudia Sahm, New Century Advisors
“Congress and the Federal Reserve” | James K. Galbraith, University of Texas at Austin
“The Fed Is Still Flying Blind” | L. Randall Wray, Levy Economics Institute
“When Does ‘Independence’ Become Tyranny?” | William Bergman, Former Federal Reserve Bank of Chicago
William Bergman is a semi-retired independent scholar with four decades of financial market and related educational experience, in private and public sector roles. From 1990 to 2004, he served as an economist and financial markets policy analyst at the Federal Reserve Bank of Chicago. He earned an MBA (Finance) and an MA (Public Policy) from the University of Chicago in 1990.
James K. Galbraith holds the Lloyd M. Bentsen Jr. Chair in Government/Business at the Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin. He chairs the board of Economists for Peace and Security and directs the University of Texas Inequality Project. He was executive director of the Joint Economic Committee in the early 1980s. From 1993 to 1997, he served as chief technical adviser to China’s State Planning Commission for macroeconomic reform, and in the first half of 2015 as an informal counselor to the Greek minister of finance.
Claudia Sahm is the chief economist at New Century Advisors. She is a highly regarded expert on monetary and fiscal policy with many years of experience advising key decision-makers at the Federal Reserve, White House, and Congress. She developed the Sahm rule, a closely followed indicator of recessions. Sahm holds a Ph.D. in Economics from the University of Michigan (2007), and a bachelor’s degree in economics, political science, and German from Denison University (1998).
Pavlina R. Tcherneva is president of the Levy Economics Institute, a professor of economics at Bard College, and founding director of the Bard Economic Democracy Initiative. She specializes in modern money and public policy. Tcherneva’s book The Case for a Job Guarantee (Polity 2020) is a timely guide to the benefits of one of the most transformative public policies being discussed today, recognized by the Financial Times in 2020 and published in nine languages. Tcherneva has collaborated with experts from the United Nations Human Rights Council, the International Labor Organization, members of the European Parliament, as well as policy makers from the United States and abroad on designing and evaluating employment programs. She also worked with the Sanders 2016 Presidential campaign, and in 2020 she was invited to serve on the Biden-Harris economic policy volunteer committee, during their Presidential run.
L. Randall Wray is a professor of economics at the Levy Economics Institute of Bard College and Emeritus Professor at University of Missouri-Kansas City. He is one of the developers of Modern Money Theory and his newest book on the topic is Understanding Modern Money Theory: Money and Credit in Capitalist Economies (Elgar). He is the 2022 Veblen-Commons Award winner for lifetime contributions to Institutionalist Thought. He has been a Fulbright Scholar to Italy (twice) and to Estonia, and a visiting professor at the Universities of Paris, Bologna, Bergamo, Rome, UNAM in Mexico City, UNICAMP in Brazil, Tallinn University in Estonia, Nankai University, China, and a visiting professor on a continuing basis at Masaryk University, Czech Republic. He was the Distinguished Visiting Professor at Willamette University, Oregon, in 2022-23.
Post Date: 10-29-2025
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Economist Pavlina Tcherneva Speaks About Labor Market for Marketplace
Economist Pavlina Tcherneva Speaks About Labor Market for Marketplace
Pavlina Tcherneva, president of the Levy Economics Institute at Bard College, spoke with Marketplace about the state of the national employment market. As the government shutdown has halted all nonessential operations, including the jobs report from the Bureau of Labor Statistics, economists turn to other available sources to gather data on the current labor market. Tcherneva says that although large firms, with 500 or more employees, added jobs last month, “this is such a small proportion of total employment, it makes no difference to the overall trends,” adding that 90% of employers have fewer than 100 workers. “It’s another look at the weakening labor market.”
Post Date: 10-07-2025
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Former Commissioner of the Bureau of Labor Statistics Erika McEntarfer ’95 Spoke at Bard College in First Public Remarks Since Dismissal
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. McEntarfer compared the efforts of the BLS to the work of city planners involved in transportation infrastructure. “Real-time economic data is like live traffic updates—helpful for making quick decisions—like adjusting interest rates quickly to avoid an economic downturn,” she said. 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.”
Introducing McEntarfer, Pavlina Tcherneva, president of the Levy Economics Institute of Bard College, noted that this event was more than just an academic talk. “This is our community gathering to champion a vital idea: that truth and rigorous analysis matter,” Tcherneva said. “That our ability to solve problems and find common ground depends on a shared commitment to facts and honest inquiry.” She emphasized that the work done at the Levy Institute relies on “reliable, trustworthy data,” and that without that, “We would lose our capacity to truly understand the economic forces shaping our communities and our country.”
McEntarfer warned of the potential costs of politicization of economic data. “Economic data must be free from partisan influence. That is essential to the mission of the agency. Markets have to trust that the data are not manipulated,” she said. “Firing your chief statisticians for releasing data you do not like will have serious economic consequences.” After the talk concluded, she took the time to answer questions from the audience, including from current students on topics ranging from data science, job prospects, and their Senior Projects. The talk was widely covered across all major news outlets, from the New York Times to the Wall Street Journal and Bloomberg to CNN.
The Levy Economics Institute of Bard College is a nonprofit, nonpartisan, public policy research organization that encourages diversity of opinion in the examination of economic policy issues while striving to transform ideological arguments into informed debate. The Levy Institute is home to two Master's degree programs—a one-year MA and two-year MS—in Economic Theory and Policy.
Read More- New York Times: “Fired by Trump, a Former Labor Official Warns Against Politicizing Economic Data”
- Wall Street Journal: “Fired BLS Chief Breaks Silence, Calls Her Dismissal a ‘Dangerous Step’”
- CNN: “Former BLS commissioner says firing her was a ‘dangerous’ step for the US economy”
- Financial Times: “Fired BLS chief calls Donald Trump’s attack on US data agency a ‘dangerous step’”
- Bloomberg: “Former BLS Chief Recounts Shock of Getting Fired Over Jobs Data”
- Politico: “Ex-BLS chief said she was blindsided by Trump firing Erika McEntarfer said she is fearful about the possible loss of the statistical agency’s independence from political actors.”
- The Hill: “BLS chief fired by Trump over jobs report comments publicly for first time”
- The Guardian: “Labor statistics chief fired by Trump sounds alarm over White House’s ‘dangerous’ interference”
- Daily Mail: “Fired federal employee warns Trump he made a 'dangerous' misstep when he publicly terminated her”
- Business Insider: “The fired head of the Bureau of Labor Statistics is warning about data manipulation”
- Reuters: “Ex-BLS chief says her firing by Trump marked 'dangerous step' for economy”
- The Independent: “Former BLS chair breaks silence on being fired by Trump and going from unknown to ‘household name’”
- The Huffington Post: “Official Fired By Trump For Poor Jobs Report Breaks Silence On Shocking Ouster”
Post Date: 09-17-2025
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Pavlina Tcherneva Participates in Press Briefing on Federal Reserve Policy on C-SPAN
Pavlina Tcherneva Participates in Press Briefing on Federal Reserve Policy on C-SPAN
Pavlina Tcherneva, president of the Levy Economics Institute at Bard College, contributed to a press briefing aired on C-SPAN ahead of the upcoming 2025 Federal Reserve Annual Jackson Hole Economic Symposium, one of the longest-standing central banking conferences in the world. As the Federal Reserve prepares to convene for the annual Wyoming conference on August 21–23 to discuss the future of monetary policy, Tcherneva examines the need to rethink the policy framework of the Federal Reserve and the necessity of incorporating climate risks to labor markets into their macro modeling. Climate risks are now a “structural force that will impact labor markets,” Tcherneva says. “This is not a one-off event, this is going to be a perennial risk for labor markets, for firms, for business conditions, and the way the macroeconomy functions.” The briefing was organized by Public Citizen, a nonprofit consumer advocacy organization, with the participation of former Federal Reserve governor Sarah Bloom Raskin and US Congressman Sean Casten, Democrat of Illinois.
The Levy Economics Institute of Bard College is a nonprofit, nonpartisan, public policy research organization that encourages diversity of opinion in the examination of economic policy issues while striving to transform ideological arguments into informed debate.
Post Date: 08-19-2025
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Levy Economics Institute Hosted 32nd Annual Conference and Summer Seminar
Levy Economics Institute Hosted 32nd Annual Conference and Summer Seminar
The Levy Economics Institute of Bard College convened its 32nd annual conference, “Money, Finance, and Economic Strategies in Fractured Times” on June 16, followed by the week-long Levy Institute Summer Seminar. The Institute’s flagship conference brought together leading scholars and policymakers to examine contemporary developments in finance, persistent economic fissures shaping the US political landscape, and broader questions impacting the global economy, including China’s trajectory and alternative development approaches for the Global South. The keynote address was delivered by US Representative Ro Khanna, who shed light on the issue of economic insecurity and the policy interventions needed to address it, reinforcing the conference’s emphasis on exploring solutions to systemic challenges.
For the Institute’s Summer Seminar, emerging scholars from 22 different countries were invited to engage with the Institute’s foundational work on Minskyan financial dynamics, stock-flow consistent (SFC) modeling, and monetary sovereignty, and to explore how these frameworks can inform their own research questions, with participants given a platform to present their work. Co-sponsored by the OSUN Economic Democracy Initiative, the workshop underscores a commitment to fostering the next generation of heterodox economists and policymakers equipped to tackle pressing economic issues.
Post Date: 07-09-2025
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Leading Economists and Policymakers to Discuss Money, Finance, and Economic Strategies in Fractured Times at the Levy Economics Institute’s 32nd Annual Conference, June 16
Leading Economists and Policymakers to Discuss Money, Finance, and Economic Strategies in Fractured Times at the Levy Economics Institute’s 32nd Annual Conference, June 16
Keynote Speaker Is US House Representative Ro Khanna (CA-17)
On Monday, June 16, the Levy Economics Institute of Bard College will host “Money, Finance, and Economic Strategies in Fractured Times,” its 32nd annual conference as an in-person event on the Bard College campus in Annandale-on-Hudson, New York. The 32nd Annual Levy Economics Institute Conference gathers top policymakers, economists, and analysts to discuss the most pressing issues of today’s economic landscape. The conference’s keynote speaker is US House Representative Ro Khanna, who represents California’s 17th Congressional District, located in the heart of Silicon Valley, and is serving his fifth term. Participants in the conference will engage in 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. Learn more about the conference and registration here.
Prior to serving in Congress, keynote speaker US House Representative Ro Khanna taught economics at Stanford University and served as deputy assistant secretary of commerce in the Obama administration. Khanna graduated Phi Beta Kappa with a B.A. in Economics from the University of Chicago and received a law degree from Yale University. Other featured speakers include Daniel Alpert, Westwood Capital; Leila Davis, University of Massachusetts Boston; Rogerio Studart, Brazilian Center for International Relations; Talmon Joseph Smith, New York Times; Pavlina R. Tcherneva, Levy Institute; James K. Galbraith, University of Texas at Austin; L. Randall Wray, Levy Institute; Ryan Cooper, The American Prospect; Alan Minsky, Progressive Democrats of America; Gennaro Zezza, Levy Institute; Yan Liang, Willamette University; Ndongo Samba Sylla, International Development Economics Associates (IDEAs-Africa); Fadhel Kaboub, Denison University.
The 32nd Annual Levy Economics Institute Conference will take place on June 16, 2025. The program is scheduled to run from 8:45 am to 5:30 pm, with a dinner to follow. Registration for the full conference is $50 for students and $150 for professionals/non-students, and includes lunch and dinner. Register and get more information here. If you wish to attend only the keynote address to be delivered by US Rep. Ro Khanna (CA-17) at 2:00pm in Bard College’s Olin Hall, you may register free of charge here—the keynote is free and open to the public, but registration is required for entry.
Post Date: 05-29-2025
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Pavlina Tcherneva Discusses Budget Deficit and Government Financing
Pavlina Tcherneva Discusses Budget Deficit and Government Financing
Bard Professor of Economics and President of the Levy Economics Institute Pavlina Tcherneva joined WAMC’s Roundtable to discuss the debt ceiling, how the US government spends, and repercussions from potential disruptions to the payments system. She emphasized how Covid relief payments clearly demonstrated that the government does not depend on borrowing or wealthy taxpayers to fund its expenditures but can self-finance. Elon Musk's discovery of so-called “magic money computers” betrays ignorance about the architecture of our federal financial system. Government payments are typically made via electronic means by issuing electronic payments on as-needed basis. As a practical matter, it is virtually impossible for the government to run out of cash. Slash-and-burn policies to cut federal spending are politically motivated and not about US government solvency.
On Marketplace, Tcherneva noted that while small businesses make up a small share of total employment their behavior is a “bellwether for overall trends in the economy”—and small business hiring slowed down in February’s Job Openings and Labor Market Survey.
Post Date: 04-08-2025