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The Levy Economics Institute of Bard College, founded in 1986 through the generous support of Bard College trustee Leon Levy, is a nonprofit, nonpartisan, public policy research organization.

Thirty years after Hyman Minsky’s death, his name is more familiar than his economics. The notion of a ‘Minsky moment’ h...
10/19/2026

Thirty years after Hyman Minsky’s death, his name is more familiar than his economics. The notion of a ‘Minsky moment’ has helped restore financial instability to macroeconomics, but it has also encouraged a narrowing of his work to that singular proposition.

In Working Paper No. 1133, Levy Research Associate Riccardo Bellofiore takes a backward look at Minsky through the shifting lenses of reading, interpretation and reconstruction. Bellofiore dives into Minsky’s work on money manager capitalism, the New Deal, the employer of last resort, the Wall Street paradigm and the Financial Instability Hypothesis and more. Bellofiore takes us on an essential tour of Minsky’s work with the aim of asking a crucial question: Not only how to stabilize an unstable economy, but what kind of economy we aim to stabilize.

🔗 www.tinyurl.com/minskytour or visit LevyInstitute.org

Join us for “Money Managers and the Rise of Financial Fragility: Private Market Version,”, the next installment of the L...
10/18/2026

Join us for “Money Managers and the Rise of Financial Fragility: Private Market Version,”, the next installment of the Levy Fall Speaker Series. Speaker Éric Tymoigne will demonstrate how private debt and private equity are part of an interconnected web that contributes to a financial environment in which fraud can grow quickly and financial crises can materialize.

Learn how today’s financial practices are reshaping systemic risk, and what it will take to build a more stable economy.

📆 Thursday Oct 22, 2026 @ 4:30pm ET
📍 Blithewood Mansion & online
⭐️ This event is open to the public (with registration) and will be livestreamed.

🔗 in highlights or visit LevyInstitute.org

Bard College Bard GPS



In Policy Note 2026/9, Research Scholar Matías De Lucci examines the Fed’s decision to average bank stress test results ...
10/14/2026

In Policy Note 2026/9, Research Scholar Matías De Lucci examines the Fed’s decision to average bank stress test results when setting capital requirements. Although, the change aims to reduce volatility, De Lucci argues that it could delay necessary increases in bank capital just as financial risks begin to mount.

The note draws on Hyman Minsky’s financial instability hypothesis to highlight a fundamental flaw: stress tests can make banks appear stronger when high interest rates boost income, even as those same rates increase underlying risks. Averaging results may smooth capital requirements, but it could also slow the response to growing financial fragility. De Lucci demonstrates, as Minsky warned, that "stability is destabilizing".

Follow the link in highlight to read "Smoothing the Stress Test: Averaging Reduces Capital Requirement Volatility, Not Fragility" by Juan Matías De Lucchi.

To see our online publications and archives visit LevyInstitute.org

The Levy Institute mourns the passing of Anwar Shaikh, a scholar, teacher, and mentor to a generation of socially commit...
10/09/2026

The Levy Institute mourns the passing of Anwar Shaikh, a scholar, teacher, and mentor to a generation of socially committed economists, including several current and former Levy scholars.

Anwar was a Senior Scholar and Research Associate at the Institute from 1990. We are grateful for his decision to give his papers—published and unpublished—class notes, letters, and videos to the Levy Institute. His archive consists of 1,372 folders, and since its establishment late last year over 45,000 downloads have occurred. 

We are committed to the stewardship of Shaikh’s legacy, and extend our deepest condolences to his family, friends, and loved ones.

Link to Anwar Shaikh Archives at the Levy Economics Institute of Bard College above in the highlights.

Img 1. Anwar Shaikh, image ℅ The New School for Social Research. New School for Social Research

Img 2. Archival images by Andenick / Wikimediacommons, in public domain.

Shaikh

Join us on Capitol Hill for “The AI Bubble: From Boom to Financial Bust,” an in-person discussion examining a question i...
10/05/2026

Join us on Capitol Hill for “The AI Bubble: From Boom to Financial Bust,” an in-person discussion examining a question increasingly on the minds of investors and regulators: Is the extraordinary rise in AI-related valuations sustainable, or does it signal another familiar boom-bust cycle?

The Levy Economics Institute of Bard College is partnering with Americans for Financial Reform Education Fund to explore the financial risks and broader economic implications of the AI investment boom. If you’re in the D.C. area, we hope to see you there.

⏰ October 14, 2026
3:00 p.m. — 5:00 p.m.

📍 South Congressional Meeting Rm, CVC 217
U.S. Capitol Visitor Center 20515

🔗 Link to register in our event highlights or visit LevyInstitute.org

This event is in-person only, so please register to attend. Refreshments will be served.

Americans for Financial Reform Bard College

The Levy Economics Institute of Bard College invites the Bard community to a fall speaker series beginning with John Cas...
09/29/2026

The Levy Economics Institute of Bard College invites the Bard community to a fall speaker series beginning with John Cassidy, staff writer at the New Yorker, in discussion with Lucas G uimarães Pinheiro, Assistant Professor of Politics at Bard College.

⏰ Thursday, Oct. 1, 2026 @ 4:30 pm

📍Blithewood Manor at Bard College

Register at the link in our events highlight 👆

John Cassidy has been a staff writer at The New Yorker since 1995. He writes The Financial Page, a regular column about economics and politics. Cassidy's latest book, Capitalism and Its Critics, A History: From the Industrial Revolution to AI was published in 2025.

Lucas G. Pinheiro is a political theorist and Assistant Professor of Politics at Bard College. His research spans modern and contemporary political thought with a focus on the histories of economic life and capitalism in the Atlantic world.

Bard College CCE Bard College Bard Farm Stevenson Library@Bard College Bard College Office of Student Activities

Global confidence in the U.S. dollar appears to be weakening amid concerns over rising federal debt, bond-market instabi...
09/28/2026

Global confidence in the U.S. dollar appears to be weakening amid concerns over rising federal debt, bond-market instability, persistent inflation, and higher interest rates, while tariffs have strained relationships with key trading partners.

Levy Senior Scholar, L. Randall Wray, examines these challenges and argues that orthodox explanations and proposed policy responses to these issues are fundamentally flawed. Actually addressing these problems, Wray contends, requires developing economic policy based on facts, not fiction.

Read more at the link in highlights or visit LevyInstitute.org




Join Bard LLI’s Distinguished Speakers Series (DSS) as author Ray Madoff, and Bard Trustee Hilary Pennington discuss how...
09/24/2026

Join Bard LLI’s Distinguished Speakers Series (DSS) as author Ray Madoff, and Bard Trustee Hilary Pennington discuss how the tax code "has created two fundamentally separate American societies: the working Americans who pay and the ultrarich who benefit." 

Madoff's highly acclaimed and politically disturbing book, The Second Estate: How the Tax Code Made an American Aristocracy,  was named a  New Yorker Best Book of 2025.

⏰ Wednesday, September 30 @ 6:30 pm
📍Starr Library Starr Library
👆Registration link in our EVENTS highlight 

Sponsored by Starr Library, Bard Lifetime Learning Institute, and Oblong Books Oblong Books Bard College Alumni денис The New Yorker

"Toward a Marx-Keynes-Minsky Synthesis" by Levy Senior Scholar L. Randall Wray compares Marx, Keynes, and Minsky on effe...
09/24/2026

"Toward a Marx-Keynes-Minsky Synthesis" by Levy Senior Scholar L. Randall Wray compares Marx, Keynes, and Minsky on effective demand, profits, finance, and economic instability. It highlights their shared rejection of the idea that markets naturally produce full employment and considers how Minsky’s ideas extend and reshape both Marxian and Keynesian approaches to understanding capitalism.

Read more at LevyInstitute.org 

Former Secretary of the Treasury, Janet Yellen, writes in appreciation of writing by Levy Scholar, Lekha Chakraborty. In...
09/17/2026

Former Secretary of the Treasury, Janet Yellen, writes in appreciation of writing by Levy Scholar, Lekha Chakraborty. In the text, Chakraborty reflects on how her own life experience shaped her work with gender budgeting in India.

Yellen praises the essay for showing the power of responding to personal experience with persistent research. She goes on to note why policies that account for the economic implications of gender are so crucial, and recognizes the human cost of systemic resistance to change.

Read more at LevyInstitute.org

Chakaborty's text can be found in "Women in Public Finance: Stories of Gender in Budgeting", ed. Maja Bosnić and Manal Fouad (Routledge 2027).

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