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Monetary Policy and Financial Structure

This research area encompasses the structure of markets and institutions operating in the financial sector. Research builds on the work of the late Distinguished Scholar Hyman P. Minsky—notably, his financial instability hypothesis—and examines the institutional, regulatory, and market arrangements that contribute to financial instability, as well as the policies necessary to contain it.

Recent research in this program area has concentrated on the structure of financial markets and institutions, with the aim of determining the fragility, and potential failure, of financial systems. Issues explored include the extent to which domestic and international economic events (such as the financial meltdown of 2007–08 and the subsequent Great Recession) coincide with the types of instabilities Minsky describes, and involve analyses of his policy recommendations for alleviating instability and other economic problems. Beginning in 2008, this research was extended to include financial reregulation and, in 2011, provision of a government safety net in times of financial crisis, the focus of two multiyear projects underwritten by the Ford Foundation. 

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Core Team

Jan Kregel

Jan Kregel

Senior Scholar, Levy Economics Institute; Director, Levy MS Program

Dimitri B. Papadimitriou

Dimitri B. Papadimitriou

President, Levy Economics Institute

L. Randall Wray

L. Randall Wray

Senior Scholar, Levy Economics Institute

 

The Levy Institute has published 1710 research publications to date.

Levy Publications

Kijong Kim, ─░pek Ilkkaracan, Tolga Kaya, January 2017

Tanweer Akram, Anupam Das, January 2017

Thomas Masterson, Ajit Zacharias, Fernando Rios-Avila, Edward N. Wolff, January 2017