His teaching and research focus on the history of American economic life. He is the author of Freaks of Fortune: The Emerging World of Capitalism and Risk in America (2012), which won the OAH Frederick Jackson Turner Award, the OAH Avery O. Craven Prize, and the OAH Ellis W. Hawley Prize. Currently Levy is at work on two book projects: "Ages of American Capitalism," a synthetic history of American capitalism, and "The Fiscal Triangle: Wealth, Power, and Corporations in America," a history of corporations in the United States. Levy has held fellowships from the American Council of Learned Societies and the Center for Advanced Studies in the Behavioral Sciences at Stanford University.