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In the course of the recent Wray v. Moore debate, Randy emphatically stated
that he believed the recovery would be an "L" (of long duration) rather
than a "V."  At least some mainstream (NBER) research is in agreement.  See
https://urldefense.proofpoint.com/v2/url?u=https-3A__www.nber.org_papers_w27105.pdf&d=DwIFaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=UNlDs0sfiyFH6y2-P_pEZpJS8Fw8kqWU2zFAYvcBz7g&s=xtgx0qRm0pXuyhtUredz2ONTMHdD4qIkqFfVX_8EhmY&e= 

In the conclusion, the authors state

"While the model can generate a V-shaped recession, it does so by producing
some implausible outcomes. First, 95% the initial increase in the
unemployment rate is due to temporary layoffs and only 5% is due to
permanent layoffs."


Brian

On Mon, May 11, 2020 at 9:51 AM Wray, Randall <[log in to unmask]> wrote:

>
> https://urldefense.proofpoint.com/v2/url?u=https-3A__nonprofitquarterly.org_preserving-2Dcommunities-2Dand-2Dour-2Djobs-2Da-2Dpath-2Dto-2Dending-2Dmass-2Dunemployment_&d=DwIFaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=UNlDs0sfiyFH6y2-P_pEZpJS8Fw8kqWU2zFAYvcBz7g&s=NdbFfROFeCmOGod-4bTjoHYVALxJ_kzriAieX3zDzOQ&e= 
> <https://urldefense.proofpoint.com/v2/url?u=https-3A__nonprofitquarterly.org_preserving-2Dcommunities-2Dand-2Dour-2Djobs-2Da-2Dpath-2Dto-2Dending-2Dmass-2Dunemployment_&d=DwMFAw&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=0xk2tJPl7W1Ce0uunHYsOptMGvR80cFh1Td_zfufYio&s=mjL80MWH62kFRZWf3xZUc3NEsXgC1eaV-PD96HoRo3o&e=>
>
>
> Preserving Communities and Our Jobs: A Path to Ending Mass Unemployment
> Flavia Dantas
> <https://urldefense.proofpoint.com/v2/url?u=https-3A__nonprofitquarterly.org_author_flavia-2Ddantas_&d=DwMFAw&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=0xk2tJPl7W1Ce0uunHYsOptMGvR80cFh1Td_zfufYio&s=_T2i-Y1FC_B958wlQU8wU7w4aTTXFFORHSsEJ2spErI&e=>
>  and L. Randall Wray
> <https://urldefense.proofpoint.com/v2/url?u=https-3A__nonprofitquarterly.org_author_l-2Drandall-2Dwray_&d=DwMFAw&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=0xk2tJPl7W1Ce0uunHYsOptMGvR80cFh1Td_zfufYio&s=xvnzEb4CBR3_2pTaJ7QGnRsaZLJK2hxOg67XSdFn9B0&e=> May
> 8, 2020
>
>
>
>
> L. Randall Wray
> Senior Scholar, Levy Economics Institute
> Papers: https://urldefense.proofpoint.com/v2/url?u=http-3A__www.levyinstitute.org_publications_-3Fauth-3D287&d=DwIFaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=UNlDs0sfiyFH6y2-P_pEZpJS8Fw8kqWU2zFAYvcBz7g&s=SoZsC7BQCkO2NQ4v8gcVLN6X8O76teUBMHr3OU0rRv0&e= 
> <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.levyinstitute.org_publications_-3Fauth-3D287&d=DwMFAw&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=0xk2tJPl7W1Ce0uunHYsOptMGvR80cFh1Td_zfufYio&s=mExPQCbqay_llf2uSaf7gKNWG5V0x0fncBucWh3Axow&e=>
>
> Professor of Economics, Bard College
>
>
> <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.levyinstitute.org_publications_-3Fauth-3D287&d=DwMFAw&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=0xk2tJPl7W1Ce0uunHYsOptMGvR80cFh1Td_zfufYio&s=mExPQCbqay_llf2uSaf7gKNWG5V0x0fncBucWh3Axow&e=>Emeritus
> Professor, University of Missouri-Kansas City
>
> Co-editor *Journal of Post Keynesian Economics*
> ISSN 0160-3477 (Print), 1557-7821 (Online)
> https://urldefense.proofpoint.com/v2/url?u=http-3A__www.tandfonline.com_toc_mpke20_current&d=DwIFaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=UNlDs0sfiyFH6y2-P_pEZpJS8Fw8kqWU2zFAYvcBz7g&s=n9QXw3XiR7-yh5RRL7GNq47vjXLKEM0-DF9VC5n1RFY&e= 
> https://urldefense.proofpoint.com/v2/url?u=http-3A__www.tandfonline.com_toc_mpke20_current&d=DwIFaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=UNlDs0sfiyFH6y2-P_pEZpJS8Fw8kqWU2zFAYvcBz7g&s=n9QXw3XiR7-yh5RRL7GNq47vjXLKEM0-DF9VC5n1RFY&e= 
> <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.tandfonline.com_toc_mpke20_current&d=DwMFAw&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=0xk2tJPl7W1Ce0uunHYsOptMGvR80cFh1Td_zfufYio&s=6bR7UBz7cs5PzgTP-S0CJdGV0V3HmlEZED4Sm8EtVpg&e=>
>
>
> <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.tandfonline.com_toc_mpke20_current&d=DwMFAw&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=0xk2tJPl7W1Ce0uunHYsOptMGvR80cFh1Td_zfufYio&s=6bR7UBz7cs5PzgTP-S0CJdGV0V3HmlEZED4Sm8EtVpg&e=>
>
> Recent Books:
>
> *A Great Leap Forward: Heterodox Economic Policy for the 21st Century*;
> Randall Wray; Paperback ISBN: 9780128193808; Academic Press; Published
> Date: 22nd January 2020;
> https://urldefense.proofpoint.com/v2/url?u=https-3A__www.elsevier.com_books_a-2Dgreat-2Dleap-2Dforward_wray_978-2D0-2D12-2D819380-2D8&d=DwIFaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=UNlDs0sfiyFH6y2-P_pEZpJS8Fw8kqWU2zFAYvcBz7g&s=rIsTZVCcMiLM05VvgD-ao9aptM5paK1_vL69IlTfUfU&e= 
> <https://urldefense.proofpoint.com/v2/url?u=https-3A__www.elsevier.com_books_a-2Dgreat-2Dleap-2Dforward_wray_978-2D0-2D12-2D819380-2D8&d=DwMFAw&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=0xk2tJPl7W1Ce0uunHYsOptMGvR80cFh1Td_zfufYio&s=hSnOr5fPdKlO7FJho60AM0TJr0B9hKviU4lIi75dX_c&e=>
>
>
>
> *Macroeconomics*; Author(s): William Mitchell, L. Randall Wray, Martin
> Watts; Red Globe Press, Macmillan International; February 2019;
> https://urldefense.proofpoint.com/v2/url?u=https-3A__www.macmillanihe.com_page_detail_Macroeconomics_-3FK-3D9781137610669&d=DwIFaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=UNlDs0sfiyFH6y2-P_pEZpJS8Fw8kqWU2zFAYvcBz7g&s=s8ysHyHK5sM1Qh22cQrYEqClChNlfFtZSVrE5EET32k&e= 
> <https://urldefense.proofpoint.com/v2/url?u=https-3A__www.macmillanihe.com_page_detail_Macroeconomics_-3FK-3D9781137610669&d=DwMFAw&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=0xk2tJPl7W1Ce0uunHYsOptMGvR80cFh1Td_zfufYio&s=Nq6VyN7SUdg_v3_N6AQJ89ZNUq05S5d1bQ5GyvWuumU&e=>
> .
>
>
>
> *Why Minsky Matters: An Introduction to the work of a maverick economist, *Princeton
> University Presshttp://press.princeton.edu/titles/10575.html
> <https://urldefense.proofpoint.com/v2/url?u=http-3A__press.princeton.edu_titles_10575.html&d=DwMFAw&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=0xk2tJPl7W1Ce0uunHYsOptMGvR80cFh1Td_zfufYio&s=J7ksb6_t08X8t_dk5TabXJj6MFRMgcZDKh7B56pMag8&e=>
>
>
>
> *Modern Money Theory: a primer on macroeconomics for sovereign monetary
> systems*, Palgrave Macmillan
> https://urldefense.proofpoint.com/v2/url?u=http-3A__www.palgrave.com_page_detail_modern-2Dmoney-2Dtheory-2Dl-2Drandall-2Dwray_-3Fisb-3D9781137539908&d=DwIFaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=UNlDs0sfiyFH6y2-P_pEZpJS8Fw8kqWU2zFAYvcBz7g&s=6Zx3nGezEUZWHj_9eK5QEQLNndQ0X_C4vbCCy2O21q8&e= 
> <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.palgrave.com_page_detail_modern-2Dmoney-2Dtheory-2Dl-2Drandall-2Dwray_-3Fisb-3D9781137539908&d=DwMFAw&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=0xk2tJPl7W1Ce0uunHYsOptMGvR80cFh1Td_zfufYio&s=UAJTYu2D9VaxLAqokduUCBC88FCKCfNGJ7dphL-8WwI&e=>
>
>
>
>
>
>
> Please make note of my new email address as I will be transitioning all
> email to:
> [log in to unmask]
>


-- 
Brian Eggleston, Ph.D.
Department of Economics
Augustana University
Sioux Falls, SD 57197



Expose yourself to your deepest fear; after that, fear has no power and the
fear of freedom shrinks and vanishes.  You are free.      Jim Morrison (The
Doors)