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

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."


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

Preserving Communities and Our Jobs: A Path to Ending Mass Unemployment

May 8, 2020

L. Randall Wray
Senior Scholar, Levy Economics Institute

Professor of Economics, Bard College

Emeritus Professor, University of Missouri-Kansas City

Co-editor Journal of Post Keynesian Economics
ISSN 0160-3477 (Print), 1557-7821 (Online)

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;


Macroeconomics; Author(s): William Mitchell, L. Randall Wray, Martin Watts; Red Globe Press, Macmillan International; February 2019;


Why Minsky Matters: An Introduction to the work of a maverick economist, Princeton University Press


Modern Money Theory: a primer on macroeconomics for sovereign monetary systems, Palgrave Macmillan 


Please make note of my new email address as I will be transitioning all email to:

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)