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://www.nber.org/papers/w27105.pdf

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://nonprofitquarterly.org/preserving-communities-and-our-jobs-a-path-to-ending-mass-unemployment/


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

 and 
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)
www.tandfonline.com/toc/mpke20/current
http://www.tandfonline.com/toc/mpke20/current

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://www.elsevier.com/books/a-great-leap-forward/wray/978-0-12-819380-8

 

Macroeconomics; Author(s): William Mitchell, L. Randall Wray, Martin Watts; Red Globe Press, Macmillan International; February 2019; https://www.macmillanihe.com/page/detail/Macroeconomics/?K=9781137610669.

 

Why Minsky Matters: An Introduction to the work of a maverick economist, Princeton University Presshttp://press.princeton.edu/titles/10575.html

 

Modern Money Theory: a primer on macroeconomics for sovereign monetary systems, Palgrave Macmillan http://www.palgrave.com/page/detail/modern-money-theory-l-randall-wray/?isb=9781137539908 

 



 
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)