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Picture: L. Randall Wray L. Randall Wray

L. Randall Wray is a Professor of Economics at the University of Missouri-Kansas City, a Senior Research Associate at the Center for Full Employment and Price Stability, as well as a visiting Senior Scholar at the Jerome Levy Economics Institute of Bard College. He is a past president of the Association for Institutionalist Thought (AFIT) and has served on the board of directors of the Association for Evolutionary Economics (AFEE). A student of Hyman P. Minsky while at Washington University in St. Louis where he earned his Ph.D. in economics (1988), Wray received his B.A. in Social Sciences (1976) from the University of the Pacific, Stockton, and his M.A. in economics (1985) from Washington University in St. Louis. Professor Wray has focused on monetary theory and policy, macroeconomics, and employment policy. He is currently writing on modern money, the monetary theory of production, social security, and rising incarceration rates (Penal Keynesianism). He is developing policies to promote true full employment, focusing on Hyman P. Minsky's "employer of last resort" proposal as a way to bring low-skilled, prime-age males back into the labor force. Wray"s research has appeared in numerous books and journals including Journal of Post Keynesian Economics, Journal of Economic Issues, Review of Political Economy, Review of Social Economy, Eastern Economic Journal, Challenge, Economies et Societés, Monnaie et Production, The Economic and Labour Relations Review, The Durell Journal of Money and Banking, International Papers in Political Economy, Coyuntura Agropecuaria, Social Science Perspectives Journal, Social Justice, Commercio Exterior, Street Light, and Political Economy: Studies in Surplus Approach. Professor L. Randall Wray is the author of Understanding Modern Money: The Key to Full Employment and Price Stability (Elgar, 1998) and Money and Credit in Capitalist Economies (Elgar 1990).

Selected Publications


Wray, L. Randall. "Minsky's Analysis of Financial Capitalism," with Dimitri Papadimitriou in Financial Keynesianism and Market Instability, edited by Riccardo Bellofiore and Piero Ferri, Edward Elgar Publishing, 2001.

Wray, L. Randall. "Tax Cut Facts", (with Pavlina Tcherneva), Policy Note, Center for Full Employment and Price Stability, 2001/5.

Wray, L. Randall. "Financing State and Local Government Infrastructure Investment," (with Stephanie Bell) Policy Note, Center for Full Employment and Price Stability, 2001/2.

Wray, L. Randall. "Fiscal policy for the coming recession: large tax cuts are needed to prevent a hard landing," with Dimitri Papadimitriou, The Jerome Levy Economics Institute of Bard College, Policy Note 2001/2.

Wray, L. Randall. "We Know How to Implement True, Full Employment," Street Light, 5 (February 2001).

Wray, L. Randall. "Are Prisons our best way to stimulate the economy?" with Marc-André Pigeon, Street Light, 5 (January 2001).

Wray, L. Randall. "Can a Rising Tide Raise All Boats? Evidence from the Clinton-era expansion," with Marc-André Pigeon, Journal of Economic Issues, 34 (December 2000).

Wray, L. Randall. "Keynes y el pleno empleo: una lectura contemporanea" in Commercio Exterior, (50th anniversary edition of a Mexican journal), vol. 50, no 12, (December 2000).

Wray, L. Randall. "Public Service Employment: Full employment without inflation," The Economic and Labour Relations Review, 11, 2000.

Wray, L. Randall. "Large Tax Cuts are needed to prevent a Hard Landing," Policy Note, Center for Full Employment and Price Stability, 2000/5.

Wray, L. Randall. "Modern Money," in What is Money? edited by John Smithin, Routledge, London and New York, 2000, pp. 42-66.

Wray, L. Randall. "Why does the Fed want slower growth?" Policy Notes, 2000/7, The Jerome Levy Economics Institute of Bard College.

Wray, L. Randall. "Penal Keynesianism at the Turn of the Millennium," Challenge, 43 (September/October 2000).

Wray, L. Randall. "Money and Inflation," Working Paper, Center for Full Employment and Price Stability, 2000/9.

Wray, L. Randall. "Social Security, Long-Term Financing and Reform," Working Paper, Center for Full Employment and Price Stability, 2000/8.

Wray, L. Randall. "The Employer of Last Resort Approach to Full Employment," Working Paper, Center for Full Employment and Price Stability, 2000/7.

Wray, L. Randall. "The Neo-Chartalist Approach to Money," Working Paper, Center for Full Employment and Price Stability, 2000/7.

Wray, L. Randall. "Can Penal Keynesianism Replace Military Keynesianism? An analysis of society"s newest ‘solution" for the hard to employ and a proposal for a more humane alternative," with Marc-André Pigeon, Social Justice, 27 (Summer 2000).

Wray, L. Randall. "Financial Aspects of the Social Security ‘Problem"," with Stephanie Bell, Journal of Economic Issues, 34 (June 2000): 357-364.

Wray, L. Randall. "A Proposal to Implement a Community Service Program at UMKC," Special Report, Center for Full Employment and Price Stability, 2000/4.

Wray, L. Randall. "A Primer on Government Surpluses," Special Report, Center for Full Employment and Price Stability, 2000/4.

Wray, L. Randall. "Can Penal Keynesianism Replace Military Keynesianism?" Policy Note, Center for Full Employment and Price Stability, 2000/4.

Wray, L. Randall. "Is the New Economy Responsible for the Clinton Expansion?" Policy Note, Center for Full Employment and Price Stability, 2000/3.

Wray, L. Randall. "A Review of Perry Mehrling"s Money and the Public Interest," Eastern Economic Journal, 26 (Winter 2000).
Wray, L. Randall. "Is Goldilocks Doomed?" with Wynne Godley, Journal of Economic Issues, 34 (March 2000): 201-206. Wray, L. Randall. "Implications of a Budget Surplus at Mid-Year 2000," Policy Note, Center for Full Employment and Price Stability, 2000/1.

Wray, L. Randall. "Public Service Employment: Full Employment Without Inflation," Working Paper, Center for Full Employment and Price Stability, 2000/1.

Wray, L. Randall. "Can Penal Keynesianism Replace Military Keynesianism," Working Paper, Center for Full Employment and Price Stability, 2000/1.

Wray, L. Randall. "Financial Aspects of the Social Security 'Problem'," with Stephanie Bell, Working Paper, Center for Full Employment and Price Stability, 2000/1.

Wray, L. Randall. "Money, Credit and Finance," in Encyclopedia of Political Economy, edited by Phillip O'Hara, Routledge. London; New York: Routledge, 1999.

Wray, L. Randall. "Monetary Theory of Production," with Johan Deprez, in Encyclopedia of Political Economy, edited by Phillip O'Hara, Routledge. London; New York: Routledge, 1999.

Wray, L. Randall. "The 1966 Financial Crisis: financial instability or political economy?" Review of Political Economy, 11, No. 4, (1999): 415-425.

Wray, L. Randall. "Surplus Mania: A Reality Check," Policy Notes, 1999/3, The Jerome Levy Economics Institute of Bard College.

Wray, L. Randall. "More Pain, No Gain: The Breux Plan Slashes Social Security Benefits Unnecessarily," with Dimitri Papadimitriou, Policy Notes, 1999/8, The Jerome Levy Economics Institute of Bard College.

Wray, L. Randall. "How Can We Provide for the Baby Boomers in their Old Age?" with Dimitri Papadimitriou, Policy Notes, 1999/5, The Jerome Levy Economics Institute of Bard College.

Wray, L. Randall. "Can Goldilocks Survive?" with Wynne Godley, Policy Notes, 1999/4, The Jerome Levy Economics Institute of Bard College.

Wray, L. Randall. "Public Service Employment-Assured Jobs Program: Further Considerations," Journal of Economic Issues, 33 (June 1999): 483-490.

Wray, L. Randall. "Down and Out in the United States," with Marc-André Pigeon, Public Policy Brief No. 54, The Jerome Levy Economics Institute of Bard College, 1999.

Wray, L. Randall. "Did the Clinton Rising Tide Raise All Boats?" with Marc-André Pigeon, Challenge (May-June 1999).

Wray, L. Randall. "Paul Davidson: The Truest Keynesian?" with Ric Holt and Barkeley Rosser, Eastern Economic Journal (Spring 1999).

Wray, L. Randall. "An Irreverent Overview of the History of Money from the Beginning of the Beginning through to the Present," Journal of Post Keynesian Economics, 21 (Summer 1999): 679-688.

Wray, L. Randall. "The Emperor has no Clothes: President Clinton's Proposed Social Security Reform," Policy Notes, The Jerome Levy Economics Institute of Bard College, 1999/2.

Wray, L. Randall. "Subway Tokens and Social Security," Policy Note, Center for Full Employment and Price Stability, 1999/2.

Wray, L. Randall. "Abolish the Surplus," Policy Note, Center for Full Employment and Price Stability, 1999/1.

Wray, L. Randall. "Goldilocks and the Three Bears," Policy Notes, The Jerome Levy Economics Institute of Bard College, 1998/7.

Wray, L. Randall. "What to do with the Surplus?" with Dimitri Papadimitriou, Policy Notes, The Jerome Levy Economics Institute of Bard College, 1998/6.

Wray, L. Randall. "The Fed should Lower Interest Rates More," with Dimitri Papadimitriou, The Jerome Levy Economics Institute of Bard College. Policy Notes, 1998/5.

Wray, L. Randall. "Did the Clinton Rising Tide Raise all Boats?" with Marc-André Pigeon, Public Policy Brief, The Jerome Levy Economics Institute of Bard College. No. 45, 1998.

Wray, L. Randall. "Zero Unemployment and Stable Prices", Journal of Economic Issues, 32 (June 1998): 539-545.

Wray, L. Randall. "The Economic Contributions of Hyman Minsky: Varieties of Capitalism and Institutional Reform," with Dimitri Papadimitriou, Review of Political Economy, 10 (April 1998): 199-225.

Wray, L. Randall. Understanding Modern Money: The Key to Full Employment and Price Stability, Edward Elgar Publishing, 1998.

Wray, L. Randall. "The Political Economy of the Current US Financial Crisis", in The Political Economy of Economic Policies, edited by Philip Arestis and Malcolm Sawyer, Macmillan, 1998, pp. 106-161.

Wray, L. Randall. "Preliminaries to a Monetary Theory of Production: The Labor Theory of Value, Liquidity Preference, and the Two Price Systems," in Marxian Economics. A Reappraisal, Volume 1: Essays on Volume III of Capital, Method, Value and Money, edited by Riccardo Bellofiore, Macmillan, 1998, pp. 286-300.

Wray, L. Randall. "Kenneth Boulding's Reconstruction of Macroeconomics", Review of Social Economy, vol. LV (Winter 1997): 445-463.

Wray, L. Randall. "The Institutional Prerequisites for Successful Capitalism," with Dimitri Papadimitriou, Journal of Economic Issues, 31 (June 1997): 493-500.

Wray, L. Randall. "A Tribute to Hyman Minsky," with Dimitri Papadimitriou, Journal of Economic Issues, 31 (June 1997): 491-492.

Wray, L. Randall. "Deficits, Inflation, and Monetary Policy," Journal of Post Keynesian Economics, 19 (Summer 1997): 543-571.

Wray, L. Randall. "Flying Blind: Recent Federal Reserve Policy," in Money, Financial Institutions, and Macroeconomics, edited by Avi Cohen, John Smithin, and Harald Hagemann, Kluwer Academic Publishers, 1997.

Wray, L. Randall. "Jan Allen Kregel," an entry in Encyclopedia of Keynesian Economics, edited by Tom Cate, David Colander, and G.C. Harcourt, Edward Elgar Publisher, 1997, pp. 354-358.

Wray, L. Randall. "Targeting Inflation: The Effects of Monetary Policy on the CPI and its Housing Component," with Dimitri Papadimitriou, The Jerome Levy Economics Institute of Bard College, Policy Brief #27, 1996.

Wray, L. Randall. "The Consumer Price Index as a Measure of Inflation and Target of Monetary Policy," with Dimitri Papadimitriou, Challenge (September/October 1996).

Wray, L. Randall. "The Federal Reserve is Flying Blind," with Dimitri Papadimitriou, The Durell Journal of Money and Banking, Spring 1996.

Wray, L. Randall. "Flying Swine: Appropriate Targets and Goals of Monetary Policy," Journal of Economic Issues, 30 (June 1996): 545-552.

Wray, L. Randall. "Government Deficits and Appropriate Monetary Policy," Economies et Societés, Monnaie et Production, No. 10, (1996): 269-300.

Wray, L. Randall. "Community Development Banks," with Hyman Minsky, Dimitri Papadimitriou, and Ronnie Phillips, in Stability in the Financial System, edited by Dimitri Papadimitriou, Macmillan, 1996, pp. 385-399.

Wray, L. Randall. "Monetary Theory and Policy for the Twenty-First Century," in Political Economy for the Next Century, edited by Charles Whalen, M.E. Sharpe 1996, pp. 125-150.

Wray, L. Randall. "Money in the Circular Flow," for Money in Motion: The Circulation and Post Keynesian Approaches, edited by Ghislain Deleplace and Edward Nell, Macmillan Press, 1996, pp. 440-464.

Wray, L. Randall. "A New Year's Keynesian Wish: Advice to Clinton in the Aftermath of November 1994," Journal of Economic Issues, 24 (June 1995): 601-608.

Wray, L. Randall. "The Fed: Wrong Turn in Risky Traffic," with Dimitri Papadimitriou, Challenge (January-February 1995): 15-21.

Wray, L. Randall. "If Free Markets Cannot `Efficiently Allocate Credit', What Monetary Policy Could Move us Closer to Full Employment?" Review of Political Economy, 7, No. 2, (1995): 186-211.

Wray, L. Randall. "Liquidity Preference or Black Box Horizontalism?" Journal of Economic Issues, 29 (March 1995): 273-280.

Wray, L. Randall. "The Political Economy of the Current US Financial Crisis," International Papers in Political Economy, 1, No. 3, (1994): 1-51.

Wray, L. Randall. "Kenneth Boulding's Grants Economics," Journal of Economic Issues, 28 (December 1994): 1205-1225.

Wray, L. Randall. "Is Keynesian Policy Dead After All These Years?" Journal of Post Keynesian Economics, 17 (Winter 1994-5): 283-304.

Wray, L. Randall. "Monetary Policy Uncovered: Flying Blind: The Federal Reserve's Experiment with Unobservables," Public Policy Brief, (with Dimitri Papadimitriou), The Jerome Levy Economics Institute of Bard College, No. 15, 1994.

Wray, L. Randall. "Community-Based Factoring Companies and Small Business Lending," with Dimitri B. Papadimitriou and Ronnie J. Phillips, Public Policy Brief No. 12, The Jerome Levy Economics Institute of Bard College, Spring 1994.

Wray, L. Randall. "Government Deficits, Liquidity Preference, and Schumpeterian Innovation," Economies et Societés, No. 1-2, (1994) 39-59.

Wray, L. Randall. "Monetary Policy," for The Elgar Companion to Institutional and Evolutionary Economics, edited by Warren J. Samuels, Geoff Hodgson, and Marc Tool, Edward Elgar Publishing, Cheltenham, 1994, pp. 90-97.

Wray, L. Randall. "No Free Lunches?" Challenge (November-December 1993): 63-64.

Wray, L. Randall. "A Path to Community Development: The Community Reinvestment Act, Lending Discrimination, and the Role of Community Development Banks," with Dimitri B. Papadimitriou and Ronnie J. Phillips, Public Policy Brief, The Jerome Levy Economics Institute of Bard College, No. 6, 1993.

Wray, L. Randall. "The Monetary Macroeconomics of Dudley Dillard," Journal of Economic Issues, 27 (June 1993): 547-560.

Wray, L. Randall. "Abolish Taxes," Journal of Post Keynesian Economics, 15 (Summer 1993): 621- 625.

Wray, L. Randall. "Money, Interest Rates, and Monetarist Policy: Some More Unpleasant Monetarist Arithmetic?" Journal Post Keynesian Economics, 15 (Summer 1993): 543-571.

Wray, L. Randall. "Community Development Banking: A Proposal to Establish a Nationwide System of Community Development Banks," with Hyman Minsky, Dimitri Papadimitriou, and Ronnie Phillips, Public Policy Brief, The Jerome Levy Economics Institute of Bard College, No. 3, 1993.

Wray, L. Randall. "Ahorros, Beneficios y Especulacion en las Economias Capitalistas," Coyuntura Agropecuaria, 9, No. 4, (1992): 151-176.

Wray, L. Randall. "L'effet d'éviction et les déficits budgétaires aux Etats-Unis", in Les Pièges de L'Austérité: Alternative A L'Orthodoxie, a book edited by P. Paquette and M. Seccareccia, Les Presses de L'Université de Montréal and Presses Universitaires de Grenoble, 1993, pp. 61-77.

Wray, L. Randall. "Alternative Approaches to Money and Interest," Journal of Economic Issues, 26 (December 1992): 1145-1178.

Wray, L. Randall. "Commercial Banks, The Central Bank, and Endogenous Money," Journal of Post Keynesian Economics, 14 (Spring 1992): 297-310.

Wray, L. Randall. "What is Saving, and Who Gets the Credit (Blame)?" Journal of Economic Issues, 26 (March 1992): 256-262.

Wray, L. Randall. "Alternative Theories of the Rate of Interest," Cambridge Journal of Economics, 16 (March 1992): 69-89.

Wray, L. Randall. "Minsky's Financial Instability Hypothesis and the Endogeneity of Money," in Financial Conditions and Macroeconomic Performance: Essays in Honor of Hyman P. Minsky, Steve Fazzari and Dimitri Papadimitriou (eds), Armonk, NY: M.E. Sharpe, 1992, pp. 161-180.

Wray, L. Randall. "The Inconsistency of Monetarist Theory and Policy," Economies et Societés, Monnaie et Production, No. 8, 11-12 (1991): 259-276.

Wray, L. Randall. "Endogenous Money and a Liquidity Preference Theory of Asset Prices," Review of Radical Political Economy, 23, No. 1&2, (1991): 118-125.

Wray, L. Randall. "Saving, Profits, and Speculation in Capitalist Economies," Journal of Economic Issues, 25 (December 1991): 951-975.

Wray, L. Randall. "Budget Deficit and Surplus" (pp. 207-212), "Liquidity Preference" (pp. 1299-1304), "Multiplier Analysis and the Multiplier Principle" (pp. 1577-1583), "Profit and Profit Theory" (pp. 1846-1852), "Employment Theory" (pp. 669-675), and "Saving" (pp. 2050-2055), for Magill's Survey of Social Science: Economics, October 1991, Salem Press.

Wray, L. Randall. "Boulding's Balloons: A Contribution to Monetary Theory," Journal of Economic Issues, 25 (March 1991): 1-20.

Wray, L. Randall. "Can the Social Security Trust Fund Contribute to Savings?" Journal of Post Keynesian Economics, 13 (Winter 1990-91): 155-170.

Wray, L. Randall. Money and Credit in Capitalist Economies: The Endogenous Money Approach, Aldershot: Edward Elgar Publishing, Ltd., November 1990.

Wray, L. Randall. "A Keynesian Presentation of the Relations Among Government Deficits, Investment, Saving, and Growth," Journal of Economic Issues, 23 (December 1989): 977-1002.

Wray, L. Randall Wray. "The Effects of Deficit Spending by the Government," Social Science Perspectives Journal, 3, No. 5, (1989): 114-132.

Wray, L. Randall. "A Keynesian Theory of Banking: A Comment On Dymski," Journal of Post Keynesian Economics, 12 (Fall 1989): 152-156.

Wray, L. Randall. "Institutional Innovation, Endogenous Money, and the Deposit Expansion Process," Social Science Perspectives Journal, 2, No. 5, (1988): 37-50.

Wray, L. Randall. "The Monetary Explanation of Distribution — A Critique of Pivetti," Political Economy: Studies in Surplus Approach, 4, No. 2, (1988): 269-273.

Wray, L. Randall. "Profit Expectations and the Investment-Saving Relation," Journal of Post Keynesian Economics, 11 (Fall 1988): 131-147.

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