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L. Randall Wray

L. Randall Wray

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L. Randall Wray is Professor of Economics at Bard College and a senior scholar at the Levy Economics Institute.

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  2. elerian141_ Liu JieXinhua via Getty-fed inflation increase Liu JieXinhua via Getty

    The Inflation Catch-Up Game

    Mohamed A. El-Erian

    As price increases accelerate, policymakers at leading central banks are slowly starting to move away from the narrative of “transitory” inflation that has already cost them the policy initiative. But the needed pivot is far from complete and not nearly quick enough, particularly at the US Federal Reserve.

     urges US monetary policymakers to respond faster to higher and more persistent price growth.
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  5. container stack Jim Watson/AFP via Getty Images
    Subscriber Exclusive

    Supply-Shock Therapy

    Even if today’s fears of a global production meltdown prove to be exaggerated, COVID-19 has exposed the myriad vulnerabilities of cross-border value chains. The key issue, beyond the immediate priority of easing input shortages, is whether firms will need state help to protect themselves against future supply disruptions.

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