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Associate Professor of Economics, Department Chair of Economics



Office: STA 334


B.A., Yerevan State University (Yerevan, Armenia)

M.A., University of Missouri-Kansas City

Ph.D., University of Missouri-Kansas City


ECO 103: Introduction to Economic Perspectives

ECO 201: Intermediate Macroeconomics

ECO 231: Money and Banking


ECO 244: Women in the Economy

ECO 275: Money and Economics Policy

ECO 315: Macroeconomic Stability


I am a Research Scholar at the Levy Economics Institute. My most recent publications at the Levy Institute can be accessed here.


Peer-Reviewed Journal Articles

 Can We Afford the Green New Deal?" (with L. Randall Wray) Journal of Post Keynesian Economics 44 (1), 2021.

Does the national debt matter? (with L. Randall Wray) The Japanese Political Economy, 46(4), 2020.

“Response to “A Note on ‘Rethinking Liquidity Creation: Banks, Shadow Banks and the Elasticity of Finance’” (with Flavia Dantas), Journal of Post Keynesian Economics 41(4), 2018.

''Cranks and Heretics: The importance of an Analytical Framework'' (rejoinder), Cambridge Journal of Economics, Vol. 41, Issue 6, November 2017, (with L. Randall Wray).

''Rethinking Liquidity Creation: Banks, Shadow Banks and the Elasticity of Finance'', Journal of Post Keynesian Economics, Vol. 40, Issue 3, 2017 (with Flavia Dantas).

“Modern Money Theory and the Facts of Experience”, Cambridge Journal of Economics, Volume 40, Issue 5, September 2016 (with L. Randall Wray).

“The Repeal of the Glass-Steagall Act and the Federal Reserve’s Extraordinary Intervention during the Global Financial Crisis”, Journal of Post Keynesian Economics, Volume 37, Issue 4, July 2015: 545-67.

 “The Global Financial Crisis and the Shift to Shadow Banking”, European Journal of Economics and Economic Policies, 7(2), November 2010: 377-400 (with L. Randall Wray).


Articles in Edited Volumes and Encyclopedia Entries

Sovereign nations face resource constraints, not financial constraints (with L. Randall Wray) in L. Randall Wray and the Gower Initiative for Modern Money Studies (eds), Modern Monetary Theory: Key Insights, Leading Thinkers, Edward Elgar Publishing, 2023.

Financing the Green New Deal: The Modern Monetary Theory Approach in K. Tienhaara and Joanna Robinson (eds.), The Routledge Handbook on the Green New Deal, Routledge, 2022.

Costing the Green New Deal in the United States: A Modern Money Theory Approach (with L. Randall Wray) in N. Karagiannis and John King (eds.), Visions and Strategies for a Sustainable Economy, Palgrave Macmillan, 2022.  

Biden's build back better proposal and the future of secular stagnation (with L. Randall Wray) in F. Dantas and L. Randall Wray (eds.), Handbook of Secular Stagnation, Academic Press, 2022.   

''Money and the Issues of the Age: The Nature of Money and Post-Crisis Proposals for Reform’’ in Nelms, T. and David Pedersen (eds.), A Cultural History of Money, Bloomsbury Publishing, 2019.

“Alternative Theories of Money and Macroeconomic Policy” in Jacobs M. And Mariana Mazzucato  (eds.), Rethinking Capitalism: Economic Policy for Sustainable and Equitable Growth. Wiley-Blackwell, August 2016 (with L. Randall Wray).

“Universal Job Guarantee Program: Towards True Full Employment” (with L. R. Wray), in Robert Rycroft, (ed.), The Economics of Inequality, Poverty and Discrimination in the 21st Century, March 2013.

 “Money Manager Capitalism”, in John King, (ed.), The Elgar Companion to Post-Keynesian Economics, 2012.

“Is the U.S. on an Unsustainable Path? Lessons from the Past as Detailed by Reinhart and Rogoff” (with L. Randall Wray) in Onaran, O., Torsten Niechoj, Engelbert Stockhammer, Achim Truger, and Till van Treeck (eds.) Stabilizing an Unequal Economy? Public Debt, Financial Regulation, and Income Distribution. Metropolis. Marburg, October 2011.

“A Review essay of This Time is Different, by Reinhart and Rogoff” (with L. Randall Wray), Challenge Magazine, January-February 2011.

"Shadow Banking Systems", entry in “Booms and Busts: An Encyclopedia of Economic History from Tulipmania of the 1630s to the Global Financial Crisis of the 21st Century” (James Ciment, ed.), M.E. Sharpe, August 2010.

“The Transformation of the Financial System: Financialization, Concentration and the Shift to Shadow Banking” (with L. Randall Wray) in D. Tavasci and Jan Toporowski (eds.), Minsky, Crisis and Development, Palgrave Macmillan, August 2010.


Published Policy Notes and Policy Briefs

 “Un excès de dette publique handicape-t-il réellement la croissance?" (with L. Randall Wray), Revue de l'OFCE, 2011/1 n° 116.

“Endgame for the Euro? Without major restructuring, the Eurozone is doomed” (with Dimitri Papadimitriou and L. Randall Wray), Public Policy Brief No. 113, Levy Economics Institute, July 2010.

“The Trouble With the Pensions: Towards an Alternative Policy to Support Retirement” (with L. Randall Wray), Public Policy Brief, Levy Economics Institute, March 2010.

Media and Podcasts

Intelligence2  Debates: Agree to Disagree: Can the Fed Manage a Soft Landing? (with Dean Baker, July 15, 2022)

"Is MMT Real?" The Rabbithole Podcast (March 30, 2022)

What’s Causing Accelerating Inflation? Pandemic Or Policy Response? The MMT Podcast with Patricia Pino & Christian Reilly (March 16, 2022)

"No, the Fed cannot engineer a soft landing, but can wreak havoc trying", op-ed, The Hill (March 10, 2022)

Challenging Critiques of MMT, Macro and Cheese Podcast (February 26, 2022)

Coronavirus has destroyed the myth of the deficit, op-ed, The Guardian (April 17, 2020)

"The Myth of 'Helicopter Money'”, Project Syndicate (April 20, 2020)


2022: Allied Social Science Association Conference; Veblen-Commons Award Introduction for L. Randall Wray at ASSA; Gettysburg College (invited); OSUN-EDI Summer Workshop (invited); Levy Summer Seminar (invited); AFEP Conference in Amiens, France; MMT Summer School, Universidad Autónoma de Madrid (invited); Alternative Monetary Theories Summer School, Vienna, Austria (invited); 2nd MMT summer School in Poznan, Poland (invited).

2021: Allied Social Science Association Conference; Rethinking Economics Conference (invited), Clersé/University of Lille (invited), OSUN-EDI Workshop (invited); Global Forum on Democratizing Work (invited,)

2020: Allied Social Science Association Conference

2019: Second Heterodox Economics Conference, Universidad Nacional de Colombia, Bogota, Colombia (invited); New Deals in Europe and America, the LBJ School of Public Affairs, University of Texas at Austin (invited); The 3rd Modern Money Theory Conference, Stony Brook University, Long Island, NY (invited); Association Française D’Economie Politique (AFEP) Conference, Lille, France; European Society for the History of Economic Thought (ESHET) Conference, Lille, France.

2018: Financialisation and the Future of Money, 1st workshop of the Politics of Money Network, University of Sussex, Brighton, UK (invited); “Minsky’s Money Manager Capitalism,” the 2018 Hyman P. Minsky Summer Seminar, Levy Economics Institute (invited).

2017: Eastern Economic Association Annual Conference; STOREP Conference; Modern Money Theory Conference

2015: Association for Evolutionary Political Economy Annual Conference

2014: Workshop on Improving the Governance of the Government Safety Net in Financial Crises, Ford Foundation funded research, Levy Economics Institute (Invited); School of Graduate Studies, Universidad National Autónoma de Mexico, Mexico City (2 presentations, invited); Allied Social Science Association Annual Conference (Discussant).

2013: Research Network Macroeconomics and Macroeconomic Policies Annual Conference (Berlin); University of the Basque Country Annual Conference on Developments in Economic Theory and Policy (Bilbao, Spain); Eastern Economic Association Annual Conference; Workshop on Improving the Governance of the Government Safety Net in Financial Crises, Ford Foundation funded research, University of Missouri-Kansas City.

2011: Post Keynesian Conference at Roskilde University (Denmark); Workshop on Improving the Governance of the Government Safety Net in Financial Crises, Ford Foundation, NYC (Invited).

2010: Allied Social Science Association Conference (Denver, CO); Annual Minsky Conference, Levy Economics Institute (Annandale-on-Hudson, NY); University of Missouri-Kansas City Department of Economics Monthly Money Seminar.

2009: Asian Development Bank Research Workshop (invited, Almaty, Kazakhstan); Research Network on Macroeconomics and Macroeconomic Policies Annual Conference (Berlin); University of Missouri-Kansas City, Economics Dept. Monthly Money Seminar

Student Collaborations

Lien Pham (Quantitative Easing, Honors); Yiqi Liu (Full-Reserve Banking, Independent Study); Layla Thomas (Bank Supervision, Hackman Scholar, Research Assistant); Pedro de Almeida (Bank Supervision, Research Assistant); Akshay Mehra (Special Impact Bonds, Independent Study); Niriksha Shetty (the Eurozone Crisis, Honors); Arya Bhattarai (Credit Crunches, LEC collaboration).