Senior Scholar L. Randall Wray is working on projects in the areas of monetary policy, employment, and social security. He is examining the population that has not benefited by the economic expansion of the 1990s—especially low-skill, prime-age males who are not counted as officially employed because they are out of the labor force. His most recent research focuses on the rapidly rising incarceration rates of this segment of the population and on proposals to make increased use of prison labor. 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. With President Dimitri B. Papadimitriou, he is assessing the effect of demographic shifts—specifically, the aging of the population—on the labor market in light of the current slow growth in labor force participation rates and based on different ranges of productivity growth. Wray and Papadimitriou are also continuing their work on the appropriateness of existing price indexes as targets for monetary policy and they will apply their findings to OECD countries. Wray has published widely in journals and is the author of Understanding Modern Money: The Key to Full Employment and Price Stability (Elgar 1998). He is a professor of economics and a senior research associate of the Center for Full Employment and Price Stability, University of Missouri–Kansas City. He received a B.A. from the University of the Pacific and an M.A. and Ph.D. from Washington University, St. Louis.