Cape Town Trip
Sabbatical Field Work
Department of Economic
Amherst MA 010002
Telephone: 413-542-2433 (office)
Date of Birth: September 25, 1946
Fields of Specialization: Macroeconomics, Monetary Economics
Degrees: B.A. (1968), M.Phil. (1970) Ph.D. (1974): Yale University
Positions: 2000-present Richard S. Volpert Professor of Economics 1984-2000, Professor 1985-1987, 2000-2002, Chair of the Economics Department 1978-1984, Associate Professor Department of Economics Amherst College 2003, Visiting Senior Economic Advisor, Economic Policy Research Institute
Fullbright Scholar, University of the Western Cape
Cape Town, South Africa
1995 Visting Pamplin Professor of Economics,
Lewis and Clark College, Portland Oregon.
Visiting Professor, Department of Economics,
Visiting Lecturer, Faculty of Economics,
University of Cambridge;
Visiting Scholar, Pembroke College, Cambridge
1988-1993 (summers), Visiting Scholar, International Monetary Fund (summers)
1984-1985, Academic Visitor, Centre for Labour Economics,
London School of Economics and Political Science
Instructor, Assistant Professor,
Department of Economics, Boston College
(Promoted to Associate Professor with tenure in 1978)
1977-1978, Financial Economist,
Federal Reserve Bank of Boston
1976-1977, Visiting Economist, Banking Section,
Board of Governors of the Federal Reserve System
"Government Investment Decisions and Institutional Constraints on Income Redistribution," Journal of Public Economics, 3, (1974). (with Robert Goldfarb)
"Search Models of the Labor Market and the Long-Run Phillips Curve," Southern Economics Journal, October 1975.
"On Two Specifications of Asset Equilibrium in Macroeconomic Models: A Note," Journal of Political Economy, April 1977.(with Willem Buiter)
"Two-Sector Aggregative Models and the Investment Demand Function,"
American Economic Review, September 1977.
"The NOW Account Experiment in 1976," Special Report, Federal Reserve Bank of Boston, 1978.
"Savings Banks Reactions to Rate Ceilings and Rising Market Rates," New England Economic Review, Sept/Oct 1978.(with Robert A. Taggart,Jr.)
"First Round 'Crowding Out' in a Generalized IS-LM Model," Journal of Macroeconomics, Winter 1979.
"Rational Expectations and Monetary Policy in a Simple Macroeconomic Model," Quarterly Journal of Economics, February 1979.
"Regulation Q and Savings Bank Solvency - The Connecticut Experience," in the Federal Reserve Bank of Boston, The Regulation of Financial Institutions, Conference Series No. 21, October 1979. (with Richard Kopcke)
"Are Period Models Well Defined?," Journal of Macroeconomics, Fall 1980.
"A Reexamination of the Role of Stocks in the Consumption Function and the Transmission Mechanism," Journal of Money, Credit and Banking, May 1981.
"Underemployment Equilibria and Rational Expectations," Quarterly Journal of Economics, February 1982.
"Capital Formation and Demographics," Journal of Macroeconomics, Summer 1982.
"Estimating Models with Rational Expectations," Journal of Money, Credit, and Banking, August 1983. (with Roger Kaufman)
"The Effects of Expectations on Union Wages," American Economic Review, June 1984. (with Roger Kaufman)
"The Degree of Indexation in Major U.S. Union Contracts," Industrial and Labor Relations Review, April 1986. (with Roger Kaufman)
"The Conformity of Wage-Indexation Models with 'Stylized Facts'," American Economic Review, September 1987. (with Roger Kaufman)
"Indicators of Structural Policies and Performance," Staff Studies for the World Economic Outlook, International Monetary Fund, August 1989. (with Michael Wattleworth)
"Structural Reform and Macroeconomic Adjustment in Industrial Countries," Staff Studies for the World Economic Outlook, International Monetary Fund, August 1989. (with T. Bayoumi, R. Feldman and M. Wattleworth)
"The Role of National Saving in the World Economy: Recent Trends and Prospects," Occasional Paper no. 67, International Monetary Fund, March 1990. (with B. Aghevli, J. Boughton, P. Monteil, and D. Villanueva)
"Systematic Risk and the Theory of Wage Indexation," Journal of Business, April 1990.
"Nominal Disturbances, Wage Flexibility and Shifting Resources in a Two Sector Economy," Economic Journal, September 1991.
"Market-Based Fiscal Discipline in Monetary Unions: Evidence from the U.S. Municipal Bond Market," in M. Canzoneri, V. Grilli, and P. Masson, eds., Establishing a Central Bank, Cambridge University Press, May 1992. (with Morris Goldstein)
"Inflation and the Fair Evaluation of Pension Benefits as Marital Assets," The Massachusetts Family Law Journal, July 1992.
"Deferred Distributions of Pension Benefits in Massachusetts Divorce Cases: Current Ambiguities and Unrealized Opportunities," The Massachusetts Family Law Journal, September 1994 (with Susan Woglom)
"Do Credit Markets Discipline Sovereign Borrowers? Evidencefrom U.S. States," Journal of Money, Credit, and Banking, November 1995 (with T. Bayoumi and M. Goldstein)
"Risk Aversion and the Allocation of Legal Costs," in D. A. Anderson, ed., Dispute Resolution: Bridging the Settlement Gap, JAI Press Inc., 1996 (with James Hughes)
“SA Not a Good Candidate for an Inflation Target,” Financial Mail , August 27, 1999
Recent Working Papers:
"Financial Changes and Measures of Success Among the Second Tier of Top Liberal Arts Colleges, 1996-2001"
"Forecasting South African Inflation"
“Increasing Competition and Higher Education Finance," (with Roger Kaufman)
Books: Modern Macroeconomics, Scott, Foresman and Co., 1988
Committee of College Faculty and Co-author of that committee's report: H. Kasper et. al., "The Education of Economists: From Undergraduate to Graduate Study," Journal of Economic Literature, September 1991.