VITA
William Douglas McMillin
Department of Economics Louisiana State University
Baton Rouge, LA. 70803-6306
Phone:
(225) 937-2151 (cell)
e-mail: [email protected]
webpage:
https://wdmcmillin.weebly.com
EDUCATION
B.S., Economics, McNeese State University, Lake Charles, LA., 1971
M.S., Economics, Louisiana State University, Baton Rouge, LA., 1975
Ph.D., Economics, Louisiana State University, Baton Rouge, LA., 1979
FIELDS OF RESEARCH INTEREST:
Monetary Economics
Macroeconomics
Fiscal Policy
FIELDS OF TEACHING INTEREST:
Monetary Economics
Macroeconomics
Fiscal Policy
PROFESSIONAL EXPERIENCE:
Professor Emeritus, Department of Economics, Louisiana State University, 2018-present
Mack H. Hornbeak Endowed Professor, Department of Economics, Louisiana State University, 2007-2018
South Central Bell Business Partnership Professor, Department of Economics, Louisiana State University, 1992-2007
Editor, Journal of Macroeconomics, 1990-2013
Professor, Department of Economics, Louisiana State University, 1989-Present
Associate Professor, Department of Economics, Louisiana State University, 1985-1989
Associate Professor, Department of Economics, University of Kentucky, 1984-1985
Assistant Professor, Department of Economics, Louisiana State University, 1983-1984
Assistant Professor, Department of Economics, University of Kentucky, 1979-1983, on leave
1983-1984
Research Fellow, Economic Studies Program, The Brookings Institution, 1978-1979
OTHER WORK EXPERIENCE:
First Lieutenant, U.S. Army, 1971-1973
PUBLICATIONS:
"Nominal GDP versus Price Level Targeting: An Empirical Evaluation," Journal of Economics and Business, May-June 2020, with James S. Fackler.
"An Evaluation of Nominal GDP Versus Price-Level Targeting," Mercatus Center Policy Brief, May 2019, with James S. Fackler.
"Bernanke versus Taylor: A Post Mortem," Applied Economics, 2015, with James S. Fackler.
“Monetary Policy in the Crisis of 2008 and Beyond,” in Handbook of Major Events in Economic History (2013, Edward Elgar Publishing), ed.by Randall Parker and Robert Whaples.
“Inflation Forecast Targeting: An Alternative Approach to Estimating the Inflation-Output Variability Tradeoff,” Southern Economic Journal, 78 (October 2011), with James S. Fackler.
“Cross-Country Variation in the Liquidity Effect: The Role of Financial Markets” The
Economic Journal, 114 (October 2004), 890-915, with William D. Lastrapes.
“Estimating the Effects of Monetary Policy Shocks: Does Lag Structure Matter?” Applied
Economics, 35 (September 2003), 1515-1526, with Keuk-Soo Kim.
"Is the Economics Major Dying, and, If So, Can Changes in Teaching Technology and Course Content Save It?" Southern Economic Journal, 70 (July 2003), 206-9.
"Evaluating Alternative Monetary Policies," Southern Economic Journal, 68 (April 2002), 794-810, with J. S. Fackler.
“The Effects of Monetary Policy Shocks: Comparing Contemporaneous Versus Long-Run Identifying Restrictions,” Southern Economic Journal, 67 (January 2001), 618-36.
"Monetary Shocks, the Exchange Rate, and the Trade Balance," Journal of International Money and Finance, 18 (December 1999), 925-940, with F. Koray.
“Lag Length Selection in Vector Autoregressive Models: Symmetric and Asymmetric Lags,” Applied Economics, 31 (April 1999), 517-524, with O. Ozcicek.
"Historical Decomposition of Aggregate Demand and Supply Shocks in a Small Macro Model," Southern Economic Journal, 64 (January 1998), 648-64, with J. S. Fackler.
“Monetary Policy and Bank Portfolios,” Journal of Economics and Business, 48 (October 1996), 315-35.
"A Multivariate Time Series Analysis of the United StatesAggregate Production Function,"
Empirical Economics, 19 (Number 4 1994), 659-73, with D.J. Smyth.
"Foreign Output and Price Shocks and Macroeconomic Activity in Korea,"International Review of Economics and Finance, 3 (Number 4 1994), 443-55, with J. Jin.
"An Empirical Analysis of Oil Price Shocks During the Interwar Period," Economic Inquiry, 32 (July 1994), 486-97, with R. E. Parker.
"The Effect of Proximate Determinants of the Money Supply During the Interwar Period." Southern Economic Journal, 60 (January 1994), 622-33, with T.R. Beard.
"Bank Portfolio Composition and Macroeconomic Activity," Journal of Economics and Business, 45 (May 1993), 111-27.
"The Macroeconomic Effects of Government Debt in Korea,"Applied Economics, 25 (January 1993), 35-42, with J. Jin.
"The Nonmonetary Effects of Financial Factors During the Interwar Period," Economic Inquiry, 31 (January 1993), 87-99, with P. Raynold and T.R. Beard.
"The Impact of Federal Government Expenditures in the 1930s," Southern Economic Journal, 58 (July 1991), 15-28, with P. Raynold and T.R. Beard. Reprinted in The Seminal Works of the Great Depression, ed. Randall E. Parker (Edward Elgar, 2011).
"The Impact of Budget Deficits in the Interwar Period," Journal of Macroeconomics, 13 (Spring 1991), 239-66, with T.R. Beard.
"Federal Debt, Tax-Adjusted q, and Macroeconomic Activity," Journal of Money, Credit, and Banking, 23 (February 1991), 100-109, with R.E. Parker.
"The Velocity of M1 in the 1980s: Evidence from a Multivariate Time Series Model," Southern Economic Journal, 57 (January 1991), 634-48.
"Are Monetary Services Indexes Superior to Conventional Monetary Aggregates as Intermediate Targets?" Applied Economics, 22 (December 1990), 1751-59, with J.S. Fackler and J.L.
Silver.
"Does Government Debt Affect the Exchange Rate? An Analysis of the U.S.-Canadian Exchange Rate," Journal of Economics and Business, 42 (November 1990), 279-88, with F. Koray.
"Federal Debt and Macroeconomic Activity,"Southern Economic Journal, 55 (April 1989), 994-1003, with J.S. Fackler.
"An Empirical Analysis of the Macroeconomic Effects of Government Debt: Evidence from Canada,"Applied Economics, 21 (January 1989), 113-4, with F. Koray.
"Do Budget Deficits Matter? Some Pre-World War II Evidence," Journal of Economics and Business, 40 (November 1988), 295-308, with T.R. Beard.
"Money Growth Volatility and the Macroeconomy," Journal of Money, Credit, and Banking, 20 (August 1988, Part 1), 319-35.
"The Impact of Anticipated and Unanticipated Policy Actions on the Stock Market," Applied Economics, 20 (March 1988), 377-84, with G.S. Laumas.
"The Ricardian Equivalence Hypothesis: Some Canadian Evidence," Economics Letters, 25 ( 1 1987), with F. Koray.
"Monetary Aggregates as a Target Variable: Reply," Southern Economic Journal, 54 (July 1987), 232-34, with J.S. Fackler.
"Economic Policy and Consumption and Investment Expenditures: An Empirical Analysis," Applied Economics, 19 (February 1987), 167-77, with G.S. Laumas.
"Federal Deficits and Short-Term Interest Rates," Journal of Macroeconomics, 8 (Fall 1986),
403-22.
"Federal Deficits, Macrostabilization Goals, and Federal Reserve Behavior," Economic Inquiry, 24 (April 1986), 257-69.
"Monetary Policy, Fiscal Policy, and Investment Spending: An Empirical Analysis," Southern Economic Journal, 52 (January 1986), 744-806, with A.R. Chowdhury, and J.S. Fackler.
"Government Budgets and Money: How Are They Related?" Journal of Economic Education, 17 (Spring 1986), 107-19, with T.R. Beard.
"A Theoretical Analysis of the Fiscal Policy-Money Supply Relationship," Review of Business and Economic Research, 21 (Spring 1986), 18-32, with T.R. Beard.
"Money, Government Debt, q, and Investment," Journal of Macroeconomics, 7 (Winter 1985), 19-37.
"Anticipated Fiscal Policy and Real Output," Review of Economics and Statistics, 66 (August 1984), 468-71, with G.S. Laumas.
"Monetary vs. Credit Aggregates: An Evaluation of Monetary Policy Targets," Southern Economic Journal, 50 (January 1984), 711-23, with J.S. Fackler.
"Specification and Stability of the Goldfeld Money Demand Function," Journal of Macroeconomics, 5 (Fall 1983), 437-59, with J.S. Fackler.
"Deficits, Money, and Inflation--Comment,"Journal of Monetary Economics, 10 (September 1982), 273-77, with T.R. Beard.
"The Impact of Fiscal Policy on the Money Supply in the U.S.: Theory and Empirical Evidence,"
Rivista Internazionale de Scienze Economiche e Commerciali, 28 (October/November 1981), 941-58, with T.R. Beard.
"A Dynamic Analysis of the Impact of Fiscal Policy on the Money Supply," Journal of Money, Credit, and Banking, 13 (May 1981), 221-26.
"The Short-Run Impact of Fiscal Policy on the Money Supply," Southern Economic Journal, 47 (July 1980), 122-35, with T.R. Beard.
Other Papers:
"Budget Deficits and the Money Supply: Are the Monetarists Right?" Papers and Proceedings of the Association of Louisiana Economists,Oct. 9-10, 1980, with T.R. Beard.
PAPERS IN PROGRESS:
“Fiscal Shocks, the Trade Balance, and the Exchange Rate,” with Faik Koray.
“Comparing the Estimated Effects of Monetary Policy Shocks from Quasi-Narrative and VAR
Approaches,” with Daniel Groft.
“New Measures of Monetary Policy Shocks from Alternatives to the Greenbook,” with Daniel
Groft.
“The Regional Effects of Monetary Policy: Does the Method of Identifying Policy Shocks Matter?”
with Taehee Han and Dan Groft.
OTHER PROFESSIONAL ACTIVITIES:
Editorial Service:
Editor, Journal of Macroeconomics, 1990-2013.
Editorial Board Service:
Member, Editorial Advisory Council, Pacific Economic Review, December 1996-2009.
Member, Editorial Board, Journal of Macroeconomics, January 1987-May 1995.
Trustee Service:
Member, Board of Trustees of the Southern Economic Association, 1993-1995.
Awards
Tiger Athletic Foundation Excellence in Undergraduate Teaching Award, 2015
Tiger Athletic Foundation Excellence in Undergraduate Teaching Award, 2007
Excellence in Teaching Award, Department of Economics, Louisiana State University, Graduate Category, 2007
Excellence in Teaching Award, Department of Economics, Louisiana State University, Graduate Category, 2003
Excellence in Teaching Award, Department of Economics, Louisiana State University, Graduate Category, 1995-1996 academic year
Excellence in Teaching Award, Department of Economics, Louisiana State University, 1990-1991 academic year
Book Reviews:
Monetary and Fiscal Policy by Douglas Fisher. Southern Economic Journal, 55
(April 1989), 1071-72.
Presentations:
"Nominal GDP Versus Price Level Targeting: An Empirical Evaluation," coauthored with James S. Fackler. Paper presented at the Midwest Macroeconomics Meeting in Athens, GA, May 2019.
“Bernanke versus Taylor: A Post Mortem,” coauthored with James S. Fackler. Paper presented at Southern Economic Association Meeting in New Orleans, November 2012.
“Fiscal Shocks, the Trade Balance, and the Exchange Rate,” coauthored with Faik Koray.
Paper presented at Southern Economic Association Meeting in New Orleans, November 2012.
“The Regional Effects of Monetary Policy,”coauthored with Daniel Groft and Taehee Han. Paper
presented at Southern Economic Association Meeting in New Orleans, November 2012.
“New Measures of Monetary Policy Shocks from Alternatives to the Greenbook,” coauthored with Daniel Groft. Paper presented at Southern Economic Association Meeting in Washington,
D.C, November 2011.
“Government Purchases, Taxes, and the Trade Balance,” coauthored with Faik Koray. Paper presented at 4th Annual International City-Break Conference: Business and Society in a Global Economy in Athens, Greece, December 2010.
“Comparing the Estimated Effects of Monetary Policy Shocks from Quasi-Narrative and VAR
Approaches,” coauthored with Daniel Groft. Paper presented at Southern Economic Association Meeting in Atlanta, November 2010.
“New Measures of Monetary Policy Shocks from Alternatives to the Greenbook,”coauthored with Daniel Groft. Paper presented at Southern Economic Association Meeting in San Antonio, November 2009.
“The Regional Effects of Monetary Policy: Does the Method of Identifying Policy Shocks Matter?”
coauthored with Taehee Han. Paper presented at Southern Economic Association Meeting in San Antonio, November 2009.
“Fiscal Shocks, the Trade Balance, and the Exchange Rate,” coauthored with Faik Koray. Paper presented at 4thInternational Conference on Business, Management, and Economics
in Cesme, Izmir-Turkey, June 2008.
“Estimating the Inflation-Output Variability Frontier with Inflation Targeting: A VAR Approach,” coauthored with J. Fackler. Paper presented at the Southern Economic Association Meeting in New Orleans, November 2006.
“Fiscal Shocks, the Trade Balance, and the Exchange Rate,” with Faik Koray. paper
presented at the Allied Social Science Association meetings in Boston, January 2006.
“Is the Economics Major Dying, and, If So, Can Changes in Teaching Technology and Course Content Save It?” Paper presented at the Southern Economic Association Meeting in New Orleans, November 2002.
“Cross-Country Variation in the Liquidity Effect,” coauthored with W. D. Lastrapes. Paper presented at the Econometric Society Meetings in Venice, Italy, August 2002.
“Cross-Country Variation in the Liquidity Effect,” coauthored with W. D. Lastrapes. Paper presented at the Southern Economic Association Meeting in Tampa, November 2001.
“Evaluating Alternative Monetary Policies: A Counterfactual Analysis,” coauthored with J.S. Fackler. Paper presented at the Southern Economic Association meetings in Baltimore, MD., November 1998.
“Monetary Shocks, the Exchange Rate, and the Trade Balance,” coauthored with F. Koray. Paper presented at the Southern Economic Association meetings in Washington, D.C., November 1996.
“Monetary Shocks, the Exchange Rate, and the Trade Balance,” coauthored with F. Koray. Paper presented at the Allied Social Science Association meetings in San Francisco, January 1996.
"Monetary Shocks, Aggregate Supply Shocks, and Macroeconomic Activity: An Empirical Investigation," coauthored with J.S. Fackler. Paper presented at the Southern Economic Association meetings in New Orleans, November 1995.
"Monetary Shocks, Aggregate Supply Shocks, and Macroeconomic Activity: An Empirical Investigation," coauthored with J.S. Fackler. Paper presented at the Western Economic Association meetings in San Diego, July 1995, with J.S. Fackler.
"Monetary Shocks, Aggregate Supply Shocks, and Macroeconomic Activity: An Empirical Investigation," coauthored with J.S. Fackler. Paper presented at the Allied Social Science Association meetings in Washington, January 1995.
"Monetary Policy, Credit Shocks, and Bank Portfolios." Paper presented at the Southern Economic Association meetings in Orlando, November 1994.
"A Multivariate Time Series Analysis of the Aggregate Production Function," coauthored with D.J. Smyth. Paper presented at the Southern Economic Association Meetings in New Orleans, November 1993.
"The Effects of Proximate Determinants of the Money Supply in the Interwar Period," coauthored with T.R. Beard. Paper presented at the Southern Economic Association meetings in Washington, D.C., November 1992.
"An Empirical Analysis of Supply Shocks During the Interwar Period," coauthored with R.E. Parker. Paper presented at the Southern Economic Association meetings in Washington, D.C., November 1992.
“The Macroeconomic Effects of Foreign Output and Price Shocks in Korea,” coauthored with J. Jin. Paper presented at the Korean Economic Association meetings in Seoul, Korea, August 1992.
"The Effects of Proximate Determinants of the Money Supply in the Interwar Period," coauthored with T.R. Beard. Paper presented at the Western Economic Association meetings in San
Francisco, July, 1992.
"The Macroeconomic Effects of Government Debt in Korea," coauthored with J. Jin.paper presented at the Korean Economic Association meetings in Seoul, Korea, February, 1992.
"Bank Portfolio Composition and Macroeconomic Activity." Invited presentation to the
Department of Economics and Finance, University of New Orleans, February 1992.
"Bank Portfolio Composition and Macroeconomic Activity." Paper presented at the Southern Economic Association meetings in Nashville, November 1991.
"The Nonmonetary Effects of Financial Factors During the Interwar Period," coauthored with T.R. Beard and P. Raynold. Paper presented at the Western Economic Association meetings in
Seattle, June 1991.
"The Nonmonetary Effects of Financial Factors in the United States During the Interwar Period," coauthored with T.R. Beard and P. Raynold. Paper presented at the Southern Economic Association meetings in New Orleans, November 18, 1990.
"Government Expenditures and the Great Depression," coauthored with T.R. Beard and P. Raynold. Paper presented at the Western Economic Association International meetings in San Diego, July 2, 1990.
"Explaining Velocity: Evidence from a Multivariate Time Series Model." Paper presented at the Southern Economics Association meetings in Orlando, November 19, 1989.
"Ricardian Equivalence and Debt Monetization: Evidence from the Interwar Period," coauthored with T.R. Beard and P. Raynold. Paper presented at the Southern Economics Association meetings in Orlando, November 19, 1989.
"The Impact of Budget Deficits in the Interwar Period," coauthored with T.R. Beard. Paper presented at the Western Economic Association International Conference in Lake Tahoe, June 20, 1989.
"Explaining Velocity: Evidence from a Multivariate Time Series Model." Invited presentation to the Macroeconomics Workshop, University of Kentucky, April 21, 1989.
"Money Growth Volatility and the Macroeconomy." Paper presented at the Southern Economic Association meetings in Washington, D.C., November 23, 1987.
"Evaluating the Usefulness of Conventional and Divisia Monetary Aggregates in Forecasting Nominal Income," coauthored with J.S. Fackler and J.L. Silver. Paper presented at the Southern Economic Association meetings in Washington, D.C., November 22, 1987.
"Federal Deficits and Macroeconomic Activity," with J.S. Fackler. Paper presented at the Twenty-Second International Atlantic Economic Conference in Boston, August 28-31, 1986.
"Budget Deficits and Macro Activity in the Interwar Period," coauthored with T.R. Beard. Paper presented at the Western Economic Association meetings in San Francisco, July 4, 1986.
"Monetary Policy, Fiscal Policy, and Investment Spending: An Empirical Analysis," coauthored with A.R. Chowdhury and J.S. Fackler. Paper presented at the Southern Economic Association meetings in Washington, D.C., November 14, 1984.
"Estimation and Analysis of 'New' St. Louis Equations," coauthored with J.S. Fackler. Paper presented at the Southern Economic Association meetings in Washington, D.C., November 22,
1983.
"Government Debt and Macroeconomic Activity," coauthored with J.S. Fackler.paper presented at the Southern Economic Association meetings in Washington, D.C., November 22, 1983.
"The Impact of Fiscal Policy on the Money Supply: Theory and Empirical Evidence," coauthored with T.R. Beard. Paper presented at the Western Economics Association conference in San Diego, June 15-19, 1980.
"The Relationship Between Fiscal Policy and the Money Supply," coauthored with T.R.
Beard. Paper presented at the Southern Economic Association meetings in Washington, D.C., November 10, 1978.
Sessions Chaired:
Chairman of "Monetary Policy: Empirical Studies" session at the Midwest Economics Association meetings in Athens, GA, May 2019.
Chairman of "Empirical Issues in Macroeconomics" session at the Southern Economic Association meetings in New Orleans, November 2012.
Chairman of "Empirical Issues in Macroeconomics" session at the Southern Economic Association meetings in New Orleans, November 2007.
Chairman of "Empirical Issues in Monetary Economics" session at the Southern Economic Association meetings in San Antonio, November 2003.
Chairman of "Money and Interest Rates" session at the Southern Economic Association meetings in New Orleans, November 1999.
Chairman of “Inflation, Economic Fluctuations, and Financial Innovation” session at the Western Economic Association meetings in San Diego, July 1995.
Chairman of "Growth, Productivity and Macroeconomics" session at the Southern Economic Association meetings in New Orleans, November 1993.
Chairman of "Financial Markets" session at the Southern Economic Association meetings in New
Orleans, November 18, 1990.
Discussions:
Discussant at "Empirical Issues in Macroconomics" session at the Southern Economic Association meetings in New Orleans, November 2007.
Discussant at "Empirical Issues in Monetary Economics" session at the Southern Economic Association meetings in San Antonio, November 2003.
Discussant at "Energy Prices and Macroeconomic Activity" session at the Southern Economic Association meetings in New Orleans, November 1999.
Discussant at “Inflation, Economic Fluctuations, and Financial Innovation” session at the Western Economic Association meetings in San Diego, July 1995.
Discussant at "Growth, Productivity and Macroeconomics" session at the Southern Economic Association meetings in New Orleans, November 1993.
Discussant at "Persuasion and Statistical Testing in Economics" session at the Southern Economic Association meetings in Atlanta, November 1984.
Discussant at "Determinants of the Demand for Money" session at the Southern Economic Association meetings in New Orleans, November 1981.
Discussant at "Inflation and Its Effects" session at the Southern Economic Association meetings in Washington, D.C., November 1980.
Discussant at Monetary Economics session at the Southwestern Social Science Association meetings in Houston, April 1980.
Refereeing:
National Science Foundation; The Economic Journal; Review of Economics and Statistics; Journal of Money, Credit and Banking; Journal of International Money and Finance; Journal of Comparative Economics; Southern Economic Journal; Economic Inquiry; Oxford Economic Papers; Journal of Macroeconomics; Empirical Economics; Journal of Economics and Business; Applied Economics; The Energy Journal; Journal of International Financial Markets, Institutions & Money; Applied Financial Economics; Journal of Economics; Public Finance Quarterly; Journal of Economic Education; Quarterly Journal of Economics and Business; Quarterly Review of Economics and Business; International Review of Economics and Finance; Journal of Economics and Finance; Journal of Economic Studies; Growth and Change
Doctoral Dissertations Directed:
Taehee Han, 2012, Louisiana State University, director
Daniel Groft, 2011, Louisiana State University, director
Eric Horent, 2002, Louisiana State University, director
Keuksoo Kim,1999, Louisiana State University, director
Omer Ozcicek, 1996, Louisiana State University,director
Jang Jin,1991, Louisiana State University, director
Prosper Raynold, 1989, Louisiana State University, co-director
Patricia Knight, 1988, Louisiana State University, co-director
Randy Parker, 1986, University of Kentucky, co-director
Deep Shika, 1985, Louisiana State University, co-director
John Abell, 1985, University of Kentucky, co-director
Mark Wheeler, 1985, University of Kentucky, co-director
Abdur R. Chowdhury, 1983, University of Kentucky, co-director
Undergraduate Honors Thesis Directed:
Brian McMahon, Louisiana State University, 1999
Donald Kenkel, University of Kentucky, 1981
Undergraduate Honors Research Supervision:
Ben Albright, 2012
Grants:
Louisiana Department of Labor Grant, “Forecasting Employment in Louisiana”,with Loren Scott and Dek Terrell, 2001-2002.
Louisiana Department of Labor Grant, “Forecasting Employment in Louisiana”,with Loren Scott and Dek Terrell, 1999-2000.
Louisiana Department of Labor Grant, “Workforce Development”, with Loren Scott and Dek Terrell, 1997-1998.
Council on Research Summer Faculty Research Grant, Louisiana State University, 1996.
College of Business Administration Summer Research Grant, Louisiana State University,
1994
College of Business Administration Summer Research Grant, Louisiana State University,
1992
Council on Research Summer Faculty Research Grant, Louisiana State University, 1990.
College of Business Administration Summer Research Grant, Louisiana State University,
1989.
Council on Research Summer Faculty Research Grant, Louisiana State University, 1988.
College of Business Administration Summer Research Grant, Louisiana State University,
1986.
Ashland Oil Summer Faculty Research Grant, University of Kentucky, 1984.
Ashland Oil Summer Faculty Research Grant, University of Kentucky, 1982.
PROFESSIONAL AND HONORARY ORGANIZATIONS:
American Economic Association
Southern Economic Association
Omicron Delta Epsilon
Phi Kappa Phi
William Douglas McMillin
Department of Economics Louisiana State University
Baton Rouge, LA. 70803-6306
Phone:
(225) 937-2151 (cell)
e-mail: [email protected]
webpage:
https://wdmcmillin.weebly.com
EDUCATION
B.S., Economics, McNeese State University, Lake Charles, LA., 1971
M.S., Economics, Louisiana State University, Baton Rouge, LA., 1975
Ph.D., Economics, Louisiana State University, Baton Rouge, LA., 1979
FIELDS OF RESEARCH INTEREST:
Monetary Economics
Macroeconomics
Fiscal Policy
FIELDS OF TEACHING INTEREST:
Monetary Economics
Macroeconomics
Fiscal Policy
PROFESSIONAL EXPERIENCE:
Professor Emeritus, Department of Economics, Louisiana State University, 2018-present
Mack H. Hornbeak Endowed Professor, Department of Economics, Louisiana State University, 2007-2018
South Central Bell Business Partnership Professor, Department of Economics, Louisiana State University, 1992-2007
Editor, Journal of Macroeconomics, 1990-2013
Professor, Department of Economics, Louisiana State University, 1989-Present
Associate Professor, Department of Economics, Louisiana State University, 1985-1989
Associate Professor, Department of Economics, University of Kentucky, 1984-1985
Assistant Professor, Department of Economics, Louisiana State University, 1983-1984
Assistant Professor, Department of Economics, University of Kentucky, 1979-1983, on leave
1983-1984
Research Fellow, Economic Studies Program, The Brookings Institution, 1978-1979
OTHER WORK EXPERIENCE:
First Lieutenant, U.S. Army, 1971-1973
PUBLICATIONS:
"Nominal GDP versus Price Level Targeting: An Empirical Evaluation," Journal of Economics and Business, May-June 2020, with James S. Fackler.
"An Evaluation of Nominal GDP Versus Price-Level Targeting," Mercatus Center Policy Brief, May 2019, with James S. Fackler.
"Bernanke versus Taylor: A Post Mortem," Applied Economics, 2015, with James S. Fackler.
“Monetary Policy in the Crisis of 2008 and Beyond,” in Handbook of Major Events in Economic History (2013, Edward Elgar Publishing), ed.by Randall Parker and Robert Whaples.
“Inflation Forecast Targeting: An Alternative Approach to Estimating the Inflation-Output Variability Tradeoff,” Southern Economic Journal, 78 (October 2011), with James S. Fackler.
“Cross-Country Variation in the Liquidity Effect: The Role of Financial Markets” The
Economic Journal, 114 (October 2004), 890-915, with William D. Lastrapes.
“Estimating the Effects of Monetary Policy Shocks: Does Lag Structure Matter?” Applied
Economics, 35 (September 2003), 1515-1526, with Keuk-Soo Kim.
"Is the Economics Major Dying, and, If So, Can Changes in Teaching Technology and Course Content Save It?" Southern Economic Journal, 70 (July 2003), 206-9.
"Evaluating Alternative Monetary Policies," Southern Economic Journal, 68 (April 2002), 794-810, with J. S. Fackler.
“The Effects of Monetary Policy Shocks: Comparing Contemporaneous Versus Long-Run Identifying Restrictions,” Southern Economic Journal, 67 (January 2001), 618-36.
"Monetary Shocks, the Exchange Rate, and the Trade Balance," Journal of International Money and Finance, 18 (December 1999), 925-940, with F. Koray.
“Lag Length Selection in Vector Autoregressive Models: Symmetric and Asymmetric Lags,” Applied Economics, 31 (April 1999), 517-524, with O. Ozcicek.
"Historical Decomposition of Aggregate Demand and Supply Shocks in a Small Macro Model," Southern Economic Journal, 64 (January 1998), 648-64, with J. S. Fackler.
“Monetary Policy and Bank Portfolios,” Journal of Economics and Business, 48 (October 1996), 315-35.
"A Multivariate Time Series Analysis of the United StatesAggregate Production Function,"
Empirical Economics, 19 (Number 4 1994), 659-73, with D.J. Smyth.
"Foreign Output and Price Shocks and Macroeconomic Activity in Korea,"International Review of Economics and Finance, 3 (Number 4 1994), 443-55, with J. Jin.
"An Empirical Analysis of Oil Price Shocks During the Interwar Period," Economic Inquiry, 32 (July 1994), 486-97, with R. E. Parker.
"The Effect of Proximate Determinants of the Money Supply During the Interwar Period." Southern Economic Journal, 60 (January 1994), 622-33, with T.R. Beard.
"Bank Portfolio Composition and Macroeconomic Activity," Journal of Economics and Business, 45 (May 1993), 111-27.
"The Macroeconomic Effects of Government Debt in Korea,"Applied Economics, 25 (January 1993), 35-42, with J. Jin.
"The Nonmonetary Effects of Financial Factors During the Interwar Period," Economic Inquiry, 31 (January 1993), 87-99, with P. Raynold and T.R. Beard.
"The Impact of Federal Government Expenditures in the 1930s," Southern Economic Journal, 58 (July 1991), 15-28, with P. Raynold and T.R. Beard. Reprinted in The Seminal Works of the Great Depression, ed. Randall E. Parker (Edward Elgar, 2011).
"The Impact of Budget Deficits in the Interwar Period," Journal of Macroeconomics, 13 (Spring 1991), 239-66, with T.R. Beard.
"Federal Debt, Tax-Adjusted q, and Macroeconomic Activity," Journal of Money, Credit, and Banking, 23 (February 1991), 100-109, with R.E. Parker.
"The Velocity of M1 in the 1980s: Evidence from a Multivariate Time Series Model," Southern Economic Journal, 57 (January 1991), 634-48.
"Are Monetary Services Indexes Superior to Conventional Monetary Aggregates as Intermediate Targets?" Applied Economics, 22 (December 1990), 1751-59, with J.S. Fackler and J.L.
Silver.
"Does Government Debt Affect the Exchange Rate? An Analysis of the U.S.-Canadian Exchange Rate," Journal of Economics and Business, 42 (November 1990), 279-88, with F. Koray.
"Federal Debt and Macroeconomic Activity,"Southern Economic Journal, 55 (April 1989), 994-1003, with J.S. Fackler.
"An Empirical Analysis of the Macroeconomic Effects of Government Debt: Evidence from Canada,"Applied Economics, 21 (January 1989), 113-4, with F. Koray.
"Do Budget Deficits Matter? Some Pre-World War II Evidence," Journal of Economics and Business, 40 (November 1988), 295-308, with T.R. Beard.
"Money Growth Volatility and the Macroeconomy," Journal of Money, Credit, and Banking, 20 (August 1988, Part 1), 319-35.
"The Impact of Anticipated and Unanticipated Policy Actions on the Stock Market," Applied Economics, 20 (March 1988), 377-84, with G.S. Laumas.
"The Ricardian Equivalence Hypothesis: Some Canadian Evidence," Economics Letters, 25 ( 1 1987), with F. Koray.
"Monetary Aggregates as a Target Variable: Reply," Southern Economic Journal, 54 (July 1987), 232-34, with J.S. Fackler.
"Economic Policy and Consumption and Investment Expenditures: An Empirical Analysis," Applied Economics, 19 (February 1987), 167-77, with G.S. Laumas.
"Federal Deficits and Short-Term Interest Rates," Journal of Macroeconomics, 8 (Fall 1986),
403-22.
"Federal Deficits, Macrostabilization Goals, and Federal Reserve Behavior," Economic Inquiry, 24 (April 1986), 257-69.
"Monetary Policy, Fiscal Policy, and Investment Spending: An Empirical Analysis," Southern Economic Journal, 52 (January 1986), 744-806, with A.R. Chowdhury, and J.S. Fackler.
"Government Budgets and Money: How Are They Related?" Journal of Economic Education, 17 (Spring 1986), 107-19, with T.R. Beard.
"A Theoretical Analysis of the Fiscal Policy-Money Supply Relationship," Review of Business and Economic Research, 21 (Spring 1986), 18-32, with T.R. Beard.
"Money, Government Debt, q, and Investment," Journal of Macroeconomics, 7 (Winter 1985), 19-37.
"Anticipated Fiscal Policy and Real Output," Review of Economics and Statistics, 66 (August 1984), 468-71, with G.S. Laumas.
"Monetary vs. Credit Aggregates: An Evaluation of Monetary Policy Targets," Southern Economic Journal, 50 (January 1984), 711-23, with J.S. Fackler.
"Specification and Stability of the Goldfeld Money Demand Function," Journal of Macroeconomics, 5 (Fall 1983), 437-59, with J.S. Fackler.
"Deficits, Money, and Inflation--Comment,"Journal of Monetary Economics, 10 (September 1982), 273-77, with T.R. Beard.
"The Impact of Fiscal Policy on the Money Supply in the U.S.: Theory and Empirical Evidence,"
Rivista Internazionale de Scienze Economiche e Commerciali, 28 (October/November 1981), 941-58, with T.R. Beard.
"A Dynamic Analysis of the Impact of Fiscal Policy on the Money Supply," Journal of Money, Credit, and Banking, 13 (May 1981), 221-26.
"The Short-Run Impact of Fiscal Policy on the Money Supply," Southern Economic Journal, 47 (July 1980), 122-35, with T.R. Beard.
Other Papers:
"Budget Deficits and the Money Supply: Are the Monetarists Right?" Papers and Proceedings of the Association of Louisiana Economists,Oct. 9-10, 1980, with T.R. Beard.
PAPERS IN PROGRESS:
“Fiscal Shocks, the Trade Balance, and the Exchange Rate,” with Faik Koray.
“Comparing the Estimated Effects of Monetary Policy Shocks from Quasi-Narrative and VAR
Approaches,” with Daniel Groft.
“New Measures of Monetary Policy Shocks from Alternatives to the Greenbook,” with Daniel
Groft.
“The Regional Effects of Monetary Policy: Does the Method of Identifying Policy Shocks Matter?”
with Taehee Han and Dan Groft.
OTHER PROFESSIONAL ACTIVITIES:
Editorial Service:
Editor, Journal of Macroeconomics, 1990-2013.
Editorial Board Service:
Member, Editorial Advisory Council, Pacific Economic Review, December 1996-2009.
Member, Editorial Board, Journal of Macroeconomics, January 1987-May 1995.
Trustee Service:
Member, Board of Trustees of the Southern Economic Association, 1993-1995.
Awards
Tiger Athletic Foundation Excellence in Undergraduate Teaching Award, 2015
Tiger Athletic Foundation Excellence in Undergraduate Teaching Award, 2007
Excellence in Teaching Award, Department of Economics, Louisiana State University, Graduate Category, 2007
Excellence in Teaching Award, Department of Economics, Louisiana State University, Graduate Category, 2003
Excellence in Teaching Award, Department of Economics, Louisiana State University, Graduate Category, 1995-1996 academic year
Excellence in Teaching Award, Department of Economics, Louisiana State University, 1990-1991 academic year
Book Reviews:
Monetary and Fiscal Policy by Douglas Fisher. Southern Economic Journal, 55
(April 1989), 1071-72.
Presentations:
"Nominal GDP Versus Price Level Targeting: An Empirical Evaluation," coauthored with James S. Fackler. Paper presented at the Midwest Macroeconomics Meeting in Athens, GA, May 2019.
“Bernanke versus Taylor: A Post Mortem,” coauthored with James S. Fackler. Paper presented at Southern Economic Association Meeting in New Orleans, November 2012.
“Fiscal Shocks, the Trade Balance, and the Exchange Rate,” coauthored with Faik Koray.
Paper presented at Southern Economic Association Meeting in New Orleans, November 2012.
“The Regional Effects of Monetary Policy,”coauthored with Daniel Groft and Taehee Han. Paper
presented at Southern Economic Association Meeting in New Orleans, November 2012.
“New Measures of Monetary Policy Shocks from Alternatives to the Greenbook,” coauthored with Daniel Groft. Paper presented at Southern Economic Association Meeting in Washington,
D.C, November 2011.
“Government Purchases, Taxes, and the Trade Balance,” coauthored with Faik Koray. Paper presented at 4th Annual International City-Break Conference: Business and Society in a Global Economy in Athens, Greece, December 2010.
“Comparing the Estimated Effects of Monetary Policy Shocks from Quasi-Narrative and VAR
Approaches,” coauthored with Daniel Groft. Paper presented at Southern Economic Association Meeting in Atlanta, November 2010.
“New Measures of Monetary Policy Shocks from Alternatives to the Greenbook,”coauthored with Daniel Groft. Paper presented at Southern Economic Association Meeting in San Antonio, November 2009.
“The Regional Effects of Monetary Policy: Does the Method of Identifying Policy Shocks Matter?”
coauthored with Taehee Han. Paper presented at Southern Economic Association Meeting in San Antonio, November 2009.
“Fiscal Shocks, the Trade Balance, and the Exchange Rate,” coauthored with Faik Koray. Paper presented at 4thInternational Conference on Business, Management, and Economics
in Cesme, Izmir-Turkey, June 2008.
“Estimating the Inflation-Output Variability Frontier with Inflation Targeting: A VAR Approach,” coauthored with J. Fackler. Paper presented at the Southern Economic Association Meeting in New Orleans, November 2006.
“Fiscal Shocks, the Trade Balance, and the Exchange Rate,” with Faik Koray. paper
presented at the Allied Social Science Association meetings in Boston, January 2006.
“Is the Economics Major Dying, and, If So, Can Changes in Teaching Technology and Course Content Save It?” Paper presented at the Southern Economic Association Meeting in New Orleans, November 2002.
“Cross-Country Variation in the Liquidity Effect,” coauthored with W. D. Lastrapes. Paper presented at the Econometric Society Meetings in Venice, Italy, August 2002.
“Cross-Country Variation in the Liquidity Effect,” coauthored with W. D. Lastrapes. Paper presented at the Southern Economic Association Meeting in Tampa, November 2001.
“Evaluating Alternative Monetary Policies: A Counterfactual Analysis,” coauthored with J.S. Fackler. Paper presented at the Southern Economic Association meetings in Baltimore, MD., November 1998.
“Monetary Shocks, the Exchange Rate, and the Trade Balance,” coauthored with F. Koray. Paper presented at the Southern Economic Association meetings in Washington, D.C., November 1996.
“Monetary Shocks, the Exchange Rate, and the Trade Balance,” coauthored with F. Koray. Paper presented at the Allied Social Science Association meetings in San Francisco, January 1996.
"Monetary Shocks, Aggregate Supply Shocks, and Macroeconomic Activity: An Empirical Investigation," coauthored with J.S. Fackler. Paper presented at the Southern Economic Association meetings in New Orleans, November 1995.
"Monetary Shocks, Aggregate Supply Shocks, and Macroeconomic Activity: An Empirical Investigation," coauthored with J.S. Fackler. Paper presented at the Western Economic Association meetings in San Diego, July 1995, with J.S. Fackler.
"Monetary Shocks, Aggregate Supply Shocks, and Macroeconomic Activity: An Empirical Investigation," coauthored with J.S. Fackler. Paper presented at the Allied Social Science Association meetings in Washington, January 1995.
"Monetary Policy, Credit Shocks, and Bank Portfolios." Paper presented at the Southern Economic Association meetings in Orlando, November 1994.
"A Multivariate Time Series Analysis of the Aggregate Production Function," coauthored with D.J. Smyth. Paper presented at the Southern Economic Association Meetings in New Orleans, November 1993.
"The Effects of Proximate Determinants of the Money Supply in the Interwar Period," coauthored with T.R. Beard. Paper presented at the Southern Economic Association meetings in Washington, D.C., November 1992.
"An Empirical Analysis of Supply Shocks During the Interwar Period," coauthored with R.E. Parker. Paper presented at the Southern Economic Association meetings in Washington, D.C., November 1992.
“The Macroeconomic Effects of Foreign Output and Price Shocks in Korea,” coauthored with J. Jin. Paper presented at the Korean Economic Association meetings in Seoul, Korea, August 1992.
"The Effects of Proximate Determinants of the Money Supply in the Interwar Period," coauthored with T.R. Beard. Paper presented at the Western Economic Association meetings in San
Francisco, July, 1992.
"The Macroeconomic Effects of Government Debt in Korea," coauthored with J. Jin.paper presented at the Korean Economic Association meetings in Seoul, Korea, February, 1992.
"Bank Portfolio Composition and Macroeconomic Activity." Invited presentation to the
Department of Economics and Finance, University of New Orleans, February 1992.
"Bank Portfolio Composition and Macroeconomic Activity." Paper presented at the Southern Economic Association meetings in Nashville, November 1991.
"The Nonmonetary Effects of Financial Factors During the Interwar Period," coauthored with T.R. Beard and P. Raynold. Paper presented at the Western Economic Association meetings in
Seattle, June 1991.
"The Nonmonetary Effects of Financial Factors in the United States During the Interwar Period," coauthored with T.R. Beard and P. Raynold. Paper presented at the Southern Economic Association meetings in New Orleans, November 18, 1990.
"Government Expenditures and the Great Depression," coauthored with T.R. Beard and P. Raynold. Paper presented at the Western Economic Association International meetings in San Diego, July 2, 1990.
"Explaining Velocity: Evidence from a Multivariate Time Series Model." Paper presented at the Southern Economics Association meetings in Orlando, November 19, 1989.
"Ricardian Equivalence and Debt Monetization: Evidence from the Interwar Period," coauthored with T.R. Beard and P. Raynold. Paper presented at the Southern Economics Association meetings in Orlando, November 19, 1989.
"The Impact of Budget Deficits in the Interwar Period," coauthored with T.R. Beard. Paper presented at the Western Economic Association International Conference in Lake Tahoe, June 20, 1989.
"Explaining Velocity: Evidence from a Multivariate Time Series Model." Invited presentation to the Macroeconomics Workshop, University of Kentucky, April 21, 1989.
"Money Growth Volatility and the Macroeconomy." Paper presented at the Southern Economic Association meetings in Washington, D.C., November 23, 1987.
"Evaluating the Usefulness of Conventional and Divisia Monetary Aggregates in Forecasting Nominal Income," coauthored with J.S. Fackler and J.L. Silver. Paper presented at the Southern Economic Association meetings in Washington, D.C., November 22, 1987.
"Federal Deficits and Macroeconomic Activity," with J.S. Fackler. Paper presented at the Twenty-Second International Atlantic Economic Conference in Boston, August 28-31, 1986.
"Budget Deficits and Macro Activity in the Interwar Period," coauthored with T.R. Beard. Paper presented at the Western Economic Association meetings in San Francisco, July 4, 1986.
"Monetary Policy, Fiscal Policy, and Investment Spending: An Empirical Analysis," coauthored with A.R. Chowdhury and J.S. Fackler. Paper presented at the Southern Economic Association meetings in Washington, D.C., November 14, 1984.
"Estimation and Analysis of 'New' St. Louis Equations," coauthored with J.S. Fackler. Paper presented at the Southern Economic Association meetings in Washington, D.C., November 22,
1983.
"Government Debt and Macroeconomic Activity," coauthored with J.S. Fackler.paper presented at the Southern Economic Association meetings in Washington, D.C., November 22, 1983.
"The Impact of Fiscal Policy on the Money Supply: Theory and Empirical Evidence," coauthored with T.R. Beard. Paper presented at the Western Economics Association conference in San Diego, June 15-19, 1980.
"The Relationship Between Fiscal Policy and the Money Supply," coauthored with T.R.
Beard. Paper presented at the Southern Economic Association meetings in Washington, D.C., November 10, 1978.
Sessions Chaired:
Chairman of "Monetary Policy: Empirical Studies" session at the Midwest Economics Association meetings in Athens, GA, May 2019.
Chairman of "Empirical Issues in Macroeconomics" session at the Southern Economic Association meetings in New Orleans, November 2012.
Chairman of "Empirical Issues in Macroeconomics" session at the Southern Economic Association meetings in New Orleans, November 2007.
Chairman of "Empirical Issues in Monetary Economics" session at the Southern Economic Association meetings in San Antonio, November 2003.
Chairman of "Money and Interest Rates" session at the Southern Economic Association meetings in New Orleans, November 1999.
Chairman of “Inflation, Economic Fluctuations, and Financial Innovation” session at the Western Economic Association meetings in San Diego, July 1995.
Chairman of "Growth, Productivity and Macroeconomics" session at the Southern Economic Association meetings in New Orleans, November 1993.
Chairman of "Financial Markets" session at the Southern Economic Association meetings in New
Orleans, November 18, 1990.
Discussions:
Discussant at "Empirical Issues in Macroconomics" session at the Southern Economic Association meetings in New Orleans, November 2007.
Discussant at "Empirical Issues in Monetary Economics" session at the Southern Economic Association meetings in San Antonio, November 2003.
Discussant at "Energy Prices and Macroeconomic Activity" session at the Southern Economic Association meetings in New Orleans, November 1999.
Discussant at “Inflation, Economic Fluctuations, and Financial Innovation” session at the Western Economic Association meetings in San Diego, July 1995.
Discussant at "Growth, Productivity and Macroeconomics" session at the Southern Economic Association meetings in New Orleans, November 1993.
Discussant at "Persuasion and Statistical Testing in Economics" session at the Southern Economic Association meetings in Atlanta, November 1984.
Discussant at "Determinants of the Demand for Money" session at the Southern Economic Association meetings in New Orleans, November 1981.
Discussant at "Inflation and Its Effects" session at the Southern Economic Association meetings in Washington, D.C., November 1980.
Discussant at Monetary Economics session at the Southwestern Social Science Association meetings in Houston, April 1980.
Refereeing:
National Science Foundation; The Economic Journal; Review of Economics and Statistics; Journal of Money, Credit and Banking; Journal of International Money and Finance; Journal of Comparative Economics; Southern Economic Journal; Economic Inquiry; Oxford Economic Papers; Journal of Macroeconomics; Empirical Economics; Journal of Economics and Business; Applied Economics; The Energy Journal; Journal of International Financial Markets, Institutions & Money; Applied Financial Economics; Journal of Economics; Public Finance Quarterly; Journal of Economic Education; Quarterly Journal of Economics and Business; Quarterly Review of Economics and Business; International Review of Economics and Finance; Journal of Economics and Finance; Journal of Economic Studies; Growth and Change
Doctoral Dissertations Directed:
Taehee Han, 2012, Louisiana State University, director
Daniel Groft, 2011, Louisiana State University, director
Eric Horent, 2002, Louisiana State University, director
Keuksoo Kim,1999, Louisiana State University, director
Omer Ozcicek, 1996, Louisiana State University,director
Jang Jin,1991, Louisiana State University, director
Prosper Raynold, 1989, Louisiana State University, co-director
Patricia Knight, 1988, Louisiana State University, co-director
Randy Parker, 1986, University of Kentucky, co-director
Deep Shika, 1985, Louisiana State University, co-director
John Abell, 1985, University of Kentucky, co-director
Mark Wheeler, 1985, University of Kentucky, co-director
Abdur R. Chowdhury, 1983, University of Kentucky, co-director
Undergraduate Honors Thesis Directed:
Brian McMahon, Louisiana State University, 1999
Donald Kenkel, University of Kentucky, 1981
Undergraduate Honors Research Supervision:
Ben Albright, 2012
Grants:
Louisiana Department of Labor Grant, “Forecasting Employment in Louisiana”,with Loren Scott and Dek Terrell, 2001-2002.
Louisiana Department of Labor Grant, “Forecasting Employment in Louisiana”,with Loren Scott and Dek Terrell, 1999-2000.
Louisiana Department of Labor Grant, “Workforce Development”, with Loren Scott and Dek Terrell, 1997-1998.
Council on Research Summer Faculty Research Grant, Louisiana State University, 1996.
College of Business Administration Summer Research Grant, Louisiana State University,
1994
College of Business Administration Summer Research Grant, Louisiana State University,
1992
Council on Research Summer Faculty Research Grant, Louisiana State University, 1990.
College of Business Administration Summer Research Grant, Louisiana State University,
1989.
Council on Research Summer Faculty Research Grant, Louisiana State University, 1988.
College of Business Administration Summer Research Grant, Louisiana State University,
1986.
Ashland Oil Summer Faculty Research Grant, University of Kentucky, 1984.
Ashland Oil Summer Faculty Research Grant, University of Kentucky, 1982.
PROFESSIONAL AND HONORARY ORGANIZATIONS:
American Economic Association
Southern Economic Association
Omicron Delta Epsilon
Phi Kappa Phi