University of North Carolina, Chapel Hill

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Stanley W. Black

Lurcy Distinguished Professor
International Finance,
Monetary Theory


Born in Charlotte, North Carolina, Stanley W. Black graduated from the University of North Carolina at Chapel Hill with Honors in Economics in 1961. Subsequently, he received his Ph. D. in Economics from Yale University and taught first at Princeton University and then at Vanderbilt University. In 1983 he returned to the University of North Carolina as Georges Lurcy Professor of Economics, serving as Department Chairman from 1985 to 1990. His government experience has included service with the President's Council of Economic Advisers, the Federal Reserve Board, and the Department of State. He has been a visiting scholar or professor at the Institute of International Economics in Stockholm, the University of Siena, Yale University, the Brookings Institution, the International Monetary Fund, and was Bundesbank Visiting Professor at the Free University in Berlin in Summer 1997. From 1994 to 1997 he was nonresident Director of Economic Studies for the American Institute of Contemporary German Studies of the Johns Hopkins University in Washington, DC. Most recently, he was Senior Policy Advisor at the IMF Institute of the International Monetary Fund during 2000-2001.

Dr. Black has worked primarily on problems of floating exchange rates and macroeconomic policy, especially the asset market theory of floating exchange rates with rational expectations. His work relates to the behavior of exchange rates, the international use of currencies, and European economic issues. His books include Floating Exchange Rates and National Economic Policy (1977), and most recently Europe's Economy Looks East(1997), Competition and Convergence in Financial Markets (1998) and Globalization, Technological Change, and Labor Markets (1998). Recent papers include "Convertibility Risk: the Precautionary Demand for foreign Exchange in a Crisis", "Obstacles to Faster Growth in Transition Economies: the Case of Mongolia" and "From Wirtschaftswunder to Kaltstart: German's Economy and Economics 1950-2000".