Stanley W. Black
ADDRESS: University of North Carolina
Department of Economics
CB# 3305, Gardner Hall
Chapel Hill, North Carolina 27599-3305
DATE AND PLACE: July 8, 1939, Charlotte, North Carolina
MARITAL STATUS: Married, two children
A.B. with Honors in Economics, University of North Carolina at Chapel Hill, June 1961
M.A. in Economics, Yale University, June 1963
Ph.D. in Economics, Yale University, June 1965
Acting Instructor in Economics, Yale University, 1964-65.
Staff Member, President's Council of Economic Advisors, Washington, D. C., 1965-66.
Assistant Professor of Economics, Princeton University, 1966-71.
Visiting Professor Special Studies Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System, 1971-72.
Associate Professor of Economics, Vanderbilt University, 1972-76.
Special Assistant to the Undersecretary of State for Economic Affairs, U. S. Department of State, 1977-78.
Visiting Professor of Economics, Yale University, 1980-81.
Professor of Economics, Vanderbilt University, 1977-83.
Georges Lurcy Professor of Economics, University of North Carolina at Chapel Hill, 1983 to 2008. Emeritus 2008-.
Chairman, Department of Economics, University of North Carolina at Chapel Hill, 1985-90.
Director, Economic Studies Program, American Institute for Contemporary German Studies, The Johns Hopkins University, Washington, DC. 1994-1997.
Senior Policy Advisor, IMF Institute, International Monetary Fund, Washington, DC. 2000-2001.
HONORS AND AWARDS:
Phi Beta Kappa, 1961
NSF Cooperative Graduate Fellow, 1963-64
Ford Foundation Doctoral Fellow, 1964-65
William Paterson Bicentennial preceptor, Princeton University, 1966-69.
Foreign Affairs Fellow, Council on Foreign Relations, 1975-76.
Who's Who in Economics, 1982-.
Fulbright Distinguished Lecturer, University of Siena, 1988.
American Men and Women of Science, Social and Behavioral Sciences.
Who's Who in Finance and Industry, 1991.
Who's Who in America, 1992-.
Who’s Who in the World, 2003
“Exchange Rates and International Financial Assets: A Special Issue in Honor of Stanley W. Black,” Guest Editors: David O. Cushman and Janice Boucher Breuer, Review of Financial Economics 16(3), 2007
American Economic Association
Council on Foreign Relations
Southern Economic Association (Vice President, 1982-83)
Macroeconomic Theory (graduate and undergraduate)
International Monetary Economics (graduate)
International Economics (undergraduate)
Money and Financial Institutions (graduate)
European Economic Integration (undergraduate)
FIELDS OF INTEREST:
Open Economy Macroeconomics
International Monetary Economics
OTHER PROFESSIONAL WORK:
Consultant to President's Advisory Commission on Libraries, 1966.
Director, U. S. Department of Labor Contract, "Systems Analysis and the Labor Market," 1967-68.
Research Associate, Industrial Relations Section, Princeton University, 1969-71.
Consultant, Federal Reserve Bank of New York, Summer 1969.
Consultant, U.S. Agency for International Development, 1974-75.
Research Fellow, Institute for International Economic Studies, Stockholm, Sweden, 1975-76.
Member, Board of Editors, Southern Economic Journal, 1980-83.
Consultant, U. S. Foreign Service Institute, 1981-1990.
Referee and Panel Member, National Science Foundation, 1974-1990.
Member, Academic Advisory Panel, Brookings Institution Project on the International Monetary System, 1982-1986.
Member, International Affairs Fellowship Advisory Selection Committee, 1988-91.
Visiting Scholar, International Monetary Fund, Summer 1989.
Member, Fulbright Selection Committee for Economics, 1991-1994.
Visiting Scholar, Brookings Institution, Spring 1992.
Bundesbank Visiting Professor of Economics, Freie Universität Berlin, Summer Term 1997.
Consultant, USAID Economic Policy Support Project Mongolia, June 1998.
Senior Policy Advisor, IMF Institute, International Monetary Fund, Washing, D.C., 2000-2001.
Member, Board of Editors, American Diplomacy, 2005-2009.
REFEREE FOR JOURNALS:
European Economic Review
Journal of International Money and Finance
Journal of Money, Credit and Banking
Journal of International Economics
Journal of International Money and Finance
Review of International Economics
Southern Economic Journal
RESEARCH GRANTS AND FELLOWSHIPS:
U.S. Department of Labor Project: "Systems Analysis and the Labor Market," 1967-68
Social Science Research Council, Subcommittee on Monetary Research, 1973
U.S. Agency for International Development,1974
Council on Foreign Relations Fellowship, 1975-6
Ford Foundation Program of Research in International Economic Order, 1979-82
Brookings Institution project in International Economic Policy for National Science Foundation, 1983-85
Books and Monographs
1. International Money Markets and Flexible Exchange Rates, (Princeton: Studies in International Finance No. 32, 1973), pp. 1-61.
2. The Banking System: A Preface to Public Interest Analysis, with Glen Canner and Robert King, (Washington: Public Interest Economics Center, 1975), pp. 1-458 + xxiv.
3. Floating Exchange Rates and National Economic Policy. A Council on Foreign Relations Book (New Haven: Yale University Press, 1977). reprinted 1979, pp. 1-204 + xvii.
4. Politics versus Markets: International Differences in Macroeconomic Policies (Washington: American Enterprise Institute, 1982), pp. 1-38.
5. Productivity Growth and the Competitiveness of the American Economy (edited, with an Introduction). (Nowell, M.A.: Kluwer Academic Publishers, 1989), pp. 1-158.
6. A Levite Among the Priests: Edward M. Bernstein and the Origins of the Bretton Woods System(Boulder: Westview Press, 1991), pp. 1-127 + viii.
7. Europe's Economy Looks East: Implications for Germany and the EU (edited, with an Introduction and Contribution). (New York: Cambridge University Press, 1997), pp. 1-363 + xvi.
8. Competition and Convergence in Financial Markets: the German and Anglo-American Models (edited, with an Introduction and Contribution). (Amsterdam, Elsevier North Holland, 1998), pp.1-406+xix.
9. Globalization, Technological Change and Labor Markets (edited, with an Introduction). (Norwell, MA, Kluwer Academic, 1998), pp. 1-327+xv.
Articles and Chapters in Books
1. "Theory and Policy Analysis of Short-Term Movements in the Balance of Payments," Yale Economic Essays, 8 (1), Spring 1968, pp. 5-78.
2. "An Alternative Estimate of Potential GNP," with R. Robert Russell, Review of Economics and Statistics, L(1), February 1969, pp. 70-76.
3. "Library Economics," in Libraries at Large, edited by D. M. Knight and E. S. Nourse (New York: 1969), pp. 590-599.
4. "A Macro-Model of the U.S. Labor Market," with Harry Kelejian, Econometrica, 38 (5), September 1970, pp. 712-741.
5. "Participation Functions and Potential Labor Force," with R. Robert Russell, Industrial and Labor Relations Review, October 1970, pp. 84-94.
6. "An Econometric Study of Euro-dollar Borrowing by New York Banks and the Rate of Interest on Euro-dollars," Journal of Finance, 26 (1), March 1971, pp. 83-88.
7. "The Formulation of the Dependent Variable in the Wage Equation," with Harry Kelejian, Review of Economic Studies, 39 (1), January 1972, pp. 55-59.
8. "The Use of Rational Expectations in Models of Speculation," Review of Economics and Statistics, LIV(2), May 1972, pp. 161-165.
9. "Aggregation over Time, and Supply, and Demand for Money, and Monetary Policy," Federal Reserve Board, Special Studies Paper No. 35, July 25, 1973.
10. "Do Income Taxes Reduce the Effectiveness of Monetary Policy?" with Rudolph C. Blitz, American Economic Review, 66 (1), June 1976, pp. 168-173.
11. "Multilateral and Bilateral Measures of Effective Exchange Rates in a World Model of Traded Goods," Journal of Political Economy, 84 (3), June 1976, pp. 615-621.
12. "Rational Response to Shocks in a Dynamic Model of Capital Asset Pricing," American Economic Review, 66 (5), December 1976, pp. 767-779. Reprinted in Farrar, Francis, and Lee, Investment Analysis (McGraw-Hill, 1980).
13. Exchange Policies for Less Developed Countries in a World of Floating Rates," Princeton Essays in International Finance No. 119, December 1976, pp. 1-43, also in D. M. Leipziger (ed.), The International Monetary System and the Developing Nations, Washington: Agency for International Development. 1976.
14. "Policy Responses to Major Disturbances and their Transmission Through International Goods and Capital Markets," Weltwirtschaftliches Archiv, 114 (4), December 1978, pp. 614-641.
15. "The Political Assignment Problem and the Design of Stabilization Policies in Open Economics," in A. Lindbeck (ed.), Inflation and Employment in Open Economies, (North Holland, 1979), pp. 249-267.
16. "On Central Bank Intervention and the Stability of Exchange Rates," in R. Levich and C. Wihlborg (eds.), Exchange Risk and Exposure (Lexington, MA: Heath-Lexington Books, 1980), pp. 137-147.
17. "The Analysis of Floating Exchange Rates and the Choice Between Crawl and Float," in J. Williamson (ed.), Exchange-Rate Rules: The Theory, Performance and Prospects of the Crawling Peg (London: Macmillan, 1981), pp 68-81.
18. "The Impact of Changes in the World Economy on Stabilization Policies in Developing Countries in the 1970's," in W. R. Cline and S. Weintraub (eds.), Economic Stabilization Policies in Developing Countries, (Washington: The Brookings Institution, 1981), pp. 43-77.
19. "Strategic Aspects of the Political Assignment Problem in Open Economies," in R. Lombra and W. Witte (eds.), The Political Economy of Domestic and International Monetary Relations(Ames:Iowa State University Press, 1982), pp. 111-129.
20. "The Effects of Alternative Monetary Control Procedures on Exchange Rates and Output," Journal of Money, Credit, and Banking, XIV (4), November 1982, pp. 746-760. Reprinted in R. M. Dunn (ed.), Portfolio: International Economic Perspectives 10 (1) (Washington: USIS, 1984).
21. "Effects of Economic Structure and Policy Choices on Macroeconomic Outcomes in Ten Industrial Countries," Annales de l'INSEE, 47-48, July-December 1982, pp. 279-300. Reprinted in J. Melitz and C. Wyplosz (eds.), The French Economy: Theory and Policy, (Boulder, CO: Westview Press, 1985), pp. 279-300.
22. "The Use of Monetary Policy for Internal and External Balance in Ten Industrial Countries," in J. Frenkel (ed.) Exchange Rates and International Macroeconomics (Chicago: University of Chicago Press for NBER, 1983), pp. 189-225.
23. Growth, Trade, and Money: Economics and Politics in the International Economic Order," with P. Rana, in R. Clapham and H. Kammler (eds.), World Economic Order: Liberal Views(Engel, 1983), pp. 145-173.
24. "The Relationship Between Exchange Rate Policy and Monetary Policy in Ten Industrial Countries," in J. Bilson and R. Marston (eds.), Exchange Rate Theory and Policy (Chicago: University of Chicago Press for NBER, 1984), pp. 499-515.
25. "International Money and International Monetary Arrangements," Chapter 22 in R. Jones and P. B. Kenen (eds.), Handbook of International Economics, Vol. II, (North-Holland, 1985), pp.1153-1193.
26. "Monetary Targeting: Issues and Alternatives," Chapter 9 in S. Hewlett, H. Kaufman, and P. B. Kenen (eds.), The Global Repercussions of U. S. Monetary and Fiscal Policy, (Ballinger, 1984), pp. 105-121.
27. "The Effect of Alternative Intervention Policies on the Variability of Exchange Rates: The Harrod Effect," Chapter 4 in J. S. Bhandari (ed.), Exchange Rate Management Under Uncertainty, (Cambridge: MIT Press, 1985), pp. 73-85.
28. "Learning from Adversity: Policy Responses to Two Oil Shocks," Princeton Essays in International Finance, No. 160, December 1985, pp. 1-19.
29. "Government Policy and the Risk Premium in Foreign Exchange Markets" (with Michael K. Salemi), in K. Alec Chrystal (ed.), Exchange Rates and the Open Economy (London: Wheatsheaf Books, 1987), pp. 72-90.
30. "FIML Estimation of the Dollar-Deutschemark Risk Premium in a Portfolio Model," (with Michael K. Salemi), Journal of International Economics, 25 (1988), pp. 205-224.
31. "The International Use of Currencies," in Y. Suzuki, J. Miyake, and M. Okabe (eds.), The Evolution of the International Monetary System: How Can Efficiency and Stability Be Attained? (Tokyo: University of Tokyo Press, 1990), pp. 175-194, revised version in Dilip K. Das (ed.) International Finance (Routledge, 1993).
32. "External Resources for Development and International Capital Markets," Asian Development Review, 9, April 1991, pp. 1-14.
33. "Transactions Costs and Vehicle Currencies," Journal of International Money and Finance, 10, December 1991, pp. 512-526. Reprinted in J. Frenkel and M. Goldstein, (eds.), Functioning of the International Monetary System, Volume 2 (Washington, DC:International Monetary Fund, 1996), pp.789-805.
34. "On the Concept and Usefulness of the Equilibrium Rate of Exchange," in J. Williamson, ed., Estimating Equilibrium Exchange Rates, Institute for International Economics, September, 1994, pp. 279- 292.
35. "Europe's Economy Looks East: Implications for Germany and the EU," Economic Studies Conference Report No. 1, American Institute for Contemporary German Studies, November 1995, pp. 1-22. Also as Chapter 1, "Introduction" in S. Black (ed.) Europe's Economy Looks East, 1997, pp. 1-19.
36. "Investment and its Financing during the Transition in Central and Eastern Europe," with Mathias Moersch, Chapter 5 in S. Black (ed.) Europe's Economy Looks East, 1997, pp.167- 200.
37. "Issues in Korean Exchange Rate Policy," in T. Ito and A. Krueger (eds.) Changes in Exchange Rates in Rapidly Developing Countries: Theory, Practice, and Policy Issues, (Chicago, University of Chicago Press for NBER, 1999), pp. 269-281. Also NBER Working Paper No. 5747, September 1996.
38. Chapter 1, "Introduction" with M. Moersch, in S. Black and M. Moersch (eds.) Competition and Convergence in Financial Markets: the German and Anglo-American Models, 1998, pp. 1-14.
39. "Financial Structure, Investment, and Economic Growth in OECD Countries," in S. Black and M. Moersch (eds.) Competition and Convergence in Financial Markets: the German and Anglo-American Models, 1998, pp. 157-174.
40. Chapter 1, "Introduction" in S. Black (ed.) Globalization, Technological Change, and Labor Markets, 1998, pp. 1-16.
41. “Obstacles to Faster Growth in the Mongolian Transition,” Journal of Asian Economics, 13, June 2002, pp. 357-369.
42. “Convertibility Risk: The Precautionary Demand for Foreign Currency in a Crisis,” with Charis Christofides and Alex Mourmouras, Annals of Finance, 2, March 2006, pp. 141-165.
43. “Fixing the Flaws in the Eurozone,” VoxEU.org, Nov. 2010, pp. 1-6.
Comments, Reviews, and Contributions
1. "Reply to Valentini and Hunt," Journal
of Finance, 27(1), March 1972.
2. "Reply to Massaro," Journal of
Finance, 27 (3), September 1972.
3. "Comments on Papers by Bryant and Hendershott
and by Leamer and Stern," in Machlup,
Salant, and Tarshis (ed.), International
Mobility and Movement of Capital, (New York: NBER: 1972).
4. "Endowment Income, Capital Gains, and Inflation Accounting:
Discussion," American Economic Review Papers and Proceedings, 64
(2), May 1974, pp. 441-2.
5. "Discussion of J. Gelting's 'National
Autonomy of Stabilization Policy," in Ando, Herring, and Marston, (eds.), International
Aspects of Stabilization Policy, Federal Reserve Bank of Boston Conference
Series No. 12, 1975 .
6. "Comments on Richard N. Cooper, 'Monetary Theory and Policy in an
Open Economy' and John Williamson, 'Exchange Rate Flexibility and Reserve
Use,'" and "General Discussion: What Have We Learned?" in Scandinavian
Journal of Economics, 78 (2), June 1976, also in Herin,
Lindbeck, and Myhrman
(eds.), Flexible Exchange Rates and Stabilization Policy (London:
7. Book review of Peter B. Kenen (ed.), International
Trade and Finance, in Journal of International Economics, March
8. Book review of Patrick Minford, Substitution Effects, Speculation and
Exchange Rate Stability, in Journal of International Economics,
9. Comment on G. Ortiz and L. Solis, "Inflation and Growth: Exchange
Rate Alternatives for Mexico," in J. Williamson, (ed).,
Exchange Rate Rules (London: Macmillan, 1981).
10. Comment on papers by M. Keren and S. Kohlhagen in G. Haberler and T.
Willett (eds.), The International Monetary System Under
Stress (Washington: American Enterprise Institute, 1982).
11. Comment on L. Lipschitz and V. Sundararajan, "The Optimal Currency Basket in a World
of Generalized Floating with Price Uncertainty," in M. Connolly (ed.), The
International Monetary System: Choices for the Future (New York: Praeger, 1982).
12. Discussion of Norman S. Fieleke,
"National Saving and International Investment," in Federal Reserve
Bank of Boston, Saving and Government Policy, Conference Series No.
25, 1982, pp. 158-161.
13. "Foreign Exchange Rates," article for the Encyclopedia of
Economics ed. D. Greenwald (New York: McGraw-Hill Publishing Co., 1982). Revised Second Edition, 1993.
14. Book review of Adams and Hickman (ed.), Global Econometrics: Essays
in Honor of Lawrence Klein, in Journal of Economic Literature,
15. Book Review of J. S. Bhandari and B. Putnam
(eds.), Economic Interdependence and Flexible Exchange Rates, in Journal
of Money, Credit, and Banking, XVIII (3), August 1985, pp. 417-19.
16. Book Review of George M. von Furstenburg
(ed.), International Money and Credit: The Policy Role in Journal
of International Economics, 19, (1985), pp. 194-196.
17. Comment on Niels Thygesen,
"Flexible Exchange Rates and National Monetary Policies," in L. Tsoukalis (ed.), Europe, America, and the World Economy
(Oxford: Basil Blackwell, 1986), pp. 186-188.
18. "International Monetary Institutions" and
"Seigniorage," two contributions to The New Palgrave, J. Eatwell, M. Milgate, and P.
Newman (eds.), (London, Macmillan, 1987), vol.2, pp. 917-920 and vol. 4, p.
287. Reprinted in Money, J. Eatwell, M. Milgate, and P. Newman (eds.),
(London, Macmillan, 1989), pp. 314-315. Revised versions in The
New Palgrave Dictionary of Money and Finance, J. Eatwell,
M. Milgate, and P. Newman (eds.), (London, Macmillan,
19. Comment on R. Dornbusch and S. Fischer,
"The Open Economy: Implications for Monetary and Fiscal Policy," in
R. J. Gordon (ed.), The American Business
Cycle (Chicago: University of Chicago Press for NBER, 1986.)
20. "Real Exchange Rates and Deviations from Purchasing Power Parity
under Floating Exchange Rates," in K. Brunner and A.H. Meltzer (eds.), Real
Business Cycles, Real Exchange Rates, and Actual Policies,
Carnegie-Rochester Conference Series on Public Policy, Vol. 25, 1986, pp.
21. Comment on L. Katseli, "Discrete
Devaluation as a Signal to Price-Setters: Suggested Evidence from Greece,"
in S. Edwards and L. Ahamed (eds.), Economic
Adjustment and Exchange Rates in Developing Countries, (Chicago:
University of Chicago Press for NBER, 1986), pp. 326-328.
22. "Exchange Rate Policy" in R. H. Marston (ed.), Misalignment
of Exchange Rates: Effects on Trade and Industry (Chicago, University of
Chicago Press for NBER, 1988), pp. 149-156.
23. Book Review of Peter B. Kenen, Managing
Exchange Rates, in International Affairs, 65(4), Autumn 1989, p. 693.
24. Ch. IV. "Developments, 1985-1990" and Ch. V. "Retrospect
and Prospect," in J.C.D. Blaine et al, History of the
Department of Economics of the University of North Carolina at Chapel Hill,
1901-1990 (Durham: Carolina Academic Press, 1991), pp. 91-104.
25. Comment on Hans Genberg and Alexander Swoboda, "The Provision of Liquidity in the Bretton
Woods System," in Michael Bordo and Barry Eichengreen (eds.), Retrospective on the Bretton Woods
System, (Chicago, University of Chicago Press for NBER, 1992), pp.
26. Book Review of Paul Krugman and Marcus Miller
(eds.), Exchange Rate Targets and Currency Bonds, in Journal of
Money, Credit, and Banking, November 1993. pp. 105-106.
27. Book Review of M. Pani, European Monetary
Union: Lessons from the Classical Gold Standard, in Journal of
Economic Literature, December 1993. pp. 2011-12.
28. Discussion of "Impact of the Opening Up of Eastern Europe on
Austria", by H. Schebesch and A. Wörgötter, in de Fontenay, Gomel,
and Hochreiter, (eds.), Western Europe in
Transition: The Impact of the Opening Up of Eastern Europe and the former
Soviet Union, International Monetary Fund, Austrian National Bank, and Banca d'Italia, April 15, 1995,
29. Discussion of "Central Banks and Reputation: Transatlantic
Contrasts," by Ben Lockwood, Marcus Miller, and Lei Zhang, in Matthew Canzoneri, Vittorio Grilli, and
Bill Ethier, (eds.), The New Transatlantic
Economy, Cambridge University Press, 1996, pp. 260-264.
30. Discussion of Timothy Lane, "Effects of High Public Debt on
Investment and Growth" in Paul Welfens (ed.), Banking,
International Capital Flows, and Growth in Europe, Springer Verlag, 1997, pp. 211-215.
31. Discussion of Sang-Woo Nam and Se-Jong Kim, “Evaluation of Korea’s Exchange Rate Policy” in Takatoshi Ito and Anne O. Krueger (eds.) Changes in Exchange Rates in Rapidly Developing Countries: Theory, Practice, and Policy Issues, (Chicago, University of Chicago Press for NBER, 1999).pp. 264-266.
32. Book Review of Philipp Hartmann, Currency Competition and Foreign
Exchange Markets: The Dollar, the Yen and the Euro, in Economic
Journal, February 2000, pp. 263-264.
33. "International Monetary Institutions" in The New Palgrave Dictionary of Money and Finance, S. Durlauf and L. Blume (eds.), forthcoming 2006.
Congressional Testimony, etc.
1. "A World of Floating Exchange Rates," in The U. S. Role in a Changing World Political Economy (Washington, U. S. Government Printing Office, 1979).
2. "Testimony on International Fiscal Cooperation: Prospects for Higher Non-inflationary Growth," Outlook and Budget Levels for Fiscal Years 1979 and 1980, Hearings before the Committee on the Budget, House of Representatives, 96th Congress, 1st Session (Washington: U. S. Government Printing Office, 1979), Part 2.
3. "Testimony on the International Economic Outlook and U. S. Policy Problems in 1980," in Economic Issues for Fiscal Year 1981, Hearings before the Committee on the Budget, House of Representatives 96th Congress, 2nd Session (Washington: U.S. Government Printing Office, 1980), Part I.
4. "Testimony on International Monetary Arrangements," House of Commons, Treasury and Civil Service Committee, Session 1982-83, Fourth Report, Vol. II. pp. 339ff.
5. "Exchange Rate Determination and International Monetary Reform" in Symposium on Floating Exchange Rates in an Inter-dependent World (Washington: G. A. O., 1984), pp. 27-48.
6. "Testimony on the High Value of the Dollar," Hearings before the Subcommittee on International Trade, Investment, and Monetary Policy of the Committee on Banking, Finance, and Urban Affairs, U. S. House of Representatives, November 2, 1983.
7. "Intervention Revisited," in The Strong Dollar: Causes, Consequences, and Policy Implications, Proceedings of a Conference co-sponsored by the Joint Economic Committee and the Congressional Research Service (Washington, DC: U. S. Government Printing Office, 1985), pp. 55-57.
8. "Testimony on Exchange Rate Misalignment," Hearing before the Subcommittee on International Finance and Monetary Policy of the Committee on Banking, Housing, and Urban Affairs, U. S. Senate, October 23, 1985, pp. 86ff.
9. "Integrating Forces in the World Economy: How Have They Affected the Southeast?" Federal Reserve Bank of Atlanta Economic Review (December 1985), pp. 6-11.
10. "Exchange Rate Policy," in Alfred Reifman and Craig Elwell, The Dollar and the Trade Deficit: What's To Be Done?, (Washington, D.C.: Congressional Research Service 1988) pp. 114-127.
11. "Liquidity Issues for Asian Developing Countries," prepared for the Third Seminar on International Finance, Asian Development Bank, New Delhi, India, August 3-5, 1993.
12. "Effectiveness of the International Monetary Fund," Commission
on the Future of the Bretton Woods Institutions, Bretton Woods: Looking to
the Future, July 1994, pp. C265-272.
13. “From Wirtschaftswunder to Kaltstart: Germany’s Economy & Economics 1950-2000,” Economic Directions, Center for Economic & Policy Education, Saint Vincent College, Latrobe, PA, Vol.11, No.3, March 2001, pp. 1-6.
"The Relationship of the Exchange Risk Premium to Net Foreign Assets and Central Bank Intervention," revised Nov. 15, 1998.
INVITED PARTICIPATION IN INTERNATIONAL CONFERENCES
1. International Seminar in Public Economics Conference on International
Aspects of Stabilization Policies, Williamstown, MA, June 1974.
2. U. S. Agency for International Development Conference on the
International Financial System and the Developing Nations, Washington, D. C.,
3. IMF-Central Banks' Conference on the Monetary Mechanism in Open
Economics, Helsinki, Finland, August 1975.
4. Institute for International Economic Studies Conference on Flexible
Exchange Rates and Stabilization Policy, Stockholm, Sweden, August 1975.
5. IMF-Central Banks' Conference on the Economic Crisis of the 1970's:
Lessons for Stabilization Policy, Vienna, Austria, September 1977.
6. Ford Foundation-Princeton Conference on Developing Countries and the
International Financial System, Barbados, January, 1978.
7. Ford Foundation-Catholic University Conference on the Crawling Peg, Rio
de Janeiro, Brazil, October 1979.
8. Brookings Conference on Economic Stabilization Policies in Developing
Countries, Washington, D. C., October 1979.
9. Pennsylvania State Conference on the Political Economy of Domestic and
International Monetary Relations, State College, Pennsylvania, June 1980.
10. NBER Conference on Exchange Rates and International Macroeconomics,
Cambridge, MA, November 1981.
11. NBER Conference on Exchange Rate Theory and Policy, Bellagio, Italy,
12. INSEAD-CEDEP Conference on International Aspects of Macroeconomics in
France, Fontainebleau, France, June 1982.
13. 20th Rokko Conference on Econometrics, Kobe,
Japan, July 1982.
14. NBER Conference on Business Cycles, Dorado Beach, Puerto Rico, March
15. Symposium on Euro-American Relations and Global Economic
Interdependence. College of Europe, Bruges, Belgium, September 1984.
16. NBER-World Bank Conference on Structural Adjustment and the Real
Exchange Rate in Developing Countries, Washington, D.C. November, 1984.
17. UK International Economics Study Group Conference, Isle of Thorns,
Sussex, England, September 1985.
18. Istanbul University Symposium on International Economics, Istanbul,
Turkey, June 1986.
19. NBER Conference on Misalignment of Exchange Rates: Effects on Trade and
Industry, Cambridge, MA, May 1987.
20. Fourth International Conference, "The Evolution of the
International Monetary System," Institute for Monetary and Economic
Studies, The Bank of Japan, May 30-June 1, 1989.
21. Third ADB Roundtable on Development Strategies, Asian Development Bank,
Manila, the Philippines, January 21-23, 1991.
22. NBER Conference, A Retrospective on the Bretton Woods System, Bretton
Woods, NH, October 3-6,1991.
23. Conference Celebrating the Fiftieth Anniversary of Essays in
International Finance, Princeton, NJ, April 15-16, 1993.
24. Third Seminar on International Finance, Asian Development Bank, New
Delhi, India, Aug. 3- 5, 1993.
25. The New Transatlantic Economy, Centre for Economic Policy Research and
Center for German and European Studies, Georgetown University, Washington, DC,
May 5-6, 1995.
26. Western Europe in Transition: The Impact of the Opening Up of Eastern
Europe and the former Soviet Union, International Monetary Fund, Austrian
National Bank, and Banca d'Italia,
Trieste, Italy, Oct. 10-11, 1994.
27. The Political Economy of European Integration: The Challenges Ahead,
Center for German and European Studies, University of California at Berkeley,
April 20-22, 1995.
28. Europe's Economy Looks East, American Institute for Contemporary German
Studies, the Johns Hopkins University, Washington, DC, May 15-16, 1995.
29. Banking, International Capital Flows, and Growth in Europe, European
Institute for International Economic Relations, Potsdam University, Potsdam,
Germany, October 12-14, 1995.
30. Which Way Ahead for European Financial markets: the German or the
Anglo-Saxon Model? American Institute for Contemporary German Studies, the
Johns Hopkins University, Washington, DC, June 9-10, 1996.
31. Globalization, Technological Change, and the Welfare State, American
Institute for Contemporary German Studies, the Johns Hopkins University,
Washington, DC, June 9-10, 1997.
32. Conference on Real Exchange Rates and Monetary Union, Mainz, Germany,
May 22-23, 1997.
33. METU Conference on Economics, Ankara, Turkey, Sept. 19, 1997.
34. Conference in Honor of Robert Mundell, World
Bank, Washington, DC, Oct. 23, 1997.
Doctoral Dissertations Supervised
1. James Heckman, Princeton University, 1971. Three Essays on Household Labor Supply and the Demand for Market
2. Polin Pospos, Vanderbilt
University, 1975. A Study of Inflation and the Demand for
Money in Indonesia.
3. Leonardo Cardemil, Vanderbilt
University, 1978. A Disequilibrium Model for the
Short-Run Macroeconomic Effects of Exchange Rate Variations.
4. Dong Se Cha, Vanderbilt University, 1979. International
Short-term Capital Flows, Exchange Rate Expectations, and Independence of
5. Pradumna Rana,
Vanderbilt University, 1979. The Impact of Generalized Floating on Trade
Flows and Reserve Needs: Selected Asian Developing Countries.
6. Syahril Sabirin,
Vanderbilt University, 1979. The Impact of the 1973-74
Oil Price Increase on the Traded and Nontraded Sectors in Indonesia.
7. David Cushman, Vanderbilt University, 1980. The Effects of Exchange Risk on International Trade and Investment.
8. Ernest W. Brown II, Vanderbilt University, 1981.
The Latin American Economies Under Generalized
Floating: An Analysis of Price Effects, Risk Effects, and Alternative Exchange
9. Kofi N. Afful, Vanderbilt
University, 1982. A Synthesis of the Monetarist and Structuralist
Theories of Inflation: the Case of Ghana 1960-77.
10. Noel L. Lim, Vanderbilt University, 1983. An
Econometric Model of the Philippine Balance of Payments.
11. James Harold McClure, Jr., Vanderbilt University,
1983. Fiscal Policy Reaction Functions for the Group of Ten: A
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