Reynolds Professor of Economics
Wake Forest University
Winston-Salem, NC 27109
Phone: (336) 758-5250;    Fax 3367586028;    e-mail:

  - Born June 3, 1933, Bethesda, Ohio; Married, 3 children

  - BS  (Commerce), Ohio University, 1955
  - MA (Econ), Michigan State University, 1959
  - Ph.D. (Econ), Purdue University, 1964

  - Economist, Board of Governors of the Federal Reserve System, 1962-65.
  - Lecturer in Economics, University of Birmingham, England, 1965-67.
  - Associate Professor of Finance, Wharton School, University of Penna., 1967-71.     
  - Esmée Fairbairn Professor of Investment, University of Birmingham, 1971-76.
  - Professor of Finance, Kellogg Graduate School of Mgt., Northwestern Univ., 1976-85.
  - Visiting Scholar, Federal Reserve Bank of Dallas, 1982-84.
  - Reynolds Professor of Economics, Wake Forest University, 1985-present
  - Visiting Tan Chin Tuan Professor of Banking and Economics,
  - National University of Singapore, 1989-90.
  - Visiting Fellow, Clare Hall, University of Cambridge, England, 1997-98

  Consultant or part-time visiting scholar:
    - Federal Reserve Bank of Philadelphia, 1971, 1973.
    - Chicago Board of Trade, 1977-78.
    - Federal Savings and Loan Insurance Corporation, 1977-78.
    - Federal Reserve Bank of Chicago, 1980-82, 1984-85.
    - Federal Reserve Bank of Dallas, 1988, 1991.
    - American Institute for Economic Research, 1998-present
    - Journal of Finance, American Economic Review, Economic Journal, Journal of
      Economic History, Journal of Money, Credit and Banking, Review of Economics and
      Statistics, Journal of Political Economy, Journal of Macroeconomics, History of
      Political Economy, and Singapore Economic Review.

  Refereed journal articles
    - Expectations, Errors, and the Term Structure of Interest Rates, J. Polit. Economy,
         April 1963 (Rep. in R.S. Thorn, ed., Monetary Theory and Policy:  Major
         Contributions to Contemporary Thought
, Random House, New York, 1966; and
         Estudios Sobre el Ahorro, Fondo la Investigacion, Madrid, 1971).
    - The Expectations Hypothesis, the Yield Curve, and Monetary Policy, Quar. J. Econ.,
         Aug 1964.  ("Reply," Nov. 1965)
    - Linear Decision Rules for Economic Stabilization and Growth: Comment, Quar. J.
., May 1965.
    - Expectations and the Demand for Bonds, Amer. Econ. Rev., Sept. 1969.  ("Reply,"
         March 1971)
    - Two Notes on the Uniqueness of Commercial Banks, J. Finance, March 1970.
    - Metzler on Classical Interest Theory, Amer. Econ. Rev., March 1980. ("Reply," Dec.
    - Financial Intermediaries and Monetary Control, J. Mone. Econ., Sept. 1981.
    - With Richard Highfield and Maureen O'Hara, Public Ends, Private Means: Central
         Banking and the Profit Motive 1823-1832, J. Monetary Econ., Oct. 1991.
    - With John Crihfield, Bureaucracy, Altruism, and Monetary Policy, Pub. Choice, 1993.
    - With John Crihfield, Private Goals and Monetary Policy: Inflation and Resignations
         from the Federal Reserve Board, Banca Nazionale del Lavoro Quar. Rev., Dec.
    - With Gary Albrecht, Risk and Damage Awards: Short-Term Bonds vs. Long-Term
         Bonds, J. Legal Economics, No. 1, 1998.
    - Bagehot’s Lender of Last Resort: A Hollow Hallowed Tradition, Independent Rev.,
         Winter 2003.
    - With Cara Lown, The Determination of Commercial Bank Reserve Requirements, Rev.
         Financial Econ.
, Dec. 2003.
    - With Jac Heckelman, Political Monetary Cycles under Alternative Institutions: The
         Independent Treasury and the Federal Reserve, Economics & Politics, Nov. 2005.
    - Independent Central Banks: New and Old, Cato J., Fall 2006.
    - Prospects for an Inflation-Targeting Fed, Central Banking, Nov. 2007.
    - With Jac Heckelman, Joint Determination of Regulations by the Regulator and the
         Regulated, Eastern Economic Journal, Spring 2008.

  For the Federal Reserve
    - Some Effects of Bank Credit Restrictions on the Short-term Behavior of Large Firms,
         in I.P. Kaminow and J.M. O'Brien, eds. Studies in Selective Credit Policies. Federal
         Reserve Bank of Philadelphia, 1975.
    - Money and Output: Keynes and Friedman in Historical Perspective, Business Rev.,
         Fed. Res. Bank of Philadelphia, Sept. 1972.  (Rep. in T.M. Havrilesky and J.M.
         Boorman, eds., Current Issues in Monetary Theory and Policy, AHM Pub., 1980)
    - Interest Rates and Inflation, Econ. Perspectives, Fed. Res. Bank of Chicago,
         May/June 1981.
    - The Demise of the Gold Standard, Econ. Perspectives, Fed. Res. Bank of Chicago,
         Nov./Dec. 1981.
    - Do Yield Curves Normally Slope Up? The Term Structure of Interest Rates, 1862-
         1982, Econ. Perspectives, Fed. Res. Bank of Chicago, July/Aug. 1983. (Rep. in
         Stephen Lofthouse, ed. Readings in Investments,Wiley, 1994)
    - Familiar Developments in Bank Loan Markets, Econ. Rev., Fed. Res. Bank of Dallas,
         Nov. 1983.
    - The Search for a Monetary Policy Rule in an Uncertain World, Econ. Rev., Fed. Res.
         Bank of Dallas, Sept. 1984.
    - With Randall Merris. A Deregulated Rerun: Banking in the Eighties, Econ.
Fed. Res. Bank of Chicago, Sept./Oct. 1985.  (Rep. in D.R. Fraser
         and P.S. Rose, eds., Financial Intermediaries and Markets in a Changing World, 3d
         ed. Business Pubs., 1987)
    - Monetary Policy in a Small Open Economy: the Case of Singapore, Econ. Rev., Fed.
         Res. Bank of Dallas, II, 1992.
    - William McChesney Martin, Jr.: A Reevaluation, Region Focus, Federal Reserve Bank
         of Richmond, Winter 2005.

    - For the American Institute for Economic Research, Great Barrington, MA
    - The Value of Economic Advice, Economic Education Bulletin, July 1998 (rep. April
    - The Stability of the Gold Standard, EEB, Jan. 1999.
    - Governments and the Value of Money, EEB, May 1999.
    - Nothing to Be Proud Of, in Research Reports, June 28, 1999.
    - Money: Its Origins, Development, Debasement, and Prospects, EEB, Aug. 1999.
    - The Reserve-Requirements Tax, EEB, Oct. 1999.
    - Monetary Policy in Democracies: Four Resumptions and the Great Depression, EEB,
         March 2000.
    - Review of Deficit Hysteria, by Arthur Benavie, Res.Rep., Dec. 25, 2000.
    - A Life of a Statesman (Lord Salisbury), EEB, Oct. 2000.
    - More Inflation in Our Future, Chairman Greenspan? Res Rep., July 23, 2001.
    - The Triumph of Private Discretion over Official Rules, in Prospects for a Resumption
         of the Gold Standard
, EEB, May 2004.
    - With Michael Crook, Private Paths to Resumption, in Prospects for a Resumption of
         the Gold Standard
, EEB, May 2004.
    - Are You Being Served? Res.Rep., May 9, 2005.
    - The Fed’s Balance Sheet, Res.Rep., April 21, 2008.

  Articles in books
    - A Model of Federal Reserve Behavior, in G. Horwich, ed. Monetary Process and
, Irwin, 1967.
    - A Model of Commercial Bank Loan and Investment Behaviour, in H.G. Johnson and
         A.R. Nobay, eds. Issues in Monetary Economics. Clarendon Press, 1973.
    - The Economics of Professor Friedman, in G. Horwich and J.P. Quirk, eds. Essays in
         Contemporary Fields of Economics.Purdue Univ. Press,1981.
    - With Allin Cottrell and Michael Lawlor, What are the Connections between Deposit
         Insurance and Bank Failures? in Cottrell, Lawlor, and Wood, eds. The Causes and
         Consequences of Depository Institution Failures.
Kluwer, 1995.
    - With Jac Heckelman, Federal Reserve Membership and the Banking Act of 1935: An
         Application of the Theory of Clubs, in Heckelman, et. al. eds., Public Choice
         Interpretations of American Economic History
. Kluwer, 1999.
    - Bonamy Price and Nicholas Vansittart, in D. Rutherford, ed. Biographical Dictionary
         of British Economists
, Thoemmes, 2004.

    - Commercial Bank Loan and Investment Behaviour. Wiley, 1975.
    - With Norma Wood. Financial Markets. Harcourt Brace Jovanovich, 1985.
    - Edited with Allin Cottrell and Michael Lawlor. The Causes and Consequences of
         Depository Institution Failures
. New York: Kluwer, 1995.
    - A History of Central Banking in Great Britain and the United States, Cambridge Univ.
         Press, 2005 (to be published in Chinese, 2009).
    - A History of Macroeconomic Policy in the United States, Routledge, 2009.

  Working papers
    - A Burden of Social Security
    - The Federal Reserve and the Great Depression
    - The Great Deflation of 1929-33 (almost) Had to Happen
    - Have We Returned to Commodity Money?
    - How Could So Much Be So Wrong?