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ROBERT F. MULLIGAN, Ph.D. office 828-227-3329 secretary
828-227-7408 fax 828-227-7414 email mulligan@wcu.edu |
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Professor of Economics, Western Carolina
University North Carolina Economic Policy Board Research Associate, Department of Economics, |
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I. EDUCATION |
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Advanced
Studies Certificate (A.S.C.) in International Economic Policy Research, May
1995, KIEL INSTITUTE OF
WORLD ECONOMICS, |
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Doctor of Philosophy in Economics, May 1993, Master of Arts in Economics, January 1990, STATE UNIVERSITY OF NEW YORK AT BINGHAMTON, Binghamton, New York Dissertation: Testing Alternative Real and Monetary Business Cycle
Models with Endogenous Technology, |
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Bachelor
of Science in Civil Engineering (B.S.C.E.), May 1983, ILLINOIS INSTITUTE OF
TECHNOLOGY, |
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II.
PUBLICATIONS |
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a. Refereed Articles |
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"A Fractal Analysis of Market Efficiency for Indian Technology Equities," with Debasish Bannerjee, Western Carolina University, Indian Journal of Finance, forthcoming "The Sensory Order: Operational Epistemology as an Evolutionary Adaptation," Advances in Austrian Economics, forthcoming "Robbins as Innovator: the
Contribution of An Essay on the Nature and Significance of Economic
Science," Quarterly Journal of Austrian Economics,
forthcoming "The Sensory Order and the Structure of Production: Entrepreneurial Planning as a Cognitive Activity," Studies in Emergent Order (2009) 2: 109-141 "A Simple Model for Estimating Newbuilding Costs," Maritime Economics & Logistics (2008) 10: 310-321 "Stochastic Dependence in Indian Capital Markets: a Fractal Analysis of the CNX Information Technology Index," with Debasish Banerjee, Western Carolina University, Indian Journal of Finance (2008) 2(4): 3-15 "Religion as Adaptation: the Role of Time Preference," (2008) Political Economy Research Focus, Walter R. Levin (ed.) (pp. 69-92) Hauppauge, New York: Nova Science Publishers; reprinted (2008) in Religion and Psychology Research Progress, Joan C. Upton (ed.) (pp. 189-212) Hauppauge, New York: Nova Science Publishers "Entrepreneurial Planning in a Regulated Environment: the U.S. Federal Maritime Commission and the Maritime Industry," with Gary A. Lombardo, United States Merchant Marine Academy, Quarterly Journal of Austrian Economics (2008) 11(2): 106-118 "Maritime Enterprises and Regulated Competition," with Gary A. Lombardo, United States Merchant Marine Academy, Journal of the International Academy for Case Studies (2007) 13(5): 57-68 "Property Rights and Time
Preference," Quarterly Journal of Austrian Economics (2007)
10(1): 23-49 [Awarded the Ludwig von Mises
Institute's O.P. Alford III Prize "for the scholarly article published
during 2006-2007 that best advances libertarian scholarship."] Reprinted (2008) in Jilla,
Ramakistaiah. (ed.) Property: a Legal Paradigm.
Hyderabad: Amicus Books, Institute of Chartered Financial Analysts of India
(IFCAI) University Press (pp. 32-65) "Modeling Markets for
Sports Memorabilia," with A.J. Grube, "Transactional Economics:
John Dewey's Ways of Knowing and the Radical Subjectivism of the Austrian
School," Education and Culture: the Journal of the John Dewey
Society (2006) 22(2): 61-82 "Short Sea Shipping: Alleviating the Environmental Impact of Economic Growth," with Gary A. Lombardo, United States Merchant Marine Academy, World Maritime University Journal of Maritime Affairs (2006) 5(2): 55-70 "Accounting for the Business Cycle: Nominal Price Rigidities, Factor Heterogeneity, and Austrian Capital Theory," Review of Austrian Economics (2006) 19(1): 311-336 "An Empirical Examination of Austrian Business Cycle Theory," Quarterly Journal of Austrian Economics (2006) 9(2): 69-93 "The Austrian Business Cycle: a Vector Error-correction Model with Commercial and Industrial Loans," Journal of Private Enterprise (Fall 2005) 22(1): 51-91 "The Entrepreneurial
Critique of the Optimization Paradigm," "The Common Law Character of English Charters: Spontaneous Order in the Constitutions of Clarendon (1164)," Constitutional Political Economy (September 2005) 16(3): 285-311 "Maritime Businesses:
Volatile Stock Prices and Market Valuation Inefficiencies," with
Gary A. Lombardo, "Spontaneously Evolved Social Order versus Positive Legislation in English Constitutional History," Review of Austrian Economics (2004) 17(1): 41-65 "Fractal Analysis of
Highly Volatile Markets: An Application to Technology Equities," Quarterly
Review of Economics and Finance "Baseball Card Pricing
Model: A Demonstration with Well-known Players," with A.J. Grube and
Stephen Jarrell, "Resource Allocation: A
Hayekian Paradigm for Maritime Conglomerates," with Gary A.
Lombardo, "The Demand for Programs
at a College Football Game: OLS and LMS Estimates of Optimal Prices,"
with Stephen Jarrell, "A Hayekian Analysis of the Term Structure of Production," Quarterly Journal of Austrian Economics (2002) 5(2): 17-33 "Shortage and Currency Substitution in Transition Economies: Bulgaria, Hungary, Poland, and Romania," with Erwin Nijsse, Royal Dutch-Shell Group, International Advances in Economic Research (2001) 7(3): 275-295 "A Characteristic Exponent Test for the Cauchy Distribution," Atlantic Economic Journal (2000) 28(4): 491 "A Fractal Analysis of Foreign Exchange Markets," International Advances in Economic Research (2000) 6(1): 33-49 "Export-Import Endogeneity in the Context of the Thirlwall-Hussain Model: an Application of the Durbin-Wu-Hausman Test Incorporating a Monte Carlo Experiment," Applied Economics Letters (1996) 3: 275-279 "Testing Real and Monetary Business Cycle Models with Endogenous Technology," Atlantic Economic Society Best Papers Proceedings (1993) 3(1): 86-90 |
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b. Research
Monographs |
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The North Carolina Human
Development Report (2006) U.S. Short Sea Shipping: Prospects and Opportunities (2004) with Gary A. Lombardo and Chang Q. Guan, U.S. Merchant Marine Academy, Kings Point, New York: Center for Maritime Studies, United States Merchant Marine Academy |
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c. Refereed Conference Proceedings |
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"U.S. Short Sea Shipping: Vessel Design for Profitable
Operations," with Gary A. Lombardo, United States Merchant Marine
Academy, the First International
Symposium on Ship Operations, Management, & Economics sponsored by
The Greek Section of the Society of
Naval Architects and Marine Engineers, Athens, May 12 – 13, 2005. "Short-Run and Long-Run Strategic Competition
under U.S. Cabotage Laws," with Gary A.
Lombardo, United States Merchant Marine Academy, International Association
of Maritime Economists Annual Conference 2004, Izmir, Turkey, 30 June – 2
July, 328-337 "A Fractal Analysis of Technology Securities," Proceedings of the 2001 International Business & Economics Research Conference, October 2001 [IBER Best Paper Award] "Using Technology
to Provide a Liberal Studies Perspective in Introductory Economics,"
Robert Morris College-Irwin/McGraw-Hill Teaching Economics Conference
Papers 11, February 2000, 125-131 "Designing an
Assignment-driven Course Around a Web-based Research Project: a Report on the
North Carolina Economic Survey," Robert Morris
College-Irwin/McGraw-Hill Teaching Economics Conference Papers 11,
February 2000, 118-124 |
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d. Book Reviews |
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Review: "Meltdown: a Free-market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts will Make Things Worse," by Thomas E. Woods, Asheville Citizen-Times, September 6, 2009 Review: "Mises: the Last Knight of Liberalism," by Jörg Guido Hülsmann, Asheville Citizen-Times, October 21, 2008 Review: "Generation Debt: Why Now is a Terrible Time to be Young," by Anya Kamenetz, Asheville Citizen-Times, January 22, 2007 Edgar E. Peters, "Complexity, Risk, and Financial Markets," Quarterly Journal of Austrian Economics 7(1): 85-89 Review: "The Dynamics of Firm
and Industry Growth: the Swedish Computing and Communications Industry,"
by Dan Johansson, Review: "Complexity, Risk, and
Financial Markets," by Edgar E. Peters, Review: "Time and
Money: the Macroeconomics of Capital Structure," by Roger W.
Garrison, Review: "Millionaire: the Philanderer, Gambler, and Duelist who Invented Modern Finance," by Janet Gleeson, Asheville Citizen-Times, June 3, 2001 Daniel B. Klein, ed., "What Do Economists Contribute?" Review of Austrian Economics, 2001, 13(2): 221-223 Review: "Total Risk: Nick Leeson and the Fall of Barings Bank," by Judith
H. Rawnsley, Review: "Dr. Deming: the American who Taught the Japanese about Quality," by Rafael Aguayo, with a foreword by W. Edwards Deming, Asheville Citizen-Times, July 11, 1999 Review: "The Deming Management Method," by Mary Walton, with a foreword by W. Edwards Deming, Asheville Citizen-Times, April 25, 1999 Review: "The Insider's Book of Business School Lists," by Mark Baker, Asheville Citizen-Times, October 18, 1998 Review: "The Ministry: How Japan’s Most Powerful Institution Endangers World Markets," by Peter Hartcher, Asheville Citizen-Times, May 24, 1998 Review: "Financial Market Rates and Flows," fifth edition, by James C. Van Horne, Asheville Citizen-Times, May 3, 1998 Review: "The Dilbert Future:
Thriving on Stupidity in the 21st Century," by Scott Adams, Review: "Chaos and Order in the Capital Markets," second edition, by Edgar E. Peters, Asheville Citizen-Times, March 1, 1998 Review: "Money, Banking, and
Financial Markets," by Lloyd B. Thomas, "Overthrowing the World: a Review of The Russian Revolution by Richard Pipes," Officer Review, December 1990, 29(4): 12-13 "Responding to the Soviet Beast: a Review of Survival is Not Enough by Richard Pipes," Officer Review, January 1987, 26(1): 9-10 |
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e. Other Publications |
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Quoted by Jon Ostendorff, "Joblessness could Linger in WNC, Nation," Asheville Citizen-Times, March 24, 2009 Quoted by Josh Mitchell, "Tough Times Strike Dealerships," Smoky Mountain News, December 10-16, 2008 Quoted by Jon Ostendorff and Nancy Bompey, "Consulting Firm to Help Run Hospital," Asheville Citizen-Times, February 28, 2008 "Short Sea Shipping," with Gary A. Lombardo, United States Merchant Marine Academy, World Wide Shipping 70(7):13-15, October/November 2007 Letter to the Editor, "Do Immigrants Make us Safer?" New York Times Magazine, December 17, 2006 "North Carolina Needs Lower Taxes," Carolina Journal, May 8, 2004 Quoted by Angie Newsome, "As Costs Rise, Consumers Try to Stretch their Dollars," Asheville Citizen-Times, May 3, 2004 Quoted by Becky Johnson, "Cheap Goods Cost Jobs," Smoky Mountain News, February 11, 2004 Quoted by John Ostendorff and Quintin Ellison, "Blue Ridge Paper Plans to Eliminate 100 Jobs," Asheville Citizen-Times, February 4, 2004 Quoted by John Boyle, "Bush Economic Plan Divides WNC People," Asheville Citizen-Times, January 8, 2003 Op-ed: "Governor's Employment Incentive Scheme Does Not Add Up," Asheville Citizen-Times, August 18, 2002 Quoted by
Melissa Dills, "Sales Dip; Tourism Stays Strong," "WCU Finance Students Compete in TVA Investment Challenge," WCU Press Release, November 30, 2001 Quoted by Paul Clark, "No one Sure what War will do to the Economy," Asheville Citizen-Times, October 7, 2001 Quoted by John
Ostendorff, "Cost, size, site
issues of Haywood Justice Center," "Western Business Students Excel at TVA Investment Challenge and Phi Beta Lambda State Leadership Conference," Asheville Citizen-Times, June 15, 2001 "TVA Investment Challenge,"
"WCU Business College sponsors hands-on Wall Street excursion," Smoky Mountain News, November 1, 2000 Op-ed: "If we don't pay for bond
issue now, state will most assuredly pay later," "WCU students predict economic growth in state," Asheville Citizen-Times, May 15, 2000 "Beware Greenspan,
WCU students forecasting economy," Enterprise Mountaineer, "WCU team forecasts good economic future," Asheville Citizen-Times, October 7, 1999 "Beware,
Greenspan - WCU Business students are issuing economic forecast for Op-ed: "Should President Clinton Bet Your Retirement?" Asheville Citizen-Times, February 22, 1999 |
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III. PAPERS
SUBMITTED |
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"An
Empirical Investigation of Minsky's Financial
Instability Hypothesis," submitted to the Review of Political Economy "The
Philosophical Context of The Sensory
Order: from Theoretic to Operational Epistemology," submitted to Erkenntnis "A Fractal Comparison
of Real and Austrian Business Cycle Theories," submitted to Physica A: Statistical Mechanics and its
Applications "New Evidence on the Structure of Production: Real and Austrian Business Cycle Theory," submitted to the Review of Political Economy "Monetary Policy Regimes
in Macroeconomic Data: an Application of Fractal Analysis," with
Roger Koppl, Farleigh Dickinson University, submitted to the Review of
Political Economy "The Public Administrator as Chief Regulator: Regulatory Oversight of the Maritime Industry," with Gary A. Lombardo, United States Merchant Marine Academy, submitted to the World Maritime University Journal of Maritime Affairs |
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IV. CONFERENCE & SEMINAR PAPERS
& PRESENTATIONS |
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"Religion as Adaptation: the
Role of Time Preference," Austrian Scholars Conference 15, Ludwig von Mises Institute,
"The Sensory Basis of Market
Organization: toward a Hayekian Synthesis," Southern Economic
Association, session sponsored by the Society
for the Development of Austrian Economics, "The Sensory Order and
Maintenance of the Production Structure: Entrepreneurial Planning as a
Cognitive Activity," Orders and Borders Conference sponsored by the Atlas Economic Research Foundation, "The Sensory Order's Operational Model of Epistemology: From
Subjective Perception to Objective Reality," Austrian Scholars
Conference 14, Ludwig von Mises
Institute, "A Fractal Comparison
of Real and Austrian Business Cycle Theories," Austrian
Scholars Conference 13, Ludwig von Mises Institute, Auburn AL, March 15-17, 2007 "Robbins as Innovator: the
Contribution of An Essay on the Nature and Significance of Economic
Science," Austrian Scholars Conference 13, Ludwig von Mises
Institute, Auburn AL, March 15-17, 2007 "New Evidence on the
Structure of Production: Real and Austrian Business Cycle Theory," Southern Economic
Association, session sponsored by the Society
for the Development of Austrian Economics, "A
Multi-agent Model of the Austrian Business Cycle," Austrian Scholars
Conference 12, Ludwig von Mises Institute, "Entrepreneurial
Planning in a Regulated Environment: the U.S. Federal Maritime Commission and
the Maritime Industry," Austrian Scholars Conference 12, Ludwig von Mises
Institute, "Maritime Regulatory Influences on Entrepreneurial Behavior," Southern Economic Association, session sponsored by the Society for the Development of Austrian Economics, Washington DC, November 20, 2005 "Fractal Geometry and the "Lord Acton and the
Scholarship of Liberty," Austrian Scholars Conference 11, Ludwig von Mises
Institute, "Monetary Policy Regimes
in Macroeconomic Data: an Application of Fractal Analysis," with
Roger Koppl, "John Dewey's Ways of Knowing
and the Radical Subjectivism of the "United States Short Sea
Shipping: Opportunities and Challenges," with Gerhart
Muller, Gary A. Lombardo, and Chang Q. Guan, United States Merchant Marine
Academy, Kings Point, 3rd European REALISE Workshop on Infrastructure and Intermodal
Services for Short Sea Shipping, Genoa, October 4-5, 2004 "The Austrian Model of the
Business Cycle," American Institute for
Economic Research, Great "Short-run and Long-run
Competition under U.S. Cabotage Laws,"
with Gary A. Lombardo, United States Merchant Marine Academy, Kings Point, International Association of Maritime Economists
2004 Annual Conference, Izmir, Turkey, June 30 -July 2, 2004 "The Austrian Business Cycle:
a Vector Error-correction Model with Commercial and Industrial Loans,"
Association of Private Enterprise Education
2004 Annual Conference, "Accounting for the
Business Cycle: Nominal Price Rigidities, Factor Heterogeneity, and Austrian
Capital Theory," Austrian Scholars Conference 10, Ludwig von Mises
Institute, Auburn AL, March 18-20, 2004 "An Empirical Examination of
Austrian Business Cycle Theory," Southern Economic
Association, session sponsored by the Society
for the Development of Austrian Economics, San Antonio TX, November 23,
2003 Session chair, Behavioral Research Council’s 3rd Annual
Symposium on the Foundations of the Behavioral Sciences, "Dewey, Hayek
and Embodied Cognition: Experience, Beliefs and Rules," American Institute for Economic Research,
Great Barrington MA, July 18-20, 2003 "An Empirical Examination of
Austrian Business Cycle Theory," American
Institute for Economic Research, Great "Property Rights and Time
Preference," Austrian Scholars Conference 9, Ludwig von Mises
Institute, "Fractal Analysis of Time
Series, the Term Structure of Production, and the Evolutionary Order," "Hayekian Spontaneous Order
in Intergovernmental Organizations," Southern Economic
Association, session sponsored by the Society
for the Development of Austrian Economics, "The International Monetary
Fund: Successes and Failures," Warren Wilson College, "An Entrepreneurial Critique
of the Optimization Paradigm," Austrian Scholars Conference 8, Ludwig von Mises
Institute, "Spontaneously Evolved Social
Order versus Positive Legislation in English Constitutional History," Southern Economic
Association, session sponsored by the Society
for the Development of Austrian Economics, "A Fractal Analysis of
Technology Securities," International
Business and Economic Research Conference, sponsored by Western Academic Press, "The Common Law Character
of English Charters: Spontaneous Order in the Constitutions of Clarendon
(1164)," American Institute for
Economic Research, Great "An Empirical Analysis of the
Structure of Production," Southern Economic
Association, session sponsored by the Society
for the Development of Austrian Economics, Washington DC, November
10-12, 2000 "The Demand for Programs at a
College Football Game: OLS and LMS Estimates of Optimal Prices," with
Stephen Brooks Jarrell, "Problems of Central and
Eastern European Countries in Transition," with Rita Noel, "Designing an
Assignment-driven Course Around a Web-based Research Project: a Report on the
North Carolina Economic Survey," Robert Morris College
Irwin/McGraw-Hill Teaching Economics Conference, "Using Technology
to Provide a Liberal Studies Perspective in Introductory Economics,"
"Teaching with
Internet-based Texts: a 'Great Books' Approach," Lilly-South
Conference, "Incorporating
Undergraduate Research in an Assignment-driven Course," Lilly-South
Conference, "Shortage and Currency
Substitution in Transition Economies: Bulgaria, Hungary, Poland, and Romania,"
with Erwin Nijsse, Royal Dutch-Shell Group, Atlantic Economic Conference, "A Fractal Analysis of
Foreign Exchange Markets," Atlantic
Economic Conference, Boston, Massachusetts, October 8-11, 1998; Saint Bonaventure University, St Bonaventure,
New York, February 12, 2001 "Export-Import Endogeneity in the Context of an Export-led Growth Model:
an Application of the Error-correction Specification Incorporating a Monte
Carlo Experiment," Eastern
Economic Association, "Currency Substitution in
Transition Economies: Theory and Evidence," with Erwin Nijsse, Royal Dutch-Shell Group, Kiel Institute of World
Economics, Kiel, Schleswig-Holstein, Germany, May 19, 1995; Cambridge University, England, May 19,
1995 "An Error-correction Model of
Balance-of-Payments Constrained Growth: Monte Carlo Evidence on the Thirlwall-Hussain Model," Kiel Institute of World
Economics, Kiel, Schleswig-Holstein, Germany, November 18, 1994; Norwegian School of Management, Oslo,
Norway, January 27, 1995 "General Equilibrium Business
Cycle Models: a Test of Alternative Specifications," Southern Economic
Association, "Forward Markets for Foreign
Exchange: an Empirical Examination of the Efficient Market Hypothesis,"
with Dean P. Russo, American Express, Southern Economic
Association, "Testing Alternative Real and
Monetary Business Cycle Models with Endogenous Technology," Eastern
Economic Association, Chair, "Aspects of
Production" session, Southern Economic
Association, Washington
DC, November 10-12, 2000 Chair
and Organizer, "International Finance and Development" session,
Atlantic Economic Conference, Chair, "International
Banking" session, Southern Economic
Association, |
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V. JOURNALS REFEREED |
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Quarterly Journal of Austrian Economics, Transaction Periodicals, Journal of the Ludwig von Mises Institute Physica A: Statistical Mechanics and its Applications,
Elsevier Review of Austrian Economics, Kluwer Academic Publishers, Journal of the Society for the Development of Austrian Economics Economic Systems, Elsevier, Journal of the European Association for Comparative Economic Studies Journal of Evolutionary Economics, Springer Verlag, Journal of the International J.A. Schumpeter Society Journal
of Institutional Economics, Advances in Austrian Economics, Elsevier |
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VI. PROFESSIONAL EXPERIENCE Teaching
evaluations can be viewed at: http://paws.wcu.edu/mulligan/www/assess.html |
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July 2008-date Professor, Department of Accountancy, Finance, & Economics, College of Business, Western Carolina University, Cullowhee, North Carolina: |
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- Taught undergraduate Macroeconomics and upper-level undergraduate Macroeconomic and Business Forecasting and Natural Resource Economics - Participated in Wall Street field trips - Enhanced use of on-line notes, quizzes, and other
instructional materials - Member, Western Carolina University Liberal Studies Oversight Committee - Member, Western Carolina University Tenure, Promotion, and Reappointment Committee - Member, College and Departmental Tenure, Promotion, and Reappointment Committees - Advisor to Beta Gamma Sigma Academic Honor Society in Business for AACSB-accredited business colleges |
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July 2004-June 2008 Senior Research Fellow, Center for Maritime Studies, United States Merchant Marine Academy, Kings Point, New York: |
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- Prepared research articles, presentations, policy studies, and White Papers on Short Sea Shipping and related topics in maritime transportation |
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August 2003-June 2008 Associate
Professor, Department of Business Computer Information Systems and Economics,
College of Business, Western Carolina
University, Cullowhee, North Carolina: |
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-
Awarded Scholarly Leave Fall 2007 to develop an improved methodology for ship
construction cost estimates at the U.S. Merchant Marine Academy - Recipient of the Board of Governors Award for Creative and Innovative Teaching, Spring 2003 -
Permanent tenure awarded -
Taught undergraduate Macroeconomics -
Participated in TVA Investment Challenge Conferences and Wall Street field
trips -
Enhanced use of on-line notes, quizzes, and other
instructional materials -
Enhanced use of on-line
primary texts as supplemental readings for introductory economics -
Chair, Economics Search Committee -
Member, -
Member, - Member, - Member, NCAA Self-study Committee - Member, NCAA Academic Integrity Subcommittee - Member, College and Departmental Tenure, Promotion, and Reappointment Committees |
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July 2001-August 2003 Assistant Professor, Department of Business Computer Information Systems and Economics, College of Business, Western Carolina University, Cullowhee, North Carolina: |
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- Recipient of the Board of Governors Award for Creative and Innovative Teaching, Spring 2002 - Named to the North Carolina Economic Policy Board, a
project of the John Locke Foundation,
Raleigh, North Carolina, November 2001 -
Member, Western Carolina University Residence Hall Construction Planning
Committee -
Member, -
Member, |
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- Awarded 2005 AIER Research Fellowship to prepare a monograph interpreting fractal analysis in light of the Austrian school of economics - Awarded 2004 AIER Research Fellowship to conduct a survey of business cycle research with special emphasis on the Austrian school - Awarded 2003 AIER Research Fellowship to conduct empirical analysis of Austrian business cycle theory - Awarded 2001 AIER Research Fellowship to conduct study of spontaneous order in Anglo-American legal and political institutions and modern intergovernmental organizations - Prepared monograph analyzing
relationship between E.C. Harwood's theory of the business cycle and Austrian
business cycle theory -
Prepared monograph on Friedrich A. Hayek's theory of spontaneously evolved
social order drawing illustrations from English constitutional history |
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- Awarded -
Recipient of the Board of Governors Award for Creative and Innovative
Teaching, Spring 2000 -
Applied the doctrine of spontaneous order in human institutions to medieval English
charters and contemporary intergovernmental organizations -
Analyzed currency substitution in former communist economies using
error-correction models -
Performed modified R/S and other fractal analyses of equities and foreign
exchange markets -
Applied error-correction specification to modeling export-led growth -
Taught undergraduate Microeconomics, Macroeconomics, and Money and
Banking -
Developed and taught ECON 488/693 European Business Conditions as a study
abroad course at the Hogeschool Brabant, -
Designed, developed, and taught MBA 510 Economics and Public Policy and MBA
505 Statistical Analysis for Business |
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September
1995-date (concurrent appointment) Research Associate, Department of
Economics, State University of New York
at Binghamton, |
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- Refined and improved
statistical procedures for analyzing the Thirlwall-Hussain
model of export-led growth -
Applied the Durbin-Wu-Hausman test to the Thirlwall-Hussain model to examine export-import endogeneity |
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August
1996-August 1997 Assistant Dean, |
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- Prepared GSB Retention Plan,
Faculty Information Guide, and Articulation Agreements -
Assisted the Dean in preparing the AACSB Accreditation Study |
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July-August 1996 Adjunct Instructor, Department of Economics and Finance, Nassau Community College, Garden City, New York: |
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- Taught two sections of Principles of Macroeconomics |
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August 1994-June 1995 Advanced Studies in International Economic Policy Research, Kiel Institute of World Economics, Kiel, Schleswig-Holstein, Germany: |
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- Developed a model to predict
dollar balances in eastern Europe, using the Johansen maximum likelihood
procedure to identify stable, long-run relationships among unstable and
constantly-growing series, including money demand, consumption, inflation,
shortage, and exchange rates -
To correctly price call options in a riskier environment, extended the Black-Scholes model with more realistic assumptions about the
underlying distribution |
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May 1993-May 1994 Visiting Assistant Professor, Department of Economics and Finance, School of Management, Clarkson University, Potsdam, New York: |
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- Developed a new statistical
test to determine whether a finite sample, which always has a finite sample
variance, is drawn from a population with infinite variance -
To see if exports or imports are more important in driving economic growth,
developed alternative models and programmed algorithms to do F, J, J-A,
N-tilde, and W tests and Monte Carlo experiments to evaluate the tests |
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September
1991-May 1993 Lecturer, Department of Economics, State University of New York at Binghamton,
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- To identify the importance
of real and monetary factors in driving the -
To evaluate the DRI/McGraw-Hill forecast of the U.S. economy, developed
alternative |
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May 1983-October 1987 Civil Engineering Officer, USAF, Fairchild Air Force Base, Washington & Osan Air Base, Korea: |
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- Prepared cost estimates for $100 million regional military medical center, $150 million national flight-survival training center, and many other projects, supervised ten people, prepared two annual budgets, and wrote monthly reports to the Joint Chiefs of Staff |
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VII. PROFESSIONAL DEVELOPMENT |
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SUMMER INSTITUTE FOR TEACHING AND LEARNING: Western Carolina University, Cullowhee, North Carolina, May 12-15, 2008 LIBERTY
FUND SEMINAR ON BUSINESS CYCLE RESEARCH: New Orleans, April 19-21, 2007 NEW YORK UNIVERSITY
Austrian Economics Program: Advanced Austrian Economics Seminar, Foundation for Economic Education, TVA Investment Challenge:
CAROLINA COLLOQUY FOR UNIVERSITY
TEACHING: ROBERT MORRIS COLLEGE-IRWIN/McGRAW-HILL Teaching Economics Conference: INTERNATIONAL
ALLIANCE OF TEACHER SCHOLARS: KIEL INSTITUTE OF WORLD
ECONOMICS Advanced Studies Program: INTERNATIONAL
ATLANTIC ECONOMIC SOCIETY: PHI
BETA LAMBDA/FUTURE BUSINESS LEADERS OF AMERICA: AMERICAN
ASSEMBLY OF COLLEGIATE SCHOOLS OF BUSINESS (AACSB): SAS
INSTITUTE, |
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VIII. KIEL INSTITUTE OF WORLD
ECONOMICS ADVANCED STUDIES
COURSES 1994-1995 |
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Open-economy
Macroeconomics, Paul de Grauwe, Catholic
University of Leuven International Finance, Richard C. Marston, Applied Econometrics, Gerd Hansen, Christian-Albrechts-Universitaet Kiel International Trade: Theory and Policy, Richard Baldwin, Graduate Institute of
International Studies, Trade, Factor Flows, and Global Convergence, Jeffrey G. Williamson, Economic Strategies for Less-developed Countries, Sweder van Wijnbergen, European Monetary Integration, Barry Eichengreen, Political Economy in Open Economies, Dani Roderik,
Columbia University & Guido Tabellini, Innocenzo Gasparini Insitute for Economic Research, University of Milan Economics of Transition, John Flemming, |
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IX. SELECTED OTHER GRADUATE COURSES |
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Advanced
Seminar in Applied Econometrics, Edward C. Kokkelenberg,
SUNY Advanced Seminar in Econometric Theory, Robert L. Basmann, SUNY Business and Econometric Forecasting, Charles W. Bischoff, SUNY |
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- Member, Western Carolina University Liberal Studies Oversight Committee - Member, Western Carolina University Tenure, Promotion, and Reappointment Committee - Member, College and
Departmental Tenure, Promotion, and Reappointment Committees - Advisor,
Beta Gamma Sigma Honor Society at Western Carolina University - Member,
NCAA Self Study Committee and Academic Integrity Subcommittee - - WCU
honorary coach: Men's Basketball, December 1, 2001, invited by Casey Rogers
(UNC Asheville 72-WCU 66); Men's Football, November 10, 2001 (Appalachian
State 34-WCU 24), November 3, 2001(WCU 63-Liberty 0) invited by coaching
staff; Men's Basketball, February 24, 2001, invited by Corey Largent (WCU
63-UNC Greensboro 58); Women's Volleyball, Spring 1999, invited by Keeya McManus - Faculty
Coach, Gamma Epsilon Chapter of Pi Kappa Phi Fraternity - Member,
WCU Scholarship Committee - Member,
WCU Residence Hall Construction Planning Committee - Member,
WCU Academic Residential Community Committee - Member,
- Member,
- Member,
AACSB Reaccreditation Faculty Qualification and Composition Committee at - Advisor,
- Advisor
and professional division member, Kappa Lambda Chapter of Phi Beta Lambda professional business
fraternity at - Class
of 1995 Vice President, Kiel Institute of World Economics Advanced Studies
Program Alumni Society - Program
Committee, International Atlantic Economic Association, Montreal
Conference 1999 - - Faculty
advisor to Delta Xi Chapter
of Alpha Kappa Psi National Business Fraternity
and Theta Mu chapter of Theta Xi fraternity, at Clarkson University - Member
of |
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XII. ACADEMIC HONORS AND AWARDS |
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- Ludwig von Mises Institute's O.P. Alford III Prize, 2008, "for the scholarly article published during 2006-2007 that best advances libertarian scholarship," for "Property Rights and Time Preference," Quarterly Journal of Austrian Economics 10(1): 21-47 -
Scholarly Development Assignment Leave, Fall 2007 for "A Revised
Methodology for Estimating Ship Construction and Operating Costs,"
conducted at the U.S. Merchant Marine Academy, Kings Point NY - Board of Governors Award for Creative and Innovative Teaching, Spring 2003 - Board of Governors Award for Creative and Innovative
Teaching, Spring 2002 - Best Paper Award, International Business
and Economics Research Conference, October 8-12, 2001, for "A
Fractal Analysis of Technology Securities" - Visiting Research Fellow, American
Institute for Economic Research, from Summer 2001 - - - Board of Governors Award for Creative and
Innovative Teaching, Spring 2000 - - Kappa Lambda Chapter of Phi Beta Lambda/Future
Business Leaders of - SUNY - SUNY - - American Defense Preparedness Association Award, 1983 - Daughters of Founders and Patriots of - |
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XIII. PROFESSIONAL MEMBERSHIPS |
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Society for the Development of Austrian
Economics International
J.A. Schumpeter Society (founding
member) Kiel Institute of World
Economics Advanced Studies Program Alumni Association Omicron
Delta Epsilon International Honor Society in Economics Beta Gamma
Sigma International Honor Society in Business Military
Order of the World Wars (life
companion) |
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XIV. ABSTRACTS OF CURRENT RESEARCH |
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1. Transactional Economics: John Dewey's Ways
of Knowing and the Radical Subjectivism of the 2. An Empirical Examination of
Austrian Business Cycle Theory
- A vector error-correction model (VECM) of real consumable output is
identified and estimated, employing the Johansen-Juselius
(1990) test for cointegration. Because the
Austrian school views economic activity as a disequilibrium process, VECM
estimates offer an empirical methodology especially amenable to
interpretation through Austrian business cycle theory. Austrian business
cycle (ABC) theory was pioneered by Ludwig von Mises
(1912, 1949) and Friedrich Hayek (1933, 1935, 1941).
Harwood's (1932) account of the business cycle is very similar. ABC
theory focuses on credit expansion, which artificially lowers interest rates
creating an investment boom and unsustainable business expansion. ABC
theory is presented prominently by Haberler (1937)
as a leading modern theory of the business cycle, and yet has largely fallen
out of favor with orthodox economists. This is especially surprising
because only ABC theory can claim much success in providing coherent and
plausible explanations of historic business cycles. Rothbard
(1963) explains the Great Depression in terms of ABC theory, concluding that
overexpansion of the money supply in the late 1920s caused the stock market
crash, and exceptionally unskilled policy responses created the prolonged
secondary contraction by preventing the economy from liquidating the
accumulated malinvestment and unemployment. Although their explanation
of the dynamics of the depression differs and is distinctly non-Austrian,
Friedman and Schwartz (1963) agree that bad policy greatly exacerbated what
would have been an unexceptional recession. Garrison's (2001)
restatement of ABC theory and his applications to historical cycles should
lead to renewed interest in Austrian capital theory. According to ABC
theory, recession constitutes the process of liquidating resources and
production plans misallocated during the unsustainable boom. This finds
compelling evidence of such cycles of malinvestment and liquidation in
1959-2003 U.S. data. [Quarterly Journal of Austrian Economics (2006)
9(2): 69-93] 3. Property Rights and Time
Preference - This paper
establishes a nexus between the established fields of constitutional
political economy and macroeconomic capital theory. Constitutional
political economy explores how legal and institutional structures emerge over
time. The evolution of property rights has always been a central focus
of this line of inquiry. Time preference is one of the most basic
economic concepts. Theories of interest, term structure, and
opportunity cost, are all dependent on time preference, which is also the
basis for capital budgeting in modern finance. This paper establishes
how and why the emergence of property rights supported a reduction of time
preference, allowing for employment of capital in time-consuming means of
production. This paper also argues that institutional imperatives
inevitably lead to the systematic degradation of property rights, and a
consequent increase in time preference. [Quarterly Journal of Austrian
Economics (2007) 10(1): 23-49 -- awarded
the Ludwig von Mises Institute's O.P. Alford III Prize,
2008] 4. Modeling Markets for
Sports Memorabilia, with A.J.
Grube, 5. Monetary Policy Regimes
in Macroeconomic Data: an Application of Fractal Analysis, with Roger Koppl, 6. The Entrepreneurial
Critique of the Optimization Paradigm - The optimization paradigm in neoclassical economics is defined and
criticized. Although the optimization paradigm provides the foundation
for most mathematical formalism in modern technical economics, the paradigm
rest in turn on extreme and extremely unrealistic information
assumptions. No scope for entrepreneurial activity is admitted.
This paper argues that entrepreneurial change is one of the most basic
ingredients for understanding the functioning of markets and the coordination
of economic activity. Several extensions of the standard model are
presented and discussed. Alternative views of market equilibrium
offered by Schumpeter and Kirzner are developed,
and the relationship between the two competing views of equilibrium is
examined. [ 7. Maritime Businesses:
Volatile Stock Prices and Market Valuation Inefficiencies, with Gary A. Lombardo, United States Merchant
Marine Academy - This paper examines twelve maritime equity price series for
behavioral stability and efficient market pricing for the 1989-2002
period. Five self-affine fractal analysis techniques for estimating the
8. Spontaneously Evolved
Social Order versus Positive Social Order in English Constitutional History - Medieval institutions contain an important strain
of spontaneous order, especially from the pre-Christian period. A
series of irregular successions after the Norman conquest made royal charters
increasingly important in establishing the sovereign's legitimacy.
Henry I's coronation charter (1100) formed the basis of Henry II's aggressive
program of reform legislation, as well as for Magna Carta
(1215). Henry II aimed at restoring the legal and political institutions of
his grandfather Henry I after a period of civil strife and social
degeneration. The fact that almost all later charters grew out of Henry
I's charter, combined with the fact that later charters expanded and refined
legal and political institutions, establishes the evolution of spontaneous
order in the English charters. This evolution continued throughout the
middle ages as subsequent kings confirmed Magna Carta.
[Review of Austrian Economics (2004) 17(1): 41-65] 9. Fractal Analysis of
Highly Volatile Markets: an Application to Technology Equities - This paper examines technology equity price
series using five self-affine fractal analysis techniques for estimating the
Hurst exponent, Mandelbrot-Lévy characteristic
exponent, and fractal dimension. Techniques employed are rescaled-range
analysis, power-spectral density analysis, roughness-length analysis, the
variogram or structure function method, and wavelet analysis. Evidence
against efficient valuation supports the multifractal
model of asset returns (MMAR) and disconfirms the weak form of the efficient
market hypothesis (EMH). Strong evidence is presented for
antipersistence of many technology equities, suggesting markets do not price
all technology securities efficiently, or equally efficiently. [Quarterly
Review of Economics and Finance (2004) 44(1): 155-179] 10. Baseball Card Pricing
Model: a Demonstration with Well-known Players, with A.J. Grube and Stephen Jarrell, 11. Resource Allocation: A
Hayekian Paradigm for Maritime Conglomerates, with Gary A. Lombardo, United States Merchant
Marine Academy - This paper presents a synthesis between Austrian
capital theory and the organizational strategy field within management
studies, which applies economic theory to agent behavior in maritime business
firms. Hayek's theory of production is placed within the strategy
literature and used to motivate effective resource allocation decision-making
within conglomerate organizations. Decision-makers respond to interest
rate changes by reallocating resources among stages of production. A
generic maritime conglomerate is presented as an illustration. A
conceptual scheme is developed where the maritime firms engage in five stages
of productive activity: (1) port facilities, (2) shipbuilding, (3) inland,
coastal and ocean shipping, (4) ship leasing, and (5) overland
shipping. The maritime conglomerate must attempt to adjust its
allocation of capital resources across the five stages to accommodate the
changing term structure of interest rates. [Quarterly Journal of
Austrian Economics (2003) 6(1): 3-21] 12. The Demand for Programs
at a College Football Game: OLS and LMS Estimates of Optimal Prices, with Stephen Jarrell, 13. A Hayekian Analysis of the
Term Structure of Production -
This paper applies cointegration analysis to
investigate the term structure of production using the Hayekian triangle
model. The Hayekian triangle illustrates how arbitrage among real and
financial assets effects intertemporal resource allocation. The
prevailing term structure of interest rates determines resource allocation
among early, middle, and late stages of production, in accordance with
consumer time preference and available investment alternatives. When
consumer time preference increases (decreases), demand for consumer goods
increases (decreases) as saving decreases (increases). This change in
time preference brings about a reallocation of resources from early (late)
stages of production toward late (early) stages, shortening (lengthening) the
production structure embodied in the capital stock. In contrast, credit
expansion (contraction) engineered by the central bank lowers (raises)
interest rates, reducing (increasing) the attractiveness of saving, and
causing prospective savers to spend more (less) of their income on consumer
goods, and reduced (increased) saving finances the purchase of fewer (more)
producer goods, shortening (lengthening) the production structure.
However, credit expansion (contraction) simultaneously mimics a reduction
(increase) in time preference, also reallocating resources toward earlier
(later) stages of production, creating an unsustainable and time-inconsistent
production structure which then becomes pinched in the middle (or bowed
outward.) 14. The Common Law
Character of English Charters: Spontaneous Order in the Constitutions of
Clarendon (1164) - Hayek's doctrine of spontaneously evolved order is
used to analyze twelfth-century English constitutional history. The
Constitutions of Clarendon were designed to govern church-state
relations. Spontaneous order is demonstrated because the Constitutions
emerge from a context of customary law, even as the Constitutions contributed
to and extended that order. Rent-seeking is analyzed as a principal
source of material motivation for both the king and the Church. The
Constitutions established a basis for separation of church and state, which
could not otherwise have evolved as it did. [Constitutional Political
Economy (2005) 16(3): 285-311] 15. A Fractal Analysis of
Foreign Exchange Markets - Long
memory in foreign exchange markets is examined for the post-Bretton Woods period using Lo's modified rescaled range
technique. Several traditional rescaled range techniques are presented
for comparison. Unlike the conventional rescaled range technique, the
new rescaled range analysis is robust to short-term dependence and
conditional heteroskedasticity. Although
significant long memory is found for all countries studied, indicating
traditional econometric methods are inadequate for analyzing foreign exchange
markets, short-term dependence and conditional heteroskedasticity
are also present, making it difficult to describe the nature of the long
memory process or processes present in the foreign exchange markets.
Results broadly agree with those provided by less sophisticated, less robust
methodologies, disconfirm the weak form of the Efficient Market Hypothesis,
and indicate the possibility that traditional technical analysis should be
able to achieve systematic positive returns. [International Advances in
Economic Research, 2000, 6(1): 33-49] 16.
Shortage and Currency
Substitution in Transition Economies: Bulgaria, Hungary, Poland, and Romania with Erwin Nijsse, Royal
Dutch-Shell Group - Currency substitution in four central European countries,
17.
Balance-of-Payments
Constrained Growth: Evidence for the U.S. from Two Econometric Methodologies- Recursive Chow tests are used to examine parameter
stability and search for optimal break points. The Thirlwall
growth model (in which GDP growth depends on export growth) and an ad hoc
alternative (in which growth depends on imports) are estimated and compared
for explanatory power using a battery of Cox-type non-tested tests (F, J,
J-A, N-tilde , and W tests.) A 18.
An Error-correction Model of Balance-of-Payments Constrained Growth: Monte
Carlo Evidence on the Thirlwall-Hussain Model An
Error-correction Model of Balance-of-Payments Constrained Growth: Monte Carlo
Evidence on the Thirlwall-Hussain Model - In a 1946-1993 U.S. dataset, cointegrating
relations are found among variables related through the Thirlwall-Hussain
model: real output, real exports, real net capital inflows, and the relative
price level. Error-correction models (ECMs) are estimated by the
Engle-Granger two-step OLS procedure; long-run multipliers, disequilibrium
adjustment terms, and short-run dynamics are estimated and interpreted with
Monte Carlo Studies. The cointegrating relation
among output, net capital inflows, and relative prices supports the Thirlwall-Hussain model, but contradicts Thirlwall's law, the conjecture that relative prices and
net capital inflows are unimportant in determining output. The fact that
exports are not included in the relationship points to rejecting the Thirlwall-Hussain model. 19.
Export-Import Endogeneity in the Context of the Thirlwall-Hussain
Model: an Application of the Durbin-Wu-Hausman Test
Incorporating a Monte Carlo Experiment- The Thirlwall-Hussain
model (in which output growth depends on export growth) and an ad hoc alternative
(in which growth depends on imports) are estimated and compared for the U.S.
The Durbin-Wu-Hausman test is used to determine the
endogeneity or exogeneity
of exports and imports with respect to output. A 20.
Error-correction Models of Balance-of-Payments Constrained Growth: Further
Empirical Evidence on the Thirlwall-Hussain Model
- In a 1946-1993 U.S. dataset,
real output is cointegrated in levels with real
exports. Error-correction models (ECMs) of the cointegrating
relationship are estimated by nonlinear iterative SUR with Eicker-White heteroskedasticity-robust
covariance matrices. Long-run multipliers and disequilibrium adjustment terms
are estimated for a variety of alternative ECM parameterizations. Output is
weakly exogenous with respect to exports, a major difficulty for any
Keynesian explanation of growth. In the Keynesian view, exports are exogenous,
depending on world income, and help determine domestic output. These results
indicate a stable long-run relationship where neither exports nor output are
exogenous. 21.
A Stochastic Dominance Result for the Black-Scholes
Model: a Statistical Generalization based on the Mandelbrot-Levy Family of
Distributions - New concepts
of Gaussian, Cauchy, and Mandelbrot-Levy efficiency are presented and defined
in terms of the Black-Scholes model for pricing
European call options. The Black-Scholes model defines
the unique, Gaussian-efficient price. The globally-efficient price range is
defined by the non-unique, Mandelbrot-Levy-efficient price range. Though
non-unique, the Mandelbrot-Levy-efficient price range is bounded by the
unique Gaussian and Cauchy-efficient prices. The corresponding stochastic
dominance result is derived, showing the globally-efficient price is always
Mandelbrot-Levy efficient, and is always bounded by the unique Gaussian and
Cauchy-efficient prices. The Gaussian-efficient price defined by the Black-Scholes model is not, in general, globally efficient,
though it may be in special cases. 22.
A Monte Carlo
Experiment to Evaluate the Efficiency of the Mandelbrot-Levy Characteristic
Exponent as a Test Statistic for Cauchy Distributed Random Variables
- A refinement of Mandelbrot's
technique for estimating the Mandelbrot-Levy characteristic exponent is
applied to Cauchy distributed pseudorandom samples. Tables of percentage
points of the test statistic are calculated under the null of a
Cauchy-distributed population for various sample sizes. An iterative least
squares procedure is used to determine how much of the sample is needed to
characterize the linear part of the upper tail. For various sample sizes, the
characteristic exponent is estimated for 10,000 sets of Cauchy distributed
samples, providing the distribution under the null hypothesis. With the
distribution under the Cauchy null now established, the characteristic exponent
can be used as a test statistic for the Cauchy distribution, and evaluated
using the tables of probability values calculated here. [Atlantic Economic
Journal, 2000, 28(4): 491] 23.
Human Capital in the Theory of Production: Conjugate Duality and the Translog Transformations - This paper shows education is a substitute for
physical capital at a rate that increases with the level of output. Education
and research and development are included in translog
aggregate cost and production functions, estimated with annual 24. An Atheoretic Method for Statistical Modeling of Unanticipated Time Series - A new, atheoretic method for modeling unanticipated time series is introduced. Percent changes in monetary aggregates are treated as random drawings from non-Gaussian, infinite-variance distributions. Any rational forecast is a drawing from a finite-variance distribution, e.g., the normal. The hinges of the forecast target are estimated recursively. Observations of the target beyond the recursive hinges are taken to be unanticipated. Observations of the target within the hinges are taken to be perfectly anticipated. Unanticipated money time series based on U.S. M1 and M2 are generated for both Barro and Fischer monetary misperceptions models. Both models are tested for the Frydman-Rappoport anticipated-unanticipated distinction irrelevance (AUDI) property, and the AUDI result is upheld. |