February Curriculum Vitae HERSCHEL I. GROSSMAN

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1 February 2002 Department of Economics Brown University Providence, Rhode Island Curriculum Vitae HERSCHEL I. GROSSMAN phone: fax: web site: Born Philadelphia, Pennsylvania, March 6, 1939 Education: Johns Hopkins University, Ph.D., 1965 University of Oxford, B. Phil., 1962 University of Virginia, B.A. with Highest Honors, 1960 Positions Held at Brown University: Merton P. Stoltz Professor in the Social Sciences, present Professor of Economics, 1973-present Chairman, Department of Economics, , Associate Professor of Economics, Assistant Professor of Economics, Some Other Positions Held: Visiting Scholar, Russell Sage Foundation, Research Associate, National Bureau of Economic Research, 1979-present Editorial Board, European Journal of Political Economy, 2000-present Editorial Board, The Economics of Governance, 1997-present Review Editor, Journal of Monetary Economics, Board of Editors, American Economic Review, John Simon Guggenheim Memorial Foundation Fellow, Editorial Board, Journal of Monetary Economics, Biography included in Who's Who in Economics and in Who's Who in America. 1

2 Published Research Papers: Make Us a King : Anarchy, Predation, and the State, European Journal of Political Economy, March Is a Moral Disposition Rewarded? with M. Kim, Journal of Banking and Finance, forthcoming. Lo Stato è al servizio...di chi? Kéiron, December The State in Economic History, in Transferring Wealth and Power from the Old to the New World: Monetary and Fiscal Institutions in the 17 th through the 19 th Centuries, M. Bordo and R.Cortés-Conde, eds., Cambridge University Press, The Creation of Effective Property Rights, American Economic Review, May 2001 "Inc Incentives and Corruption in Chinese Economic Reform", with C. S. Fan, Journal of Policy Reform, 4(3), Butter and Guns: Complementarity between Economic and Military Competition, with J. Mendoza, Economics of Governance, 2(1), Cooption and Repression in the Soviet Union, with D. Gershenson, Economics & Politics, March 2001 Civil Conflict: Ended or Never Ending? with D. Gershenson, Journal of Conflict Resolution, December "Predators, Moral Decay, and Moral Revivals", with M. Kim, European Journal of Political Economy, June The State: Agent or Proprietor? Economics of Governance, 1(1), "Sovereign Debt and Consumption Smoothing," with T. Han, Journal of Monetary Economics, August Kleptocracy and Revolutions," Oxford Economic Papers, April 1999 Wherefore a Prudent Fiscal Policy? in Budget Deficits: A Global Perspective, S. Shojai, ed., Praeger,

3 Producers and Predators, Pacific Economic Review, October "Population Increase and the End of Colonialism," with M. Iyigun, Economica, August "Predation and Accumulation," with M. Kim, Journal of Economic Growth, September "Predation and Production," with M. Kim, in The Political Economy of Conflict and Appropriation, M. Garfinkel and S. Skaperdas, eds., Cambridge University Press, "War Debt, Moral Hazard, and the Financing of the Confederacy," with T. Han, Journal of Money, Credit, and Banking, May "Rival Kleptocrats: The Mafia versus the State" in The Economics of Organized Crime, G. Fiorentini and S. Peltzman, eds., Cambridge University Press, "Swords or Plowshares? A Theory of the Security of Claims to Property," with M. Kim, Journal of Political Economy, December 1995; reprinted in The Economics of Corruption and Illegal Markets, G. Fiorentini and S. Zamagni, eds., Edward Elgar Publishing, "The Profitability of Colonial Investment," with M. Iyigun, Economics and Politics, November "Insurrections," in Handbook of Defense Economics, K. Hartley and T. Sandler, eds., North Holland, "Robin Hood and the Redistribution of Property Income," European Journal of Political Economy, September "Production, Appropriation, and Land Reform," American Economic Review, June "Proprietary Public Finance and Economic Welfare," with S. J. Noh, Journal of Public Economics, February "Nominal Sovereign Debt, Risk Shifting, and Reputation," with J. Van Huyck, Journal of Economics and Business, August

4 "A Theory of War Finance," with T. Han, Defence Economics, February "Foreign Aid and Insurrection," Defence Economics, November "Monetary Economics: A Review Essay," Journal of Monetary Economics, October "A General Equilibrium Model of Insurrections," American Economic Review, September 1991; reprinted in Ciencia Economica, Enero-Abril, 1992; and in The Economics of Defense, K. Hartley and T. Sandler, eds., Edward Elgar Publishing, "A Theory of Kleptocracy with Probabilistic Survival and Reputation," with S.J. Noh, Economics and Politics, July 1990; reprinted in The Economics of Corruption and Illegal Markets, G. Fiorentini and S. Zamagni, eds., Edward Elgar Publishing, "Inflation and Reputation with Generic Policy Preferences," Journal of Money, Credit and Banking, May "The Political Economy of War Debt and Inflation," in Monetary Policy for a Changing Financial Environment, W.S. Haraf & P. Cagan, eds., American Enterprise Institute, "Shunto, Rational Expectations, and Output Growth in Japan," with W. Haraf, Empirical Economics, Issue 3, "Sovereign Debt as a Contingent Claim: Excusable Default, Repudiation, and Reputation," with J. Van Huyck, American Economic Review, December "The Theory of Rational Bubbles in Stock Prices," with B. Diba, Economic Journal, September "Explosive Rational Bubbles in Stock Prices?" with B. Diba, American Economic Review, June "Rational Inflationary Bubbles," with B. Diba, Journal of Monetary Economics, January "On the Inception of Rational Bubbles," with B. Diba, Quarterly Journal of Economics, August

5 "The Illusion of Stabilization Policy?", with S.L. Green, Carnegie-Rochester Conference Series on Public Policy, Volume 25, Autumn "Seigniorage, Inflation, and Reputation," with J. Van Huyck, Journal of Monetary Economics, July "Rationalité, Monnaie, et Activite," Observations et Diagnostics Economiques: Revue de L'OFCE, Avril "Monetary Information and Macroeconomic Fluctuations," with J. Boschen, in Modern Macroeconomic Theory, J-P. Fitoussi, ed., Basil Blackwell, "The Natural-Rate Hypothesis, the Rational Expectations Hypothesis, and the Remarkable Survival of Non-Market- Clearing Assumptions," Carnegie-Rochester Conference Series on Public Policy, Volume 19, Autumn "Tests of Equilibrium Macroeconomics Using Contemporaneous Monetary Data," with J. Boschen, Journal of Monetary Economics, November "The Effects of Demand Disturbances under Alternative Exchange-Rate Regimes," with J. Hanson and R.F. Lucas, Oxford Economic Papers, March "Risk Shifting, Statistical Discrimination, and the Stability of Earnings," with W.T. Trepeta, in Studies in Labor Markets, S. Rosen, ed., University of Chicago Press, "The Federal Minimum Wage, Employment Compensation, and Inflation," with J. Boschen, in Report of the Minimum Wage Study Commission, Volume VI, "Fixed Wages, Layoffs, Unemployment Compensation, and Welfare: Note," with K. Happy, American Economic Review, June "Incomplete Information, Risk Shifting, and Employment Fluctuations," Review of Economic Studies, April "Risk Shifting, Unemployment Insurance, and Layoffs," in The Economics of the Labour Markets, Z. Hornstein, J. Grice, and A. Webb, eds., HMSO,

6 "Rational Expectations, Business Cycles, and Government Behavior," in Rational Expectations and Economic Policy, S. Fischer, ed., University of Chicago Press, 1980; reprinted in IHS-Journal, Issue 3, 1979; and in Eurepargne, Revue Economique Europeenne, "The Nature of Optimal Labor Contracts," in On the Stability of Contemporary Economic Systems, O. Kyn and W. Schrettl, eds., Vandenhoeck & Ruprecht, "Employment Fluctuations and the Mitigation of Risk," Economic Inquiry, July "Adverse Selection, Dissembling, and Competitive Equilibrium," The Bell Journal of Economics, Spring "Why Does Aggregate Employment Fluctuate?" American Economic Review, May "Risk Shifting, Layoffs, and Seniority," Journal of Monetary Economics, November "Risk Shifting and Reliability in Labor Markets," Scandinavian Journal of Economics, No. 2/1977; reprinted in Topics in Disequilibrium Economics, S. Strom and L. Werin, eds., Macmillan Press, "Consumption, Income, and Liquidity," with R.J. Barro, in Equilibrium and Disequilibrium in Economic Theory, G. Schwodiauer, ed., Reidel Publishing Company, Money Balances, Commodity Inventories, and Inflationary Expectations," with A. Policano, Journal of Political Economy, December "Tobin on Macroeconomics," Journal of Political Economy, August "The Cyclical Pattern of Unemployment and Wage Inflation," Economica, November "Effective Demand Failures: A Comment," Swedish Journal of Economics, September

7 "The Macro-Economic Effects of Productive Government Expenditures," with R.F. Lucas, The Manchester School, June "The Nature of Quantities in Market Disequilibrium," American Economic Review, June "Suppressed Inflation and the Supply Multiplier," with R.J. Barro, Review of Economic Studies, January 1974; reprinted in Money, Expectations, and Business Cycles, Essays in Macroeconomics, by R.J. Barro, Academic Press, 1981; and in Price Controls, H. Rockoff, ed., Edward Elgar, "Aggregate Demand, Job Search, and Employment," Journal of Political Economy, November/December "A Choice-Theoretic Model of an Income-Investment Accelerator," American Economic Review, September "Was Keynes a `Keynesian'? A Review Article," Journal of Economic Literature, March 1972; reprinted in Revista Espanola de Economia, 1975; and in Die Neue Makrookonomik, Hagemann, Kurz, and Schafer, eds., Campus Verlag, 1981; and in John Maynard Keynes: Critical Assessments, Vol. III, J.C. Wood, ed., Croom Helm, "Money, Interest, and Prices in Market Disequilibrium," Journal of Political Economy, September/October 1971; reprinted in Revista Espanola de Economia, 1975; and in On the Reappraisal of Keynesian Economics, T. Hanawa, ed., Toyo Keizai Shinposha, "A General Disequilibrium Model of Income and Employment," with R.J. Barro, American Economic Review, March 1971; reprinted in Revista Espanola de Economia, 1975; in Disequilibrio, Inflacion Y Desempleo, Editorial Vicens- Vives, 1978; in Modern Macroeconomics, P. Korliras and R. Thorn, eds., Harper & Row, 1979; in On the Reappraisal or Keynesian Economics, T. Hanawa, ed., Toyo Keizai Shinposha, 1980; in Die Neue Makrookonomik, Hagemann, Kurz, and Schafer, eds., Campus Verlag, 1981; in Money, Expectations, and Business Cycles, Essays in Macroeconomics, by R.J. Barro, Academic Press, 1981; 7

8 and in The Foundations of Monetary Economics, D. Laidler, ed., Edward Elgar, "Open Market Operations and the Medium of Exchange," with R.J. Barro, Journal of Money, Credit, and Banking, May "Theories of Markets Without Recontracting," Journal of Economic Theory, December "Expectations, Transaction Costs, and Asset Demands," Journal of Finance, June "Reserve Base, Reserve Requirements, and the Equilibrium Rate of Interest: Reply," Quarterly Journal of Economics, August "Risk Aversion, Financial Intermediation, and the Term Structure of Interest Rates," Journal of Finance, December "Reserve Base, Reserve Requirements, and the Equilibrium Rate of Interest," Quarterly Journal of Economics, May "A Stochastic Model of Commercial Bank Behavior," American Economist, Summer

9 Monograph: Money, Employment, and Inflation, with R.J. Barro, Cambridge University Press, 1976; Italian translation, Cedam, Japanese translation, McGraw-Hill Kogakusha Ltd., Chinese translation, Bank of Taiwan Classics in Economics,

10 Current Working Papers: Constitution or Conflict? January Educational Inequality, with Y. Azuma, July 2001 Annexation or Conquest? The Economics of Empire Building, with J. Mendoza, January " Inventors and Pirates: Creative Activity and Intellectual Property Rights, May The Viability of Anarchy, with M. Kim and J. Mendoza, July Scarcity and Appropriative Competition, with J. Mendoza, October Educational Policy: Egalitarian or Elitist? with M. Kim, May Predation, Efficiency, and Inequality, with M. Kim, February

11 Book Reviews: Money and Inflation, by F. Hahn, Journal of Political Economy, April Disequilibrium Dynamics: A Theoretical Analysis of Inflation and Unemployment, by K. Iwai, Journal of Political Economy, April Asset Accumulation and Economic Activity: Reflections on Contemporary Macroeconomic Theory, by J. Tobin, Journal of Monetary Economics, July Studies in Macroeconomic Theory. Volume I: Employment and Inflation, by E.S. Phelps, Journal of Political Economy, February A Study in the Theory of Inflation and Unemployment, by C.H. Siven, Journal of Political Economy, May Essays on Money and Inflation, by D.E.W. Laidler, Journal of Economic Literature, December A Rehabilitation of Say's Law, by W.H. Hutt, The Manchester School, June Money and the Real World, by P. Davidson, Journal of Money, Credit, and Banking, August Varieties of Monetary Experience, D. Meiselman, ed., Journal of Finance, September Essays on Interest Rates, Volume 1, J.M. Guttentag and P. Cagan, eds., Journal of Finance, June Macroeconomics: Income and Monetary Theory, by J. Aschheim and C.Y. Hsieh, Journal of Finance, March Monetary Theory and Policy, R. Thorn, ed., Journal of Political Economy, December Essays in Monetary Policy in Honor of Elmer Wood, P.C. Walker, ed., National Banking Review, March

12 Other Publications: Why Could It Happen? Considering the Costs and Benefits of Security, The George Street Journal, September 21st, Corruption and Anti-corruption in China, with C. S. Fan, The Lingnan Commentary, July Entrepreneurial Graft in China, with C. S. Fan, The Providence Journal, May 3, 2001; reprinted in The Taipei Times, The Edge (Malaysia), The Straits Times (Singapore), Kaupalehti (Finland), and Het Financiele Dagblad (the Netherlands). Kleptocracy, Revolution, and Kosovo, The George Street Journal, June 10, 1999; reprinted in The Providence Journal, June 14, Good Government Requires Competition among Rulers: Beware of Ideological Conformity, The Providence Journal, May 17, Carl Christ: Teaching and Watching, Carnegie-Rochester Conference Series on Public Policy, December "African-American Students and the Financial Aid Cartel," the Journal of Blacks in Higher Education, Autumn "Scholarships: Need or Merit?" Cato Journal, Winter "American Fiscal Policy in the 1990's," Economic Notes, No.2, "The Economics and Politics of Scholarships," Academic Questions, Summer "Rebirth of the Ivy Cartel," The Wall Street Journal, January 26, "Political Stability, Property Rights, and Economic Prospects in the Former Soviet Union," The Brown Journal of Foreign Affairs, Winter "Commentary: Business Cycle Developments and the Agenda for Business Cycle Research" in The Business Cycle: 12

13 Theories and Evidence, M. T. Belongia and M. R. Garfinkel, eds., (Kluwer, 1992). "Comment on 'Seigniorage as a Tax: A Quantitative Evaluation'," Journal of Money, Credit, and Banking, August "Discussion of 'Why Are Prices Sticky? Preliminary Results from an Interview Survey' by Alan Blinder," American Economic Review, May "Forecasting Monetary Policy: A Comment," Carnegie-Rochester Conference Series on Public Policy, Volume 31, Autumn "Monetary Disequilibrium and Market Clearing," in The New Palgrave: A Dictionary of Economic Theory and Doctrine (Stockton Press, 1987); reprinted in The New Palgrave: Money (Norton, 1989); and in The New Palgrave Dictionary of Money and Finance (Macmillan, 1992). "Money, Real Activity, and Rationality," Cato Journal, Fall "Comment on `The Changing Cyclical Variability of Economic Activity'" by J.B. de Long and L.H. Summers, The American Business Cycles: Continuity and Change, R.J. Gordon, ed., (Chicago, 1986). "The Pastoral Letter: Parochial Perceptions and Wasted Moral Authority," in Economics, Theology, and the Social Order, Rochester Center for Research in Government Policy & Business Symposium Series, Volume CS-18, "A Proposal That Would Waste the Taxpayers' Money," The Providence Journal, October 27, "Fiscal Policy and the Current Recession," in Monetarism and the Federal Reserve's Conduct of Monetary Policy, (U.S.G.P.O. for Joint Economic Committee, December 1982). "The American Fiscal Deficit: Facts and Effects," The AEI Economist, November

14 "Comment on `Transition from Inflation to Price Stability' by P. Garber," in Carnegie-Rochester Conference Series on Public Policy, Volume 16, Spring "Comment on `Inflation, Flexible Exchange Rates, and the Natural Rate of Unemployment' by R.J. Gordon," in Workers, Jobs, and Inflation, M.N. Baily, ed., (Brookings, 1982). "Reagan, Inflation, and the American Economic System," The George St. Journal, October 16, "Minimum Wages and the American Family," Providence Sunday Journal, July 5, "The Brechling-Utgoff and Nickell Papers: Comments," in Carnegie-Rochester Conference Series on Public Policy, Volume 11, "Discussion of `Job Matching Under Imperfect Information' by D. Mortensen," in Evaluating the Labor-Market Effects of Social Programs, O. Ashenfelter & J. Blum, eds., (Princeton, 1976). "Inflation: Union Aggressiveness or Inflationary Expectations?" The Banker's Magazine, June Statement in Compendium on Monetary Policy Guidelines and Federal Reserve Structure, Committee on Banking and Currency, House of Representatives, December "Balancing the Economy, Not the Budget," Providence Sunday Journal, January 31, "Lessons from America's Capital Gains Tax," The Bankers' Magazine, February 1962, with Ursula K. Hicks. 14