PETUR O. JONSSON. CONTACT INFORMATION Phone: Fax:

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1 CONTACT INFORMATION Phone: Fax: PETUR O. JONSSON Address: 382 School of Business & Economics Fayetteville State University NC ACADEMIC CAREER Chair of the Department of Finance, Economics, Entrepreneurship & Marketing, Fayetteville State University, May present. Chair, Department of Managerial Economics and Finance, Fayetteville State University, August 2004-May Professor of Economics, Fayetteville State University, since August 2000 Associate Professor of Economics, Fayetteville State University, Assistant Professor of Economics, Fayetteville State University, Assistant Professor of Economics, The University of Nebraska-Lincoln, Visiting* Docent in Economics, The University of Iceland, [*While on leave from the University of Nebraska] Teaching Assistant and Instructor in Economics, The Pennsylvania State University, [With independent teaching responsibilities from 1984] EDUCATION Ph.D. in Economics, The Pennsylvania State University, December [Primary Fields: Monetary Economics and Macroeconomic Theory, Labor Economics, Applied Econometrics] Cand. Oecon. in Business and Economics, The University of Iceland, September PUBLICATIONS Jonsson, Petur O. "On Utilitarianism vs. Virtue Ethics as Foundations of Economic Choice Theory." Humanomics, vol. 27, no. 1, pp , Jonsson, Petur O. "The Economics of Spam and the Context and the Aftermath of the CAN-SPAM Act of 2003." Internaltional Journal of Liability and Scientific Enquiry, vol. 2, no. 1, pp , [This article is also published as a chapter in Business and Law: Theory and Practice, edited by Sylvia Mercado Kirkegaard. New York: International Association of IT Lawyers, 2008, pp ]

2 Jonsson, Petur O. On Pros and Cons and Marks: Some Thoughts on the Economics of Deception, Con Games, and Fraud. Papers & Proceedings of the Academy of Economics & Finance, vol. 32, pp , Dubas, Khalid M. and Petur O. Jonsson. "Limits to Waste Reduction and Recycling Behavior of a Vertical Marketing System and Consumers." International Journal of Business and Economics Perspectives, vol. 2, no. 1, pp , Fall Jonsson, Petur O. Say's Law, Aggregate Consistency and the Classical Theory of Gluts. Papers & Proceedings of the Academy of Economics & Finance, vol. 31, pp , 2007 Dubas, Khalid M. and Petur O. Jonsson. "Limits to Waste Reduction and Incentives to Recycle Post-Consumer and Post-Industrial Waste." Proceedings of the International Association of Business and Public Administration Disciplines, vol. 4, no. 1, pp , Jonsson, Petur O. and Khalid M. Dubas. "Descriptive vs. Prescriptive Theories of Economic Choice: Some Thoughts on the Problems of Economic Choice Theory." Proceedings of the International Association of Business and Public Administration Disciplines, vol. 4, no. 1, pp , Jonsson, Petur O. "On Market Failures, Disparate Outcomes, and Discrimination in the US Healthcare System" Proceedings of the International Association of Business and Public Administration Disciplines, vol. 3, no. 2, pp , Jonsson, Petur O. and Khalid M. Dubas. "On Economic Behavior and the Framework of Rationality: Some Reflections on the Schism Between Economics and Applied Business Disciplines." Southwest Review of International Business Research, vol. 17, no. 1, pp , Jonsson, Petur O. "On Poverty, Choice, Culture and Discrimination as Sources of Health Disparities: Some Thoughts on Public Policy and the US Health Care System." Proceedings of the Association for Global Business Dubas, Khalid M. and Petur O. Jonsson. "Rationality in Consumer Decision Making." Proceedings of the Academy of Marketing Studies, vol. 10, no. 2, pp. 5-8, Jonsson, Petur O. and Amon Okpala, On Economic Freedom, Economic Development, & the Vicious Cycle of Poverty in LDCs. Papers & Proceedings of the Academy of Economics & Finance, vol. 29, pp , 2005.

3 Jonsson, Petur O. Spam, Scams and Flim-Flam: On the Economics of Internet Fraud and Deceptive Marketing, Papers & Proceedings of the Academy of Economics & Finance, vol. 29, pp , Jonsson, Petur O. "Market Failures and Market Solutions: A New Look at the Economics of Spam." Proceedings of the 2004 Conference of the International Association Business and Public Administration Disciplines. (Item No. 140 on CD-ROM). Jonsson, Petur O. and Amon Okpala. "Economic Freedom, Economic Development, and Economic Instability." Proceedings of the 2003 Conference of the Association for Global Business, pp , Jonsson, Petur O. and Amon Okpala. "Economic Development, and Economic Instability." 2002 Proceedings of the Academy of Economics and Finance, pp , Jonsson, Petur O. "Technological Progress and the Distribution of Income: A Simulation Experiment Using Kremer's O-Ring Model of Economic Development." Proceedings of the American Society of Business and Behavioral Sciences, vol. 9, no. 1, 2002, pp Jonsson, Petur O. "On the Economic Causes and Conseqences of Grade Inflation." Proceedings of the American Society of Business and Behavioral Sciences, vol. 9, no. 1, 2002, pp Amon Okpala and Petur O. Jonsson. "Social Attributes And Economic Instability In Africa." The Journal of Applied Business Research, vol. 18, no. 1, Winter 2002, pp Jonsson, Petur O. "Networks, Culture, Transactions Costs and Discrimination." International Journal of Social Economics, vol. 28, no , 2001, pp Jonsson, Petur O. "Keynes, Ricardo, Malthus and Say's Law: Comment." In Keynes and the Classics Reconsidered, edited by James C. W. Ahiakpor. Boston: Kluwer Academic Publishers, 1998, pp Jonsson, Petur O. "Technological Progress, Organizational Complexity, and Income Distribution." Proceedings of the 34nd Annual Meeting: Southeastern Chapter of the Institute for Operations Research and the Management Sciences, 1998, pp Jonsson, Petur O, and A. Okpala. "Social Attributes And Economic Instability In Africa." Proceedings of the 16 th Annual Meeting of the Association of Third World Studies, 1998, pp

4 Jonsson, Petur O, and A. Okpala. "On Economic Instability in African Economies." Atlantic Economic Journal, vol. 25, no. 4, December 1997, p Jonsson, Petur O. "On Henry George, the Austrians, and Neoclassical Choice Theory: A New Look at the Similarities Between George and the Austrians." The American Journal of Economics and Sociology, October 1997, pp Jonsson, Petur O. "On Gluts, Effective Demand, and the True Meaning Of Say's Law." Eastern Economic Journal, vol. 23, no. 2, Spring 1997, pp Jonsson, Petur O."Instrumental Rationality and Consumer Behavior: Some Thoughts on the Schism Between Economics and Marketing." Proceedings of the 32nd Annual Meeting: Southeastern Chapter of the Institute for Operations Research and the Management Sciences, 1996, pp [Received Best Paper Award] Jonsson, Petur O."On Meta-Preferences and Incomplete Preference Maps." International Advances in Economic Research, vol. 2, no. 2, May 1996, pp Jonsson, Petur O. "Choice, Uncertainty, and Innovation: A New Look at Consumer Entrepreneurs." Journal of Private Enterprise, vol. 11, no. 2, Spring 1996, pp Jonsson, Petur O, and A. Okpala. "On Business Fluctuations and Economic Instability in the Economies of Africa." The Academy of Economics and Finance: Papers and Proceedings 1996, vol. 20, pp Jonsson, Petur O. "Case-Based Decision Theory and the Demand for Insurance." Midwest Review of Finance and Insurance vol. 10, no. 1, Spring 1996, pp Jonsson, Petur O, and D. Bajwa. "Hold-Ups, Moral Hazard, and the Break-Down of Organizational Structures." Proceedings of the 31st Annual Meeting: Southeastern Chapter of the Institute of Management Sciences, 1995, pp Jonsson, Petur O. "On the Economics of Say and Keynes's Interpretation of Say's Law." Eastern Economic Journal, vol. 21, no. 2, Spring 1995, pp Jonsson, Petur O. "The Economics of Grade Inflation." Papers and Proceedings of the Midsouth Academy of Economics and Finance, vol. 19, 1995, pp Jonsson, Petur O. "Social Influence and Individual Preferences: On Schumpeter s Theory of Consumer Choice." Review of Social Economy, vol. 52, no. 4, Winter 1994, pp

5 Jonsson, Petur O. "Aggregate Consistency in the New Keynesian Macroeconomic Models." Papers and Proceedings of the Midsouth Academy of Economics and Finance, vol. 18, 1994, pp Jonsson, Petur O, I.P. Nijhawan, and V. Sekhri. "CEO Compensation and the Concentration of Stock Ownership." Papers and Proceedings of the Midsouth Academy of Economics and Finance, vol. 18, 1994, pp Jonsson, Petur O. "Choice, Consistency, and Utility Maximization: Reflections on the Concept of Rationality." Journal of Economics, vol. XVIII, 1992, pp Jonsson, Petur O. "Public Projects, Political Pressure, and Redistribution." Þjóðmál: Yearbook of Political Economy and Social Science, vol. 2, 1991, pp Jonsson, Petur O. "On Money Stock Targeting Under Privileged Information." Þjóðmál: Yearbook of Political Economy and Social Science, vol. 2, 1991, pp Jonsson, Petur O. "Walras, Marshall, and The New Classical Macroeconomics." Þjóðmál: Yearbook of Political Economy and Social Science, vol. 2, 1991, pp Jonsson, Petur O, and R. Árnason. The economic impact of longer school-days in Icelandic primary schools (In Icelandic), 1990, Reykjavik, Iceland: Ministry of Education. Jonsson, Petur O. Macroeconomics, 1987, State College: The Pennsylvania State University Department of Independent Learning. (A guide to independent learning in macroeconomics) Jonsson, Petur O. Labor Economics, 1987, State College: The Pennsylvania State University Department of Independent Learning. (A guide to independent learning in labor economics) BOOK REVIEWS Say's Law and the Keynesian Revolution: How Macroeconomics Lost its Way. By Steven Kates. Cheltenham, UK: Edward Elgar, Pp. ix, 252. Published in the Southern Economic Journal, April 1999, pp Hayek, Co-Ordination and Evolution: His Legacy in Philosophy, Politics, Economics and the History of Ideas. Edited by Jack Birner and Rudy van Zijp. New York: Routledge, Pp. xi, 388. Published in the Southern Business and Economic Journal, January 1995, pp PAPERS PRESENTED AT CONFERENCES

6 Association for Private Enterprise Education, Guatemala City, April, Second International Conference on Business, Law and Technology Long Island NY, June, Academy of Economics & Finance Nashville, February, Academy of Economics & Finance Jacksonville, February, International Association of Business and Public Administration Disciplines Orlando, January, International Association of Business and Public Administration Disciplines Orlando, January, International Association of Business and Public Administration Disciplines Dallas, April, Association for Global Business Miami Beach, November, Academy of Economics & Finance Myrtle Beach, February, International Association of Business and Public Administration Disciplines New Orleans, February Association for Private Enterprise Education, Las Vegas, February, Durham, July 6-8, American Society of Business and "On Utilitarianism vs. Virtue Ethics as Foundations of Economic Choice Theory." The Economics of Spam and the Context and the Aftermath of the CAN-SPAM Act of On Pros and Cons and Marks: Some Thoughts on the Economics of Deception, Con Games, and Fraud. Say's Law, Aggregate Consistency and the Classical Theory of Gluts. "Limits to Waste Reduction and Incentives to Recycle Post-Consumer and Post-Industrial Waste." " Descriptive vs. Prescriptive Theories of Economic Choice: Some Thoughts on the Problems of Economic Choice Theory." "On Market Failures, Disparate Outcomes, and Discrimination in the US Healthcare System." "On Poverty, Choice, Culture and Discrimination as Sources of Health Disparities: Some Thoughts on Public Policy and the US Health Care System." Spam, Scams and Flim-Flam: On the Economics of Internet Fraud and Deceptive Marketing. Market Failures and Market Solutions: A New Look at the Economics of Spam. "Property Rights and the Economics of Spam." "Malthus vs. Say on Productive vs. Unproductive Consumption." "Technological Progress and the Distribution of

7 Behavioral Sciences, Las Vegas, February 7-10, American Society of Business and Behavioral Sciences, Las Vegas, February 7-10, Winston-Salem, June 29-July 1, Association for Private Enterprise Education, Washington DC, April 8-10, HoPE Seminar Series, Duke University, December 1, Income: A Simulation Experiment Using Kremer's O-Ring Model of Economic Development." "On the Economic Causes and Conseqences of Grade Inflation." "Hobson, Keynes and the General Theory." "Technical Progress and the Distribution of Income." "Hobson's Influence on Keynes's General Theory." Montréal, June 21-23, "On the Origins and the Legacy of Lange's Laws." Allied Social Science Associations, Boston, January 4-6, "Networks, Culture, Transaction Costs and Discrimination." Southern Economic Association, New Orleans, November 21-23, Greensboro, June 25-28, SE-TIMS /SE-INFORMS, Myrtle Beach, October 1-2, Montreal, June 19-22, Southern Economic Association, Atlanta, Nov , Charleston, June 20-23, Southern Economic Association, Washington DC, Nov , SE-TIMS /SE-INFORMS, Myrtle Beach, October 3-4, "Chalmers vs. Malthus on the Principle of Population, the Causes of Pauperism, and General Gluts." "The Origins and the Legacy of Lange's Laws." "Technological Progress, Organizational Complexity, and Income Distribution." "Chalmers vs. Malthus and Sismondi on Gluts: Imperfect Wage and Interest Rate Adjustment vs. Underconsumption." "Signaling, Adverse Selection, and Grade Inflation." "Underconsumption vs. Coordination Failure Explanations of Gluts in Pre-Keynesian Economics." "Hobson's Influence on Keynes: A Reexamination." "Instrumental Rationality and Consumer Behavior:

8 Some Thoughts on the Schism Between Economics and Marketing." World Congress of Social Economics, Charleston, July 31-August 3, "On Economic Organization and Income Distribution." Midwest Business Adm. Assoc. Chicago, March 13-15, Congress of Political Economists, San Francisco, January 7-8, Southern Economic Association, New Orleans, Nov , HoPE Seminar Series, Duke University, April 8, Atlantic Economic Association, Williamsburg, October 8-11, SE-TIMS /SE-INFORMS, Myrtle Beach, October 5-6, Association for Private Enterprise Education, Atlanta, April 9-11, Academy of Economics and Finance, Biloxi, February 16-18, International Symposium on Economic Modelling, World Bank, June 22-24, Academy of Economics and Finance, Nashville, February 9-12, Academy of Economics and Finance, Nashville, February 9-12, Southern Economic Association Washington DC, Nov , "Case-Based Decision Theory and the Demand for Insurance." "On Henry George, the Austrians, and Neoclassical Choice Theory." "On Classical Theories of General Gluts and Commercial Crises." "On Classical Theories of General Gluts and Commercial Crises: A Reexamination of the Debate Between Say and Malthus." "On Meta-Preferences and Incomplete Preference Maps." "Hold-Ups, Moral Hazard, and the Break-Down of Organizational Structures." [co-author: D. Bajwa] "Choice, Uncertainty, and Innovation: A New Look at Consumer Entrepreneurs." "On the Economics of Grade Inflation." "On the Aggregation Structure of Macroeconomic Models." "Aggregate Consistency in the New Keynesian Macroeconomic Models." "CEO Compensation and the Concentration of Stock Ownership." [co-authors: I. Nijhawan and V. Sekhri] "On Velocity Forecasts and the Use of Money Stock Targets for Monetary Policy."

9 Missouri Valley Econ. Association St. Louis, February 27-29, Missouri Valley Econ. Association Kansas City, February 23-25, Southern Economic Association San Antonio, November 20-22, Atlantic Economic Association Philadelphia, October 6-9, Western Economic Association Los Angeles, June 30-July 3, "Choice, Consistency, and Utility Maximization: Reflections on the Concept of Rationality." "Aggregation, Information Content, and Forecasting Accuracy." "The Short-Run Transactions Elasticity of Money Demand." "Walras, Marshall, and the New Classical Macroeconomics." "Money as an Input in Household Production: A New Look at the Microfoundations of the Demand for Money." TEACHING EXPERIENCE Fayetteville State University (Fall 1992-present): Entrepreneurship & New Ventures (Econ 301) Strategic Entrepreneurship (Econ 303) Statistics for Business & Economics (BADM 216) Applied Econometrics (Econ 321) Principles of Macroeconomics (Econ 211) Economic Problems (Econ 430) Principles of Microeconomics (Econ 212) Economics for Managers (Econ 590) Quantitative Methods (Econ 231) Microeconomics (Econ 591) Microeconomic Theory (Econ 311 & Econ 315) Macroeconomics (Econ 592) Intermediate Macroeconomics (Econ 312 & Econ 316) Managerial Economics (Econ 610) Seminar in Business Admin. (BADM 490) École Supérieure de Commerce de Bretagne Brest (Spring 2009): Markets & Economic Behavior (Marchés et Comportements) University of Nebraska ( ): Principles of Macroeconomics (Econ 211) Economics of National Income (Econ 374) Money and Banking (Econ 303) Monetary Theory and Policy (Econ 403/803) Current Issues in Monetary Theory and Policy (Econ 404/804) University of Iceland ( ) : Seminar in Advanced Microeconomic Theory Economic Analysis of Labor Markets Economics for Journalists Pennsylvania State University ( ): Principles of Microeconomics (Econ 2) Principles of Macroeconomics (Econ 4) Labor Economics (Econ 315) DOCTORAL DISSERTATION Managerial Economics (Econ 912) Seminar in Advanced Macroeconomic Theory I (Econ 974) Seminar in Advanced Macroeconomic Theory II (Econ 984) Public Finance History of Economic Thought Advanced Macroeconomic Theory Intermediate Microeconomics (Econ 302) Intermediate Macroeconomics (Econ 304)

10 Title: Two Essays on Money and Monetary Control. Thesis Advisor: Raymond E. Lombra, Professor of Economics at the Pennsylvania State University. Summary: The thesis consists of two essays on the importance of information for monetary policy. The first essay uses aggregation theory and information theory to examine the information contained in monetary aggregates. The main findings of this essay are (1) that contrary to the literature, aggregation may improve our understanding of the relationship between monetary policy actions and the final targets of monetary policy, and (2) that Divisia monetary aggregates are neither theoretically nor empirically superior to simple-sum aggregates. The second essay then deals with the Fed's ability to extract the information necessary to conduct monetary policy. An examination of the Fed's "Greenbook" and the FOMC's monetary targets suggests that the Fed's policy actions are based on implicit velocity forecasts that are outperformed by a random walk. CURRENT RESEARCH INTERESTS History of Economic Thought; Microfoundations; Macroeconomics & Monetary Theory; Choice Theory; Entrepreneurship and Innovation; Social Economics.