GEORGE SELGIN
Department of Economics
University of Georgia
Athens, GA 30602
(706)542-2734; fax (706)542-3376
selgin@terry.uga.edu
POSITIONS:
2001- : Professor of Economics, University of Georgia
1995- 2001: Associate Professor of Economics, University of Georgia
1989-1995: Assistant Professor of Economics, University of Georgia
1988-1989: Lecturer in Economics, University of Hong Kong
1985-1988: Assistant Professor of Economics, George Mason University
EDUCATION:
Ph.D., Economics, New York University, l986.
B.A., Economics and Zoology, Drew University, l979.
FOREIGN LANGUAGES:
Italian, French, Spanish (reading only)
CITIZENSHIP:
USA; Italy (EU)
PRINCIPAL FIELDS:
Monetary Economics
Banking
Macroeconomics
COURSES TAUGHT:
Principles of Macroeconomics
Intermediate Macroeconomics
Money and Banking
Graduate Monetary and Banking Theory
Graduate History of Economic Thought
Graduate Monetary Policy and Institutions
PUBLICATIONS:
Books and
Monographs:
Less Than Zero: The Case for a Falling Price Level in a Growing Economy. London: Institute of Economic Affairs Occasional Paper, 1997.
Editor, The Fluttering Veil: Essays on Monetary Disequilibrium by Leland B. Yeager. Indianapolis: Liberty Press, 1997.
Bank Deregulation and Monetary Order. London: Routledge, 1996.
Editor, Readings in Money and Banking. Needham, Mass: Ginn Press, 1992; second edition: 1995; third edition 1998.
Praxeology and Understanding: An Analysis of the Controversy in Austrian Economics. Auburn, Alabama: The Ludwig von Mises Institute, 1991.
The Theory of Free Banking: Money Supply under Competitive Note Issue. Totowa, New Jersey: Rowman & Littlefield, l988. Co-published by the Cato Institute, Washington, D.C. French translation: La Theorie de la banque Libre. Paris, Les Belles Lettres, 1991. [ paper ]
Articles, Notes, and Comments in Refereed Economics Journals:
"Adaptive Learning and the Transition to Fiat Money." The Economic Journal, forthcoming 2002. [ paper ]
"In-Concert Overexpansion and the Precautionary Demand for Bank Reserves." Journal of Money, Credit, and Banking 33(2) (May 2001): 294-300. [ paper ]
"The Suppression of State Bank Notes: A Reconsideration." Economic Inquiry 38(4) (October 2000): 600-15.
"Hayek versus Keynes on How the Price Level Ought to Behave." History of Political Economy, Winter 1999. [ paper ]
"By Our Bootstraps: Origins and Effects of the High-Wage Doctrine" (with Jason Taylor). Journal of Labor Research, Fall, 1999: 447-62.
"A Fiscal Theory of Governments' Role in Money" (with L. H. White). Economic Inquiry, January 1999: 154-65.
"The Check Tax: Fiscal Folly and the Great Monetary Contraction" (with William D. Lastrapes). Journal of Economic History 57, December 1997: 859-78.
"The Option Clause in Scottish Banking" (with L.H. White). Journal of Money, Credit, and Banking 29, May 1997: 270-73.
"Salvaging Gresham's Law: the Good, the Bad, and the Illegal." Journal of Money, Credit, and Banking 28, November 1996: 637-649.[ paper ] (JSTOR Link)
"In Defense of Fiduciary Media" (with L. H. White). Review of Austrian Economics 9(2), 1996: 83-107.
"The Dependency of Wage Contracts on Monetary Policy" (with Fred Foldvary). Journal of Institutional and Theoretical Economics 151, 1995: 658-76.
"The Case for a 'Productivity Norm': Comment on Dowd." Journal of Macroeconomics 17, 1995: 733-40.
"The `Productivity Norm' vs. Zero Inflation in the History of Economic Thought." History of Political Economy 27, 1995: 705-35.
"The Liquidity Effect: Identifying Short-Run Interest Rate Dynamics using Long-Run Restrictions" (with W. D. Lastrapes). Journal of Macroeconomics 17, 1995: 387-404.
"How Would the Invisible Hand Handle Money?" (with L. H. White). Journal of Economic Literature 32, 1994: 1718-1749. Reprinted in David Laidler, ed., TheFoundations of Monetary Economics (London: Edward Elgar, 1999). [ paper ] (JSTOR Link)
"Free Banking and Monetary Control." Economic Journal 104, 1994: 1449-59. [ paper ] (JSTOR Link)
"Monetary Reform and the Redemption of National Bank Notes, 1863-1913" (with L. H. White). Business History Review 68, 1994: 205-43.
"On Ensuring the Acceptability of a New Fiat Money." Journal of Money, Credit, and Banking 26, 1994: 808-26. [ paper ] (JSTOR Link)
"Buffer-Stock Money: Interpreting Short-Run Dynamics Using Long-Run Restrictions" (with W. D. Lastrapes). Journal of Money, Credit, and Banking 26 1994: 34-54. [ paper ] (JSTOR Link)
"In Defense of Bank Suspension." Journal of Financial Services Research 7, 1993: 347-64.
"Bank Lending `Manias' in Theory and History." Journal of Financial Services Research 6, 1992: 169-86.
"Laissez-Faire Monetary Theorists in Late Nineteenth Century America" (with L. H. White). Southern Economic Journal 56, 1990: 774-87.
"L. Albert Hahn: Precursor of Keynesianism and the `Monetarist Counterrevolution'" (with D. Boudreaux). History of Political Economy 22, 1990: 261-79.
"Laissez-Faire Monetary Thought in Jacksonian America" (with L. H. White). Perspectives on the History of Economic Thought, 1990: 20-39. Reprinted in Free Banking, Vol. 2: History. London: Elgar, 1993.
"The Analytical Framework of the Real-Bills Doctrine." Journal of Institutional and Theoretical Economics 145, l989: 489-507.
"Commercial Banks as Pure Intermediaries: Between `Old' and `New' Views." Southern Economic Journal 56, l989: 80-86.
"The Stability and Efficiency of Money Supply under Free Banking." Journal of Institutional and Theoretical Economics 143, l988: 435-56. Reprinted in Free Banking, Vol. 3: Modern Theory and Policy. London: Elgar, 1993.
"Praxeology and Understanding." Review of Austrian Economics, 1988: 19-58. Reprinted in Modern Austrian Economics. London: Elgar, 2002.
"Competitive Monies and the Suffolk System: Comment" (with L. H. White). Southern Economic Journal 55, l988: 215-19. Reprinted in Free banking: Vol. 3: Modern Theory and Policy. London: Elgar, 1993.
"Central Banking: Myth and Reality." Hong Kong Economic Papers, l988: 1-13.
"The Evolution of a Free Banking System" (with L. H. White). Economic Inquiry 25, l987: 439-57. Reprinted in L. H. White, Competition and Currency. New York: New York University Press, 1989; Free Banking, Vol. 3: Modern Theory and Policy. London: Elgar, 1993, and Kurt R. Leube, ed., "Die Oesterreichische Schule der Nationaloekonomie," Manz Verlag, Vienna, 1996.
Other Refereed Journal Publications (Including Conference Proceedings):
"You Call That Deregulation? A Critical Examination of Hugh Thomas’s ‘Proposal to Deregulate Banking’." Cato Journal 21(2) (Fall 2001): 1-17.
"World Monetary Policy After The Euro." Cato Journal 20(1) (Spring/Summer 2000): 105-8. (Annual Monetary Conference issue.) Reprinted in Treasury Management, August 2001, pp. 32-4.
"Should We Let Banks Create Money?" Independent Review, Summer 2000: 93-100. [ paper ]
"Ludwig von Mises and the Case for Gold." Cato Journal, Fall 1999: 259-72.
"A Regulatory Placebo?, or, The Strange Case of Dr. Kaufman and Mr. SEIR." Cato Journal 17, Spring/Summer 1997: 91-98. [ paper ]
"Bank Self-Regulation: Comment on Bordo and Schwartz." Cato Journal 14, 1995: 481-92. [ paper ]
"Are Banking Crises Free-Market Phenomena?" Critical Review 8, 1994: 591-608.
"Banking is Different, Because it is Regulated." Cato Journal 13, 1994: 359-65. (Annual Monetary Conference issue.)
"The Rationalization of Central Banks." Review essay on Charles Goodhart, The Evolution of Central Banks. Critical Review 7, 1993: 335-54.
"Currency Reform: Is Freedom Enough?" Cato Journal 12, 1993: 651-55. (Annual Monetary Conference issue.)
"On Foot-Loose Prices and Forecast-Free Monetary Regimes." Cato Journal 12, 1992: 75-80. (Annual Monetary Conference issue.)
"Why Does Europe Want a Federal Reserve System?" Cato Journal 10, 1990: 449-53. (Annual Monetary Conference issue.)
"Monetary Equilibrium and the 'Productivity Norm' of Price Level Policy." Cato Journal 10, 1990: 265-87.
"More Revolutionary than Thou." Review essay on Gordon A. Fletcher, The Keynesian Revolution and its Critics. Critical Review 3, 1989: 435-43.
"Legal Restrictions, Financial Weakening, and the Lender of Last Resort." Cato Journal 9, 1989: 429-59. (Annual Monetary Conference issue.) Reprinted in Hong Kong Economic Papers 1990.
"Accommodating Changes in the Relative Demand for Currency: Free Banking versus Central Banking." Cato Journal 7, l988: 621-641.
Book Chapters:
"Mengerian Perspectives on the Future of Money" (with L. H. White). In Michael Latzer and Stefan Schmidtz, eds., Carl Menger and the Evolution of the Payments System. Aldershot, U.K.: Edward Elgar, forthcoming 2002.
"Menger's Theory of Money: Some Experimental Evidence" (with P. Klein). In John Smithin, ed., What is Money? London: Routledge, 2000, pp. 217-34..
"Monetary Federalism: A Lesson from the United States." In Prospettive Euro-Atlantiche. Genoa: Center for Euro-Atlantic Studies, 1998.
"E-Money: Friend or Foe of Monetarism?" In The Future of Money in the Information Age, ed. James A. Dorn. Washington: The Cato Institute, 1997, pp. 97-100. [ paper ]
"The Significance of Leland Yeager's Monetary Writings." In The Fluttering Veil: Essays on Monetary Disequilibrium by Leland Yeager, ed. G. Selgin. Indianapolis: Liberty Fund, 1997.
"Real versus Pseudo Free Trade in Banking: A Critique of NAFTA's Financial Services Provisions." In Money and Markets in the Americas. Vancouver: The Fraser Institute, 1996. [ paper ]
"National Bank Notes as a Quasi-High-Powered Money" (with Lawrence H. White). In Money and Banking: The American Experience. Fairfax, VA: George Mason University Press, 1995.
"The Yield from Money Held Revisited: Lessons for Today." In Peter J. Boettke and David L. Prychitko, eds., The Market Process: Essays in Contemporary Austrian Economics. Aldershot, U.K.: Edward Elgar, 1994, pp. 139-65.
"Free Banking in Foochow." In Kevin Dowd, ed., The Experience of Free Banking. London: Routledge and Kegan Paul, 1992: 103-22.
Other Publications (Partial listing):
"Let Private Money Spark a Recovery in Argentina." The Wall Street Journal, August 17, 2001; reprinted in The National Post (Canada), August 22, 2001. [ paper ] [ paper on CATO] [ paper on CATO, Spanish]
"Why Private Banks and Not Central banks Should Issue Currency" (with L. H. White). Liberty Fund Library of Economics and Liberty Contributors' Forum Feature Essay, April 19, 2000. [ paper ]
"A Plea for (Mild) Deflation." Cato InstitutePolicy Report, May/June 1999.
"Replacing Potemkin Capitalism: Russia's Need for a Free-Market Financial System" (with Kurt Schuler). Cato Institute Policy Analysis, June 1999.
"We Need a Global Fed? It Just Ain't So!" The Freeman, February 1999.
Review of Thomas Hall and David Ferguson, The Great Depression: An International Disaster of Perverse Economic Policies. Southern Economic Journal, January 1999.
"Los Padrinos del Dinero Fácil." El Murcurio, November 11, 1998.
"Central Banks: Godfathers of Easy Money." Financial Times (London), October 21, 1998.
Review of Mark Toma, Competition and Monopoly in the Federal Reserve System, Southern Economic Journal, July 1998.
"A Gentle, Mild Inflation is a Sign of Economic Health." The National Business Review, May 15, 1998.
"The Price is Right." National Review, March 23, 1998.
"America's Deflation Hysteria." Syndicated editorial feature, Bridge News Service, December 1997.
Review of Barry Eichengreen, Globalizing Capital, for the Economic History Research Network, December 1997.
"On Inflation, Shoot for Less Than Zero." The Wall Street Journal Europe, May 16-17, 1997.
"Demand for Currency" and "L. Albert Hahn." In Business Cycles and Depression: An Encyclopedia, David Glasner, ed. New York: Garland Publishing, 1997.
"A Market Spooked by Keynes." The Wall Street Journal, March 4, 1994.
"La Banca de Emision: Experience Historica Mundial." Centro de Estudios En Economia y Education (Mexico) Reporte, Winter 1993.
"The ECU Could Stabilize Eastern Currencies." The Wall Street Journal, Jan. 9, 1992. (Published in the The Wall Street Journal Europe as "The ECU Could Stabilize CIS Currencies.")
"Replacing the Ruble in Lithuania: Real Change versus Pseudo Reform" (with Kurt Schuler and Joseph Sinkey, Jr.) Cato Institute Policy Analysis, October, 1991. [ paper ]
Review of J. Patrick Gunning, The New Subjectivist Revolution. Austrian Economics Newsletter, Fall, 1991: 4-7.
"Short-Changed in Chile: The Truth about the Free-Banking Episode." Austrian Economics Newsletter, Winter/Spring 1990.
Review of Rudolf Richter, Money. Constitutional Political Economy 1, 1990: 83-6.
"'Lost' S. & L. Money is Still Out There." Letter to The New York Times, November 12, 1990.
"Litas Nereikalingas is viso" ("The New Litas Reform will Fail") (with K. Schuler). Permainos (Lithuania's leading daily), September 1990.
"The Uneasy Case for a Stable Price Level." Durell Journal of Money and Banking 2 (1990): 14-19.
"Response to Carl Christ." Market Process, Spring 1990.
"The Importance of Decentralizing Money when Decentralizing Economic Decision Making: Comment on Bernholz." In Edward Crane, ed., Economic Reform in China: Problems and Prospects. Washington, D.C.: The Cato Institute, 1990. (Also in Chinese ed.)
"Let the Banks Issue Currency." Journal of Commerce, May 26, l989.
"Free Banking: Some Questions Answered." Austrian Economics Newsletter, Spring/Summer 1989: 6-10.
"Reforming Hong Kong's Monetary System." Asian Monetary Monitor, January-February, l988.
"Interstate Banking: The Reform that Won't Go Away" (with Steven Horwitz). Cato Institute Policy Analysis, December l5, l987. [ paper ]
"The Case for Free Banking." USA Today (magazine), September 1986, 80-84. Reprinted in Modern Austrian Economics. London: Elgar, 2002.
Under Review:
"The Euro and World Inflation" (with David D. VanHoose) [ paper ]
"Wholesale Payments: Questioning the Market Failure Hypothesis" [ paper ]
"Credible Currency: The Commitment Problem in Private and Central Banking" (with Lawrence H. White).
WORKING PAPERS, WORKS IN PROGRESS, and UNPUBLISHED DOCUMENTS:
"Steam, Hot Air and the Gold Standard" [ paper ]
"Wholesale Payments: Questioning the Market Failure Hypothesis" [ paper ]
"Currency Boards, Dollarization, and Private Currencies" (with K. Schuler). Paper in progress.
"Good
Money: How Some Birmingham Button Makers Showed the World the Way Around
Gresham's Law" Book in progress. [ title
] [ excerpt ]
"Note Brand Discrimination and the Efficiency of Free Banking: An Old
Argument Revisited" (with L.H. White). Unpublished working paper, 2000.
"Comparing the Costs of Alternative Large-Value Payments Systems" (with Lois Allen). Paper in progress.
"Memorandum on Lithuanian Monetary Reform" and "A Proposal for Reforming Lithuania's Monetary System" (with Kurt Schuler). Documents submitted to the Prime Minister of the Republic of Lithuania, August and November 1991.
PRESENTATIONS and CONFERENCE PARTICIPATION (Partial Listing):
"Currency Unification and Word Inflation." Paper presented at the AEA Annual Meetings, Atlanta, January 4, 2002.
"Monetary Institutions and Monetary Reform." Franscisco Marroquin University seminars, Guatemals City, Guatemala, July 2001.
Participant, Liberty Fund colloquium on "Murray Rothbard’s America’s GreatDepression." Milwaukee, Wisconsin, April 2001.
"Mengerian Perspectives on the Future of the Payments System." Paper presented at the Austrian Academy of Science, October 21, 2000.
General discussant, session on "Austrian Perspectives on the Business Cycle," Atlantic Economic Association Annual Conference, Charleston, October 16, 2000.
Participant, Liberty Fund conference on "Liberty and the French Enlightenment." Flat Rock, North Carolina, June 15-18, 2000.
Participant, Liberty Fund conference on "Deflation and Economic Growth." Bozeman, Montana, June 1-4, 2000.
"Wholesale Payments: The Market-Failure Mirage." Paper presented at Freiburg University, Center for Monetary Research, May 2000.
"La Theorie de la Banque Libre et la 'Loi du Reflux': Commentair sur Le Maux." Comment given at the University of Paris-Sorbonne Conference on Applied Austrian Economics, May 2000.
"Network Effects, Adaptive Learning, and the Emergence of Fiat Money." paper presented at the Dept. of Economics, George Mason University, Fairfax, VA, April 21, 2000.
"The Suppression of State Bank Notes." Paper presented at the Economic History Workshop, Dept. of Economics, Rutgers University, New Brunswick, NJ, April 17, 2000; at the American Economic Association Annual Meetings, New York, January, 1999; and at the Federal Reserve Bank of Atlanta, November 1998.
"Is Zero Inflation Too Much?" Lecture, Columbia Economics Club, Columbia, SC, February 21, 2000.
Discussant, session on "Lessons of Monetary History." American Economic Association annual meeting, New York city, January 1999.
"Ludwig von Mises and the Case for Gold." Paper presented at the Southern Economic Association meetings, New Orleans, November 23, 1999.
"Monetary Policy After the Euro." Paper presented at the Cato Institute Annual Monetary Conference, Washington, DC, October 21, 1999.
"Must Government Play Any Role in Providing Money?" and "Must Government Regulate Banks?" Lectures delivered at the Foundation for Economic Education, Irvington-on-Hudson, August 2, 1999.
"Credible Commitments in Private and Central Banking." Paper presented at the Western Economic Association Annual Meetings, San Diego July 1999.
"Network Effects, Adaptive Learning, and the Transition to Fiat Money." Paper presented at the Economics Department Workshop, Clemson University, January 1998, and at the Federal Reserve Bank of Atlanta, May 1998.
Director, Liberty Fund Conference on "The Fluttering Veil." University of Georgia Center for Continuing Education, November 5-8, 1998.
"A Fiscal Theory of Government's Role in Money." paper presented at the Einaudi Foundation, Rome, Italy, June 1997; at the University of Turin, July 1997, and at the University of Genoa, July 1997.
"Il Federalismo Monetario: Lezioni da gli Stati Uniti." Lecture given at the University of Genoa-Center for Euro-Atlantic Studies Conference, "Il Futuro del Federalismo", June 1997.
"Deflation: Myths and Reality." Lecture delivered at the Institute of Economic Affairs, London, June 1997.
"Alternatives to Central Banking." Lecture delivered at the Adam Smith Institute's International Central Banking Workshop, London, June 1997.
"Hayek vs. Keynes on How the Price Level Ought to Behave." Paper presented at the University of Vienna Conference on Hayek versus Keynes, Vienna, March 1995, and at the University of Bergamo International Conference on German Monetary Theory Revisited, Bergamo, Italy, December 1996.
Chair and discussant, session on "The Origins of Central Banking," Southern Economic Association annual meeting, Washington, DC, November 1996.
Director, Liberty Fund Conference on "Seignorage and Liberty," University of Georgia Center for Continuing Education, October 27-29, 1996.
General discussant, session on "American Monetary Economics," History of Economic Thought Society annual meeting, Vancouver, B.C., June 28, 1996.
"E-Money: Friend or Foe of Monetarism?" Paper presented at the cato Institute annual Monetary Conference, "The Future of Money in the Information Age." Washington, DC, May 23, 1996. [ paper ]
Discussant, session on "The Legacy of Murray Rothbard," Southern Economic Association annual meeting, New Orleans, November 1995.
"The Check Tax: Fiscal Folly and the Great Monetary Contraction." Paper presented at the NBER Workshop on Macroeconomic History, Cambridge, Mass., October 1995.
"Toward a Fiscal Theory of Government Monetary Institutions." Paper presented at the Southern Economic Association annual meeting, Orlando, Florida, November 20-22, 1994.
"The Productivity Norm and 'Zero Inflation' in the History of Economic Thought." Paper presented at the Southern Economic Association annual meeting, Orlando, Florida, November 20-22, 1994.
Chair, session on "Alternative Monetary Arrangements." Southern Economic Association annual meeting, Orlando, Florida, November 1994.
Director, Liberty Fund Conference on "Money and Liberty in United States History," Indianapolis, June 16-18, 1994.
"Real vesus Pseudo Free Trade in Banking: A Critique of NAFTA's Financial Services Provisions." Paper presented at the Centro de Investigations Sobre le Libre Impressa (CISLE)-Cato Institute Monetary Conference, "Monetary Arrangements in the America's after NAFTA," Mexico City, May 1994.
"Free Banking and Monetary Control." Paper presented at the Clemson University Economics Department workshop, January 13, 1994.
"Are Banking Crises Free-Market Phenomena?" Lecture for the Mt. Pelerin Society Regional Meeting, Rio de Janeiro, Sept. 9, 1993.
"Myths and Misconceptions about Freedom in Banking." Lecture for ESEADE (Graduate School of Business Administration), Buenos Aires, Argentina, June 1993.
"Myths and Misconceptions about Freedom in Banking." Lecture given at the Central Bank of Guatemala, March 4, 1993.
"Currency Reform: A Free Market Perspective." Lecture given at the Universidad Francisco Marroquin, Guatemala, March 1 and 2, 1993.
"Zero Inflation: A False Monetary Policy Ideal." Lecture given at CIEN (Centre de Investigaciones Economicas Nacionales), Guatemala City, Guatemala, March 3, 1993.
Director, Liberty Fund Conference on "Liberty and Banking." Indianapolis, Indiana, April 2 - 5, 1992.
"The Liquidity Effect: Identifying Short-Run Interest Rate Dynamics using Long-Run Restrictions." Paper presented at the Federal Reserve bank of Atlanta, October 23, 1992.
"On Introducing a New Fiat Money: Lessons from von Mises' Regression Theorem." Lecture given at the Ludwig von Mises Institute Tenth Anniversary Scholars' Conference, New York city, October 11, 1992.
"On Launching a New Fiat Money." Paper presented at the georgtown University Conference, The Transition from Socialism to Capitalism, Washington, D.C., April 25, 1992.
"Monetary Reform and the Unit of Account: Lessons From Von Mises' Regression Theorem." Lecture sponsored by the Ukranian Academy of Science, Lviv, Ukraine, December 7, 1991.
"The Soviet Economic Collapse." Interview on "Viewpoints", program, WUGA, September 16, 1991.
"Monetary Reform in the Baltics." Presentation at the International Baltic Commission Conference, Indianapolis, October 1991.
"Social Justice and Free-Market Money." Lecture for the Summer University of the New Economists, Aix-en-Provence, France, August, 1991.
"The Plight of Lithuanian Independence." Interview on "Centerlines" program, National Public Radio, February 7, 1991.
"Banking 'Manias' in Theory and History." Paper presented at the George Edward Durell Foundation Conference, "Financial Fitness in the 1990s." Scottsdale, Arizona, 1991 and at the Atlantic Economic Association meetings in Williamsburg, Virginia, 1991.
"Currency Competition or a European Monetary System?" Lecture for the Summer University of the New Economists, Aix-en-Provence, France, August, 1990.
"Deregulation, not Reregulation, is the Key to Financial Reform." Presentation for the Twentieth Annual Banking Symposium of the Bank and Financial Analysts Association, New York City, March, 1990.
"Why Does Europe Want a Federal Reserve System?" Paper presented at the Cato Institute/Institute of Economic Affairs International Monetary Conference, London, England, 1990.
"The Crisis in Managed Banking." Lecture given at George Mason University, Fairfax, Virginia, 1990.
Participant, Liberty Fund Conference on "Economic Calculation, Interventionism, and Economic Development." Antigua, Guatemala, 1990.
"Was the Federal Reserve Necessary?" Lecture for the Washington Semester program, American University, October, l989.
"Legal Restrictions, Financial Weakening, and the Lender of Last Resort." Paper presented at the Cato Institute Annual Monetary Conference, Washington, D.C., 1989, and at the Hong Kong Centre for Economic Research, Hong Kong, 1989.
Participant, Liberty Fund Conference on "Gold, Money, and Freedom." Indianapolis, Indiana, 1989.
"The Price Level and Macroeconomic Order." Paper presented at the Auburn University Austrian Economics Colloquium, March, l988.
"The Implications of Freedom in Banking and Note-Issue." Paper presented at the Johns Hopkins University Political Economy Seminar, March l988.
"Free Banking in Foochow, China." Paper presented at the Dept. of Economics, New York University, 1988.
"The Price Level and Macroeconomic Order." Paper presented at the Dept. of Economics, Auburn University, Auburn, Alabama, 1988.
"Commercial Banks as 'Pure Intermediaries': Between 'Old' and 'New' Views." Paper presented at the Western Economic Association meetings, Los Angeles, 1988.
"The Importance of Decentralizing Money when Decentralizing Economic Decision making." paper presented at the Fudan University-Cato Institute Conference on Economic Reform in China: Problems and Prospects, Shanghai, China, 1988.
"The 'Productivity Norm' of Price Level Policy." Paper presented at the American Economic Association Meetings, New York city, 1988.
"Central Banking: Myth and Reality." Lecture to the Hong Kong Economic Association, Hong Kong, 1987.
"Fallacies of the Real-Bills Doctrine." Lecture before the Committee for Monetary Research and Education, Tuxedo, New York, November, 1982.
FELLOWSHIPS, AWARDS, AND HONORS:
Bowling Green State University Social Philosophy and Policy Center Visiting Scholar, Summer 2002.
International Centre for Economic Research (Turin, Italy) resident fellowship, Summer 1997.
University of Georgia, Terry College of Business Kamerschen-Hampton Research Award, 1996.
Smith Center for Private Enterprise First Annual Austrian Economics Best Article Prize, 1996.
Earhart Foundation Mont Pelerin Fellowship, 1994.
Honorary Visiting Professorship, Universidad Francisco Marroquin, Guatemala C.A., 1993.
University of Georgia College of Business Terry Research Awards, 1992, 1993, 1994, 1995, 1996, 1997, 1998, 1999, 2000, 2001, 2002.
George Edward Durell Foundation Faculty Fellow, l989-1991.
F. Leroy Hill Faculty Fellowship, l988.
G.T. Management (Asia) Fellowship for Research on Asian Monetary Arrangements, l987.
Vera and Walter Morris Foundation Faculty Research Fellowship, l986.
Claude R. Lambe Foundation Fellowship, Certificate of Merit, l985.
Humane Studies Foundation Residential Summer Fellow, l985.
Institute for Humane Studies Essay Prize, Graduate Division Recipient, l983.
Ludwig von Mises Institute Summer Fellowship Award, l983.
Moorman Fellow, Ph.D. Program, New York University Department of Economics, l98l-86.
Foundation for Advanced Studies, Summer Fellowship Award, l98l.
Drew University Specialized Honors in Economics, May l979.
Member, Omicron Delta Epsilon, 1978-80.
GRANTS:
Austrian Academy of Sciences, grant for research on emerging payment systems, Spring 2000.
Earhart Foundation Faculty Research Grant, Summer 1998.
University of Georgia Research Foundation International Travel Grant, 1996.
University of Georgia Foundation Faculty Research Grant, 1992, 1994.
George Edward Durell International Travel Grant, 1991.
Cato Institute World Economic Policy Research and Travel Grant, 1991.
Atlas Economic Research Foundation, Foreign Travel and Research Grant, 1990.
University of Hong Kong Faculty Research Grant, 1988-1989.
AFFILIATIONS:
Trustee, Southern Economic Association, 2002-
Associate Editor, Econ Journal Watch, 2001-
Visiting Scholar, Federal Reserve Bank of Atlanta, 1998-
Board of Academic Advisors, Foundation for Economic Education, August 1997-
Board of Editors, The Cato Journal, August 1992-
Faculty Fellow, Institute for Humane Studies, George Mason University, Fairfax, Virginia.
Adjunct Scholar, the Cato Institute, Washington, D.C.
Board of Editors, Durell Journal of Money and Banking, 1989-1991.
Faculty Member, Europe and Liberty Summer Conferences, European Institute for Humane Studies, 1989-1993.
Faculty Member, Ludwig von Mises Summer University at Stanford University, 1988-1990.
Faculty Member, Institute for Humane Studies Summer Seminars, 1989-1992.
REFEREE:
American Economic Review
The Economic Journal
Economic Inquiry
Journal of Money, Credit, and Banking
Journal of Financial Services Research
Journal of Macroeconomics
The Cato Journal
The Independent Review
Advances in Austrian Economics
The Manchester School
The Southern Economic Journal
Kredit und Kapital
The Journal of American History
The Journal of Institutional and Theoretical Economics
Constitutional Political Economy
History of Political Economy
Review of Austrian Economics
Journal of Labor Research
Quarterly Journal of Austrian Economics
Journal des Economists
West Publications
Routledge
Blackwell
D. C. Heath
INTERNATIONAL CONSULTING:
Advisor to the Government of Lithuania on Banking and Currency Reform, 1990-1991.