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Curriculum Vitae


Ph. D., Economics, University of California at Los Angeles, 1982

M. A., Economics, University of California at Los Angeles, 1980

A. B. (magna cum laude), Economics, Harvard University, 1977

Principal teaching and research areas

Monetary theory, economic history, history of economic thought, macroeconomics

Fellowships, visits, honors

Visiting Fellow, American Institute for Economic Research (Great Barrington, MA), July 2010, July 2009, June 2008

Keynote speaker, Economic Freedom Network – Asia annual conference, Siem Reap, Cambodia, October 2009

Visiting Research Fellow, Rikkyo University (Tokyo, Japan), 20-26 May 2009

Opening address, 2009 Digital Money Forum (London, UK), 31 March 2009

2008 Distinguished Scholar Award, Association for Private Enterprise Education

Stranahan Annual Lecture, Social Philosophy and Policy Center, Bowling Green State University, April 2008

Visiting Lecturer, Swiss National Bank (Zürich, Switzerland), 26-30 June 2006 Visiting Professor, School of Management and Economics, Queen's University of Belfast (Northern Ireland, UK), 1994-2006 (1 week visit each academic year)

Keynote speaker, American Institute for Economic Research conference (Great Barrington, MA), May 2004

Visiting Scholar, Federal Reserve Bank of Atlanta, 1998-2001, 2003

Ranked in Tom Coupé's "Top 1000 economists: publications 1990-2000"

McMyler Annual Lecture, Department of Economics, Case Western Reserve University, 1997

Kamerschen-Hampton biannual Award for Outstanding Research in Economics, UGA Terry College of Business, 1992

George Edward Durell Foundation Fellow, 1990-91

John M. Olin Foundation Faculty Research Fellow, 1988-90

Visiting Fellow, Department of Economic History, Faculty of Economics and Commerce, Australian National University (Canberra, Australia), August-September 1989

Ranked in Tom Coupé's "Top 500 economists: publications 1984-88"

Previous Employment

F. A. Hayek Professor of Economic History, University of Missouri - St. Louis, 2000-2009

Professor; Associate Professor, University of Georgia, 1988-2000

Assistant Professor; Post-doctoral Fellow, New York University, 1981-88

Books Authored

The Clash of Economic Ideas. Cambridge: Cambridge University Press, 2012.

The Theory of Monetary Institutions. Oxford: Basil Blackwell, 1999. Pp. xiv+269. Hardcover and paperback.

Korean translation by Han Eung Kim. Seoul: Center for Free Enterprise, 2003.

Chinese translation. Beijing: China Renmin University Press, 2004.

Free Banking in Britain: Theory, Experience, and Debate, 1800-1845, 2nd ed., revised and enlarged. London: Institute of Economic Affairs, 1995. Pp. xiii+176. Paperback.

1st edition, Cambridge: Cambridge University Press, 1984. Hardcover.

Chapter 2 (revised) reprinted in Kevin Dowd, ed., The Experience of Free Banking (London: Routledge, 1992).

Chapter 5 reprinted in Michael Collins, ed., Central Banking in History (Aldershot, UK: Edward Elgar, 1993).

Reprinted and made available online by IEA as a pdf download, 2009.

Competition and Currency: Essays on Free Banking and Money. New York: New York University Press, 1989. Pp. ix+260. Paperback edition, 1992.

Contains 13 of the published articles listed below.

Books Edited

Friedrich A. Hayek, The Pure Theory of Capital. Editor and introduction. Vol. 12 of The Collected Works of F. A. Hayek, series ed. Bruce J. Caldwell (Chicago: University of Chicago Press; London: Routledge, 2007). Pp. xxxvi+464.

The History of Gold and Silver, 3 vols. Editor and introduction. London: Pickering and Chatto, 2000. Pp. xxxiii + 249+267+231.

The Crisis in American Banking. Editor and introduction. New York: New York University Press, 1993. Pp. vii+174. Paperback edition, 1994.

Free Banking, 3 vols. Editor and introduction. Aldershot, UK: Edward Elgar, 1993. Pp. xxii+378+343+397.

African Finance: Research and Reform. Editor and introduction. San Francisco: ICS Press, 1993. Pp. xvi+460.

William Leggett, Democratick Editorials: Essays in Jacksonian Political Economy. Editor and foreward. Indianapolis: Liberty Press, 1984. Pp. xix + 410.

Articles and Communications in Refereed Journals

"The Rule of Law or the Rule of Central Bankers?," Cato Journal 30 (Fall 2010), pp. 451-63.

"Central Banking in a Free Society" [essay-review], Independent Review 15 (Summer 2010), pp. 133-38.

"Federal Reserve Policy and the Housing Bubble," Cato Journal 29 (Winter 2009): 115-25.

Reprinted with revisions in Robert W. Kolb, Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future (New York: John Wiley & Sons, 2010).

"Can Economics Rank Slavery Against Free Labor in Terms of Efficiency?," Politics, Philosophy, and Economics 7 (August 2008): 327-40.

"Did Hayek and Robbins Deepen the Great Depression?," Journal of Money, Credit, and Banking 40 (June 2008): 751-68.

"The Research Program of Austrian Economics," Advances in Austrian Economics (2008): 11-24.

Keynote address to Wirth Institute conference on "Explorations in Austrian Economics," University of Alberta, October 2005

"What Type of Inflation Target?," Cato Journal 27 (Spring/Summer 2007): 283-88.

"The Federal Reserve System's Influence on Research in Monetary Economics," Econ Journal Watch 2 (August 2005): 325-54.

"Credible Currency: A Constitutional Perspective" (with George Selgin), Constitutional Political Economy 16 (March 2005): 71-83.

"Currency Competition and Consumer-Driven Unification," Cato Journal 23 (Spring/Summer 2003): 139-46.

"Accounting for Fractional-Reserve Banknotes and Deposits," The Independent Review 7 (Winter 2003): 425-443.

"Does a Superior Monetary Standard Spontaneously Emerge?," Journal des Economistes et des Etudes Humaines 12 (June/September 2002): 269-281.

"In What Respects Will the Information Age Make Central Banks Obsolete?," Cato Journal 21 (Fall 2001): 219-226.

"Is Nonprice Competition in Currency Inefficient?: A Reply to Sumner" (with Donald J. Boudreaux), Journal of Money, Credit, and Banking 32 (February 2000): 150-53.

"The Methodology of Human Action" [Comment on Vernon Smith, "Reflections on Human Action After 50 Years"], Cato Journal 19 (Fall 1999): 211-14.

"Why Didn't Hayek Favor Laissez Faire in Banking?," History of Political Economy 31 (Winter 1999): 753-769.

"Hayek's Monetary Theory and Policy: A Critical Reconstruction," Journal of Money, Credit, and Banking 31 (February 1999): 109-20.

"A Fiscal Theory of Government's Role in Money" (with George Selgin), Economic Inquiry 37 (January 1999): 154-65.

"Is Nonprice Competition in Currency Inefficient?" (with Donald J. Boudreaux), Journal of Money, Credit, and Banking 30 (May 1998): 252-60.

"Can Monetary Stabilization Policy be Improved by CPI Futures Targeting?: A Comment" (with Roger W. Garrison), Journal of Money, Credit, and Banking 29 (November 1997): 535-41.

"The Option Clause in Scottish Banking: A Comment" (with George Selgin), Journal of Money, Credit, and Banking 29 (May 1997): 270-73.

"In Defense of Fiduciary Media" (with George Selgin), Review of Austrian Economics 9 (September 1996): 83-107.

"Money and the Invisible Hand: A Correction" (with George Selgin), Journal of Economic Literature 34 (March 1996): 124-5.

"Is There an Economics of Interpersonal Comparisons?," Advances in Austrian Economics 2a (1995): 135-51.

"How Would the Invisible Hand Handle Money?" (with George A. Selgin), Journal of Economic Literature 32 (December 1994): 1718-49.

Reprinted in David E. W. Laidler, ed., The Foundations of Monetary Economics (Aldershot: Edward Elgar,1999).

Also reprinted in Peter J. Boettke, ed., The Legacy of Friedrich von Hayek, vol. III: Economics (Aldershot: Edward Elgar, 2000) pp. 362-393.

"Monetary Reform and the Redemption of National Bank Notes, 1863-1913" (with George A. Selgin), Business History Review 68 (Summer 1994): 205-43.

"Which Kind of Monetary Policy, If Any?: Comment on Hoskins," Cato Journal 13 (Fall 1993): 191-200.

"What Has Been Breaking U. S. Banks?," Critical Review 7 (Spring-Summer 1993): 321-34. [essay-review]

"Free Banking in Scotland: Reply to a Dissenting View," Cato Journal 10 (Winter 1991): 809-19.

"Competitive Monetary Reform: A Review Essay," Journal of Monetary Economics 26 (September 1990): 191-202.

"Scottish Banking and the Legal Restrictions Theory: A Closer Look," Journal of Money, Credit, and Banking 19 (November 1990): 526-36.

"Competition or Cartelization Among European Currencies?: Comment on Salin," Cato Journal 10 (Fall 1990): 377-80.

"Restoring an 'Altered' Menger," History of Political Economy 22 (1990 annual supplement, Carl Menger and his Legacy in Economics, ed. Bruce Caldwell): 349-58.

"Laissez-Faire Monetary Theorists in Late Nineteenth Century America" (with George A. Selgin), Southern Economic Journal 56 (January 1990): 774-87.

"Laissez-Faire Monetary Thought in Jacksonian America" (with George A. Selgin), Perspectives on the History of Economic Thought 4 (1990): 20-39. [Annual volume of selected papers from the History of Economics Society meetings]

"What Kinds of Monetary Institutions Would a Free Market Deliver?," Cato Journal 9 (Fall 1989): 367-91.

"Alternative Perspectives on the Cashless Competitive Payments System," Journal of Post Keynesian Economics 11 (Spring 1989): 378-84.

"Toward an International Fiat Standard?: Comment on Cooper," Cato Journal 8 (Fall 1988): 339-46.

Reprinted in James A. Dorn and William A. Niskanen, eds., Dollars, Deficits, and Trade (Boston: Kluwer Academic Publishers, 1989): 135-42.

"Competitive Monies and the Suffolk Bank System: Comment" (with George A. Selgin), Southern Economic Journal 55 (July 1988): 215-19.

"Accounting for Non-Interest-Bearing Currency: A Critique of the Legal Restrictions Theory of Money," Journal of Money, Credit, and Banking 19 (November 1987): 448-56.

"The Evolution of a Free Banking System" (with George A. Selgin), Economic Inquiry 25 (July 1987): 439-57.

Reprinted in Kurt R. Leube, ed., Die Österreicheische Schule der Nationalökonomie, Band 2: von Hayek bis White [The Austrian School of Economics, vol. 2: Hayek to White] (Vienna: Manz, 1996).

"Competitive Payments Systems: Reply," American Economic Review 76 (September 1986): 850-53.

"Regulatory Sources of Instability in Banking: Comment on Rolnick and Weber," Cato Journal 6 (Winter 1986): 891-97.

"Economics and Nuisance Law: Comment on Manson," Harvard Journal of Law and Public Policy 8 (Winter 1985): 213-23.

"William Leggett: Jacksonian Editorialist as Classical Liberal Political Economist," History of Political Economy 18 (Summer 1986): 307-24.

"Competitive Payments Systems and the Unit of Account," American Economic Review 74 (September 1984): 699-712.

Reprinted in Kevin D. Hoover, ed., The New Classical Macroeconomics (Aldershot, UK: Edward Elgar, 1992).

Also reprinted in Christopher M. James and Clifford W. Smith, eds., Studies in Financial Institutions (Maidenhead, UK: McGraw-Hill, 1996).

"Bank Failures and Monetary Policy: Comment on Vaubel," Cato Journal 4 (Spring/Summer 1984): 269-74.

"Competitive Money, Inside and Out," Cato Journal 3 (Spring 1983): 281-99.

Reprinted in James A. Dorn and Anna J. Schwartz, eds., The Search for Stable Money: Essays on Monetary Reform (Chicago: University of Chicago Press, 1987): 339-57.

Contributions to Edited Volumes

"Reforming the Global Monetary System: A Case for International Free Banking" [in German as "Reform der globalen Geldordnung: ein Plädoyer für ein freies internationals Bankenwesen"] in Peter Altmiks, ed., Im Schatten der Finanzkrise (München: Olzog, 2010).

"Böhm-Bawerk, Eugen von"; "Leggett, William"; "Menger, Carl"; and "Money and Banking" in Ronald Hamowy, ed., The Encyclopedia of Libertarianism (Thousand Oaks, CA: Sage Publications, 2008).

"Inflation" and "Competing Money Supplies," in David R. Henderson, ed., The Concise Encyclopedia of Economics (Indianapolis: Liberty Fund, 2007), pp. 262-6, 71-3.

" Payments System Innovations in the United States since 1945 and their Implications for Monetary Policy," in Stefan Schmitz and Geoffrey Wood, eds., Institutional Change in the Payments System and Monetary Policy (London: Routledge, 2006), 31-46.

"The Gold Standard," in John J. McCusker, ed., The History of World Trade since 1450 (Farmington Hills, MI: Macmillan Reference, 2005).

"Will the Gold in Fort Knox Be Enough?" in Prospects for a Resumption of the Gold Standard: Proceedings of the E. C. Harwood Memorial Conference [Economic Education Bulletin vol. 44, no. 9] (Great Barrington, MA: American Institute for Economic Research, 2004), 23-32.

"Mengerian Perspectives on the Future of Money" (with George Selgin), in Michael Lätzer and Stefan W. Schmitz, eds., Carl Menger and the Evolution of Payments Systems: From Barter to Electronic Money (Cheltenham, UK: Edward Elgar, 2002), 133-158.

"Globalization and the Gold Standard," in Richard M. Ebeling, ed., Globalization< [Vol. 29 of Champions of Freedom, The Ludwig von Mises Lecture Series] (Hillsdale, MI: Hillsdale College Press, 2002).

"Global Financial Markets and the International Monetary Fund," in Ian Vasquez, ed., Global Fortune: The Stumble and Rise of World Capitalism (Washington, DC: Cato Institute, 2000): 241- 56.

"Commentary," in Otmar Issing, Hayek, Currency Competition and European Monetary Union (London: Institute of Economic Affairs, 2000): 39-47.

"Foreward" (in Czech translation) to F. A. Hayek, Denationalisation of Money, Czech ed. (Prague: Liberalni Institut, 1999): 10-14.

"Monetary Nationalism Reconsidered," in Kevin Dowd and Richard H. Timberlake, eds., Money and the Nation-State (New York: Transaction Publishers, 1998): 377-401.

"The Technology Revolution and Monetary Evolution," in James A. Dorn, ed., The Future of Money in the Information Age (Washington, DC: Cato Institute, 1997): 15-20.

Italian translation in Dorn, ed., Il Futuro Della Moneta, trans. A. Zanini (Milan: Feltrinelli, 1998).

"Banking School, Currency School, and Free Banking School"; "Gilbart, James William (1794- 1863)"; "Mushet, Robert (1782-1828)"; and "Parnell, Henry Brooke (1776-1842)" in David Glasner, ed., Business Cycles and Depressions: An Encyclopedia (New York: Garland, 1997): 47-9, 262-3, 472-3, 520-21.

"National Bank Notes as a Quasi-High-Powered Money" (with George A. Selgin), in George Edward Durell Foundation, Money and Banking: The American Experience (Fairfax, VA: George Mason University Press, 1995): 169-99.

"Why is the U. S. Banking System in Trouble?," in Lawrence H. White, ed., The Crisis in American Banking (New York: New York University Press, 1993): 7-28.

"Separating Bank and State in Africa," in Lawrence H. White, ed., African Finance: Research and Reform (San Francisco: ICS Press, 1993): 411-25.

"Competing Money Supplies," in David R. Henderson, ed., The Fortune Encyclopedia of Economics (New York: Warner Books, 1993): 347-51.

"Free Banking: History" (with Kurt Schuler), in John Eatwell, Murray Milgate, and Peter Newman, eds., The New Palgrave Dictionary of Money and Finance (New York: Stockton Press, 1992).

"Afterword: Appraising Austrian Economics: Contentions and Misdirections," in Bruce J. Caldwell and Stephan Boehm, eds., Austrian Economics: Tensions and New Directions (Boston: Kluwer, 1992): 257-68.

"Mises on Free Banking and Fractional Reserves," in John W. Robbins and Mark Spangler, eds., A Man of Principle: Essays in Honor of Hans F. Sennholz (Grove City: Grove City College Press).

"Banking Without a Central Bank: Scotland Before 1844 as a 'Free Banking' System," in Forest Capie and Geoffrey Wood, eds., Unregulated Banking: Chaos or Order? (London: Macmillan, 1991): 37-62.

"Money and Capital in Economic Development: A Retrospective Assessment," in Steve Hanke and Alan A. Walters, eds., Capital Markets and Development (San Francisco: ICS Press, 1991): 65-99.

"Commentary: Norms for Monetary Policy," in Richard M. Ebeling, ed., Austrian Economics: Perspectives on the Past and Prospects for the Future (Hillsdale, MI: Hillsdale College Press, 1991): 465-80.

"Depoliticizing the Supply of Money," in Thomas Willett, ed., Political Business Cycles: The Political Economy of Money, Inflation, and Unemployment (Durham: Duke University Press, 1988): 301-19.

"Problems Inherent in Political Money Supply Regimes: Some Historical and Theoretical Lessons," in Thomas Willett, ed., Political Business Cycles: The Political Economy of Money, Inflation, and Unemployment (Durham: Duke University Press, 1988): 460-78.

"Foreward" to George A. Selgin, The Theory of Free Banking: Money Supply Under Competitive Note Issue (Totowa, NJ: Rowman and Littlefield, 1988).

"Privatization of Financial Sectors," in Steve H. Hanke, ed., Privatization and Development (San Francisco: ICS Press, 1987): 149-60.

Spanish translation: "La Privatizacion de los Sectores Financieros," in Hanke, ed., Privatizacion y Desarrollo (Juarez, Mexico: Editorial Trillas, 1989).

An earlier version appeared in Economic Affairs 6 (August/September 1986): 38-42.

"A Subjectivist Perspective on the Definition and Identification of Money," in Israel M. Kirzner, ed., Subjectivism, Intelligibility, and Economic Understanding: Essays in Honor of Ludwig. M. Lachmann on his Eightieth Birthday (New York: New York University Press, 1986): 301-14.

"Free Banking and the Gold Standard," in Llewellyn H. Rockwell, Jr., ed., The Gold Standard (Lexington, MA: Lexington Books, 1985): 111-26.

"Introduction" to Carl Menger, Investigations into the Method of the Social Sciences with Special Reference to Economics (New York: New York University Press, 1985): vii-xviii.

"Free Banking as an Alternative Monetary System," in Barry N. Siegel, ed., Money in Crisis: The Federal Reserve, the Economy, and Monetary Reform (Cambridge, MA: Ballinger, 1984): 269-302.

"Fix or Float? The International Monetary Dilemma," in Elizabeth Elmore, ed., Annual Editions: Macroeconomics 84/85 (Guilford, CT: Dushkin, 1984): 193-97.

Reprinted from Inquiry (November 1983): 30-34.

Also reprinted in Reuben Slesinger and Glen Beeson, eds., Annual Editions: Economics 85/86 and Annual Editions: Economics 86/87.

"Mises, Hayek, Hahn, and the Market Process: Comment on Littlechild," in Israel M. Kirzner, ed., Method, Process, and Austrian Economics (Lexington, MA: D. C. Heath, 1982): 103-110.

Short monographs

Do We Need a Reserve Bank? by Lawrence H. White, et al. St. Leonards, NSW, Australia: Centre for Independent Studies, 1990. Lead essay (17 pp.) and response (5 pp.) to comments.

The Methodology of the Austrian School Economists, rev. ed. (Auburn, AL: Ludwig von Mises Institute of Auburn University, 1984). 39pp.

Policy briefs

"How Did We Get into This Financial Mess?," Cato Institute Briefing Paper No. 110 (18 Nov. 2008). 8 pp.

Reprinted in Italian translation in Alberto Mingardi, ed., La Crisi ha Ucciso il Libero Mercato? (Torino: Instituto Bruno Leone, 2009).

"Is the Gold Standard Still the Gold Standard among Monetary Systems?," Cato Institute Briefing Paper No. 100 (8 Feb. 2008). 8 pp.

Book Reviews

Economica 57 (February 1990): 135-7.

History of Political Economy 25 (Winter 1993): 763-5.

Journal of Economic History 57 (September 1997): 762-3; also 53 (March 1993): 202-3.

Journal of Economic Literature 43 (March 2005): 151-52; also 38 (December 2000): 951-953; 36 (June 1998): 960-1; 34 (December 1996): 1944-5; 28 (June 1990): 664-5; 25 (December 1987): 1875-6.

Journal of Institutional and Theoretical Economics 152 (June 1996): 419-22.

The Manchester School of Economics 58 (December 1990): 427-8.

Work in Progress

"Has the Fed been a Failure?" (with George Selgin and William D. Lastrapes)

"Positively Valued Fiat Money after the Sovereign Disappears" (with William Luther)

"The Austrian Theory of the Business Cycle in a Fiat Money Regime" (with George Selgin)

Editorship of F. A. Hayek, Essays on Capital and Interest, Volume 11 of The Collected Works of F. A. Hayek, series ed. Bruce J. Caldwell (Chicago: University of Chicago Press).

Professional Activities

Co-editor (with Mario J. Rizzo) of a book series for Routledge (London and New York), The Foundations of the Market Economy; 31 titles published 1992 – present

Co-editor, Econ Journal Watch, 2004 – present

Board of Associate Editors, Review of Austrian Economics, 1999 – present

Editorial board member, Journal of Private Enterprise, 2004 – present

Editorial board member, Cato Journal, 1990 – present

Contributing editor, The Freeman (Foundation for Economic Education), 1998 – present

Host for Econ Journal Watch Audio podcasts, bimonthly, Nov. 2009 - present

Referee for many journals and academic publishers

Executive Committee, Association for Private Enterprise Education, 2003-07

Adjunct scholar, Cato Institute

Academic Advisory Council, Institute of Economic Affairs (London)

Board of Academic Advisors, Foundation for Economic Education (Irvington-on-Hudson, NY)

Advisory Council, Fundación Friedrich A. von Hayek (Buenos Aires)

External dissertation advisor, Universidad Francisco Marroquín (Guatemala City)

External dissertation advisor, ESEADE (Graduate School of Economics and Business Administration, Buenos Aires)

Current references available on request