Department of Economics
One Trinity Place
San Antonio, TX 78212-7200
Phone: (210) 999-7222
FAX: (210) 999-7255
EDUCATION: B.S., Virginia Military Institute, 1961
Ph.D., (Economics) University of Virginia, 1969
ACADEMIC: Professor, Department of Economics, Trinity University, 1985 - present
Dean, Division of Business & Administrative Studies, Trinity University, 1980-1985
George Washington University, Lecturer, 1978-1980
Virginia Polytechnic Institute and State University at Reston, Lecturer, 1978-1980
University of South Carolina, Visiting Professor of Economics, 1974
Southern Illinois University at Edwardsville, 1971-1972, Adjunct Associate Professor, Economics
Washington University, Lecturer, Graduate Business Department, 1975-1976
University of Missouri at St. Louis, Instructor, 1969
University of Virginia, Graduate Instructor, 1967-1968
OTHER EMPLOYMENT: Senior Research Coordinator, Securities and Exchange Commission, 1976-1980
Senior Economist, Federal Reserve Bank of St. Louis, 1968-1976
PUBLICATIONS (SINCE 1980): "Channels of Monetary Influence: A Survey" in Havrilesky-Boorman, Current
Issues in Monetary Theory and Policy, New York University, 1980.
"The Regulatory Framework For Banks Securities Activities," in The Securities
Activities of Commercial Banks, New York University, 1980.
"Matrix Scaling of Subjective Probabilities of Economic Forecasts," Economics
Letters, April 1986 (with R. Jensen).
Lives of the Laureates, Massachusetts Institute of Technology Press, 1986 (with
W. Breit), editors.
"Expectations and the Phillips Curve: An Ex-Ante Approach," Atlantic
Economic Journal, July 1986 (with D. Walz).
"Experiential Learning in Economics," The Journal of Economic Education,
Fall 1986 (with D. Van Eynde).
"Iacocca: An Autobiography," Business Economics, July 1986, book review.
"Psychological Risk Scales and the Precautionary Demand for Money," Journal
of Economic Psychology, 8, 1987 (with J. Sciortino and J. Huston).
"A Monthly Model of Bank Reserve Aggregates," Atlantic Economic
Journal, September 1987 (with M. Tindall).
The Estimation of Forecast Bias: A Simultaneous Equations Approach," Journal
of Macroeconomics, Spring 1988 (with D. Walz).
"Continental Illinois Bank and Structural Change in the Banking Industry,"
Midwestern Journal of Business and Economics, Winter 1988 (with D. Walz).
"Risk and Income Distribution, Journal of Economic Psychology, 9, 1988
(with J. Sciortino and J. Huston).
"Lecture Versus Experiential Learning: Their Differential Effects on Long
Term Memory," Organizational Behavior Teaching Review, Issue 4,
1988 (with D. Van Eynde).
"The Informational Content of Forward Rates: Further Evidence," Journal
of Financial Research, Spring 1989 (with D. Walz).
The Interest Sensitivity of Commercial Bank Equity Returns: New Evidence,"
The Southern Business Review, Vol. No. 2, Fall 1989 (with D. Walz).
Lives of the Laureates, Second Edition, Massachusetts Institute of Technology
Press, 1990 (with W. Breit, editors).
"A New Look at the Federal Reserve Reaction Function," Atlantic Economic
Journal, March 1990 (with D. Walz).
"Forecasting Expected Money," Atlantic Economic Journal, June 1992 (with D. Walz).
"Forecasting with the Term Structure of Interest Rates," Midwestern Journal of
Business and Economics, Winter 1992 (with D. Walz).
"Rational Forecasts: On Confirming Ambiguity as the Mother of Conformity,"
Journal of Economic Psychology, December 1993 (with J. Huston).
"Competitive Inflation Forecasting," Journal of Business and Economic
Perspectives, Fall 1994 (with J. Huston).
"Monetary Policy at Work: Lessons From the FOMC Transcripts," Journal of
Economic Education, Fall 1996.
"FOMC Anti-Inflation Policy: A Quicker Trigger or Nothing New," Studies in
Economics and Finance, Spring 1997 (with J. Huston).
“Build It and They Will Come: An Empirical Investigation,” Midwestern Journal
of Business and Economics, Winter 1997 (with J. Huston).
Atlantic Economic Journal, September 1997 (with M. Tindall).
“Monetary Lags: Changing or Constant?” Journal of Business and Economic
Perspectives, Fall/Winter 1998 (with J. Huston).
“The Information in the Mexican Term Structure of Interest Rates: Capital Market
Imperfections,” Journal of International Markets, Institutions, and Money,
Vol. 9, 1999 (with J. Gonzalez and D. Walz).
“Central Bank Reserve Management: Aggregate Targets and Interest Payments on
Reserves,” International Advances in Economic Research, May 2000 (with
“A Road Less Traveled: The Institutionalist Walter Adams,” Challenge,
“Quality, Uncertainty, and the Internet: The Market for Cyber Lemons,” The American
Economist, Spring 2002 (with J. Huston).
“The ‘Taylor Rule’ and Three Monetary Regimes,” Studies in Economics and Finance,
Autumn 2002 (with J. Huston).
"A Contemporary Analysis of Mexican Stock Market Volatility," Applied Financial Economics,
13:10, October 2003 (with J. Gonzalez and D. Walz).
"The Dollar and the Peso: Where is the 'Peso Problem'?" Journal of Business and
Economic Perspectives, 29:1, Spring/Summer 2003 (with J. Gonzalez and D. Walz).
"International Monetary Policy: A Global Taylor Rule," International Advances in Economic
Research, May 2005 (with J. Huston).
“Determinantes de la Estructura Temporal de las Tasas de Interes: El Caso Mexicano,”
Comercio Exterior, April 2006 (with J. Gonzalez and D. Walz).
The Federal Reserve and the Bull Markets: From Benjamin Strong to Alan Greenspan
(with John Huston), Edwin Mellen Press, Lewistown, New York, 2006.
"Federal Reserve Policy and the Natural Rate of Unemployment," (with John Huston), International Journal
of Economic Issues, June 2008.
"Speculative Excess and the Federal Reserve's Response," Studies in Economics and Finance, No. 1, 2009
(with John Huston).
"Influential Macromonetary Publications and Economists," The American Economist, Vol. 53, No. 2 (Fall
2009), with J. Huston and R. Branyan.
RECENT/CURRENT CONFERENCE PRESENTATIONS:
"The Bernanke Fed and its Predecessors: A Fundamental Comparison," October 2009 Presentation at the
Boston Meetings of the International Atlantic Economic Association, with D. Walz and
"The Bernanke Fed and Transparency: Evidence from the Futures Market," November 2009 Presentation
at the San Antonio Meetings of the Southern Economic Association, with J. Huston and