Friedrich A. Hayek Professor of Economic History, University of Missouri – St. Louis;
Associate Researcher, Center for Economic Research and Graduate Education – Economics Institute, Prague (CERGE-EI); Assoc. Researcher, Centre for Economic and Regional Studies, Hungarian Academy of Sciences, Budapest (CERS HAS);
Associate Editor, Economic Modelling, from 2020.
Orcid https://orcid.org/0000-0002-5536-4608
ARepec https://ideas.repec.org/e/pgi22.html
Recent Journal Articles
“Cycles and Their Important Shocks: Completing the Investigation,” with Adrian Pagan; accepted, Macroeconomic Dynamics, forthcoming.
“Supply-Side Economics with AS-AD in Ramsey Dynamic General Equilibrium”, with Szilard Benk and Tamas Csabafi, Economic Analysis and Policy; December 2023: https://www.sciencedirect.com/science/article/abs/pii/S0313592623002059
Identifying Money and Inflation Expectation Shocks on Real Oil Prices”, with Szilard Benk, Energy Economics; October 2023. https://www.sciencedirect.com/science/article/abs/pii/S0140988323003766?dgcid=rss_sd_all
“A Human Capital Explanation of Real Business Cycles,” with Szilard Benk, Tamas Csabafi, Jing Dang, and Michal Kejak; Journal of Human Capital; accepted July 2023: Article here
Revisions Resubmitted
“Interest Rates with Optimal Inflation Tax Avoidance”, with Tamas Csabafi, Ceri R. Davies, Michal Kejak.
Under Review
Emrah Cevik, Sel Dibooglu, Max Gillman, and Szilard Benk, 2024, “Granger Causality of US Money and Inflation on Real USD-Traded Assets across Low and High Volatility Regimes.”
Working Papers
Benk, Szilárd & Gillman, Max, 2023. “Identifying money and inflation expectation shocks on real oil prices,” Bank of Finland Research Discussion Papers 10/2023, Bank of Finland.
Gillman, Max, and Adrian Pagan, 2023. “Investigating Cycle Anatomy,” CAMA Working Papers 2023-09, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
Published:
The Spectre of Price Inflation, 2023, Columbia University Press; Agenda Publishing.
“Gold, Silver, and the US Dollar as Harbingers of Financial Calm and Distress;” 2022, Sel Dibooglu, Emrah I. Cevik, Max Gillman; Quarterly Review of Economics and Finance; vol. 86, November, p. 200-210.
DOI: https://doi.org/10.1016/j.qref.2022.07.003
50 day access: https://authors.elsevier.com/a/1fWAT3niMPrnsj
“Emerging Regions in the Era of Negative Real Interest Rates: Twenty Years of Convergence towards the US?”, by M. Gillman, Chapter 37, Handbook of Banking and Finance in Emerging Markets, Edward Elgar Publishing, November 2022, Edited by Duc Khuong Nguyen, p. 687-709; https://www.e-elgar.com/shop/usd/handbook-of-banking-and-finance-in-emerging-markets-9781800880894.html
“Lucas’s Methodological Divide in Inflation Theory: A Student’s Journey”, 2022, by M. Gillman, Journal of Economic Methodology, Volume: 29, Issue 1, pages 30 – 47. DOI:10.1080/1350178X.2021.2019818; https://ideas.repec.org/a/taf/jecmet/v29y2022i1p30-47.html
“Macroeconomic Trends among Visegrad Countries, EU Balkans, and the U.S.”, 2021, Central European Business Review, Special Issue “Transition in Central Europe and the Balkans since the Fall of the Wall;” June; Edited by M. Gillman. https://ideas.repec.org/a/prg/jnlcbr/v2021y2021i2id282p1-20.html
“Steps in Industrial Development through Human Capital Deepening,” 2021, Max Gillman, Economic Modelling, volume 99, June, article no. 105470; https://ideas.repec.org/a/eee/ecmode/v99y2021ics0264999321000456.html
Max Gillman, 2021. “Income Tax Evasion: Tax Elasticity, Welfare, and Revenue”, International Tax and Public Finance, volume 28, pages 533–566. https://ideas.repec.org/a/kap/itaxpf/v28y2021i3d10.1007_s10797-020-09632-3.html
“Granger Predictability of Oil prices after the Great Recession”, 2020, Journal of International Money and Finance; with Szilard Benk; Volume 101, March, Article No. 102100. https://ideas.repec.org/a/eee/jimfin/v101y2020ics0261560619301305.html
“The Welfare Cost of Inflation with Banking Time,” 2020, BE Press Journal of Macroeconomics: Advances; volume 20, Issue 1; https://ideas.repec.org/a/bpj/bejmac/v20y2020i1p20n18.html
“International Business Cycle and Financial Intermediation”, 2019, Journal of Money, Banking and Credit, with Tamas Csabafi and Ruthira Naraidoo, Vol. 51, No. 8 (December), pp. 2293-2303; https://ideas.repec.org/a/eee/jimfin/v101y2020ics0261560619301305.html
Dynare/Matlab Codes: “International Business Cycle and Financial Intermediation”, 2019, Journal of Money, Banking and Credit. Dynare/Matlab Codes International Business Cycle and Financial Intermediation
Technical Appendix, 2020, to “International Business Cycle and Financial Intermediation”, Journal of Money, Credit and Banking, Vol. 51,
No. 8 (December), pp. 2293-2303. https://ideas.repec.org/p/msl/workng/1017.html Working Papers 1017, University of Missouri-St. Louis, Department of Economics.
“Hyperbolic discounting and growth without commitment: On the resolution of time inconsistency under continuous time”, 2017, Manchester School, Volume 85, Issue S2, December, pages e45–e74, with Christopher Tsoukis and Frédéric Tournemaine, https://ideas.repec.org/a/bla/manchs/v85y2017is2pe45-e74.html
Principles of Macroeconomics: An Evolutionary Approach, 2017. Kendall Hunt Publishing. Link to publisher.
“Learning about Rare Disasters: Implications For Consumption and Asset Prices”, 2015, Review of Finance, 19 (3, May): 1053-1104, with Michal Kejak, and Michal Pakoš. https://ideas.repec.org/a/oup/revfin/v19y2015i3p1053-1104..html
“Tax Evasion, Human Capital, and Productivity Induced Tax Rate Reduction”, 2014, Journal of Human Capital, 8(1, Spring): 42-79, with Michal Kejak. https://ideas.repec.org/a/ucp/jhucap/doi10.1086-675328.html
Collected Papers on Monetary Theory; by Robert E. Lucas Jr.; 2013, Harvard University Press; edited by M. Gillman, Max. https://ideas.repec.org/b/hup/pbooks/9780674066878.html
“Inflation, Human Capital and Tobin’s q”, 2012. Journal of Economic Dynamics and Control; Volume 36, Issue 7, July, Pages 1057–1074; with Parantap Basu and Joseph Pearlman. https://ideas.repec.org/a/eee/dyncon/v36y2012i7p1057-1074.html
Max Gillman and Michal Kejak, 2011, “Inflation, Investment and Growth: a Banking Approach”, Economica, 78 (310: April) 260–282. https://ideas.repec.org/a/bla/econom/v78y2011i310p260-282.html
Max Gilman, 2011 Advanced Modern Macroeconomics: Analysis and Application; Pearson Education. https://www.pearson.com/uk/educators/higher-education-educators/program/Gillman-Advanced-Modern-Macroeconomics-Analysis-and-Application/PGM1022188.html?tab=overview
Max Gillman and Mark Harris, 2010, “The Effect of Inflation on Growth: Evidence from a Panel of Transition Countries”, Economics of Transition, Volume 18, Issue 4, pages 697-714, October. https://ideas.repec.org/a/bla/etrans/v18y2010i4p697-714.html
Helmuts Azacis and Max Gillman, 2010, “Flat Tax Reform: The Baltics 2000-2007”, Journal of Macroeconomics, 32 (2, June) pp. 692-708. https://ideas.repec.org/a/eee/jmacro/v32y2010i2p692-708.html
Szilard Benk, Max Gillman and Michal Kejak, 2010, “A Banking Explanation of the US Velocity of Money: 1919-2004”, Journal of Economic Dynamics and Control, 34 (4, April): 765–779. https://ideas.repec.org/a/eee/dyncon/v34y2010i4p765-779.html
Max Gillman, 2010, `Comment on “Price Stability and the Case for Flexible Exchange Rates”‘, Open Economies Review: 21 (February, 1): 17-21. https://ideas.repec.org/a/kap/openec/v21y2010i1p17-21.html
Max Gillman and Anton Nakov, 2009, “Monetary Effects on Oil and Gold Prices”, North American Journal of Economics and Finance, 20 (December, 3): 239-254. https://ideas.repec.org/a/eee/ecofin/v20y2009i3p239-254.html
Max Gillman, 2009, “International Deposit Insurance”, Economic Affairs, 29(3, September): 103-104. https://ideas.repec.org/a/bla/ecaffa/v29y2009i3p103-104.html
Max Gilman, 2009, Inflation Theory in Economics: Velocity, Cycles and Growth; Routledge; UK. https://www.routledge.com/Inflation-Theory-in-Economics-Welfare-Velocity-Growth-and-Business-Cycles/Gillman/p/book/9780415864817
S Benk, M Gillman, and M Kejak, 2008, “Money Velocity in an Endogenous Growth Business Cycle with Credit Shocks”, Journal of Money, Credit, and Banking, Vol. 40, No. 6 (September 2008):1281-1293. https://ideas.repec.org/a/mcb/jmoncb/v40y2008i6p1281-1293.html
M Gillman and G. Otto, 2007, “Money Demand in General Equilibrium Endogenous Growth: Estimating the Role of a Variable Interest Elasticity”, Quantitative and Qualitative Analysis in Social Sciences (QASS). Vol. 1 (1), Spring, 1-25. https://ideas.repec.org/p/cdf/wpaper/2006-24.html
M Gillman, 2007, Inflation and Economic Growth: Phillips Curve versus Inflation Tax Behaviour, Quarterly Economic Bulletin, Julian Hodge Institute of Applied Macroeconomics, November.
Simon Feeney, Max Gillman, and Mark N Harris, 2006, “Corporate Effective Tax Rates in a Single Taxation Country: Australia”, Accounting Research Journal, Vol. 19, No.1: 64-73. https://ideas.repec.org/p/cdf/wpaper/2005-16.html
Cziraky, Dario, and Max Gillman, 2006, “Money Demand in an EU Accession Country: A VECM Study of Croatia”, Bulletin of Economic Research, Vol. 58, No. 2 (April): 73-159. https://ideas.repec.org/a/bla/buecrs/v58y2006i2p105-127.html
Gillman, Max, and Oleg Yerokhin, 2005, “Ramsey-Friedman Optimality with Banking Time”, BEPress Journals in Macroeconomics, Topics in Macroeconomics, Vol. 5, No. 1, Article 16; http://www.bepress.com/bejm/topics/vol5/iss1/art16. https://ideas.repec.org/a/bpj/bejmac/vtopics.5y2005i1n16.html
Benk, Szilard, Max Gillman and Michal Kejak, 2005, “Credit Shocks in the Financial Deregulatory Era: Not the Usual Suspects”, Review of Economic Dynamics, Vol 8, No. 3 (July): 668-687. https://ideas.repec.org/a/red/issued/v8y2005i3p668-687.html
Benk, Szilard, Max Gillman and Michal Kejak, 2005, “A Comparison of Exchange Economies within a Monetary Business Cycle”, The Manchester School, Vol 73, No. 4 (July): 542-562. https://ideas.repec.org/a/bla/manchs/v73y2005i4p542-562.html
Gillman, Max, and Michal Kejak, 2005, “Contrasting Models of the Effect of Inflation on Growth”, Journal of Economic Surveys, Vol. 19, No. 1 (February): 113-136. https://ideas.repec.org/a/bla/jecsur/v19y2005i1p113-136.html
Gillman, M. and Michal Kejak, 2005, ” Inflation and Balanced-Path Growth with Alternative Payment Mechanisms”, Economic Journal, Vol 115, No. 500 (January): 247-270. https://ideas.repec.org/a/ecj/econjl/v115y2005i500p247-270.html
Gillman, Max and Anton Nakov, 2004, “Granger Causality of the Inflation-Growth Mirror in Accession Countries”, Economics of Transition, Vol 12, number 4 (December): 653-682. https://ideas.repec.org/a/bla/etrans/v12y2004i4p653-681.html
Gillman, Max, and Michal Kejak, 2004, “The Demand for Bank Reserves and Other Monetary Aggregates”, Economic Inquiry, July, 42(3): 518-533. https://ideas.repec.org/a/oup/ecinqu/v42y2004i3p518-533.html
Gillman, Max, Mark Harris, and Laszlo Matyas, 2004, “Inflation and Growth: Explaining the Negative Effect”, Empirical Economics, Vol 29, No. 1, (January): 149-167. https://ideas.repec.org/a/spr/empeco/v29y2004i1p149-167.html
Gillman, Max, and Anton Nakov, 2003, “A Revised Tobin Effect from Inflation: Relative Input Price and Capital Ratio Realignments, US and UK, 1959-1999”, Economica, Vol 70, No. 279 (August): 439-451. https://www.researchgate.net/publication/237241116_A_Revised_Tobin_Effect_from_Inflation_Relative_Input_Price_and_Capital_Ratio_Realignments_US_and_UK_1959-1999
Gillman, Max, 2002, “On Keynes’s Theory of the Aggregate Price Level in the Treatise: Any Help for Modern Aggregate Analysis?,” European Journal of the History of Economic Thought, Vol.9, No.3 (September): 430-451. https://ideas.repec.org/a/taf/eujhet/v9y2002i3p430-451.html
Gillman, Max, 2000, “On The Optimality of Restricting Credit: Inflation-Avoidance and Productivity”, Japanese Economic Review, Vol. 51, No. 3 (September): 375-390. https://ideas.repec.org/a/bla/jecrev/v51y2000i3p375-390.html
Gillman, Max, 1999, “The Problem of Social Cost: the Role of the State”, International Journal of Social Economics, Vol. 26, No. 5, pp. 590-595. https://www.emerald.com/insight/content/doi/10.1108/03068299910215898/full/html
Gillman, Max, and James Hogan, 1999, “Extending Corporate Liability in New Zealand”, International Journal of Social Economics, Vol. 26, No.4, pp. 487-500. https://www.emerald.com/insight/content/doi/10.1108/03068299910215951/full/html
Gillman, Max, 1998, “The Optimality of a Zero Inflation Rate: Australia”, The Australian Economic Review; Vol.31, No.3 (September): 211-223. https://ideas.repec.org/a/bla/ausecr/v31y1998i3p211-223.html
Gillman, Max, Pierre Siklos and J.Lew Silver, 1997, “Money Velocity with Costly Credit”, Journal of Economic Research, 2 (November): 179-207. https://ideas.repec.org/p/mlb/wpaper/515.html
Gillman, Max, 1995, “A Comparison of Partial and General Equilibrium Estimates of the Welfare Cost of Inflation”, Contemporary Economic Policy, vol 13, No 4 (October): 60-71. https://ideas.repec.org/a/bla/coecpo/v13y1995i4p60-71.html
Gillman, Max, and Tim Eade, 1995, “The Development of the Corporation in England, with emphasis on Limited Liability”, International Journal of Social Economics, vol 22 (April): 20-32. https://www.emerald.com/insight/content/doi/10.1108/03068299510084582/full/html
Gillman, Max, 1993, “The Welfare Costs of Inflation in a Cash in Advance Model with Costly Credit”, Journal of Monetary Economics, vol.31, no.1 (February): 97-116. https://ideas.repec.org/a/eee/moneco/v31y1993i1p97-115.html
Education:
Ph.D. The University of Chicago, Economics Department;
A.M: The University of Chicago, Economics Department;
A.B. The University of Michigan, with Distinction, High Honors in Economics; Mathematics double major.
Research Agenda:
Modeling money and banking in general equilibrium. Monetary economics, real business cycles, economic growth, and how money and banking influence cycles, growth, and asset prices.
Books:
2022, The Spectre of Inflation: Innocence, Ignominy, and Purgatory; Agenda Publishing, forthcoming.
2017 Principles of Macroeconomics: An Evolutionary Approach, Kendall Hunt Publishing, Dubuque, Iowa; by Max Gillman
2013 Collected Papers on Monetary Theory by Robert E. Lucas, Jr., Harvard University Press; editor Max Gillman.
2011 Advanced Modern Macroeconomics: Analysis and Application, Pearson UK, Financial Times Press; by Max Gillman
2009, Inflation Theory in Economics: Welfare, Velocity,Growth and Business Cycles, Routledge International Studies; by Max Gillman
Contact: gillmanm@umsl.edu Office Phone: 314-516-5861
Standing next to Wolfgang Stolper of the Stolper-Samuelson Theory of International Trade, University of Michigan Economics Honors Group photo. US Senator Chuck Schumer’s brother standing on the other side of me.
a rise in the relative price of a good will lead to a rise in the real return to that factor which is used most intensively in the production of the good, and conversely, to a fall in the real return to the other factor.
Closely
Max Gillman 