Max Gillman

Data sources on publications:

Repec/Ideas Federal Reserve Bank of St. Louis ID pgi22

Fields: ScholarGPS #28 ranking in the field of Inflation “lifetime”: Link to Inflation ranking top 0.07% percentile; Money 1.54%, Human Capital 1.75%, Tax 3.51%.

Hungarian Library of Scientific Works mtmt ID 10093427

SSRN ID 2685715

Academia Link to webpage

Positions

Friedrich A. Hayek Professor of Economic History, University of Missouri – St. Louis, since Fall 2013. Link to webpage

Research Professor, part time, Corvinus U of Budapest, since 2023. Link to webpage

Associate Editor, Economic Modelling, since 2020. Link to editorial board

Associate Researcher, Center for Economic Research and Graduate Education – Economics Institute, Prague (CERGE-EI), 1997-1998, and since 2013. Link to webpage

Associate Researcher, ELTE – Institute of World Economics, ELTE Centre for Economic and Regional Studies, Budapest (CERS HAS), since 2003. Link to recent seminar page

Visiting Researcher, National Bank of Slovakia, 2024-2025. https://nbs.sk/en/

Visiting Researcher, Bank of Finland, 2022, Link to working paper

Recent Articles

“The Evolving Impact of U.S. Monetary Policy on Real Oil Prices: A Time-Varying Granger and Local Projections Approach,” 2025, with Emrah Cevik and Sel Dibooglu, Energy Policy, Volume 210, March 2026, 115052. Link to article

“The Impact of the Fed Monetary Policy Shocks on Commodity Markets: Evidence from Time-Varying Local Projections,” 2025, with Emrah Cevik, Finance Research Letters; Link to article

“Revisiting Neoclassical Growth Theory: A Primary Role for Inflation and Capacity Utilization,” 2026, January, with T Csabafi, Sz. Benk, L Matyas, M N Harris, and Mitchell Smith; Economic Modelling. Link to article

“Back of Napkin with Rigor: Supply-Side Economics with AS-AD in Ramsey Dynamic General Equilibrium.” 2025, SUERF Policy Brief. 1246, 4 Sept.; with Szilard Benk and Tamas Csabafi. article link

Emrah Cevik, Sel Dibooglu, Max Gillman and Szilard Benk, 2025. “Granger predictability of real oil prices by us money and inflation in Markov-switching regimes,” Eurasian Economic Review; published online 25 January 2025; Link to article.

Max Gillman and Adrian Pagan, 2025. “Cycles and Their Important Shocks: Completing the Investigation,” Macroeconomic Dynamics, 29, e19, pp. 1–11; Link to article

“A Human Capital Explanation of Real Business Cycles,” with Szilard Benk, Tamas Csabafi, Jing Dang, and Michal Kejak; 2024, Journal of Human Capital; Summer; Link to article at Repec, Link to article

“Identifying Money and Inflation Expectation Shocks on Real Oil Prices”, with Szilard Benk, Energy Economics; October 2023. Link to article

“Supply-Side Economics with AS-AD in Ramsey Dynamic General Equilibrium”, with Szilard Benk and Tamas Csabafi, Economic Analysis and Policy; December 2023: Link to article

The Spectre of Price Inflation, Max Gillman, Columbia University Press, US; Newgen Publishing, UK, for Agenda Publishing, 2023. Link to publisher Agenda; Link to Columbia U. Press; Amazon

Book Review by Ksenija Popović: Link to Popovic review of book

Under Review

“Interest Rates with Optimal Inflation Tax Avoidance”, with Tamas Csabafi, Ceri R. Davies, Michal Kejak; JMCB; revision.

Benk, Szilárd & Gillman, Max, “Do US monetary policy shocks increase oil prices and the
excess stock premiums of oil exporting nations?, Economic Analysis and Policy; revision.

New Papers in Progress

“Growth under the Euro: Monetary Union, Inflation Discipline, and Structural Limits” with Brian Fabo and Reiner Martin.

“Money Supply and Fiscal Shocks in Inflation Dynamics: A Regime-Switching Analysis” with Clemente Pinilla-Torremocha.

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:

“Back of Napkin with Rigor: Supply-Side Economics with AS-AD in Ramsey Dynamic General Equilibrium.” SUERF Policy Brief. 1246, 4 Sep, 2025; with Szilard Benk and Tamas Csabafi. article link

Max Gillman and Adrian Pagan, 2025. “Cycles and Their Important Shocks: Completing the Investigation,” Macroeconomic Dynamics, 29, e19, pp. 1–11; Link to article

“A Human Capital Explanation of Real Business Cycles,” with Szilard Benk, Tamas Csabafi, Jing Dang, and Michal Kejak; 2024, Journal of Human Capital; Summer; Link to Repec, Link to article

“Identifying Money and Inflation Expectation Shocks on Real Oil Prices”, with Szilard Benk, Energy Economics; October 2023. Link to article

“Supply-Side Economics with AS-AD in Ramsey Dynamic General Equilibrium”, with Szilard Benk and Tamas Csabafi, Economic Analysis and Policy; December 2023: Link to article

The Spectre of Price Inflation, Max Gillman, Columbia University Press, US; Newgen Publishing, UK, for Agenda Publishing, 2023. Link to publisher Agenda; Link to Columbia U. Press; Amazon

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: Link to article

“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;

Link to book chapter

“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; Link to Repec

“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. Link to Repec

“Steps in Industrial Development through Human Capital Deepening,” 2021, Max Gillman, Economic Modelling, volume 99, June, article no. 105470; Link to Repec

Max Gillman, 2021. “Income Tax Evasion: Tax Elasticity, Welfare, and Revenue”, International Tax and Public Finance, volume 28, pages 533–566. Link to Repec

“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. Link to Repec

“The Welfare Cost of Inflation with Banking Time,” 2020, BE Press Journal of Macroeconomics: Advances; volume 20, Issue 1; Link to Repec

“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, Link to Repec

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. Link to Repec

“Tax Evasion, Human Capital, and Productivity Induced Tax Rate Reduction”, 2014, Journal of Human Capital, 8(1, Spring): 42-79, with Michal Kejak. Link to Repec

Collected Papers on Monetary Theory; by Robert E. Lucas Jr.; 2013, Harvard University Press; edited by M. Gillman, Max. Link to Repec

“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. Link to Repec

Max Gillman and Michal Kejak, 2011, “Inflation, Investment and Growth: a Banking Approach”, Economica, 78 (310: April) 260–282. Link to Repec

Max Gilman, 2011 Advanced Modern Macroeconomics: Analysis and Application; Pearson Education. Link to Pearson

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. Link to Repec

Helmuts Azacis and Max Gillman, 2010, “Flat Tax Reform: The Baltics 2000-2007”, Journal of Macroeconomics, 32 (2, June) pp. 692-708. Link to Repec

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. Link to Repec

Max Gillman, 2010, `Comment on “Price Stability and the Case for Flexible Exchange Rates”‘, Open Economies Review: 21 (February, 1): 17-21. Link to Repec

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. Link to Repec

Max Gillman, 2009, “International Deposit Insurance”, Economic Affairs, 29(3, September): 103-104. Link to Repec

Max Gilman, 2009, Inflation Theory in Economics: Velocity, Cycles and Growth; Routledge; UK. Link to Routledge

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. Link to Repec

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. Link to Repec

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. Link to Repec

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. Link to Repec

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. Link to Repec

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. Link to Repec

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. Link to Repec

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. Link to Repec

Gillman, M. and Michal Kejak, 2005, ” Inflation and Balanced-Path Growth with Alternative Payment Mechanisms”, Economic Journal, Vol 115, No. 500 (January): 247-270. Link to Repec

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. Link to Repec

Gillman, Max, and Michal Kejak, 2004, “The Demand for Bank Reserves and Other Monetary Aggregates”, Economic Inquiry, July, 42(3): 518-533. Link to Repec

Gillman, Max, Mark Harris, and Laszlo Matyas, 2004, “Inflation and Growth: Explaining the Negative Effect”, Empirical Economics, Vol 29, No. 1, (January): 149-167. Link to Repec

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. Link to Repec

Gillman, Max, 2000, “On The Optimality of Restricting Credit: Inflation-Avoidance and Productivity”, Japanese Economic Review, Vol. 51, No. 3 (September): 375-390. Link to Repec

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. Link to publisher

Gillman, Max, and James Hogan, 1999, “Extending Corporate Liability in New Zealand”, International Journal of Social Economics, Vol. 26, No.4, pp. 487-500. Link to publisher

Gillman, Max, 1998, “The Optimality of a Zero Inflation Rate: Australia”, The Australian Economic Review; Vol.31, No.3 (September): 211-223. Link to Repec

Gillman, Max, Pierre Siklos and J.Lew Silver, 1997, “Money Velocity with Costly Credit”, Journal of Economic Research, 2 (November): 179-207. Link to Repec

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. Link to Repec

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. Link to publisher

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. Link to Repec

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:

See amazon homepage link

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

U of Michigan Honors Ecconomics, Senior Year

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 Bob standing on the other side of me. Susan Block, eyes closed; Marc Aron: mustache, disco shirt.

Stolper-Samuelson Theory: 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.