
OK
About Max Gillman
New book forthcoming January 2017:
Principles of Macroeconomics: An Evolutionary Approach,
published by Kendall Hunt Publishing.
Other books:
1. Advanced Modern Macroeconomics (AMM): Theory and Analysis, 2011, Pearson Financial Times.
Professors and students can ask Gillman at gillmanm@umsl.edu for about a 1000 slides covering every chapter of the book, for class presentation. This book uses math but almost all problems are just simple derivatives and algebra: all solutions are analytic "closed-form" solutions.
Presents Aggregate Supply and Demand, AS-AD from the Ramsey (1928) model that underlies both Keynesian and Neoclassical Analysis:
This AS-AD analysis is the first time it has been derived and presented in a book. It is internally consistent, and exactly derived from optimization, unlike standard macro textbooks that present various versions of AS-AD.
AS-AD allows the story of Real Business Cycles and Solow Growth, and even Lucas endogenous growth, to be told using Goods and Labor Markets, supply and demand.
Note: on Amazon it lists a 2015 edition of AMM; this is false. There is no 2015 edition, and it is unclear how this became posted.
2. Principles of Macroeconomics: An Evolutionary Approach, 2017. Pre-order from Kendall-Hunt.
Reviews the whole evolution of Macroeconomics, from the Great Depression to the Great Recession, showing the bifurcation in theory starting from Irving Fisher and J. M. Keynes.
Includes graphically the Keynesian Cross, IS-LM, and Cost-Push theories of AS-AD, but critiques their use by carefully spelling out their assumptions. Moves to Fisher's 2-period model, graphically, and then the full AS-AD of Ramsey, graphically.
Hundreds of slides for Classroom presentation are available from author by request, for Professors and students.
3. Collected Papers in Monetary Theory, by Robert E. Lucas, Jr., 2013, Harvard University Press; edited by Max Gillman.
Includes 20 of Lucas's classic papers, including the never-before published paper by Lucas on a monetary economy with prices set in advance. This last paper has not appeared in working paper form or any previously published form.
Reviewed favorably recently by Thomas Sargent in the Journal of Economic Literature.
4. Inflation Theory in Economics, 2009, Routledge; this is a collected papers volume of research articles from 1993 to 2008. Covers the banking approach to modeling exchange credit as a substitute to money that allows avoidance of the inflation tax.
Research: See Gillman at Ideas
Customers Also Bought Items By
Are you an author?
Author Updates
-
Blog postFriedrich A. Hayek’s 1944 acclaimed Road to Serfdom (reproduced by the Institute for Economic Affairs online) supports social insurance for when markets work imperfectly, a long tradition in neoclassical economics now reflected in practice by the implicit or explicit social insurance linked to nearly all fiscal policy: “Nor is there any reason why the stateContinue reading "International Deposit Insurance with Risk-Based Premia"2 years ago Read more
-
Blog postTime for Positive Interest Rates for Savers
Federal Reserve interest rates of 2% to 2.25% aren’t neutral if the inflation rate is 2.61%.
8 Comments
Nov. 1, 2018 1:10 p.m. ET
Federal Reserve Chairman Jerome Powell speaks in Washington, June 13. Photo: michael reynolds/EPA/Shutterstock In “Pause Interest-Rate Hikes to Help the Labor Force Grow” (op-ed, Oct. 26), Federal Reserve Bank of Minneapolis President Neel Kashkari is mistaken in two important ways.2 years ago Read more -
Blog postExtract from new forthcoming Berkeley E Journal of Macroeconomics: Advances, “The Welfare Cost of Inflation with Banking Time”, Max Gillman, 2018. Below is Section 2 of this article:
“US Law on the Target Inflation Rate” According to the US Federal Reserve Bank the FOMC (Federal Open Market Committee) has since 2012 adopted an explicit inflation target of 2%. In January 2012 the FOMC stated ( https://www.federalreservehistory.org/essays/humphrey_hawkins_act#footnote3)
“The in2 years ago Read more -
Blog postThe Wall Street Journal: Letter
“Fed Should Slowly Unwind Excess Reserves”
Before 2008, competition between banks forced them to loan out or otherwise invest excess reserves.
4 Comments
Sept. 26, 2018 3:15 p.m. ET
SEC chairman, Jay Clayton in April Photo: Yuri Gripas/Bloomberg News
Regarding your editorial “Sharing the Wealth of Markets” (Sept. 21): Yes, recent stock price increases aren’t creating new wealth as broadly as most would lik2 years ago Read more -
Blog postThomas Gordon : Writing in Wall Street Journal: December 14, 2017 @Max Gillman Good comments and informatory about why banks are now paid interest on reserves. As it concerns the article, I don’t think they were paying a huge interest rate (I thought it was less than 1%, but probably more than most banks were paying depositors ). Not enough in my mind to get banks to hold excess reserves, but I suppose it is risk free. The other unspoken thing is tha3 years ago Read more
-
Blog postBy MAX GILLMAN and DAVID C. ROSE April 2017 Two weeks ago President Trump told House leaders that he liked most of the House Ways and Means Committee’s “Blueprint” for tax reform. The blueprint does indeed significantly improve tax policy in a number of ways. But a careful consideration of what the latest economic theoryContinue reading "Turning a Good Blueprint for Tax Reform into a Great One"3 years ago Read more
-
Blog postSt. Louis Post-Dispatch
stltoday.com
St. Louis Post-Dispatch Column
Is the House blueprint for tax reform good for St. Louis? By Max Gillman and David C. Rose Mar 8, 2017 President Donald Trump recently stated that he will release an outline for comprehensive tax reform in the coming weeks, and if his previous statements are accurate, his eventual plan will likely look substantially similar to the House Ways and Means Committee’s blueprint for tax reform. It is not to3 years ago Read more -
Blog postWith the December 2017 quarter of a percent hike in the Federal Reserve Bank interest rate to 1.5%, banks will receive 1.5% interest on reserves parked at the Fed instead of lending them out. Lending them out means added investment. Lending out the excess reserves means increased demand deposits at private banks. And increased demandContinue reading "Cold Turkey and Moral Hazard : Why the Fed Should Stop Paying Interest on Excess Reserves to Banks"3 years ago Read more
-
Blog postUMSL Economics Research Associate Tamas Csafabi (Cardiff PhD, 2016) has started a new STL Macro Dynamics Club.
Click on this weblink to learn about and join the club http://stlmacroclub.com/markdown/.
For more information please contact Tamas directly at csabafit@umsl.edu.
3 years ago Read more -
Blog postPresentation by Max Gillman FULL PDF TEXT OF TALK: Thank you very much for having me before this distinguished group. I especially thank Harry Langenberg, Dave Rose and William Rogers for this honor. My talk involves some monetary theory, history, and policy with a neoclassic economic perspective that monetary policy is a part of fiscalContinue reading "Some Corporate Tax Reform History & the Inflation Tax: Lecture given at the Discussion Club of St. Louis,3 years ago Read more
These essays bring together a progression in monetary theory. The major theme that runs through all of the chapters is that in order to do monetary economics well in general equilibrium, it helps to have a good money demand underlying the theory.
A proper underlying money demand sets up arguably the best foundation from which to make extensions of monetary economics from the basic model. At the same time that money demand is modelled, this also “endogenizes” the velocity of money. This has been a challenge in the literature that these essays solve and then use to extend basic neoclassical growth and business cycle theory. Solving this problem, in a way that is a natural, direct, and “micro-founded” extension of the standard monetary theory is the first major contribution of the collection. The second major contribution is the extension of the neoclassical monetary models, using this solution, to reinvigorate classic issues of monetary economics and take them to the frontier.