J. BRADFORD DE LONG
Professor of Economics, 601 Evans Hall
University of California at Berkeley
Berkeley, CA 94720-3880
(510) 643-4027
Fax: (510) 642-6615
E-mail: delong@econ.berkeley.edu
Internet: http://econ161.berkeley.edu/
EDUCATION
Ph. D., Department of Economics, Harvard University, Cambridge,
MA (June 1987).
M. A., Department of Economics, Harvard University, Cambridge,
MA (June 1985).
B. A. summa cum laude, Committee on Degrees in Social
Studies, Harvard University, Cambridge, MA (June 1982).
POSITIONS HELD
Teaching:
- Professor, Department of Economics, University of California
at Berkeley, Berkeley, CA (July 1997-present).
- Associate Professor, Department of Economics, University of
California
at Berkeley, Berkeley, CA (July 1993-June 1997).
- Frederick S. Danziger Associate Professor, Department of Economics,
Harvard University, Cambridge, MA (July 1991-June 1993).
- Visiting Lecturer, European University Institute, Florence, Italy
(March 1992-April 1992).
- Assistant Professor, Department of Economics, Harvard University,
Cambridge, MA (July 1988-June 1991).
- Assistant Professor, Department of Economics, Boston University,
Boston, MA (July 1987-June 1988).
- Instructor, Department of Economics, Massachusetts Institute
of Technology, Cambridge, MA (September 1986-June 1987).
- Tutor, Committee on Degrees in Social Studies, Harvard University,
Cambridge, MA (September 1983-June 1987).
Administrative and Editorial:
- Member, Board of Directors, University of California Museum of
Paleontology (January 1997-present).
- Co-Editor, Journal of Economic Perspectives (April
1996-present).
- Deputy Assistant Secretary for Economic Policy, United States
Department of the Treasury, Washington, DC (April 1993-May 1995).
- President, Carter Investment Company, Boston, MA (August 1992-April
1993, and August 1995-present).
- Member, Board of Directors, Carter Investment Company, Boston,
MA (July 1990-August 1992).
- Head Tutor [Director of Undergraduate Studies], Department of
Economics, Harvard University, Cambridge, MA (July 1988-June 1991).
Research:
- Research Associate, National Bureau of Economic Research,
Cambridge,
MA (October 1995-present).
- Visiting Scholar, Federal Reserve Bank of San Francisco, San
Francisco, CA (September 1995-present).
- Alfred P. Sloan Research Fellow, Alfred P. Sloan Foundation,
New York, NY (July 1993-present).
- John M. Olin Fellow, National Bureau of Economic Research,
Cambridge,
MA (July 1991-June 1992).
- Faculty Research Fellow, National Bureau of Economic Research,
Cambridge, MA (November 1987-September 1995).
- Alfred P. Sloan Dissertation Fellow, Harvard University, Cambridge,
MA (July 1985-June 1986).
WRITINGS
Those of my articles that are more than five years old, and that appeared
in the American Economic Review, the Journal of Economic
Perspectives,
the Journal of Finance, the Journal of Political Economy,
or the Quarterly Journal of Economics can be found at the Journal Storage website.
Commitments:
- J. Bradford De Long, "Robber Barons" (an essay for a Carnegie
Foundation-sponsored trip to Moscow October 8, 1997).
- J. Bradford De Long, "Post World War II Exceptionalism: The Economic
Dimension" (a paper for the UCLA conference on the Marshall Plan,
Fri. November 7-Sun. November 9, 1997).
- J. Bradford De Long, "Faster Economic Growth: What Could Be
Done?"
(a proposal for the 20th Century Fund).
- J. Bradford De Long, "Theories of Economic Growth: What Difference
Do They Make?" (for a Hoover Institution conference, Fri. October
10, 1997).
Forthcoming:
- J. Bradford De Long, "Review of Richard
Easterlin, Growth Triumphant:The Twenty-First Century in
Historical Perspective," Journal of Economic
Literature(forthcoming).
- J. Bradford De Long, "American
Fiscal Policy in the Shadow of the Great Depression", in Michael
Bordo, Claudia Goldin, and Eugene White, eds., The Defining Moment:
The Great Depression and the American Economy in the Twentieth Century
(Chicago: University of Chicago Press, forthcoming).
-
J. Bradford De Long, "It
Doesn't Work: A Review of Vedder and Galloway's Out of Work:
Unemployment
and Government in Twentieth-Century America.," in Critical
Review: An Interdisciplinary Journal of Politics and Society,
forthcoming.
-
J. Bradford De Long, "Trade
Policy and America's Standard of Living: An Historical
Perspective,"
in Susan Collins, ed., Trade and the American Worker (Washington,
DC: Brookings Institution, forthcoming).
- J. Bradford De Long, "The
Minimum Wage: The U.S. Experience," Parliamenary Brief.
-
J. Bradford De Long, "Renewing
Economic Growth: Lessons from More than a Decade of Research."
(Washington, DC: ACCF, forthcoming).
-
J. Bradford De Long, "Overstrong
Against Thyself: War, the State, and Growth in Europe on the Eve of the
Industrial Revolution," in Mancur Olson, ed., The Not-So-Dismal
Science: Development and the Political Economy of Institutions
(forthcoming).
- J. Bradford De Long, ""The
Modern Corporation," Wilson Quarterly, forthcoming.
1997 Works:
-
J. Bradford De Long, "America's
Peacetime Inflation: The 1970s," in Christina Romer and David
Romer. eds., Reducing Inflation: Motivation and Strategy
(Chicago:
University of Chicago Press, 1997).
- J. Bradford De Long and Robert J. Waldmann, "Interpreting
Procyclical Productivity Movements: Evidence from a Cross-Nation
Cross-Industry
Panel," Federal Reserve Bank of San Francisco Economic Review
1997:1 (Spring 1997), pp. 33-52. (Earlier drafts as HIER working paper
1495, July 1990.)
- J. Bradford De Long, "Review
of Daniel Cohen's The Misfortunes of Prosperity," in the
Federal Reserve Bank of Boston Regional Review 7:1 (Winter 1997),
pp. 25-6.
-
J. Bradford De Long, "Trading
Places: The Cuban Embargo and the Future of the World Trade
Organization,"
Slate (April 5, 1997).
- J. Bradford De Long, "Cross-Country
Variations in National Economic Growth Rates: The Role of
'Technology'",
in Jeffrey Fuhrer and Jane Sneddon Little, eds., Technology and Growth
(Boston: Federal Reserve Bank of Boston, 1997), pp. 127-49.
-
J. Bradford De Long, "Review
of Douglas Irwin's Against the Tide," EH-Net.
1996 Works:
- J. Bradford De Long, "Is
the Stock Market Overvalued?" Slate (December 21, 1996).
- J. Bradford De Long and David Levine, "A
Deficit of Clear Thinking", Cal Monthly (August 1996).
-
J. Bradford De Long, " Keynesianism,
Pennsylvania-Avenue Style: Some Economic Consequences of the 1946 Employment
Act," Journal of Economic Perspectives (Summer 1996).
-
Christopher L. De Long, J. Bradford De Long, and Sherman Robinson,
"NAFTA
More Important After the Peso Crisis", The Los Angeles Times
(July 25, 1996). [NAFTA
and the Peso Crisis]
-
J. Bradford De Long, "A
Positive Program for Better Economic Growth," Parliamentary
Brief (June 1996).
-
J. Bradford De Long, Christopher L. De Long, and Sherman Robinson, "In
Defense of Mexico's Rescue", Foreign Affairs (May/June
1996).
-
Carlos Ramirez and J. Bradford De Long, "Banker Influence and Business
Economic Performance: Assessing the Impact of Depression-Era Financial
Reforms," in Michael Bordo and Richard Sylla, eds., Anglo-American
Financial Systems: Institution and Markets in the Twentieth Century
(New York: Irwin, 1996), pp. 161-178.
-
Brad De Long, A
Wired Child, Harpers 292:1750 (March 1996), p. 30.
1995 Works:
- J. Bradford De Long, "Können Finanzmärkte zu liquide
sein?: Gefahr der Verstärkung von Kurseinbrüchen," Neue
Zuercher Zeitung: Elektronische Borse Schweiz December 5, 1995,
p. B 14. (English version: "Can
a Financial Market Be Too Liquid and Too Efficient?" (Berkeley,
CA, 1995).)
-
J. Bradford De Long and David Levine, "Not
a Capital Idea," The San Francisco Chronicle December 5,
1995.
-
J. Bradford De Long and David Levine, "Welfare
Reform that Makes Poor Kids Poorer Will Never Pay Off," The
Los Angeles Times October 15, 1995. (Adobe
.pdf version.)
-
J. Bradford De Long, "Ontological
Breakdown, or, Pretending to Be a Help System", American Art
9:3 (Fall 1995), pp. 2-5 (edited version).
-
J. Bradford De Long, "Ontologi
cal
Breakdown, or, Pretending to Be a Help System", in Adam
Engst et al., eds., TidBITS
#291, August 21, 1995 (INTERNET: http://www.dartmouth.edu/
pages/ TidBITS/ TidBITS.html).
1994 Works:
- J. Bradford De Long and Lawrence H. Summers, "How
Strongly Do Developing Countries Benefit from Equipment Investment?"
Journal of Monetary Economics (1994).
-
J. Bradford De Long and Lawrence H. Summers, "Equipment Investment
and Economic Growth: Reply," Quarterly Journal of Economics
109:3 (August 1994), pp. 803-807.
-
J. Bradford De Long and Lawrence H. Summers, "How Robust Is the
Growth-Machinery
Nexus?" in Mario Baldassari, Luigi Paganetto, and Edmund Phelps, eds.,
International Differences in Growth Rates: Market Globalization and
Economic Areas (New York: St. Martin's Press, 1994; in English)
1993 Works:
- J. Bradford De Long and Barry Eichengreen (1993), "The
Marshall Plan: History's Most Successful Structural Adjustment
Programme,"
in Rüdiger Dornbusch, Wilhelm Nölling, and Richard Layard, eds.,
Postwar Economic Reconstruction and Lessons for the East Today
(Cambridge,
MA: M.I.T. Press, 1993), pp. 189-230. (Earlier version issued as HIER working
paper no. 1576, October 1991.)
-
J. Bradford De Long, "Very
Long-Run Economic Growth, ca. 1870-1990," in Horst Siebert, ed.,
Economic Growth in the World Economy (Kiel: Institute for World
Economics, 1993).
-
J. Bradford De Long and Andrei Shleifer, "Princes
and Merchants: City Growth Before the Industrial Revolution,"
Journal of Law and Economics 36 (October 1993), pp. 671-702.
-
Robert B. Barsky and J. Bradford De Long, "Why Does the Stock Market
Fluctuate?" Quarterly Journal of Economics 108: 2 (May 1993),
pp. 291-312. (Earlier version issued as National Bureau of Economic Research
[NBER] working paper no. 3995, February 1992.)
-
J. Bradford De Long and Barry Eichengreen, "The
Marshall Plan as a Structural Adjustment Programme," in Rüdiger
Dornbusch, Wilhelm Nölling, and Richard Layard, eds., Postwar
Economic
Reconstruction: Lessons for Eastern Europe (London: Anglo-German
Foundation
for the Study of Industrial Society, 1993). (Earlier version issued as
NBER working paper no. 3899, November 1991; and as Centre for Economic
Policy Research [CEPR] discussion paper no. 634, November 1991.)
-
J. Bradford De Long and Lawrence H. Summers, "Macroeconomic
Policy and Long-Run Growth," in Policies for Long-Run Economic
Growth (Kansas City: Federal Reserve Bank of Kansas City, 1993.), pp.
93-128.
-
J. Bradford De Long and Lawrence H. Summers, "Macroeconomic
Policy and Long-Run Growth," Federal Reserve Bank of Kansas
City Quarterly Review (1993).
-
J. Bradford De Long, The Investment Tax Credit and Economic Growth
(Washington, D.C.: American Council for Capital Formation, 1993).
1992 Works:
- J. Bradford De Long and Lawrence H. Summers, "Quanto è Forte
il Legame tra Crescita e Meccanizzazione?" Rivista di Politica
Economica (November 1992).
-
J. Bradford De Long and Lawrence H. Summers, "How Robust Is the
Growth-Machinery
Nexus?" Rivista di Politica Economica (November 1992).
-
J. Bradford De Long and Lawrence H. Summers, "Equipment
Investment and Economic Growth: How Robust Is the Nexus?"
Brookings
Papers on Economic Activity (Fall 1992).
-
J. Bradford De Long, "J.
P. Morgan and His Money Trust," Wilson Quarterly 16:4 (Fall
1992), pp. 16-30.
-
J. Bradford De Long, "Machinery
Investment as a Key to American Economic Growth," in Mark
Bloomfield,
Margo Thorning, and Charls Walker, eds., Tools for American Workers
(Washington, DC: American Council for Capital Formation, 1992). (Earlier
version issued as Harvard Institute of Economic Research [HIER] working
paper no. 1588, April 1992.)
-
J. Bradford De Long, "Bull and Bear Markets," in John Eatwell,
Murray Milgate, and Peter Newman, eds, New Palgrave Dictionary of Money
and Finance (London: Macmillan, 1992).
-
J. Bradford De Long, "Money Trust," in John Eatwell, Murray
Milgate,
and Peter Newman, eds, New Palgrave Dictionary of Money and Finance
(London: Macmillan, 1992).
-
J. Bradford De Long, "Noise Trading," in John Eatwell, Murray
Milgate, and Peter Newman, eds, New Palgrave Dictionary of Money and
Finance (London: Macmillan, 1992).
-
J. Bradford De Long, "Growth, Industrialization, and Finance,"
NBER Reporter (Fall 1992), pp. 5-11.
-
J. Bradford De Long and Barry J. Eichengreen, "Der Marshall-Plan--ein
Strukturhilfeprogramm," in Rüdiger Dornbusch, Wilhelm Nölling,
and Richard Layard, eds., Der Wiederaufbau Deutschlands nach dem Zweiten
Weltkrieg--Lehren für Osteuropa, no. 10 of Hamburger
Beiträge
zur Wirtschafts- und Währungspolitik in Europa (Hamburg: 1992).
-
J. Bradford De Long and Kevin Lang, "Are
All Economic Hypotheses False?" Journal of Political Economy
100:6 (December 1992), pp. 1257-72.
-
J. Bradford De Long, "Productivity
and Machinery Investment: A Long Run Look 1870-1980," Journal
of Economic History 53: 2 (June 1992), 307-24. (Earlier version issued
as NBER working paper no. 3903, November 1991.)
-
J. Bradford De Long and Andrei Shleifer, "Closed End Fund Discounts:
A Yardstick of Small-Investor Sentiment," Journal of Portfolio
Management 18:2 (Winter 1992), pp. 46-53.
1991 Works:
- J. Bradford De Long, "Did
J. P. Morgan's Men Add Value?: An Economist's Perspective on Financial
Capitalism," in Peter Temin, ed., Inside the Business Enterprise:
Historical Perspectives on the Use of Information (Chicago, IL:
University
of Chicago Press for NBER, 1991), pp. 205-36. Earlier versions issued as
NBER working paper no. 3426, August 1990, and as HIER working paper no.
1554, July 1991).
-
J. Bradford De Long, "The Great American Universal Banking
Experiment,"
International Economy 5:1 (January/February 1991), pp. 68-71.
-
J. Bradford De Long and Andrei Shleifer, "The
Stock Market Bubble of 1929: Evidence from Closed-End Funds,"
Journal of Economic History 52: 3 (September 1991), pp. 675-700.
(Earlier version issued as NBER working paper no. 3523, December 1990.)
-
Robert B. Barsky and J. Bradford De Long, "Forecasting
Pre-World War I Inflation: The Fisher Effect and the Gold Standard,"
Quarterly Journal of Economics 106: 3 (August 1991) , pp.
815-36. (Earlier versions issued as NBER working paper no. 2784, December
1988, and HIER working paper no. 1497, July 1990).
-
J. Bradford De Long and Lawrence H. Summers, "Equipment
Investment and Economic Growth," Quarterly Journal of
Economics
106: 2 (May 1991), pp. 445-502. (Earlier version issued as NBER working
paper no. 3515, November 1990).
-
J. Bradford De Long, "Depressions," in Eric Foner and John A.
Garraty, eds., Readers' Guide to American History (Boston, MA:
Houghton-Mifflin
Company, 1991). (Earlier version issued as HIER working paper no. 1499,
July 1990.)
-
J. Bradford De Long, Andrei Shleifer, Lawrence H. Summers, and Robert J.
Waldmann, "Th
e
Survival of Noise Traders in Financial Markets," Journal of
Business 64: 1 (January 1991), pp. 1-20. (Earlier version issued as
NBER working paper no. 2715, September 1988.)
1990 Works:
- J. Bradford De Long, Andrei Shleifer, Lawrence H. Summers, and Robert
J. Waldmann, "Noise
Trader Risk in Financial Markets," Journal of Political
Economy
98: 4 (August 1990), pp. 703-738. (Earlier versions issued as HIER working
paper no. 1416, December 1988, and as NBER working paper no. 2395, October
1987, and HIER working paper no. 1348, November 1987, under the title of
"The Economic Consequences of Noise Traders"; reprinted in Richard
H. Thaler, ed., Advances in Behavioral Finance (New York: Russell
Sage Foundation, 1993).)
-
J. Bradford De Long, Andrei Shleifer, Lawrence H. Summers, and Robert J.
Waldmann, "Positive-Feedback Investment Strategies and Destabilizing
Rational Speculation," Journal of Finance 45: 2 (June 1990),
pp. 374-397. (Earlier version issued as NBER working paper no. 2880, March
1989.)
-
Robert B. Barsky and J. Bradford De Long, "Bull and Bear Markets in
the Twentieth Century," Journal of Economic History 50: 2 (June
1990), pp. 1-17. (Earlier version issued as NBER working paper no. 3171,
November 1989.)
-
J. Bradford De Long, "Facets
of Interwar Unemployment: A Review Essay," Journal of Monetary
Economics 25: 2 (March 1990), pp. 305-312. (Earlier version issued
as HIER working paper no. 1500, July 1990).
-
J. Bradford De Long, "In
Defense of Henry Simons' Credentials as a Classical Liberal,"
Cato Journal 9: 1 (Winter 1990), pp. 105-122. (Earlier version issued
as HIER working paper no. 1498, July 1990).
-
J. Bradford De Long and Lawrence H. Summers, "Price Level `Flexibility'
and the Coming of the New Deal: A Response to Sumner," Cato
Journal
9: 1 (Winter 1990), pp. 729-735.
1989 Works:
- J. Bradford De Long, "The
`Protestant Ethic' Revisited: A Twentieth-Century Look," Fletcher
Forum 13: 2 (Summer 1989), pp. 229-242.
-
J. Bradford De Long, "Nassau Senior's `Last Hour' and the `Advances'
Conception of Capital Revisited," History of Political Economy
21: 2 (Summer 1989), pp. 309-310.
-
J. Bradford De Long, Andrei Shleifer, Lawrence H. Summers, and Robert J.
Waldmann, "T
he
Size and Incidence of Losses from Noise Trading," Journal of
Finance 44: 3 (July 1989), pp. 681-696. (NBER reprint no. 1330, December
1989; earlier version issued as NBER working paper no. 2875, March 1989.)
1988 Works:
- J. Bradford De Long, "Productivity
Growth, Convergence, and Welfare: Comment," American Economic
Review 78: 5 (December 1988), pp. 1138-1154.
-
J. Bradford De Long and Lawrence H. Summers, "How
Does Macroeconomic Policy Matter?" Brookings Papers on Economic
Activity 1988: 2 (Fall 1988), pp. 433-480. (Earlier version issued
as HIER working paper no. 1418, December 1988.)
-
J. Bradford De Long and Lawrence H. Summers, "Is Increased Price
Flexibility
Stabilizing?: Reply," American Economic Review 78: 1 (March
1988), pp. 273-276.
1986 Works:
- J. Bradford De Long and Lawrence H. Summers, "Is Increased Price
Flexibility Stabilizing?" American Economic Review 76: 5
(December
1986), pp. 1031-1044. (NBER reprint no. 0817, January 1987; earlier versions
issued as NBER working paper no. 1686, August 1985, and as HIER working
paper no. 1174, July 1985.)
-
J. Bradford De Long, "Senior's `Last Hour': A Suggested Resolution
of a Famous Blunder," History of Political Economy 18: 2 (Summer
1986), pp. 325-333.
-
J. Bradford De Long and Lawrence H. Summers, "The Changing Cyclical
Variability of Economic Activity in the United States," in Robert
J. Gordon, ed., The American Business Cycle: Continuity and Change
(Chicago, IL: University of Chicago Press for the National Bureau of Economic
Research, 1986), pp. 679-719. (NBER reprint no. 0781, November 1986; earlier
versions issued as NBER working paper no. 1450, September 1984, and as
HIER working paper no. 1077, August 1984.)
-
J. Bradford De Long and Lawrence H. Summers, "A Comment on John Taylor's
`Improvements in Macroeconomic Stability: The Role of Wages and
Prices',"
in Robert J. Gordon, ed., The American Business Cycle: Continuity and
Change (Chicago, IL: University of Chicago Press for the National Bureau
of Economic Research, 1986), pp. 667-675.
-
J. Bradford De Long and Lawrence H. Summers, "Are Business Cycles
Symmetrical?" in Robert J. Gordon, ed., The American Business Cycle:
Continuity and Change (Chicago, IL: University of Chicago Press for
the National Bureau of Economic Research, 1986), pp. 166-178. (NBER
reprint no. 0780, November 1986; earlier versions issued as NBER working
paper no. 1444, September 1984, and as HIER working paper no. 1076, August
1984.)
UNPUBLISHED ARTICLES
- J. Bradford De Long and Carlos Ramirez, "Understanding America's
Hesitant Steps Toward Financial Capitalism" [.pdf
version].
-
J. Bradford De Long and Richard Grossman, "The British Stock Market
and British Economic Growth, 1870-1914" [.pdf
version].
-
J. Bradford De Long, "Low
Marx: Eric Hobsbawm's Age of Extremes" (Berkeley, CA,
1995).
-
J. Bradford De Long, " Late
Nineteenth-Century Tariffs and American Economic Growth" (Berkeley,
CA, 1995). (For the 1995 Economic History
Association meetings; also available in Adobe
.pdf format.)
-
J. Bradford De Long and Richard Grossman, "Excess
Volatility on the London Stock Market, 1870-1990" (Cambridge,
MA: Harvard University Department of Economics, 1992).
-
J. Bradford De Long and Marco Becht, "`Excess
Volatility' in the German Stock Market, 1876-1990" (Cambridge,
MA: Harvard University Department of Economics, 1991). (Issued as NBER
working paper 4054, May 1992.) (Appendix.)
-
J. Bradford De Long, "`Liquidation'
Cycles: Old-Fashioned Real Business Cycle Theory and the Great
Depression"
(Cambridge, MA: Harvard University Department of Economics, 1990).
-
J. Bradford De Long and Lawrence H. Summers, "On
the Existence and Interpretation of a `Unit Root' in U.S. Real GDP"
(Cambridge, MA: Harvard University Department of Economics, 1989).
UNPUBLISHED COMMENTS
- J. Bradford De Long, "Managing
International Financial Disorder: Lessons [?] From the Peso Crisis"
(Berkeley, CA, 1997).
- J. Bradford De Long, "The
State, Who Is It? Robert Wade's Strange View of the Relative Autonomy
of the World Bank" (Berkeley, CA, 1997).
-
J. Bradford De Long, "A
Decade of the 'New Growth Economics': A Comment on Xavier Sala-i-Martin,
'I Just Ran Two Million Regressions'" (Berkeley, CA, 1996).
-
J. Bradford De Long, "Comments
on Chari, Christiano, and Eichenbaum, 'Expectational Traps and
Discretion'"
(Berkeley, CA, 1996).
-
J. Bradford De Long, "Comment
on Peter Temin's 'The "Koreaboom" in West Germany: Fact or
Fiction?"
(Berkeley, CA 1995). Given at the fall 1995 NBER Workshop on Macroeconomic
History. Adobe
.pdf version.
-
J. Bradford De Long, "Keynesianism
in One Country?" (Berkeley, CA 1996). Was to be given at an Economic
Policy Institute conference on globalization.
- J. Bradford De Long, "First
Thoughts on Globalization."
-
J. Bradford De Long, "Trade
and American Business." Given at the World Affairs Council of
Northern California's March 13, 1996 panel discussion on U.S. Trade
and Economic Policy.
-
J. Bradford De Long, "What
Will the Stock Market Do?"
FAMILY
Married June 6, 1986 to Ann Marie Marciarille, born June 18,
1960.
Children:
- Michael Marciarille De Long, born April 24, 1990.
- Gianna De Long Marciarille, born April 13, 1993.
Parents - James V. De Long and Fonya Lord Helm
Born June 24, 1960, in Boston.