Hoover Institution
Stanford University
Stanford, California 94305
(650) 723-2215
Fax: 725-7320

Born August 13, 1943, Palo Alto, California

PhD in economics, MIT, 1967; BA in economics, University of California, Berkeley, 1964

Robert and Carole McNeil Joint Professor, Department of Economics, and Senior Fellow, Hoover

Institution, Stanford University

Previously Professor of Economics, MIT (1974-78), Associate Professor of Economics, MIT

(1970-74), Acting Associate Professor of Economics, University of California, Berkeley
(1969-70), Assistant Professor (1967-69)

Fellow, American Academy of Arts and Sciences
Fellow, Econometric Society

Director, Research Program on Economic Fluctuations, National Bureau of Economic Research,

since 1977

Member, Advisory Committee, Congressional Budget Office, since 1993
Member, Oversight Panel for Economics, National Science Foundation, 1989, and Advisory Panel
for Economics, 1970-72

Member, Yale University Council Committee on Social Sciences—Policy, 1989-94
Member or Senior Advisor, Brookings Panel on Economic Activity, since 1970
Member, President’s Advisory Committee on Productivity, 1981-82


  1. Economics: Principles and Applications (with Marc Lieberman) South-Western, 1997

  2. Booms and Recessions in a Noisy Economy, Arthur Okun Memorial Lectures, Yale University Press, New Haven, Connecticut, 1991.

  3. The Rational Consumer: Theory and Evidence, MIT Press, Cambridge, Massachusetts, 1990.

  4. Macroeconomics (with John Taylor), W.W. Norton, 1986. Second edition, 1988. Third edition, 1991. Fourth edition, 1993. Fifth edition, 1997.

  5. The Flat Tax (with Alvin Rabushka), Hoover Press, 1985. Second edition, 1995.

  6. Low Tax, Simple Tax, Flat Tax (with Alvin Rabushka), McGraw-Hill, 1983.

  7. Inflation: Causes and Effects, University of Chicago Press for the National Bureau of Economic Research, 1982 (editor).

Selected Articles

  1. "Reorganization," to be presented to the Carnegie-Rochester Conference, April 1999.

  2. "National Policy on Microsoft: A Neutral Perspective" (with Chris E. Hall), February 1999.

  3. "Controlling the Price Level," NBER Working Paper 6914, January 1999. Forthcoming in the Proceedings of the Yale Conference on Irving Fisher, May 1998.

  4. "Aggregate Job Destruction and Inventory Liquidation," NBER Working Paper 6912, January 1999.

  5. "The Concentration of Job Destruction," February 1999.

  6. "Why Do Some Countries Produce So Much More Output per Worker than Others?" (with Charles I. Jones), Quarterly Journal of Economics, forthcoming, February 1999

  7. "Labor-Market Frictions and Employment Fluctuations," in John Taylor and Michael Woodford (eds.) Handbook of Macroeconomics, North-Holland, forthcoming.

  8. "Irving Fisher’s Self-Stabilizing Money," American Economic Review, Papers and Proceedings, vol. 87, pp. 436-438, May 1997.

  9. "Levels of Economic Activity across Countries" (with Charles I. Jones), American Economic Review, Papers and Proceedings, vol. 87, pp. 173-177, May 1997.

  10. "Potential Disruption from the Move to a Consumption Tax," American Economic Review, Papers and Proceedings, vol. 87, pp. 147-150, May 1997.

  11. "Macroeconomic Fluctuations and the Allocation of Time," Journal of Labor Economics, vol. 15, pp. S223-S250, January 1997.

  12. "The Effects of Tax Reform on Prices and Asset Values," in Tax Policy and the Economy, National Bureau of Economic Research, James Poterba (ed.), vol. 10, MIT Press, 1996, pp. 71-88.

  13. "Robert Lucas, Recipient of the 1995 Nobel Memorial Prize in Economics," Scandinavian Journal of Economics, vol. 98, number 1, pp. 33-48, 1996.

  14. "Productivity and the Density of Economic Activity" (with Antonio Ciccone), American Economic Review, March 1996, pp. 54-70.

  15. "Lost Jobs," Brookings Papers on Economic Activity, 1995:1, pp. 221-256

  16. "Reference Guide on Estimation of Economic Losses in Damages Awards" (with Victoria A. Lazear), Reference Manual on Scientific Evidence, Washington: Federal Judicial Center, 1994.

  17. "The Value and Performance of U.S. Corporations"(with Bronwyn H. Hall), Brookings Papers on Economic Activity, 1:1993.

  18. "Labor Demand, Labor Supply, and Employment Volatility," NBER Macroeconomics Annual, 1991, pp. 17-46.

  19. "Substitution over Time in Consumption and Work," in L. McKenzie and S. Zamagni (eds.), Value and Capital Fifty Years Later, MacMillan, 1991, pp. 239-267.

  20. "Invariance Properties of Solow’s Productivity Residual," in Peter Diamond (ed.), Growth/ Productivity/Unemployment: Essays to Celebrate Bob Solow’s Birthday, MIT Press, pp. 71-112, 1990.

  21. "The Relation between Price and Marginal Cost in U.S. Industry," Journal of Political Economy, October 1988, pp. 921-947.

  22. "Intertemporal Substitution in Consumption," Journal of Political Economy, vol. 96, no. 2, April 1988, pp. 339-357.

  23. "The Excess Sensitivity of Layoffs and Quits to Demand" (with Edward Lazear), Journal of Labor Economics, vol. 2, no. 2, 1984, pp. 233-257.

  24. "Optimal Fiduciary Monetary Systems," Journal of Monetary Economics, vol. 12, no. 1, July 1983, pp. 33-50.

  25. "The Importance of Lifetime Jobs in the U.S. Economy," American Economic Review, September 1982, pp. 716-724.

  26. "The Sensitivity of Consumption to Transitory Income: Estimates from Panel Data on Households" (with Frederic Mishkin), Econometrica, vol. 50, no. 2, March 1982, pp. 461-481.

  27. "Employment Fluctuations and Wage Rigidity," Brookings Papers on Economic Activity, 1:1980, pp. 91-123.

  28. "Labor Supply and Aggregate Fluctuations," in Carnegie-Rochester Conference Series on Public Policy, vol. 12, 1980, pp. 7-33.

  29. "Efficient Wage Bargains under Uncertain Supply and Demand" (with David Lilien), American Economic Review, December 1979, pp.868-879.

  30. "A Theory of the Natural Unemployment Rate and the Duration of Employment," Journal of Monetary Economics, vol. 5, April 1979, pp. 1-17.

  31. "Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence," Journal of Political Economy, vol. 86, December 1978, pp. 971-987.

  32. "The Rigidity of Wages and the Persistence of Unemployment," Brookings Papers on Economic Activity, 2:1975, pp. 301-349.

  33. "Estimation and Inference in Nonlinear Structural Models" (with E. Berndt, B. Hall, and J. Hausman), Annals of Economic and Social Measurement, 3/4, 1974, pp. 653-665.

  34. "The Specification of Technology with Several Kinds of Output," Journal of Political Economy, 81, July-August 1973, pp. 878-892.

  35. "Wages, Income, and Hours of Work in the U.S. Labor Force," in H. Watts and G. Cain, Income Maintenance and Labor Supply: Econometric Studies, Rand McNally, 1973, pp. 102-162.

  36. "Turnover in the Labor Force," Brookings Papers on Economic Activity, 3:1972, pp. 709-756.

  37. "The Dynamic Effects of Fiscal Policy in an Economy with Foresight," Review of Economic Studies, 38, April 1971, pp. 229-244.

  38. "The Measurement of Quality Change from Vintage Price Data," in Zvi Griliches (ed.), Price Indexes and Quality Change, Harvard University Press, 1971, pp. 240-271.

  39. "Why Is the Unemployment Rate So High at Full Employment?" Brookings Papers on Economic Activity, 3:1970, pp. 369-410.

  40. "Tax Policy and Investment Behavior: Reply and Further Results" (with D. W. Jorgenson), American Economic Review, 59, June 1969, pp. 388-401.

  41. "Consumption Taxes versus Income Taxes: Implications for Economic Growth," in Proceedings of the 61st Annual Conference on Taxation, National Tax Association, 1968, pp. 125-145.

  42. "Technical Change and Capital from the Point of View of the Dual," Review of Economic Studies, 35, January 1968, pp. 35-46.

  43. "Tax Policy and Investment Behavior" (with Dale W. Jorgenson), American Economic Review, 57, June 1967, pp. 391-414.