Research Interests
Monetary Theory, Monetary Policy and Financial Markets
Courses taught at NC State
EC 202- Principles of Macroeconomics
EC 302- Intermediate Macroeconomics
EC 404- Money and Banking
EC 451 - Introduction to Econometrics
EC 474 – Financial Markets and Institutions
ECG 506 - Income and Employment Theory
BUS 524 - Financial Markets and Institutions
ECG 705 – PhD Macroeconomics II
ECG 785 - Monetary Theory
Ph.D.
Dissertations Chaired or Co-Chaired at NC
Curtis Youngblood 1988
Pierre Van Peteghem 1988
Nuir Onvural 1989
Surachit Laksansut 1996
John Dawson 1996
Fan Hu 1997
Sarbashis Ghosh 1997
Nihat Solakoglu 2000
Mehmet Ivrendi 2005
Ali Termos 2005
Almukhtar Al-Abri 2005
PROFESSIONAL ACTIVITIES:
Member: American Economic Association
American
Finance Association
Southern
Economic Association
Referee: American
Economic Review, Economic Inquiry, Economic Letters, Financial Management,
Financial Review, International Economic Journal, International Review of
Economics & Finance, International Journal of Central Banking, Journal of
Banking and Finance, Journal of Business and Economic Statistics, Journal of Economics
and Business, Journal of Economics and Finance, Journal of Finance, Journal of
Financial Research, Journal of Financial and Quantitative Analysis, Journal of
International Money and Finance, Journal of Macroeconomics, Journal of Money,
Credit, and Banking, New Zealand Economic Papers, Public Choice, Review of
Economics and Statistics, Scandinavian Journal of Economics, Southern Economic
Journal, National Science Foundation
Editorial Board: Journal of Economics and
Finance
Publications
"Wage Price Control Experiment--Did It
Work?" (with E. L. Feige), Challenge, July/August 1973, pp. 40-44, reprinted in R.C. Puth, Current Issues in the American Economy, 1976.
"The Measurement of Price Expectations," Journal of Behavioral Economics, Summer 1975, pp. 145-65.
"Inflation and Incomes Policy: An Application of Time Series Models"
(with E. L. Feige), The Economics of Price and Wage
Controls, supplement to the Journal of
Monetary Economics, April 1976, pp. 273-302.
"Postwar and Future Union Growth: A Test of the Ashenfelter-Pencavel
Model" (with W. J. Moore), Industrial
Relations, May 1976, pp. 244-47.
"Economically Rational Expectations" (with E.L. Feige),
Journal of Political Economy, June
1976, pp. 499-522.
"The Substitutability of Money and Near-Monies: A Survey of the Time
Series Evidence" (with E. L. Feige), Journal of Economic Literature, June
1977, pp. 439-69.
"Comparing Survey and Rational Measures of Expected Inflation: Forecast
Performance and Interest Rate Effects," Journal of Money, Credit, and Banking, November 1979, pp. 447-56.
"The Casual Causal Relationship Between Money and Income: Some Caveats for
Time Series Analysis" (with E. L. Feige), Review of Economics and Statistics,
November 1979, pp. 521-33.
"The Regulation of Occupations and the Earnings of Women" (with W. J.
Moore and R. M. Wilson), Journal of Human
Resources, Summer 1981, pp. 366-83.
"A Comparative Analysis of Strike Models During Periods of Rapid
Inflation" (with W. J. Moore), Journal
of Labor Research, Winter 1982, pp. 39-53.
"The Impact of Inflation on Stock Prices," Economic Review, Federal Reserve Bank of Kansas City, March 1982,
pp. 3-18; reprinted in D.R. Fraser and P.S. Rose, Financial Institutions and
Markets in a Changing World,3rd ed., 1987, and in J.R. Brick et al, Financial
Markets, Instruments and Concepts, 1986.
"Expected Income, Permanent Income and Optimal Forecasting" (with J.
R. Schmidt), in Applied Time Series Analysis, eds. O. D.
"A Note on Survey Forecasts of Retail Sales" (with T.O. Wisley), Business
Economics, May 1982, pp. 56-60.
"Alternative Views of Exchange - Rate Determination," Economic Review, Federal Reserve Bank of
"Sales Expectations and Inventory Changes in Retail Trade" (with T.
O. Wisley), Journal
of Economics and Business, March 1983, pp. 109-21.
"The Transmission of Inflation Between the
"The Reaction of Stock Prices to Unanticipated Changes in Money: A
Note" (with V. V. Roley), Journal of Finance, September 1983, pp. 1323-33.
"Stock Prices and the Economy," Economic
Review, Federal Reserve Bank of
"Recent Developments in the Credit Union Industry," Economic Review, Federal Reserve Bank of
"An Empirical Analysis of Expected Stock Price
Movements," Journal of Money,
Credit, and Banking, August 1984, pp. 317-27.
"Stock Prices and Economic News," (with V. V. Roley),
Journal of Business, January 1985,
pp. 49-67.
"Regression Strategies When Multicollinearity is
a Problem: A Methodological Note," (with S. L. Reiter), Journal of Accounting Research, Spring 1985, pp. 405-407.
"Rising Household Debt in Perspective," Economic Review, Federal Reserve Bank of Kansas City, July/August
1985, pp. 3-17.
"The Reaction of Exchange Rates to Economic News," (with C. S. Hakkio), Economic
Inquiry, October 1985, pp. 621-36.
"Can Tax Loss Selling Explain the January Effect? A Note," (with C.P.
Jones and J. Wilson), Journal of Finance,
June 1987, pp. 453-61.
"Short-Run Inflation Expectations: Evidence From A
Monthly Survey," Journal of Money,
Credit and Banking, August 1987, pp. 388-395.
"Challenges to the Concept of Stock Market Efficiency," Economic Review, Federal Reserve Bank of
"Firm Characteristics, Unanticipated Inflation, and Stock Returns,"
(with V. V. Roley), Journal of Finance, September 1988, pp. 965-81.
"Information, Expectations, and Foreign Exchange Market Efficiency,"
in International Financial Markets and Agricultural Trade, ed. T. Grennes, 1989, pp. 214-60.
"Alan Greenspan," Encyclopedia
of American Business History and Biography, Bruccoli
Clark Lyman, 1990, pp. 175-182.
"Discount Rate Policy Under Alternative Operating
Regimes: An Empirical Investigation," (with C.S. Hakkio),
International Review of Economics and
Finance, 1992, pp. 55-72.
"Discount Window Borrowing Across Federal Reserve
Districts," (with K. Mitchell), Journal
of Banking and Finance, 16, 1992, pp. 771-90.
"Discount Window Borrowing and Federal Reserve Operating
Regimes." Economic Inquiry,
October 1993, pp. 564-579.
"The Robustness of Calendar Anomalies in Daily Stock Returns," Journal of Economics and Finance, Fall 1995, pp.69-80.
"Uncertainty and the Inflation Bias of Monetary Policy," (with M. Sobue), Economics
Letters, December 1997, pp. 203-207.
"Does a Bias in FOMC Policy Directives Help Predict Inter-Meeting Policy Changes?" (with J.S. Lapp), Journal of Money, Credit, and Banking, August 2000, pp. 435-441.
"The Predictability of FOMC Decisions:
Evidence from the Volcker and Greenspan
Chairmanships," (with J.S. Lapp and
“Which Loans are Relationship Loans? Evidence from the 1998 Survey of Small Business Finances,” (with K. Mitchell), Journal of Entrepreneurial Finance and Business Ventures, October 2004. pp. 1-36.
"Can Business Economists Predict Interest Rate or Exchange Rate Movements?" (with K. Mitchell), Corporate Finance Review, May/June 2006, pp. 15- 27.
"Macroeconomic News and Exchange Rates,” (with M.N. Solakoglu), Journal of International Financial Markets, Institutions & Money, 17, 2007, pp 307-325..
“Professional Forecasts of Interest Rates and Exchange Rates: Evidence from the Wall Street Journal’s Panel of Economists,” (with K. Mitchell), Journal of Macroeconomics, December 2007, pp. 840-854.
“Federal Reserve System,” Battleground Business, edited by M. Walden and P Thoms, Vol. 1, Greenwood Publishing, 2007, pp. 181-189.
“Stagflation,” International Encyclopedia of the Social Sciences, Ed. William
A. Darity, Jr.. Vol. 8.
2nd ed.
Recent and ongoing projects
"Discrimination and Relationship vs. Transaction
Lending to Small Businesses," with Karlyn Mitchell
“Do Wall Street Economists Believe In Okun’s Law And The Taylor Rule?” with Karlyn Mitchell
Last modified
Send questions or comments to Doug_Pearce@ncsu.edu
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