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Jeremy James Siegel

finance educator

Jeremy James SIEGEL, economist in the field of Macroeconomic Theory; Domestic Monetary and Financial Theory and Institutions; Domestic Monetary and Financial Theory and Policy. Phi Beta Kappa, Columbia College, 1967; Woodrow Wilson National Fellow, 1967-1968; National Science Foundation, USA Graduate Fellow, 1967-1971; National Science Foundation, USA Post-doctoral Fellow, 1971-1972.


Siegel, Jeremy James was born on November 14, 1945 in Chicago, Illinois, United States. Son of Bernard G. and Gertrude (Levite) Siegel.


Bachelor of Arts (Mathematics Economics) Columbia University 1967. Doctor of Philosophy Massachusetts Institute of Technology, Cambridge, Mass., USA, 1971.


Assistant professor business economics Graduate School Business University Chicago, 1972-1976. Associate professor finance Wharton School Business University Pennsylvania, Philadelphia, 1976—1986, professor finance Wharton School Business, 1986—1998, Russell E. Palmer Professor Finance Wharton School Business, since 1998. Macroecons. coordinator The Morgan Bank, (Now J.P. Morgan) New York City, 1984-1999.

Academy director Securities Industry Institute, since 1987. Senior investment strategy advisory Wisdom Tree Inc., since 2004.


  • Phi Beta Kappa, Columbia College, 1967. Woodrow Wilson National Fellow, 1967-1968. National Science Foundation, USA Graduate Fellow, 1967-1971.

    National Science Foundation, USA Post-doctoral Fellow, 1971-1972.



My early work concentrated on the effect of inflation on the macroeconomy, particularly such issues as the stability of an inflationary equilibrium (the subject of my Doctor of Philosophy thesis), the efficiency of the inflation tax, and the distortions caused by inflation in national income statistics. During this period I analysed, with Robert Shiller, the Gibson paradox, or the long-term historical correlation of the price level and the nominal rate of interest. Our econometric techniques rejected the Irving Fisher hypothesis, which maintained that movements in long-term interest rates are primarily due to inflationary expectations.

My interest in monetary policy led to the development, with Anthony Santomero, of a general equilibrium model in which to analyse banking regulation. This model enabled us to analyse the effects of deposit rate and reserve regulation on the stability of prices and interest rates. In a later paper, I determined that the reserve ratio on transactions deposits which minimises the variability of the price level is below the level set by the Monetary Control Act of 1980.

Presently my research concentrates on the nature of optimal monetary policy and the informational value of nominal monetary aggregates.

In response to the prevailing beliefs that an optimal stabilising policy requires too much knowledge about the structure of the economy, I developed a simple criterion by which the monetary authority can control money so as to minimise the variance of unanticipated price level and output changes. I also show that the nominal money supply may reveal sufficient information so that monetary policy has no influence on the dispersion of economic agents’ estimates

of the price level. My most recent research demonstrates that the correlation between interest-rate movements and money-supply announcements may not be caused by monetary policy but instead reflects the correlation of both variables with real output.


Married Ellen Ruth Schwartz, January 14, 1980. Children: Andrew M., Jeffrey Eric.

Bernard G. Siegel

Gertrude (Levite) Siegel

Ellen Ruth Schwartz

Andrew M. Siegel

Jeffrey Eric Siegel