Bachelor of Science in Economics, Boston College, 1965. Doctor of Philosophy in Economics, Northwestern University, 1970.
From assistant professor to associate professor economics The Johns Hopkins University, Baltimore, 1969-1986, professor, since 1986, chair, 1992—2007. Ad hoc committee member graduate finance aid, Johns Hopkins University, editorial board, public interest investment advisory committee, law school committee, medical school committee, and other committees. Member recruting chair department graduate student advisor department, and other departments.
My research has focussed on the microfoundations of macroeconomic behavioural relationships and includes work at both the theoretical and empirical level. Early work introduced delivery lags into the analysis of investment behaviour. Theoretical work was done on both the demand and supply sides of the market for capital goods.
An ongoing interest has been the attempt to provide a microeconomic basis for the price and output relationships commonly used in macroeconomic models. I have developed dynamic models of firm behaviour to capture the effects of buffer stocks (inventories, unfilled orders), quasi-fixed factors of production (capital stocks, stocks of workers), and the expectations of demand and factor input prices on price and output decisions. These models study the interaction between price and output decisions and investment decisions, and provide a theory of optimal mark-up pricing.
I have used these models as a basis for empirical work to explain movements in prices. A major finding, in contrast to previous literature, is that demand forces exert a strong influence on movements in prices. More recent work has investigated the adjustments of firms to cyclical fluctuations in demand.
This work began with empirical studies of the determinants of inventory investment. It is continuing with the development of theoretical models designed to study the interaction of inventories and layoffs over the business cycle.
Member American Economic Association, The Econometric Society, Internat Society Inventory Research.
Married Carol Monterisi, June 25, 1965. Children: Michael S., Sharon L.