Bachelor of Arts (Physics) Columbia University, 1964. Master of Arts (Physics) University Wisconsin, 1965. Doctor of Philosophy University Chicago, 1971.
Economics, Federal Reserve System, 1969, 1972, 1973. Assistant Professor, Association Professor, University Western Ontario, 1970-1982. Research Fellow, London School of Economies and Political Science, London, United Kingdom, 1974-1975.
Visiting Association Professor, Carnegie-Mellon University, 1979-1980. Professor of Economics, University Western Ontario, Canada, since 1982. Editorial Board, J. International Money and Finance.
My research interests have always been focussed on characteristics of assets and their implications for macroeconomic behaviour. At the University of Chicago it was strongly influenced by Professor Mundell and fellow graduate students in the International Economic Workshop (Rudiger Dornbusch, Jacob Frenkel, Michael Mussa, and Douglas Purvis). Early success in thinking in this area occurred in the more relaxed atmosphere of the Federal Reserve System.
During the summers of 1969 and 1972, I was a Research Fellow there, where there were active discussions with Lance Girton, Dale Henderson and Don Roper. During the earlier summer, I initiated the idea that the formation of one-bank holding companies could be based on eliminating the inefficiency caused by the failure to pay interest on demand deposits. While this research was not published, the ideal of this motivation is now widely recognised in financial circles.
In the summer of 1972,1 initiated the idea of currency substitution and the indeter minancy of exchange rates that occurs in the case of perfect substitution. This idea presaged the asset approach to exchange rates which has developed subsequently. While at the London School of Economics, I formalised work on imperfect capital mobility models and began thinking about revaluation effects on foreign-currencydenominated assets.
That these effects could cause potential instability for debtor countries is now widely recognised. Back at Western with David Laidler and Michael Parkin as new senior colleagues, I became interested in the open economy implications of the Poole problem. Working with junior colleagues recently, I have incorporated rational expectations into models, and applied them to Canadian data.
The basic thrust of this recent work is to make the link between the empirical regularities which exchange rates exhibit and the models which can generate such behaviour.