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Stanley Warren BLACK


Stanley Warren BLACK, economist in the field of Domestic Monetary and Financial Theory; Balance of Payments; International Finance. Vice-President, Southern Economic Association, USA, 1982-1983.


BLACK, Stanley Warren was born in 1939 in Charlotte, North Carolina, United States of America.


Bachelor of Arts University N. Carolina, 1961. Master of Arts, Doctor of Philosophy Yale University, 1963,1965.


Assistant Professor of Economics, Princeton University, 1966-1971. Association Professor, Professor of Economics, Vanderbilt University, 1972-1976, 1977-1983. Research Fellow, Institute, Institution International Economics Studies, Stockholm, Sweden, 1975-1976.

Special Assistant Undersecretary Economics Affairs, United States Department State, 1977-1978. Visiting Professor of Economics, Yale University, 1980-1981. Georges Lurcy Professor of Economics, University N. Carolina, Chapel Hill, North Carolina, United States of America, since 1983.

Editorial Board, Southern Economic Journal, 1980-1983.


  • Vice-President, Southern Economic Association, USA, 1982-1983.


Extended theory of spot and forward exchange rates and developed modem theory of asset market determination of exchange rates. Introduced rational expectations concept into foreign exchange theory. Including empirical applications.

Developed criteria for exchange-rate policies of developing countries. Estimated reaction functions for monetary policy in multi-country study. Cross-country comparisons showed effects of economic structure and political choices on inflation and unemployment.

Developed a political choice theory for this problem. Recent work aimed at understanding empirical exchange-rate relationships, including reasons for time-varying coefficients. Analyzed ‘Harrod’ effect, showing how behaviour of risk-averse speculators will vary with government policy in ex change market in a stochastic, rational expectations model.