Background
LeRoy, Stephen Francis was born on April 23, 1943 in Philadelphia, Pennsylvania, United States. Son of Clarke and Eva (Spiro) LeRoy.
LeRoy, Stephen Francis was born on April 23, 1943 in Philadelphia, Pennsylvania, United States. Son of Clarke and Eva (Spiro) LeRoy.
Bachelor of Arts Cornell University, 1965. Doctor of Philosophy University Pennsylvania, 1971.
Economics, Federal Reserve Bank Kansas City, 1970-1973. Economics, Federal Reserve Board, 1973-1977. Association Professor, Institute, Institution International Economics Studies, Stockholm, 1977.
Assistant Professor, Association Professor, University California Santa Barbara, 1977-1980. Visiting Assistant Professor, University Chicago, 1979-1980. Professor, University California Santa Barbara, Santa Barbara, California, United States of America,
.
Advisory Editor, Economics Letters, 1981-1983.
My Doctor of Philosophy dissertation, published subsequently as No. 1 above, presented the first analysis of financial asset pricing in a context of stochastic steady-state rational-expectations equilibrium. The substantive point was to argue against the then prevailing idea that asset prices necessarily follow martingales in efficient capital markets if agents are risk-averse.
My interest in finance has continued throughout. The question of whether financial asset prices are more volatile than is consistent with received finance theory became a focus for much of my subsequent research. The first contribution, suggesting that stock prices are in fact too volatile, was (No.
3). A later paper (No. 6) argued that in some settings risk-aversion would increase stockprice volatility, hence possibly biassing volatility tests towards rejection of risk-neutrality. I also worked on aspects of financial asset pricing not connected with volatility (No.
7, for example). Macroeconomics and monetary theory have been a major focus. Here much of the work, such as No. 10, has been oriented towards extending results on real asset prices in nonmonetary economies to nominal asset prices and nominal interest rates in monetary economies.
Some of my macroeconomics work has been in a critical vein, such as No. 5 and several recent unpublished papers. Investment theory has also interested me (Nos.
3 and 9). Topics of secondary interest are urban economics (Nos. 2 and 8) and the history of economic thought (No.