Professor Max Gillman

Qualifications

• The University of Chicago: Ph.D. in Economics; 1987. M.A. in Economics; 1981.
• The University of Michigan: B.A. 1979.

Research interests

• Economic impacts of inflation
• Enlargement of the EU

Selected publications

Books

Advanced Modern Macroeconomics: Analysis and Application, 2011, Pearson Education, Financial Times Press

Inflation Theory in Economics: Welfare, Velocity, Growth and Business Cycles, 2009, Routledge, International Studies in Money and Banking.

Working Papers

Jing Dang, Max Gillman and Michal Kejak (March 2011), Cardiff Economics Working Paper E2011/8 "Real Business Cycles with a Human Capital Investment Sector and Endogenous Growth: Persistence, Volatility and Labor Puzzles"

Max Gillman (February 2011), Cardiff Economics Working Paper E2011/4 "A Simple Theory of Structural Transformation"

Szilárd Benk, Max Gillman and Michal Kejak (November 2009), Cardiff Economics Working Paper E2009/25 "A Banking Explanation of the US Velocity of Money: 1919-2004"

Szilárd Benk, Max Gillman and Michal Kejak (January 2009), CEPR Discussion Paper No. 7150. "US Volatility Cycles of Output and Inflation, 1919-2004: A Money and Banking Approach to a Puzzle"

Published Papers

Max Gillman and Michal Kejak "Inflation, Investment and Growth: A Banking Approach", 2011, Economica, 78 (310, April): 260–282. [Cardiff Economics Working Paper E2008/18]

Max Gillman and Mark N Harris, "The Effect of Inflation on Growth: Evidence from a Panel of Transition Countries", 2010, Economics of Transition, Volume 18, Issue 4 (October), pp. 697-714.
[Cardiff Economics Working Paper E2008/25]

Helmuts Azacis and Max Gillman, 2010, "Flat Tax Reform: The Baltics 2000–2007", Journal of Macroeconomics 32 (2, June) pp. 692-708.

Szilard Benk, Max Gillman and Michal Kejak, 2010, "A Banking Explanation of the US Velocity of Money: 1919-2004", Journal of Economic Dynamics & Control, 34 (4, April): 765–779.

Max Gillman and Anton Nakov, "Monetary Effects on Nominal Oil Prices", North American Journal of Economics and Finance, December 2009, Vol 20, Issue 3, pp. 239-254, see also Cardiff Economics Working Paper E2008/15

Max Gillman, 2009, "International Deposit Insurance", Economic Affairs, 29(3, September): 103-104

Szilárd Benk, Max Gillman and Michal Kejak, May 2008,Money Velocity in an Endogenous Growth Business Cycle with Credit Shocks, Journal of Money Credit and Banking Vol. 40, No. 6 (September 2008): 1281-1293. See also associated working paper.

M Gillman and G. Otto, 2007, "Money Demand in General Equilibrium Endogenous Growth: Estimating the Role of a Variable Interest Elasticity", Quantitative and Qualitative Analysis in Social Sciences (QASS). Vol. 1 (1), Spring, 2007, 1-25. http://www.qass.org.uk/currentissue.htm

Simon Feeney, Max Gillman, and Mark N Harris, 2006, "Corporate Effective Tax Rates in a Single Taxation Country: Australia", Accounting Research Journal, 19(1): 64-73

Cziraky, Dario and Max Gillman, 2006, "Money Demand in an EU Accession Country: A VECM Study of Croatia", Bulletin of Economic Research, 58(2): 73-159.

Benk, Szilard, Max Gillman and Michal Kejak, 2005, "A Comparison of Exchange Economies within a Monetary Business Cycle", The Manchester School.

Benk, Szilard, Max Gillman and Michal Kejak, 2005, "Credit Shocks in the Financial Deregulatory Era: Not the Usual Suspects", Review of Economic Dynamics.

Gillman, Max, and Oleg Yerokhin, 2005, "Ramsey-Friedman Optimality in a Banking Time Economy", Berkeley Electronic Journals in Macroeconomics: Topics in Macroeconomics; Vol. 5, Issue 1, article 16.
http://www.bepress.com/bejm/topics/vol5/iss1/art16

Gillman, M. and Michal Kejak, 2005, " Inflation and Balanced-Path Growth with Alternative Payment Mechanisms", Economic Journal, Vol 115 (January): 247-270.

Gillman, Max, and Michal Kejak, 2005, "Contrasting Models of the Effect of Inflation on Growth", Journal of Economic Surveys (January).

Gillman, Max and Anton Nakov, 2004, "Granger Causality of the Inflation-Growth Mirror in Accession Countries", Economics of Transition, Vol 12, number 4 (December): 653-682.

Gillman, Max, and Michal Kejak, 2004, "The Demand for Bank Reserves and Other Monetary Aggregates", Economic Inquiry, July, 42(3):518-533.

Gillman, Max, Mark Harris, and Laszlo Matyas, 2004, "Inflation and Growth: Explaining the Negative Effect", Empirical Economics, Vol 29, No. 1, (January): 149-167.
Reprinted in:Baltagi, Badi H.(Ed.), 2004,
Studies in Empirical Economics, "Panel Data: Theory and Applications", Physica-Verlag.

Nakov, T. and Gillman, M., 2004, "Causality of the inflation-growth mirror in accession countries," in Stojanov, D. and Culahovic, B., Eds.
From Transition to Development: Globalisation and Political Economy of Development in Transition Economies. Volume 1; Sarajevo: University of Sarajevo (ISBN 9958-605-58-9) pp. 55-75.

Cziraky, D. and Gillman, M., 2004, "Stable money demand and nominal money causality of output growth: A multivariate cointegration analysis of Croatia ," in Stojanov, D. and Culahovic, B., Eds. From Transition to Development: Globalisation and Political Economy of Development in Transition Economies. Volume 1; Sarajevo: University of Sarajevo (ISBN 9958-605-58-9) pp. 95-129.

Gillman, Max, and Anton Nakov, 2003, "A Revised Tobin Effect from Inflation: Relative Input Price and Capital Ratio Realignments, US and UK , 1959-1999", Economica, Vol 70, No. 279 (August): 439-451.

Gillman, Max, 2002, "On Keynes's Theory of the Aggregate Price Level in the Treatise: Any Help for Modern Aggregate Analysis?,"
European Journal of the History of Economic Thought, Vol.9, No.3, September, pp. 430-451.

Gillman, M. and Michal Kejak, 2002, "Modeling the Effect of Inflation: Growth, Levels, and Tobin" in Proceedings of the 2002 North American Summer Meetings of the Econometric Society: Money, edited by David K. Levine, William Zame, Lawrence Ausubel, Pierre-Andre Chiappori, Bryan Ellickson, Ariel Rubinstein and Larry Samuelson, http://www.dklevine.com/proceedings/money.htm.

Gillman, Max, 2001, "Evaluating Government Policy in Transition Countries", in The Eastern Enlargement of the EU, editors Marek Dabrowski, and Jacek Rostowski, Kluwer Academic Publishers, London, pp.89-109.

Gillman, Max, 2000, "On the Optimality of Restricting Credit: Inflation-Avoidance and Productivity", Japanese Economic Review, Vol. 51, No. 3 (September): 375-390.

Max Gillman, 1999, "The problem of social cost: the role of the state", International Journal of Social Economics, Vol. 26 No. 5, pp. 590-595.

Gillman, Max, and James Hogan, 1999, "Extending Corporate Liability in New Zealand", International Journal of Social Economics, Vol. 26, No.4, pp. 487-500.

Gillman, Max, 1998, "The Optimality of a Zero Inflation Rate: Australia ", The Australian Economic Review; Vol.31, No.3, pp.211-223.

Gillman, Max, Pierre Siklos and J.Lew Silver, 1997, "Money Velocity with Costly Credit", Journal of Economic Research, 2: 179-207.

Gillman, Max, and Tim Eade, 1995, "The Development of the Corporation in England, with emphasis on Limited Liability", International Journal of Social Economics, vol 22 (April), pp.20-32.

Gillman, Max, 1995, "A Comparison of Partial and General Equilibrium Estimates of the Welfare Cost of Inflation", Contemporary Economic Policy, vol 13, No 4, October, pp.60-71.

Gillman, Max, 1994, "The Welfare Costs of Inflation in a Cash-in-Advance Model with Costly Credit" (Reprint), chapter 10 in The Theory of Inflation, ed. Michael Parkin, The International Library of Critical Writings in Economics, An Elgar Reference Collection, volume 41, edited by Mark Blaug, Edwin Elgar, Aldershot, England, pp. 348-366.

Gillman, Max, 1993, "The Welfare Costs of Inflation in a Cash-in-Advance Model with Costly Credit", Journal of Monetary Economics, vol.31, no.1, pp. 97-116.