Education
Ph.D Economics, University of North Carolina-Chapel Hill, 1987.
(Dissertation advisor: Stanley W. Black).
B.S. Economics, University of Delaware, 1982
(with a minor in Business Administration), magna cum laude.
Professional Experience
2007- Professor of Economics, University Faculty Civility Advocate (since 2014)
1994-2007 Associate Professor of Economics
1990-91 Visiting Scholar, Federal Reserve Bank of Atlanta
1987-93 Assistant Professor of Economics
Research Interests
behavioral macroeconomics, economic growth, culture, values, institutions, exchange rates, financial crises
Teaching Interests
International Money, Intermediate Macroeconomic Theory, Topics in Macroeconomics
Publications in Refereed Journals
“Inter-temporal Purchasing Power Parity.” (with Vikram Kuman and Shyam Gouri-Souresh). Open Economies Review. 2015: 26869-91.
“The Pattern of Convergence in the U.S. States.” (with William Hauk and John McDermott). Applied Economics Letters. January 2014. 21:64-68.
“Economic Depression in the World." (with John McDermott). Journal of Macroeconomics. December 2013. 38:227-242.
“Respect, Responsibility, and Development.” (with John McDermott). Journal of Development Economics. November 2013. 105:36-47.
“Culture, Caution, and Trust.” (with John McDermott). Journal of Development Economics. 2012. 97:15- 23.
“Nominal Exchange Rates, Relative Prices, and Real Exchange Rate Volatility.” (with Srideep Ganguly). Journal of International Money and Finance. 2010. 29:840-56.
“An Event Study of Institutions and Currency Crises.” (with Pattama L. Shimpalee). Review of Financial Economics. 2007. 16:274-90.
“Problem Bank Loans, Conflicts of Interest, and Institutions.” Journal of Financial Stability. October 2006. 2:266-85.
“Misleading Inferences in Panel Unit Root Tests: An Illustration from Purchasing Power Parity: A Reply.” (with Robert McNown and Myles Wallace). Review of International Economics. August 2006. 14:512-16.
“Currency Crises and Institutions.” (with Pattama L. Shimpalee). Journal of International Money and Finance. February 2006. 25:125-45.
“An Exegesis on Currency and Banking Crises.” Journal of Economic Surveys. August 2004. 18:293- 320.
“The Commodity Composition of US-Japanese Trade and the Yen/Dollar Real Exchange Rate.” (with Leianne Clements). Japan and the World Economy. August 2003. 15:307-30.
“Series-specific Unit Root Tests with Panel Data.” (with Robert McNown and Myles Wallace). Oxford Bulletin of Economics and Statistics. December 2002. 64:527-46.
“Misleading Inferences in Panel Unit Root Tests: An Illustration from Purchasing Power Parity.” (with Robert McNown and Myles Wallace). Review of International Economics. August 2001. 9:482-93.
“Term Effects and the Time-varying Risk Premium in Tests of Forward Foreign Exchange Rate Unbiasedness.” International Journal of Finance and Economics. July 2000. 5:211-20.
“Day-of-week Effects in Tests of Forward Foreign Exchange Rate Unbiasedness.” International Journal of Finance and Economics. July 1999. 4:193-204. Lead article.
“The Role of Internal Relative Price Stability in Long Run Purchasing Power Parity,” (with Alston Flynn Lippert). Review of International Economics. May 1997. 5:195-203.
“The Road Less Travelled: Institutional Aspects of Data and their Influence on Empirical Estimates with an Application to Tests of Forward Rate Unbiasedness,” (with Mark Wohar) in Economic Journal. January 1996. 433:26-38.
“Breaks in Money Demand.” (with Alston Flynn Lippert). Southern Economic Journal. October 1996.
“Purchasing Power Parity and Real Factors,” (with Alston Flynn Lippert). Applied Economics. 1994. 26:1027-36. Lead article.
“A Case Study Approach to Modelling the Dollar/Pound Exchange Rate: 1973 - 85,” Journal of International and Comparative Economics. Winter 1994. 3:175-94.
“Tests of Purchasing Power Parity using Alternative Methodologies.” (with Alston Flynn Lippert), Journal of Macroeconomics, Winter 1993. 15:109-22.
“The US Current Account: A Long and Short Run Empirical Perspective,” Southern Economic Journal. July 1991. 58:93-111.
“Market Efficiency using Forward and Futures Exchange Contracts,” (with Mona R. El Shazly), Global Finance Journal. Spring/Summer 1991. 2:11-25.
“On the Economics of Intercollegiate Athletics Programs.” (with Arthur Padilla) in Journal of Sport and Social Issues, Fall/Winter 1987. 11:61-73.
Working Papers
“Time Aggregation, Bias, and the Money-Inflation Relationship.” (with John McDermott and Warren Weber). Under review.
“Debt Crises and Depressions." (with John McDermott). Under review.
Work in Progress
“Demography and Inflation.” (with John McDermott).
“Inflation Targeting and Purchasing Power Parity.” (with Eun Son Lim).
“Purchasing Power Parity and Free Trade Agreements.” (with Eun Son Lim).
“Fed Policy and Risk Premia.” (with Felicia Marston and Robert Harris).
Monographs
“Assessing Export Markets for South Carolina Businesses,” in South Carolina Business and Economic Review. July 1996. In print.
“An Assessment of the Evidence on Purchasing Power Parity,” chapter in Essays on Estimating Equilibrium Exchange Rates, edited by John Williamson. Institute for International Economics. September 1994. p. 245-77.
“Europe 1992: A Closer Look,” Economic Review of the Federal Reserve Bank of Atlanta. July/August 1991. 76:23-38
“Europe 1992.” (with Douglas P. Woodward), Business and Economic Review, College of Business Administration, University of South Carolina. October 1990. 37:3-9.
Book Reviews
The Moral Foundation of Economic Behavior, David C. Rose. Journal of Economic Literature. September 2012. 50: 795-797.
Europe 1992: An American Perspective ed. Gary Clyde Hufbauer, appearing in Economic Review of the Federal Reserve Bank of Atlanta. November/December 1991. 76:26-30.
Grants
“Exchange Rate and Monetary Regimes: Implications for Inflation and Growth.” University of South Carolina Visiting Scholars Grant. July 2012. Funded. (project start: January 2014).
“Values, Behavior, and Economic Outcomes.” John Templeton Foundation. October 2010. Not funded.
“Financial Relationships, Conflicts of Interests, and Institutions.” Awarded $7,490 from CIBER to purchase a year’s subscription to BankScope, and BERI’s index of direct fraud in lending. December 2004.
“Conflict of Interests and Institutions.” Awarded $7,475 from CIBER to purchase a year’s subscription to BankScope, updates to the International Country Risk Guide database, and the World Development Indicators database. December 2003.
“Corruption, Financial Structure, and Currency Crises, II.” Awarded $8,856 from CIBER to purchase a year’s subscription to BankScope and to attend two conferences. December 2002.
“Corruption, Financial Structure, and Currency Crises.” Awarded $9,000 from CIBER to purchase two databases (1) BANKSCOPE (providing data from financial statements of approximately 11,000 banks in 200 countries around the world over eight years); and (2) INTERNATIONAL COUNTRY RISK GUIDE (providing data on monthly political, financial, and economic risk factors of 140 countries since 1984). December 2001.
BA College. Awarded $500 to purchase US-Japanese export and import data at the 3-digit SITC level. December 1996.
“Export Potential and Export Promotion in South Carolina,” funded by SC Department of Commerce. Fall 1995.
Recipient of Business Partnership Foundation Fellowship, Spring 1993.
“Europe 1992,” funded by the Cutting Edge Fund of the state of South Carolina. 01/90 - 06/90.
External Presentations
Davidson College. Davidson, NC. November 2014.
Wake Forest University. Winston Salem, NC. April 2011.
Furman University. Greenville, SC. January 2010.
International Society for New Institutional Economics. Toronto, Canada. June 2008.
Davidson College, Davidson, NC. April 2005.
Journal of International Money and Finance/Transatlantic Finance Institute. San Juan, Puerto Rico. March 2005.
Federal Reserve Bank of Atlanta, Atlanta, GA. September 2004.
Southern Finance Association, Charleston, SC. December 2003.
International Atlantic Economic Society, Quebec City, Canada. October 2003.
Owen Graduate School of Management, Vanderbilt University, Nashville, TN. February 2002.
Globalization and Diversity Panel, Columbia College, Columbia, SC. September 2000.
Southern Economic Association Meetings, Baltimore, MD. November 1998.
Southern Economic Association Meetings, Atlanta, GA. November 1997.
Southeastern Economic Theory and International Economics Conference. Chapel Hill, NC. Nov. 1997.
Southern Economic Association Meetings, Washington, DC. November 1996.
Clemson University, Economics Department, March 1996.
Southern Economic Conference, CSWEP Session, New Orleans, LA. November 1993.
University of Virginia, Charlottesville, VA. September 1993.
Western Economic Meetings, Seattle, WA. July 1992.
Southern Economic Conference, New Orleans, LA. November 1990.
Southern Economic Conference, Orlando, FL. November 1989.
Southeastern Economic Theory and International Economics Conference, Chapel Hill, NC. Sept. 1989.
Eastern Economic Conference, Boston, MA. March 1988.
Referee
Economic Journal
International Journal of Finance and Economics
International Review of Economics and Finance
Journal of Economic Surveys
Journal of Finance
Journal of Financial Research
Journal of Financial Stability
Journal of International Economics
Journal of International Money and Finance
Journal of Macroeconomics
Journal of Money, Credit, and Banking
Oxford Bulletin of Economics and Statistics
Oxford Economic Papers
Review of Development Economics
Review of International Economics
Author
Study Guide for Economics: Principles and Tools, 1/e, 2/e, 3/e, and 4/e, by Art O'Sullivan and Steven Sheffrin. Prentice Hall Publishers. 1997, 2000, 2002, 2005.
Narration for Powerpoint Slides. Economics: Principles and Tool 4/e, by Art O'Sullivan and Steven Sheffrin. Prentice Hall Publishers. 2005.
Consulting and Professional Service
Jackson Financial. Seminar speaker. Charleston, SC. (2010, 2012, 2014).
Co-editor. Special Issue in Honor of Professor Stanley W. Black. (2007). Review of Financial Economics.
S.C. Banker's Association. (July 1998, July 1999).
taught a one-week course on money and banking to professionals in the banking system.
Department of Justice and Corrections, Rappahanock County, Virginina. (May - June 1993)
Forecasting local and state inmate population for Rappahanock and Stafford Counties in Virginia.
Telecheck Services, Inc. (August 1991 - December 1991)
formulation of a statistical procedure for more accurately measuring trends in regional and national retail sales.
Professional Affiliations
American Economic Association
Committee on the Status of Women in the Economics Profession
Phi Kappa Phi
Omicron Delta Epsilon
Beta Gamma Sigma
AAUW Honors and Awards
Honors and Awards
Alfred G. Smith Outstanding Teaching Award, Moore School of Business. University of South Carolina. (2012).
Mortar Board Award for Teaching Excellence. University of South Carolina. (2010).
Dissertation Advisor to Pattama L. Shimpalee, singular winner of the National Distinguished Dissertation Award in Economics from the National Research Council of Thailand. (2006).
Recipient of University Dissertation Fellowship, University of North Carolina. (1987).
Research Assistantship, University of North Carolina. (1982-86).
Distinguished Senior in Economics, University of Delaware. (1982).
Outstanding Senior Woman of the College of Business and Economics, University of Delaware. (1982).
Business and Economics College Council, University of Delaware. (1981-82)