Selected Publications


Modern Macroeconomics, Scott Foresman, 1988.

“Do Credit Markets Discipline Sovereign Borrowers? Evidence from U.S. States,” Journal of Money, Credit, and Banking, November 1995 (with T. Bayoumi and M. Goldstein).

“More Results on the Exact Small Sample Properties of the Instrumental Variable Estimator,” Econometrica, September 2001.

“How Has Inflation Targeting Affected South African Monetary Policy,” South African Journal of Economics, June 2003.

“Incorporating Non-financial Wealth in College and University Investment Strategies.” Journal of Educational Finance, Summer 2003 (with Roger Kaufman).

“Endowment Spending Rates, Intergenerational Equity and the Sources of Capital Gains,” Economics of Education Review, December 2003.

“Financial Changes and Optimal Spending Rates among Top Liberal Arts Colleges,” The Review of Higher Education, Spring 2005, Volume 28, No. 3, pp. 339–368 (with Roger Kaufman).

“Forecasting South African Inflation,” South African Journal of Economics, June 2005.

“Modifying Endowment Spending Rules: Is it the Cure for Overspending?” forthcoming, Journal of Educational Finance, (with Roger Kaufman).