Louis Maccini Professor of Economics Office: Mergenthaler Hall 439 Phone: (410) 516-7607 Fax: (410) 516-7600 E-mail: Curriculum Vitae (PDF)

My research focuses on theoretical and empirical work in macroeconomics. One area of interest is inventory movements. Inventories are widely believed to be a critical factor in the propagation of business cycles. However, the behavior of inventory movements remains quite puzzling. I am engaged in the development of theoretical models of inventory behavior that are designed to serve as the basis for empirical work on inventory movements. My most recent work includes the following topics: the development and testing of a model of inventories by stages of fabrication, the relationship between inventory investment and real interest rates, the interaction between inventories, employment and hours, and the extent to which advances in inventory management technologies contributed to the decline in the volatility of GDP growth.

My other area of interest is looking at monetary and fiscal policy in intertemporal macroeconomic models of the economy. In one dimension of this research, I am engaged in the development of a model that looks at the role of monetary and fiscal policy in an intertemporal model of an open economy with sticky prices. The objective of this research is to establish an analytical framework that will provide a better understanding of the effects of monetary and fiscal policy on inflation, output growth, current account movements and exchange rate behavior. The theoretical models are to be used as a basis for empirical research on the co-movements of fiscal deficits and current surpluses/deficits, exchange rate behavior and the manner in which fiscal deficits are financed.

Research:

"Exploring the Role of Inventories in the Business Cycle" (with A. Pagan), August 2003.

"The Interest Rate, Learning, and Inventory Investment" (with B. Moore and H. Schaller), December 2002, Revised: April 2004 (forthcoming in the American Economic Review).

Appendices B and C to "The Interest Rate, Learning, and Inventory Investment"" (with B. Moore and H. Schaller), April 2004.

"Inventories, Employment and Hours" (with M. Galeotti and F. Schiantarelli), January 2002; Revised: May 2004 (forthcoming in the Journal of Monetary Economics).

"Input and Output Inventories: Erratum" (with B. Humphreys and S. Schuh), Journal of Monetary Economics March 2002, Vol. 49, p. 455.

"Input and Output Inventories" (with B. Humphreys and S. Schuh), Journal of Monetary Economics April 2001, Vol. 47, No. 2., pp. 347-375.

"Twin Deficits vs. Unpleasant Fiscal Arithmetic in a SmallOpen Economy" (with H. Kawai), Journal of Money, Credit and Banking, Vol. 27, No. 3, August 1995, pp. 639-658.

"Measuring Noise in Inventory Models" (With S. Durlauf), The Journal of Monetary Economics, Vol. 36, August 1995, pp. 65-89.

"Serial Correlation in Demand, Backlogging and Production Volatility" (with E. Zabel), The International Economic Review, Vol. 37, No. 2, May 1996, pp.423-452.

Classes Taught:

Economics 101 -- Elements of Macroeconomics:
An introduction to the economic system and economic analysis, with emphasis on total national income and output, employment, the price level and inflation, money, the government budget, the national debt, and interest rates. The role of public policy. Applications of economic analysis to government and personal decisions.

Economics 603 -- Macroeconomic Theory:
A comprehensive treatment of macroeconomic theory, including static analysis of aggregate output employment, the rate of interest, and the price level; aggregative theory of investment, consumption, demand and supply of money; empirical work on aggregative relationships.