PROFESSOR JAMES HOLMES

  PERSONAL WEBPAGE

VITAE:

ADDRESS: Department of Economics
State University of New York at Buffalo
431 Fronczak Hall
Buffalo, New York 14260-1520
Home: (716) 688-2461

PERSONAL: Married with three children ages 18, 22 and 25 years

EDUCATION: B.A. (Economics and Mathematics), Wabash College, 1959
M.A. (Economics), University of Chicago, 1963
Ph.D. (Economics), University of Chicago, 1967

PROFESSIONAL APPOINTMENTS:

Currently Professor of Economics, State University of New York at Buffalo

Visiting Professor of Economics, University of Manitoba, Winnipeg,
Manitoba, Canada, 1979-80

Visiting Professor of Economics, Wayne State University, Detroit,
September 1978-June 1979

Distinguished Visiting Professor of Economics, Arizona State University,
Tempe, January-June 1978

Visiting Associate Professor of Economics, University of California,
Santa Barbara, July 1976-June 1977

Special Visiting Lecturer, Monash University, Melbourne, Australia,
April-September 1974

Visiting Professor of Management Science, the University of South
Carolina, September-December 1973

State University of New York at Buffalo, 1967-

Purdue University, Lafayette, Indiana, 1964-1967.
HONORS:

I continue to be selected to serve on the Editorial Board of The Journal of Macroeconomics, 1979-2008. (This Journal is now published by Elsevier, one of the most prestigious publishers of economics journals.)

Who’s Who in America. (Current edition, 60th Diamond Edition, and prior years). (They note that I discovered the “Holmes-Smyth Effect” and a new non-parametric test for causality in a non-experimental science.)

Who’s Who in American Education.

Who’s Who in Social Sciences Higher Education.

I was honored to be named by the top graduating senior in the Department of Economics, Mr. Carl Woelfel, as the Professor who had had the most influence upon him. In addition, at the ceremony for such seniors and their Professors hosted by President John Simpson on April 19, 2006, Carl was asked what was the best course he had had at UB and he responded being an undergraduate teaching assistant for me in Econ 498.

I was nominated and inducted on April 22, 2006 into the business and economics student fraternity Delta Sigma Phi. I am the only member of the economics faculty to be so honored by my students.

2000 Outstanding Intellectuals of the 21st Century – 1st Edition and 2nd Edition.

Leading Educators of the World. (2005).

Mr. Mark Anderson of "The Teaching Company" selected my lectures in Econ 407 in the fall semester of 2004 for development into a video course.

"Certificate of Recognition for the Positive Influence You have Had on the
Students at the University at Buffalo." Presented by the Division of
Student Affairs, Career Planning and Placement. February 21, 2002.

“Milton Plesur Excellence in Teaching Award” – Recipient 2003. Awarded by the Undergraduate Student Association. Former UB President William Greiner in his February 26, 1996 letter of congratulations stated that “Being honored by your students is unquestionably the most genuine possible recognition of your accomplishments in the classroom.”

“Milton Plesur Excellence in Teaching Award” –Recipient 1996.

Who's Who Among America's Teachers. (1998, 2000, 2001, 2003, 8th Edition, 2005, and 9th Edition, 2006). (It should be noted that to be included, a teacher must be nominated by a student who is either included in the National Dean’s List or Who’s Who Among Students. The student may only nominate one teacher in their lifetime. Less than 1% of the U.B. faculty have been so honored once. I know of no other member of our faculty who has been so honored so many times.)

PROFESSIONAL AFFILIATIONS

American Economics Association
Econometric Society
Royal Economic Society

PUBLICATIONS

Ph.D. Thesis: AN ECONOMETRIC TEST OF SOME MODERN INTERNATIONAL TRADE THEORIES; CANADA 1880-1960, University of Chicago (1967), reprinted in
Krannert Institute Paper Series, No. 170, Purdue University.

I. Refereed Journals - Principle author indicated by *.

1. “A Stochastic Monopsony Theory of the Business Cycle.”, (James M. Holmes* and P.A.
Hutton), Economic Inquiry, 43(1), pp. 206-219, (2005).

2. “Savings Education: Learning the Value of Self-Control”, (James M. Holmes* and P.A.
Hutton), Education Policy Analysis Archives, 13 (28), pp. 1- 19. (2005) lead article.

3. “The Monetary Effects of a Consumption Tax”, (James M. Holmes*, David J. Smyth
and Patricia A. Hutton). Pacific Economic Review, 9(1), (2004).

4. “A Review of Causality in Macroeconomics by Kevin D. Hoover, the Journal of
Economic Literature, June 2003, pp. 592-593.

5. "Is Transitory Consumption Really Independent of Transitory Income?" (With David J. Smyth and Joshy Z. Easaw) Anthology Atlantic Economics Journal, December, (2000).

6. "Keynesian Involuntary Unemployment and Sticky Nominal Wages,” (J.M.
Holmes* and P.A. Hutton.) The Economic Journal, 106, (1996), 1564-85.

7. "Ignorance May Be Optimal? Some Welfare Implications of Rational Versus
Non-Rational Expectations" J.M. Holmes*, M. Dowd and D. Black. Journal of
Macroeconomics 17, (3), (1995) lead article.

8. "A New Test of Money/Income Causality" (J.M. Holmes* and P.A. Hutton).
Journal of Money, Credit and Banking. 24, No.3, (1992). 338-355.

9. "An Application of a New Test for Prima Facie Causality to Livestock
Markets,” (J.M. Holmes and P.A. Hutton). Canadian Journal of
Agricultural Economics, 39, (1991), pp. 481-491.

10. "Why Real Wages Do Not Fall When There is Unemployment” J. M. Holmes*,
M.Dowd and D. Black), Economics Letters 35, (1991), 9-16.

11. "A Functional Form-Free Test of the R & D/Firm Size Relationship,” (J.M.
Holmes, P.A. Hutton, and E. Weber). Journal of Business and Economic
Statistics, 9, (1991), 85-90.

12. "Small Sample Properties of the Multiple Rank F Test with Lagged
Dependant Variables," (J.M. Holmes* and P.A. Hutton) Economics Letters 33
(1990), pp. 56-61.

13. "On the Causal Relationship between Government Expenditures and National
Income,” (J.M. Holmes* and P.A. Hutton) Review of Economics and
Statistics, LXXII (1) (Feb. 1990), pp. 87-95.

14. "Optimal Model Selection when the True relationship is Weak and Occurs
With a Delay," (J.M. Holmes and P.A. Hutton), Economics Letters, 30
(1989), pp. 333-339.

15. "Memory and Market Stability: The Case of the Cobweb" (J.M. Holmes* and
R. Manning), Economics Letters, Vol. 28, (1988), pp. 1-7.

16. "A Functional-Form, Distribution-Free Alternative to Parametric Analysis
Of Granger Causal Models" (J.M. Holmes* and P.A. Hutton), Advances in
Econometrics, Vol. 7, (1988), pp. 211-225.

17. "A Review of Essays in Contemporary Fields of Economics: In Honor of
Emanuel T. Weiler (1914-1979)." The Journal of Economic Literature XX,
(Dec. 1982), pp. 1566-1568.

18. "The Employment Ratio and the Potential Labor Surplus in a Phillips-Type
Relationship, (D.J. Smyth* and J.M. Holmes), "The Journal of
Post-Keynesian Economics Vol. 4(1), (Fall 1981), pp. 75-80.

19. "A Non-Parametric Analysis of `Keynesian and Monetarist’ Models, “(J.M.
Holmes* and K. Rhoda), the Review of Business and Economic Research, Vol.
16(3), (Spring 1981), pp. 27-37.

20. "Excess Demand for Labor, Wages and Theories of the Phillips
Curve," Journal of Macroeconomics, Vol. 1(2), (Fall 1979), (J.M. Holmes*
In addition, D.J. Smyth), pp. 347-372.

21. "Deficit Financing, Expected Income, Liquidity, and the Government Budget
Constraint," (J.M. Holmes* and D.J. Smyth), Journal of Macroeconomics,
Vol. 1(1), (Winter 1979), pp. 83-106.

22. "The Relation between International Capital Flows and Interest Rates: A
Theoretical Analysis,” (J. M. Holmes* and D. J. Smyth), De Economist,
Vol. 125(1), (1977), pp. 95-109.

23. "Aggregate Supply and Demand Curves and a Constant Price Level,” (J.M.
Holmes* and D.J. Smyth), De Economist 122(2), (1974), pp. 161-166.

24. "A Test of the Permanent-Income Hypothesis: Comment,” Journal of
Political Economy, Vol. 82(1), (January-February 1974), pp. 185-191.

25. "The Process of International Adjustment under Conditions of Full
Employment: A Keynesian View Revised," Journal of Political
Economy, (November-December 1973), pp. 1407-1429.

26. "The Keynesian Aggregate Supply Function for Labor, “Journal of the
American Statistical Association, Vol. 67(340), (December 1972), pp.
797-802).

27. "Monetary and Fiscal Policies in a General Equilibrium Underemployment
Trade Model under Fixed Exchange Rates,” International Economic Review
Vol. 13(2), (June 1972), pp. 386-398.

28. "The Specification of the Transaction Demand for Money and the Tax
Multiplier," (J.M. Holmes* & D.J. Smyth), Journal of Political Economy,
Vol. 80(1), (January 1972), pp. 179-185.

29. "The Existence of Capital Flows, Fixed and Flexible Exchange Rates and
Full Employment," The Canadian Journal of Economics, Vol. 2, (May 1972),
pp. 215-226.

30. "A Condition for Independence of Permanent and Transitory Components of a
Series," Journal of the American Statistical Association, Vol. 66, (March
1971), pp. 13-15.

31. "Use of Undersized Sample in the Estimation of Simultaneous Equations
Systems," (P.A.V. Swamy* & J.M. Holmes), Econometrica, Vol. 39 (3), (May
1971), pp. 455-459.

32. "Potential Money as a Monetary Policy Indicator," (David Smyth* & J.M.
Holmes), Economic Record, December 1970, pp. 584-587.

33. "The Statistical Relationship between Imports of Investment Goods and
Gross Domestic Product in Developing Countries,” (D.J. Smyth* & J.M.
Holmes), Economic Analysis and Policy, August 1970, pp. 14-17.

34. “A Direct Test of Friedman's Permanent Income Theory,” Journal of the
American Statistical Association, Vol. 65, (September 1970), pp.
1159-1162.

35. "The Relation between Unemployment and Excess Demand for Labor: An
Examination of the Theory of the Phillips Curve,” (J.M. Holmes* & D.J.
Smyth), Economica, Vol. 37, (September 1970), pp. 311-315.

36. "The Purchasing Power Parity Theory: In Defense of Gustav Cassel as a
Modern Theorist," Journal of Political Economy, Vol. 75(5), (October
1967), pp. 686-695.

(Contributions to Books)

37. "Unemployment and Inflation," in High Employment Problems and Solutions,
ed., Paul Burgess and Jerry Kingston, A.S.U. Press; Tempe, AZ, 1980, pp.
47-51.

II. Papers Submitted and about to be submitted( go to; http://www.economics.buffalo.edu/people/faculty/holmes/)

1. “How Monetary Policy Can Make Non-Indexed Wage Contracts Optimal”(with Pat Hutton).

2. “Spurious Real Wage Cyclicality and Disequilibrium Theory.” (with Pat Hutton and John Holmes).

3. " The Minimum Wage, Teenage Employment and the Business Cycle." (with P.A. Hutton and Jeff Burnette).

4. “The Minimum Wage and the Frequency of Teenage Employment Increases.” (With
P.A. Hutton and Jeff Burnette).

5. “A Difference in Differences Analysis of the Minimum Wage and Teenage Employment.” (With P.A. Hutton and Jeff Burnette).

6. “A New View of Government Intervention and Efficiency in a Competitive
Market: The Effect of a Minimum Wage” (with Pat Hutton).

III. Current Research

1. “Productivity Shocks in a Theory of the Business Cycle with Involuntary Unemployment " (with Pat Hutton).
2. “When Rational Expectations are Irrational: an Example”, (with Pat Hutton).

3. “The Business Cycle and Income Redistribution”, (with Pat Hutton).

4. “Efficiency Wage Behavior and the Inflation and Unemployment Relationship.” (With Joshy Easaw).

5. “Endogenous Disequilibrium and Financial Capital”, (with Pat Hutton).

6. “NAIRU, State-Varying Behavior and Optimal Lag Selection.” (With Joshy Easaw).

7. “An Explanation of Some Salient Features of the German Great Inflation”
(With Patricia A. Hutton).

8. “Can Unionizing the Labor Force Increase Economic Efficiency in a Competitive Market?”,
(With P.A. Hutton).

9. “International Evidence on the Relative Movements of Real Wages and Employment.” (With P.A. Hutton and Tomasz Wieladek).

OTHER PROFESSIONAL ACTIVITY:

TEACHING

I. COURSES TAUGHT:

Macroeconomics (graduate and undergraduate)
Monetary Economics (graduate and undergraduate)
Econometrics (graduate and undergraduate)
Methodology and Research (a graduate-undergraduate seminar with usually
an emphasis on Macroeconomics topics)
Monetary International Trade Theory (graduate and undergraduate)
Business Cycles
Money and Banking (undergraduate)
Mathematical Statistics (undergraduate)
Principles of Economics
Current Issues in Economics (undergraduate, a debate course)

II. INDEPENDENT STUDY:

I normally have 4-16 undergraduates and 2-6 graduate students who I supervise, direct, and mentor each semester.

III. THESIS SUPERVISION:

Fifteen students have successfully completed their Ph.D. research under my direction at SUNYAB. These students have obtained faculty positions at Syracuse University, University of North Carolina (Chapel Hill), Pennsylvania State University, Rutgers University, Texas A & M University, Notre Dame University Tulane University, and Washington State University. Non-academic positions include those in The Federal Reserve System, Corning Glass Corp., Wharton Econometrics, and (Head of Economic Forecasting) Xerox Corp.

SERVICE

Departmental:

The direction and mentoring of both undergraduate and graduate students outside of a regular classroom is the most important service I provide to both my department and this University.

I designed the Undergraduate Honors Program and served as its Chair.

I have chaired the Ph.D. Committees in Macroeconomics and/or Monetary Economics and serve on that in International Trade (Finance), when needed. I have chaired the Library Committee, the Alumni Committee, the Seminar Speakers Committee, the Working Papers Committee as, well as directed the Ph.D. Dissertation/Research Workshop.

I regularly serve as an outside evaluator in promotion cases at other Universities, for the NSF, and as a reviewer for various journals including, The Journal of Macroeconomics where I serve on the Board of Editors.

University: I served on the Computer Users Committee, and was a
faculty advisor for Vico College, an undergraduate (sub) college here.

I served as the President of the Buffalo Chapter of the National
Association of Scholars.

I was the secretary for the Forum for Real Debate, which has presented
debates on controversial subjects such as “Feminism and Science" and
"Affirmative Action".

I have been elected as a delegate for the UUP convention and served on the UUP Board on this campus. I was an active member of the Statewide UUP Legislative Committee as well as the UUP Disability Committee. I was an elected delegate to the NYSUT Representatives Assembly.

Community:

I have often been interviewed by local radio stations and appeared on the local TV
news, as well as been interviewed and quoted in the Buffalo newspaper on various economic topics.

I served as an expert on economics and/or statistics in local, State and Federal Courts for both plaintiffs and defendants in both civil and criminal proceedings.

I served as a Boy Scout Leader.

I have for many years served as a coach in the Amherst Soccer Association.