J. Bradford De Long

Professor of Economics, 601 Evans Hall
University of California at Berkeley
Berkeley, CA 94720-3880

phone: (510) 643-4027
fax: (510) 642-6615
<delong@econ.berkeley.edu>
http://econ161.berkeley.edu


Education

Ph. D., Department of Economics, Harvard University, Cambridge, MA (June 1987).
M. A., Department of Economics, Harvard University, Cambridge, MA (June 1985).
B. A. summa cum laude, Committee on Degrees in Social Studies, Harvard University, Cambridge, MA (June 1982).
 


Positions

Teaching:

Professor, Department of Economics, University of California at Berkeley, Berkeley, CA (July 1997-present).
Associate Professor, Department of Economics, University of California at Berkeley, Berkeley, CA (July 1993-June 1997).
Frederick S. Danziger Associate Professor, Department of Economics, Harvard University, Cambridge, MA (July 1991-June 1993).
Visiting Lecturer, European University Institute, Florence, Italy (March 1992-April 1992).
Assistant Professor, Department of Economics, Harvard University, Cambridge, MA (July 1988-June 1991).
Assistant Professor, Department of Economics, Boston University, Boston, MA (July 1987-June 1988).
Instructor, Department of Economics, Massachusetts Institute of Technology, Cambridge, MA (September 1986-June 1987).
Tutor, Committee on Degrees in Social Studies, Harvard University, Cambridge, MA (September 1983-June 1987).


Administrative and Editorial:

Co-Editor, Journal of Economic Perspectives (April 1996-present).
Deputy Assistant Secretary for Economic Policy, United States Department of the Treasury, Washington, DC (April 1993-May 1995).
Head Tutor [Director of Undergraduate Studies], Department of Economics, Harvard University, Cambridge, MA (July 1988-June 1991).


Research:

Research Associate, National Bureau of Economic Research, Cambridge, MA (October 1995-present).
Visiting Scholar, Federal Reserve Bank of San Francisco, San Francisco, CA (September 1995-present).
Alfred P. Sloan Research Fellow, Alfred P. Sloan Foundation, New York, NY (July 1993-June 1997).
John M. Olin Fellow, National Bureau of Economic Research, Cambridge, MA (July 1991-June 1992).
Faculty Research Fellow, National Bureau of Economic Research, Cambridge, MA (November 1987-September 1995).
Alfred P. Sloan Dissertation Fellow, Harvard University, Cambridge, MA (July 1985-June 1986).
 


Published Writings

Forthcoming:

J. Bradford DeLong, "The U.S. Economy 'Back on Top'?: Economic Growth and the Rhetoric of National Power," in Robert Brenner, ed., The U.S. at the Turn of the Millennium (forthcoming).
J. Bradford DeLong, "Robber Barons", in Anders Aslund, ed., Perspectives on Russian Economic Development (Washington D.C..: Carnegie Endowment, forthcoming).
Stephen Cohen, J. Bradford DeLong, and John Zysman, "Tools for Thought."
J. Bradford DeLong, Electronic Companion to Introductory Macroeconomics [Multimedia CD-ROM] (San Francisco: Cogito Learning Media, forthcoming).
J. Bradford DeLong, "What Do We Really Know About Economic Growth?" in Michael Boskin., ed., Understanding Economic Growth (Stanford: Hoover Institution, forthcoming).
J. Bradford DeLong, "Post-World War II Western European Exceptionalism: The Economic Dimension," in Ivan Berend, ed., Looking at the Marshall Plan (Berkeley: University of California Press, forthcoming).
J. Bradford DeLong and A. Michael Froomkin, "Speculative Microeconomics for Tomorrow's Economy," in Brian Kahin and Hal Varian, eds., Internet Publishing and Beyond: The Economics of Digital Information and Intellectual Property (Cambridge: M.I.T. Press, forthcoming).
J. Bradford DeLong, "America's Historical Experience with Low Inflation" (Federal Reserve Woodstock VT Conference October 18-20, 1999: Monetary Policy in a Low-Inflation Environment).
J. Bradford DeLong, "Comment on Edwards and Savastano: The Morning After," in Paul Krugman, ed., Currency Crises (Chicago: University of Chicago Press, forthcoming).
 


2000:

J. Bradford DeLong, "Is Big Bad?," Los Angeles Times (April 9, 2000).
J. Bradford DeLong, "Overstrong Against Thyself: War, the State, and Growth in Europe on the Eve of the Industrial Revolution" , in Mancur Olson and Stau Kahkohnen, eds., A Not-So-Dismal Science: Development and the Political Economy of Institutions (Oxford: Oxford University Press, 2000), pp. 138-167.
J. Bradford DeLong, "Reagan vs. the Great Government Whale: Or the triumph of legend over history," New York Times "Economic Scene," C2 (April 6, 2000).
J. Bradford DeLong, Alan Krueger, and Timothy Taylor, "Introduction to the Millennial Issue," Journal of Economic Perspectives (Winter 2000).
J. Bradford DeLong, "The Triumph [?] of Monetarism," Journal of Economic Perspectives (Winter 2000).
J. Bradford DeLong, "Economic Scene: Is the Relationship Between Inflation and Unemployment a Curve or More of an Economics Knuckleball," New York Times C2 (March 9, 2000).
Stephen S. Cohen, J. Bradford DeLong, and John Zysman, "An E-conomy?," Milken Institute Review.
J. Bradford DeLong and A. Michael Froomkin, "Speculative Microeconomics for Tomorrow's Economy," First Monday (February 2000) http://firstmonday.org/issues/issue5_2/
J. Bradford DeLong and A. Michael Froomkin, "Review of Charles Ferguson, High Stakes, No Prisoners," Harvard Business Review 78:1 (Jan-Feb 2000), pp. 159-164.



1999:

J. Bradford DeLong, "'Should Money Make the World Go 'Round?," Chronicle of Higher Education 46: 16 (December 10), pp. B4-B6.
J. Bradford DeLong, "It Doesn't Work: Response," in Critical Review: An Interdisciplinary Journal of Politics and Society, 1999.
François Bar, Stephen Cohen, Peter Cowhey, J. Bradford DeLong, Michael Kleeman, and John Zysman, "Defending the Internet Revolution in the Broadband Era" (Berkeley E-conomy working paper 12, 1999).
J. Bradford DeLong, "Financial Crises in the 1890s and the 1990s," Brookings Papers on Economic Activity (Fall), pp. 253-279.
J. Bradford DeLong, "Seeing One's Intellectual Roots: A Review Essay on James Scott's Seeing Like a State," Review of Austrian Economics 12:2, pp. 257-64.
J. Bradford DeLong, "Why We Should Fear Deflation," Brookings Papers on Economic Activity (Spring 1999).
J. Bradford DeLong, "Introduction to the Symposium on Business Cycles," Journal of Economic Perspectives (1999).
J. Bradford DeLong, "Trying to Deal with Globalization," in D. Baker, R. Pollin, eds., Globalization and Progressive Economic Policy (Cambridge: Cambridge University Press, 1999).



1998:
J. Bradford DeLong, "1998," Neue Zuercher Zeitung.
J. Bradford De Long, "Rules, Old and New, for the Twenty-First Century Economy," Worldlink: The Magazine of the World Economic Forum.
J. Bradford De Long, "It Doesn't Work: A Review of Vedder and Gallaway's Out of Work: Unemployment and Government in Twentieth-Century America," in Critical Review: An Interdisciplinary Journal of Politics and Society, 1998.
J. Bradford De Long, "How Fast Is Modern Economic Growth?" Federal Reserve Bank of San Francisco Weekly Letter, October 16, 1998.
J. Bradford De Long, "Ka-ching!: Musings on the Amazon Associates Program," Rewired, October 12, 1998.
J. Bradford De Long, "How 'New' Is Today's Economy?," Wilson Quarterly, 1998.
J. Bradford De Long, "The Shape of Twentieth Century History" Federal Reserve Bank of Boston Regional Review, Fall 1998.
J. Bradford De Long, "East Asia's Crisis and the Limits to Economics," Economic Sociology List Editorials, Fall 1998.
J. Bradford De Long (1998), "Helping Countries Prepare for International Capital Flows," USIA Economic Perspectives (August 5, 1998).
J. Bradford De Long, Electronic Companion to Intermediate Macroeconomics [Multimedia CD-ROM] (San Francisco: Cogito Learning Media, 1998).
J. Bradford De Long, "America's Peacetime Inflation," Federal Reserve Bank of San Francisco Weekly Letter, April 22, 1998.
J. Bradford De Long, "Thinking About Wealth and Poverty: A Review of David S. Landes: The Wealth and Poverty of Nations: Why Some Are So Rich and Others So Poor?" H-Net, April 1998.
J. Bradford De Long, "Landes's Inquiry: A Review of David S. Landes: The Wealth and Poverty of Nations: Why Are Some So Rich and Others So Poor?" Washington Post Book World, March 15, 1998.
J. Bradford De Long, "The Unbearable Heaviness of Slate" Rewired, February 23, 1998 <http://www.rewired.com/98/0223.html>.
J. Bradford De Long, "Crash and Learn," The Washington Post, February 12, 1998.
J. Bradford De Long, "The Minimum Wage: The U.S. Experience," Parliamenary Brief. vol. 5, no. 3 (January 1998).

J. Bradford De Long, "Trade Policy and America's Standard of Living: An Historical Perspective," in Susan Collins, ed., Trade and the American Worker (Washington, DC: Brookings Institution, 1998). For a Brookings Institution conference on Trade and Living Standards, June, 1995.
J. Bradford De Long, "What's Wrong with Our Bloody Economies?", Los Angeles Times, January 28, 1998.
J. Bradford De Long, "The Budget Deficit," Federal Reserve Bank of San Francisco Weekly Letter, January 21, 1998.
J. Bradford De Long, "Review of Richard Easterlin, Growth Triumphant: The Twenty-First Century in Historical Perspective," Journal of Economic Literature 36:1 (March 1998), pp. 278-80.



1997:
J. Bradford De Long, "American Fiscal Policy in the Shadow of the Great Depression", in Michael Bordo, Claudia Goldin, and Eugene White, eds., The Defining Moment: The Great Depression and the American Economy in the Twentieth Century (Chicago: University of Chicago Press, 1997).
J. Bradford De Long, "Old Rules for the New Economy," Rewired, December 9, 1997 <http://www.rewired.com/97/1207.html>.
J. Bradford De Long, "From Beast to Beauty," Wilson Quarterly, 21:4 (Autumn, 1997), pp. 70-81.
J. Bradford De Long, "America's Peacetime Inflation: The 1970s," in Christina Romer and David Romer. eds., Reducing Inflation: Motivation and Strategy (Chicago: University of Chicago Press, 1997).
J. Bradford De Long and Robert J. Waldmann, "Interpreting Procyclical Productivity Movements: Evidence from a Cross-Nation Cross-Industry Panel," Federal Reserve Bank of San Francisco Economic Review 1997:1 (Spring 1997), pp. 33-52.
J. Bradford De Long, "Review of Daniel Cohen's The Misfortunes of Prosperity," in the Federal Reserve Bank of Boston Regional Review 7:1 (Winter 1997), pp. 25-6.

J. Bradford De Long, "Trading Places: The Cuban Embargo and the Future of the World Trade Organization," Slate (April 5, 1997) <http://www.slate. com/Features/TradeHyp/TradeHyp.asp>
J. Bradford De Long, "Cross-Country Variations in National Economic Growth Rates: The Role of 'Technology'", in Jeffrey Fuhrer and Jane Sneddon Little, eds., Technology and Growth (Boston: Federal Reserve Bank of Boston, 1997), pp. 127-49.

J.Bradford De Long, "Review of Douglas Irwin's Against the Tide," EH-Net <http://www.eh.net/BookReview/reviews/0002.shtml>.



1996:
J. Bradford De Long, "Is the Stock Market Overvalued?" Slate (December 21, 1996) <http://www.slate.com/gist/96-12-21/gist.asp>
J. Bradford De Long and David Levine, "A Deficit of Clear Thinking", Cal Monthly (August 1996).

J. Bradford De Long, "Keynesianism, Pennsylvania-Avenue Style: Some Economic Consequences of the 1946 Employment Act," Journal of Economic Perspectives (Summer 1996).

Christopher L. De Long, J. Bradford De Long, and Sherman Robinson, "NAFTA More Important After the Peso Crisis", The Los Angeles Times (July 25, 1996).

J. Bradford De Long, "A Positive Program for Better Economic Growth," Parliamentary Brief (June 1996).

J. Bradford De Long, Christopher L. De Long, and Sherman Robinson, "In Defense of Mexico's Rescue", Foreign Affairs (May/June 1996).

Carlos Ramirez and J. Bradford De Long, "Banker Influence and Business Economic Performance: Assessing the Impact of Depression-Era Financial Reforms," in Michael Bordo and Richard Sylla, eds., Anglo-American Financial Systems: Institution and Markets in the Twentieth Century (New York: Irwin, 1996), pp. 161-178.

Brad De Long, A Wired Child, Harpers 292:1750 (March 1996), p. 30.



1995:
J. Bradford De Long, "Können Finanzmärkte zu liquide sein?: Gefahr der Verstärkung von Kurseinbrüchen," Neue Zürcher Zeitung: Elektronische Borse Schweiz December 5, 1995, p. B 14.

J. Bradford De Long and David Levine, "Not a Capital Idea," The San Francisco Chronicle December 5, 1995.

J. Bradford De Long and David Levine, "Welfare Reform that Makes Poor Kids Poorer Will Never Pay Off," The Los Angeles Times October 15, 1995.
J. Bradford De Long, "Ontological Breakdown, or, Pretending to Be a Help System", American Art 9:3 (Fall 1995), pp. 2-5.

J. Bradford De Long, "Ontological Breakdown, or, Pretending to Be a Help System", in Adam Engst et al., eds., TidBITS #291, August 21, 1995 <http://www.dartmouth.edu/ pages/ TidBITS/ TidBITS.html>.



1994:
J. Bradford De Long and Lawrence H. Summers, "How Strongly Do Developing Countries Benefit from Equipment Investment?" Journal of Monetary Economics (1994).

J. Bradford De Long and Lawrence H. Summers, "Equipment Investment and Economic Growth: Reply," Quarterly Journal of Economics 109:3 (August 1994), pp. 803-807.

J. Bradford De Long and Lawrence H. Summers, "How Robust Is the Growth-Machinery Nexus?" in Mario Baldassari, Luigi Paganetto, and Edmund Phelps, eds., International Differences in Growth Rates: Market Globalization and Economic Areas (New York: St. Martin's Press, 1994; in English).



1993:
J. Bradford De Long and Barry Eichengreen (1993), "The Marshall Plan: History's Most Successful Structural Adjustment Programme," in Rüdiger Dornbusch, Wilhelm Nölling, and Richard Layard, eds., Postwar Economic Reconstruction and Lessons for the East Today (Cambridge, MA: M.I.T. Press, 1993), pp. 189-230. (Earlier version issued as HIER working paper no. 1576, October 1991.)

J. Bradford De Long, "Very Long-Run Economic Growth, ca. 1870-1990," in Horst Siebert, ed., Economic Growth in the World Economy (Kiel: Institute for World Economics, 1993).

J. Bradford De Long and Andrei Shleifer, "Princes and Merchants: City Growth Before the Industrial Revolution," Journal of Law and Economics 36 (October 1993), pp. 671-702.

Robert B. Barsky and J. Bradford De Long, "Why Does the Stock Market Fluctuate?" Quarterly Journal of Economics 108: 2 (May 1993), pp. 291-312.

J. Bradford De Long and Barry Eichengreen, "The Marshall Plan as a Structural Adjustment Programme," in Rüdiger Dornbusch, Wilhelm Nölling, and Richard Layard, eds., Postwar Economic Reconstruction: Lessons for Eastern Europe (London: Anglo-German Foundation for the Study of Industrial Society, 1993).

J. Bradford De Long and Lawrence H. Summers, "Macroeconomic Policy and Long-Run Growth," in Policies for Long-Run Economic Growth (Kansas City: Federal Reserve Bank of Kansas City, 1993.), pp. 93-128.

J. Bradford De Long and Lawrence H. Summers, "Macroeconomic Policy and Long-Run Growth," Federal Reserve Bank of Kansas City Quarterly Review (1993).

J. Bradford De Long, The Investment Tax Credit and Economic Growth (Washington, D.C.: American Council for Capital Formation, 1993).



1992:
J. Bradford De Long and Lawrence H. Summers, "Quanto è Forte il Legame tra Crescita e Meccanizzazione?" Rivista di Politica Economica (November 1992).

J. Bradford De Long and Lawrence H. Summers, "How Robust Is the Growth-Machinery Nexus?" Rivista di Politica Economica (November 1992).

J. Bradford De Long and Lawrence H. Summers, "Equipment Investment and Economic Growth: How Robust Is the Nexus?" Brookings Papers on Economic Activity (Fall 1992).

J. Bradford De Long, "J. P. Morgan and His Money Trust," Wilson Quarterly 16:4 (Fall 1992), pp. 16-30.

J. Bradford De Long, "Machinery Investment as a Key to American Economic Growth," in Mark Bloomfield, Margo Thorning, and Charls Walker, eds., Tools for American Workers (Washington, DC: American Council for Capital Formation, 1992).

J. Bradford De Long, "Bull and Bear Markets," in John Eatwell, Murray Milgate, and Peter Newman, eds, New Palgrave Dictionary of Money and Finance (London: Macmillan, 1992).

J. Bradford De Long, "Money Trust," in John Eatwell, Murray Milgate, and Peter Newman, eds, New Palgrave Dictionary of Money and Finance (London: Macmillan, 1992).

J. Bradford De Long, "Noise Trading," in John Eatwell, Murray Milgate, and Peter Newman, eds, New Palgrave Dictionary of Money and Finance (London: Macmillan, 1992).

J. Bradford De Long, "Growth, Industrialization, and Finance," NBER Reporter (Fall 1992), pp. 5-11.

J. Bradford De Long and Barry J. Eichengreen, "Der Marshall-Plan--ein Strukturhilfeprogramm," in Rüdiger Dornbusch, Wilhelm Nölling, and Richard Layard, eds., Der Wiederaufbau Deutschlands nach dem Zweiten Weltkrieg--Lehren für Osteuropa, no. 10 of Hamburger Beiträge zur Wirtschafts- und Währungspolitik in Europa (Hamburg: 1992).

J. Bradford De Long and Kevin Lang, "Are All Economic Hypotheses False?" Journal of Political Economy 100:6 (December 1992), pp. 1257-72.

J. Bradford De Long, "Productivity and Machinery Investment: A Long Run Look 1870-1980," Journal of Economic History 53: 2 (June 1992), 307-24.

J. Bradford De Long and Andrei Shleifer, "Closed End Fund Discounts: A Yardstick of Small-Investor Sentiment," Journal of Portfolio Management 18:2 (Winter 1992), pp. 46-53.



1991:
J. Bradford De Long, "Did J. P. Morgan's Men Add Value?: An Economist's Perspective on Financial Capitalism," in Peter Temin, ed., Inside the Business Enterprise: Historical Perspectives on the Use of Information (Chicago, IL: University of Chicago Press for NBER, 1991), pp. 205-36.

J. Bradford De Long, "The Great American Universal Banking Experiment," International Economy 5:1 (January/February 1991), pp. 68-71.

J. Bradford De Long and Andrei Shleifer, "The Stock Market Bubble of 1929: Evidence from Closed-End Funds," Journal of Economic History 52: 3 (September 1991), pp. 675-700.

Robert B. Barsky and J. Bradford De Long, "Forecasting Pre-World War I Inflation: The Fisher Effect and the Gold Standard," Quarterly Journal of Economics 106: 3 (August 1991) , pp. 815-36.

J. Bradford De Long and Lawrence H. Summers, "Equipment Investment and Economic Growth," Quarterly Journal of Economics 106: 2 (May 1991), pp. 445-502.

J. Bradford De Long, "Depressions," in Eric Foner and John A. Garraty, eds., Readers' Guide to American History (Boston, MA: Houghton-Mifflin Company, 1991).

J. Bradford De Long, Andrei Shleifer, Lawrence H. Summers, and Robert J. Waldmann, "The Survival of Noise Traders in Financial Markets," Journal of Business 64: 1 (January 1991), pp. 1-20.



1990:
J. Bradford De Long, Andrei Shleifer, Lawrence H. Summers, and Robert J. Waldmann, "Noise Trader Risk in Financial Markets," Journal of Political Economy 98: 4 (August 1990), pp. 703-738.

J. Bradford De Long, Andrei Shleifer, Lawrence H. Summers, and Robert J. Waldmann, "Positive-Feedback Investment Strategies and Destabilizing Rational Speculation," Journal of Finance 45: 2 (June 1990), pp. 374-397.

Robert B. Barsky and J. Bradford De Long, "Bull and Bear Markets in the Twentieth Century," Journal of Economic History 50: 2 (June 1990), pp. 1-17.

J. Bradford De Long, "Facets of Interwar Unemployment: A Review Essay," Journal of Monetary Economics 25: 2 (March 1990), pp. 305-312.

J. Bradford De Long, "In Defense of Henry Simons' Credentials as a Classical Liberal," Cato Journal 9: 1 (Winter 1990), pp. 105-122.

J. Bradford De Long and Lawrence H. Summers, "Price Level `Flexibility' and the Coming of the New Deal: A Response to Sumner," Cato Journal 9: 1 (Winter 1990), pp. 729-735.



1989:
J. Bradford De Long, "The `Protestant Ethic' Revisited: A Twentieth-Century Look," Fletcher Forum 13: 2 (Summer 1989), pp. 229-242.

J. Bradford De Long, "Nassau Senior's `Last Hour' and the `Advances' Conception of Capital Revisited," History of Political Economy 21: 2 (Summer 1989), pp. 309-310.

J. Bradford De Long, Andrei Shleifer, Lawrence H. Summers, and Robert J. Waldmann, "The Size and Incidence of Losses from Noise Trading," Journal of Finance 44: 3 (July 1989), pp. 681-696. (NBER reprint no. 1330, December 1989; earlier version issued as NBER working paper no. 2875, March 1989.)



1988:
J. Bradford De Long, "Productivity Growth, Convergence, and Welfare: Comment," American Economic Review 78: 5 (December 1988), pp. 1138-1154.

J. Bradford De Long and Lawrence H. Summers, "How Does Macroeconomic Policy Matter?" Brookings Papers on Economic Activity 1988: 2 (Fall 1988), pp. 433-480. (Earlier version issued as HIER working paper no. 1418, December 1988.)

J. Bradford De Long and Lawrence H. Summers, "Is Increased Price Flexibility Stabilizing?: Reply," American Economic Review 78: 1 (March 1988), pp. 273-276.



1987:

 



1986:
J. Bradford De Long and Lawrence H. Summers, "Is Increased Price Flexibility Stabilizing?" American Economic Review 76: 5 (December 1986), pp. 1031-1044.

J. Bradford De Long, "Senior's `Last Hour': A Suggested Resolution of a Famous Blunder," History of Political Economy 18: 2 (Summer 1986), pp. 325-333.

J. Bradford De Long and Lawrence H. Summers, "The Changing Cyclical Variability of Economic Activity in the United States," in Robert J. Gordon, ed., The American Business Cycle: Continuity and Change (Chicago, IL: University of Chicago Press for the National Bureau of Economic Research, 1986), pp. 679-719.

J. Bradford De Long and Lawrence H. Summers, "A Comment on John Taylor's `Improvements in Macroeconomic Stability: The Role of Wages and Prices'," in Robert J. Gordon, ed., The American Business Cycle: Continuity and Change (Chicago, IL: University of Chicago Press for the National Bureau of Economic Research, 1986), pp. 667-675.

J. Bradford De Long and Lawrence H. Summers, "Are Business Cycles Symmetrical?" in Robert J. Gordon, ed., The American Business Cycle: Continuity and Change (Chicago, IL: University of Chicago Press for the National Bureau of Economic Research, 1986), pp. 166-178.