Friedrich A. Hayek Professor of Economic History, University of Missouri – St. Louis:

Associate Editor, Economic Modelling, from 2020.

Repec https://ideas.repec.org/e/pgi22.html

Orcid https://orcid.org/0000-0002-5536-4608



The Spectre of Price Inflation, Max Gillman, Columbia University Press, US; Newgen Publishing, UK; for Agenda Publishing, 2022.


Revise and Resubmit

“Explaining Real Business Cycles with Human Capital Investment,” with Szilard Benk, Tamas Csabafi, Jing Dang, and Michal Kejak; Journal of Human Capital.

“Interest Rates with Optimal Inflation Tax Avoidance”,  with Tamas Csabafi, Ceri R. Davies, Michal Kejak; JMCB

Max Gillman, Tamas Csabafi, Ceri R. Davies, Michal Kejak, 2020, “Estimation of Interest Rates in Alternative Frequency Windows using Simulated Data”; with Tamas Csabafi, Ceri R. Davies, and Michal Kejak.

“Nominal Interest Rates and Inflation Rate Inversion: Bank Shocks and the Great Recession”, with Tamas Csabafi, Ceri Davies, and Michal Kejak; CEP.


“Gold, Silver, and the US Dollar as Harbingers of Financial Calm and Distress;” 2022, Sel Dibooglu, Emrah I. Cevik, Max Gillman; Quarterly Review of Economics and Finance; vol. 86, p. 200-210.
DOI: https://doi.org/10.1016/j.qref.2022.07.003

50 day access: https://authors.elsevier.com/a/1fWAT3niMPrnsj

“Lucas’s Methodological Divide in Inflation Theory: A Student’s Journey”, 2022, by M. Gillman, Journal of Economic Methodology, Volume: 29, Issue 1, pages 30 – 47. DOI:10.1080/1350178X.2021.2019818; https://ideas.repec.org/a/taf/jecmet/v29y2022i1p30-47.html

“Macroeconomic Trends among Visegrad Countries, EU Balkans, and the U.S.”, 2021, Central European Business Review, Special Issue “Transition in Central Europe and the Balkans since the Fall of the Wall;” June; Edited by M. Gillman. https://ideas.repec.org/a/prg/jnlcbr/v2021y2021i2id282p1-20.html

“Steps in Industrial Development through Human Capital Deepening,” 2021, Max Gillman, Economic Modelling, volume 99, June, article no. 105470; https://ideas.repec.org/a/eee/ecmode/v99y2021ics0264999321000456.html

Max Gillman, 2021. “Income Tax Evasion: Tax Elasticity, Welfare, and Revenue”, International Tax and Public Finance, volume 28, pages 533–566. https://ideas.repec.org/a/kap/itaxpf/v28y2021i3d10.1007_s10797-020-09632-3.html

“Granger Predictability of Oil prices after the Great Recession”, 2020, Journal of International Money and Finance; with Szilard Benk; Volume 101, March, Article No. 102100. https://ideas.repec.org/a/eee/jimfin/v101y2020ics0261560619301305.html

““The Welfare Cost of Inflation with Banking Time”,” 2020, BE Press Journal of Macroeconomics: Advances; volume 20, Issue 1; https://ideas.repec.org/a/bpj/bejmac/v20y2020i1p20n18.html

“International Business Cycle and Financial Intermediation”, 2019, Journal of Money, Banking and Credit, with Tamas Csabafi and Ruthira Naraidoo, Vol. 51, No. 8 (December), pp. 2293-2303; https://ideas.repec.org/a/eee/jimfin/v101y2020ics0261560619301305.html

Dynare/Matlab Codes: “International Business Cycle and Financial Intermediation”, 2019, Journal of Money, Banking and Credit. Dynare/Matlab Codes International Business Cycle and Financial Intermediation

Technical Appendix, 2020, to “International Business Cycle and Financial Intermediation”, Journal of Money, Credit and Banking, Vol. 51,
No. 8 (December), pp. 2293-2303. https://ideas.repec.org/p/msl/workng/1017.html Working Papers 1017, University of Missouri-St. Louis, Department of Economics.

“Hyperbolic discounting and growth without commitment: On the resolution of time inconsistency under continuous time”, 2017, Manchester School, Volume 85, Issue S2, December, pages e45–e74, with Christopher Tsoukis and Frédéric Tournemaine, https://ideas.repec.org/a/bla/manchs/v85y2017is2pe45-e74.html

Principles of Macroeconomics: An Evolutionary Approach, 2017. Kendall Hunt Publishing. Link to publisher.

“Learning about Rare Disasters: Implications For Consumption and Asset Prices”, 2015, Review of Finance, 19 (3, May): 1053-1104, with Michal Kejak, and Michal Pakoš. https://ideas.repec.org/a/oup/revfin/v19y2015i3p1053-1104..html

“Tax Evasion, Human Capital, and Productivity Induced Tax Rate Reduction”, 2014, Journal of Human Capital, 8(1, Spring): 42-79, with Michal Kejak. https://ideas.repec.org/a/ucp/jhucap/doi10.1086-675328.html

Collected Papers on Monetary Theory; by Robert E. Lucas Jr.; 2013, Harvard University Press; edited by M. Gillman, Max. https://ideas.repec.org/b/hup/pbooks/9780674066878.html

 “Inflation, Human Capital and Tobin’s q”, 2012. Journal of Economic Dynamics and Control; Volume 36, Issue 7, July, Pages 1057–1074; with Parantap Basu and Joseph Pearlman. https://ideas.repec.org/a/eee/dyncon/v36y2012i7p1057-1074.html

Max Gillman and Michal Kejak, 2011, “Inflation, Investment and Growth: a Banking Approach”, Economica, 78 (310: April) 260–282. https://ideas.repec.org/a/bla/econom/v78y2011i310p260-282.html

Max Gilman, 2011 Advanced Modern Macroeconomics: Analysis and Application; Pearson Education. https://www.pearson.com/uk/educators/higher-education-educators/program/Gillman-Advanced-Modern-Macroeconomics-Analysis-and-Application/PGM1022188.html?tab=overview

Max Gillman and Mark Harris, 2010, “The Effect of Inflation on Growth: Evidence from a Panel of Transition Countries”, Economics of Transition, Volume 18, Issue 4, pages 697-714, October. https://ideas.repec.org/a/bla/etrans/v18y2010i4p697-714.html

Helmuts Azacis and Max Gillman, 2010, “Flat Tax Reform: The Baltics 2000-2007”, Journal of Macroeconomics, 32 (2, June) pp. 692-708. https://ideas.repec.org/a/eee/jmacro/v32y2010i2p692-708.html

Szilard Benk, Max Gillman and Michal Kejak, 2010, “A Banking Explanation of the US Velocity of Money: 1919-2004”, Journal of Economic Dynamics and Control, 34 (4, April): 765–779. https://ideas.repec.org/a/eee/dyncon/v34y2010i4p765-779.html

Max Gillman, 2010, `Comment on “Price Stability and the Case for Flexible Exchange Rates”‘, Open Economies Review: 21 (February, 1): 17-21. https://ideas.repec.org/a/kap/openec/v21y2010i1p17-21.html

Max Gillman and Anton Nakov, 2009, “Monetary Effects on Oil and Gold Prices”, North American Journal of Economics and Finance, 20 (December, 3): 239-254. https://ideas.repec.org/a/eee/ecofin/v20y2009i3p239-254.html

Max Gillman, 2009, “International Deposit Insurance”, Economic Affairs, 29(3, September): 103-104. https://ideas.repec.org/a/bla/ecaffa/v29y2009i3p103-104.html

Max Gilman, 2009, Inflation Theory in Economics: Velocity, Cycles and Growth; Routledge; UK. https://www.routledge.com/Inflation-Theory-in-Economics-Welfare-Velocity-Growth-and-Business-Cycles/Gillman/p/book/9780415864817

S Benk, M Gillman, and M Kejak, 2008, “Money Velocity in an Endogenous Growth Business Cycle with Credit Shocks”, Journal of Money, Credit, and Banking, Vol. 40, No. 6 (September 2008):1281-1293. https://ideas.repec.org/a/mcb/jmoncb/v40y2008i6p1281-1293.html

M Gillman and G. Otto, 2007, “Money Demand in General Equilibrium Endogenous Growth: Estimating the Role of a Variable Interest Elasticity”, Quantitative and Qualitative Analysis in Social Sciences (QASS). Vol. 1 (1), Spring, 1-25. https://ideas.repec.org/p/cdf/wpaper/2006-24.html

M Gillman, 2007, Inflation and Economic Growth: Phillips Curve versus Inflation Tax Behaviour, Quarterly Economic Bulletin, Julian Hodge Institute of Applied Macroeconomics, November.

Simon Feeney, Max Gillman, and Mark N Harris, 2006, “Corporate Effective Tax Rates in a Single Taxation Country: Australia”, Accounting Research Journal, Vol. 19, No.1: 64-73. https://ideas.repec.org/p/cdf/wpaper/2005-16.html

Cziraky, Dario, and Max Gillman, 2006, “Money Demand in an EU Accession Country: A VECM Study of Croatia”, Bulletin of Economic Research, Vol. 58, No. 2 (April): 73-159. https://ideas.repec.org/a/bla/buecrs/v58y2006i2p105-127.html

Gillman, Max, and Oleg Yerokhin, 2005, “Ramsey-Friedman Optimality with Banking Time”, BEPress Journals in Macroeconomics, Topics in Macroeconomics, Vol. 5, No. 1, Article 16; http://www.bepress.com/bejm/topics/vol5/iss1/art16. https://ideas.repec.org/a/bpj/bejmac/vtopics.5y2005i1n16.html

Benk, Szilard, Max Gillman and Michal Kejak, 2005, “Credit Shocks in the Financial Deregulatory Era: Not the Usual Suspects”, Review of Economic Dynamics, Vol 8, No. 3 (July): 668-687. https://ideas.repec.org/a/red/issued/v8y2005i3p668-687.html

Benk, Szilard, Max Gillman and Michal Kejak, 2005, “A Comparison of Exchange Economies within a Monetary Business Cycle”, The Manchester School, Vol 73, No. 4 (July): 542-562. https://ideas.repec.org/a/bla/manchs/v73y2005i4p542-562.html

Gillman, Max, and Michal Kejak, 2005, “Contrasting Models of the Effect of Inflation on Growth”, Journal of Economic Surveys, Vol. 19, No. 1 (February): 113-136. https://ideas.repec.org/a/bla/jecsur/v19y2005i1p113-136.html

Gillman, M. and Michal Kejak, 2005, ” Inflation and Balanced-Path Growth with Alternative Payment Mechanisms”, Economic Journal, Vol 115, No. 500 (January): 247-270. https://ideas.repec.org/a/ecj/econjl/v115y2005i500p247-270.html

Gillman, Max and Anton Nakov, 2004, “Granger Causality of the Inflation-Growth Mirror in Accession Countries”, Economics of Transition, Vol 12, number 4 (December): 653-682. https://ideas.repec.org/a/bla/etrans/v12y2004i4p653-681.html

Gillman, Max, and Michal Kejak, 2004, “The Demand for Bank Reserves and Other Monetary Aggregates”, Economic Inquiry, July, 42(3): 518-533. https://ideas.repec.org/a/oup/ecinqu/v42y2004i3p518-533.html

Gillman, Max, Mark Harris, and Laszlo Matyas, 2004, “Inflation and Growth: Explaining the Negative Effect”, Empirical Economics, Vol 29, No. 1, (January): 149-167. https://ideas.repec.org/a/spr/empeco/v29y2004i1p149-167.html

Gillman, Max, and Anton Nakov, 2003, “A Revised Tobin Effect from Inflation: Relative Input Price and Capital Ratio Realignments, US and UK, 1959-1999”, Economica, Vol 70, No. 279 (August): 439-451. https://www.researchgate.net/publication/237241116_A_Revised_Tobin_Effect_from_Inflation_Relative_Input_Price_and_Capital_Ratio_Realignments_US_and_UK_1959-1999

Gillman, Max, 2002, “On Keynes’s Theory of the Aggregate Price Level in the Treatise: Any Help for Modern Aggregate Analysis?,” European Journal of the History of Economic Thought, Vol.9, No.3 (September): 430-451. https://ideas.repec.org/a/taf/eujhet/v9y2002i3p430-451.html

Gillman, Max, 2000, “On The Optimality of Restricting Credit: Inflation-Avoidance and Productivity”, Japanese Economic Review, Vol. 51, No. 3 (September): 375-390. https://ideas.repec.org/a/bla/jecrev/v51y2000i3p375-390.html

Gillman, Max, 1999, “The Problem of Social Cost: the Role of the State”, International Journal of Social Economics, Vol. 26, No. 5, pp. 590-595. https://www.emerald.com/insight/content/doi/10.1108/03068299910215898/full/html

Gillman, Max, and James Hogan, 1999, “Extending Corporate Liability in New Zealand”, International Journal of Social Economics, Vol. 26, No.4, pp. 487-500. https://www.emerald.com/insight/content/doi/10.1108/03068299910215951/full/html

Gillman, Max, 1998, “The Optimality of a Zero Inflation Rate: Australia”, The Australian Economic Review; Vol.31, No.3 (September): 211-223. https://ideas.repec.org/a/bla/ausecr/v31y1998i3p211-223.html

Gillman, Max, Pierre Siklos and J.Lew Silver, 1997, “Money Velocity with Costly Credit”, Journal of Economic Research, 2 (November): 179-207. https://ideas.repec.org/p/mlb/wpaper/515.html

Gillman, Max, 1995, “A Comparison of Partial and General Equilibrium Estimates of the Welfare Cost of Inflation”, Contemporary Economic Policy, vol 13, No 4 (October): 60-71. https://ideas.repec.org/a/bla/coecpo/v13y1995i4p60-71.html

Gillman, Max, and Tim Eade, 1995, “The Development of the Corporation in England, with emphasis on Limited Liability”, International Journal of Social Economics, vol 22 (April): 20-32. https://www.emerald.com/insight/content/doi/10.1108/03068299510084582/full/html

Gillman, Max, 1993, “The Welfare Costs of Inflation in a Cash in Advance Model with Costly Credit”, Journal of Monetary Economics, vol.31, no.1 (February): 97-116. https://ideas.repec.org/a/eee/moneco/v31y1993i1p97-115.html


Ph.D. The University of Chicago, Economics Department;

A.M: The University of Chicago, Economics Department;

A.B. The University of Michigan, with Distinction, High Honors in Economics; Mathematics double major.


Research Agenda:

Modeling money and banking in general equilibrium. Monetary economics, real business cycles, economic growth, and how money and banking influence cycles, growth, and asset prices.


See amazon homepage link

2022, The Spectre of Inflation: Innocence, Ignominy, and Purgatory; Agenda Publishing, forthcoming.

2017 Principles of Macroeconomics: An Evolutionary Approach, Kendall Hunt Publishing, Dubuque, Iowa; by Max Gillman

2013 Collected Papers on Monetary Theory by Robert E. Lucas, Jr., Harvard University Press; editor Max Gillman.

2011 Advanced Modern Macroeconomics: Analysis and Application, Pearson UK, Financial Times Press; by Max Gillman

2009, Inflation Theory in Economics: Welfare, Velocity,Growth and Business Cycles, Routledge International Studies; by Max Gillman

Contact: gillmanm@umsl.edu  Office Phone: 314-516-5861