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



Max Gillman, “Steps in Industrial Development through Human Capital Deepening”, Accepted, Economic Modelling, 2021. Link to 50 day free download; Link to journal.

Max Gillman, “Income Tax Evasion: Tax Elasticity, Welfare, and Revenue”, International Tax and Public Finance, 2020; Link to ITAX Journal.

Revisions for Resubmission

“Nominal Effects on Oil and Gold Prices in Low and High Volatility Markov Switching Regimes”, International Review of Economics and Finance; with Emrah Cevik and Sel Dibooglu. Revise and resubmit.

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. Allow for resubmission, Journal of Economic Dynamics and Control.

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

“Nominal Interest Rates and Inflation Rate Inversion: Bank Shocks and the Great Recession”, with Tamas Csabafi, Ceri Davies, and Michal Kejak, Contemporary Economic Policy. Revise and resubmit.


“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. Link to JIMF Journal

““The Welfare Cost of Inflation with Banking Time”,” 2020, BE Press Journal of Macroeconomics: Advances; volume 20, Issue 1; Link to BEJM Journal.

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).

“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; Link to JMCB Journal

“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, Link to journal.

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.

“Tax Evasion, Human Capital, and Productivity Induced Tax Rate Reduction”, 2014, Journal of Human Capital, 8(1, Spring): 42-79, with Michal Kejak.

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

 “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.

Max Gillman and Michal Kejak, 2011, “Inflation, Investment and Growth: a Banking Approach”, Economica, 78 (310: April) 260–282

Max Gilman, 2011 Advanced Modern Macroeconomics: Analysis and Application; Pearson Education; Financial Times Press.

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.

Helmuts Azacis and Max Gillman, 2010, “Flat Tax Reform: The Baltics 2000-2007”, Journal of Macroeconomics, 32 (2, June) pp. 692-708.

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.

Max Gillman, 2010, `Comment on “Price Stability and the Case for Flexible Exchange Rates”‘, Open Economies Review: 21 (February, 1): 17-21.

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.

Max Gillman, 2009, “International Deposit Insurance”, Economic Affairs, 29(3, September): 103-104.

Max Gilman, 2009, Inflation Theory in Economics: Velocity, Cycles and Growth; Routeledge; UK.

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.

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; invited; non-refereed.

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

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.

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.

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.

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.

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.

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.

Gillman, M. and Michal Kejak, 2005, ” Inflation and Balanced-Path Growth with Alternative Payment Mechanisms”, Economic Journal, Vol 115, No. 500 (January): 247-270.

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.

Gillman, Max, and Michal Kejak, 2004, “The Demand for Bank Reserves and Other Monetary Aggregates”, Economic Inquiry, July, 42(3): 518-533.

Gillman, Max, Mark Harris, and Laszlo Matyas, 2004, “Inflation and Growth: Explaining the Negative Effect”, Empirical Economics, Vol 29, No. 1, (January): 149-167.

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.

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.

Gillman, Max, 2000, “On The Optimality of Restricting Credit: Inflation-Avoidance and Productivity”, Japanese Economic Review, Vol. 51, No. 3 (September): 375-390.

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.

Gillman, Max, and James Hogan, 1999, “Extending Corporate Liability in New Zealand”, International Journal of Social Economics, Vol. 26, No.4, pp. 487-500.

Gillman, Max, 1998, “The Optimality of a Zero Inflation Rate: Australia”, The Australian Economic Review; Vol.31, No.3 (September): 211-223.

Gillman, Max, Pierre Siklos and J.Lew Silver, 1997, “Money Velocity with Costly Credit”, Journal of Economic Research, 2 (November): 179-207.

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.

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.

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.


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 both cycles and growth. Recent publications extend monetary theory to study tax evasion and growth through a human capital approach, explain asset prices during Lost Decades, and show the inflation tax effect on growth, investment, the Tobin Effect.

Books: See amazon homepage link

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