Working Papers


“International Business Cycle and Financial Intermediation”, accepted, Journal of Money, Banking and Credit, forthcoming; with Tamas Csabafi and Ruthira Naraidoo.

“The Welfare Cost of Inflation with Banking Time”, accepted, The B.E. Journal of Macroeconomics: Advances, forthcoming.

New Working Papers

Revise and Resubmit:

“Nominal Interest Rates and Inflation Rate Inversion: Bank Shocks and the Great Recession”, Tamas Csabafi, Ceri Davies, Max Gillman, Michal Kejak, Western Economic Association.


Under Revision for Submission:

“Explaining Real Business Cycles with Human Capital Investment,” Szilard Benk, Tamas Csaba…fi, Jing Dang, Max Gillman, Michal Kejak.


Work in Progress:

“Granger-causality of real oil prices after the Great Recession”, 2018, with Szilard Benk; presented at the American Economic Association Meetings, 2018, Philadelphia; at International Symposium on Environment & Energy Finance Issues, 24 & 25 May 2018, Paris, France.

“Stoper-Samuelson and Rybczynski Duality in an Endogenous Growth RBC Model”, with Tamas Csabafi”, mimeo, University of Missouri – St. Louis.

“Growth cycles: Theory and evidence of determinants of the output growth rate,” with Tamas Csabafi, Yiumen Tse, Mark Harris, Laszlo Matyas; presented Panel Data Conference, Budapest.

“A Canonical Model of AS-AD: from Macro’s Last Configuration”, Max Gillman and David Rose; revision of: Gillman, Max, 2012. “AS-AD in the Standard Dynamic Neoclassical Model: Business Cycles and Growth Trends,” Cardiff Economics Working Papers E2012/12, Cardiff University, Cardiff Business School, Economics Section.

“Financial Intermediation with Ehrlich-Becker Arrow-Debreu Securities and Systemic Risk”, with Ruthira Naraidoo and Peng Zhou; revised from “Financial Intermediation Transfers Across States of Nature and Intertemporally: with Application to Banking Crisis 2007-2010,” by Max Gillman, manuscript Cardiff U., 12 November 2010.

“A Human Capital Theory of Structural Transformation and its Stylized Facts”, with Tamas Csabafi; revised from: Max Gillman, 2011, A Simple Theory of Structural Transformation, Cardiff Economics Working Papers E2011/4, March.

“Volatility Cycles of Output and Inflation: A Good Shock, Bad Shock Story”, with Szilárd Benk and Michal Kejak; presented AEA Meetings; SED Meetings; Bank of England.

Working Paper with Equilibrium Proof (unpublished):

Gillman, M., Kejak, M., Valentinyi A., 1999, “Inflation, Growth, and Credit Services”. Institute for Advanced Studies, Vienna, Transition Economics Series No. 13