University of Arkansas

Thank you to Rhet Smith and everyone in the economics and finance department at the University of Arkansas (Little Rock) for their great feedback on my paper “Macroeconomic Shocks and Racial Labour Market Differences”, which was presented today (spearheaded by Kuhelika De) in their department seminar series.

New Working Paper

My new paper, “Oil Shocks and the US Economy: Evidence from a FAVAR Model”, with Kuhelika De (GVSU) and Dan Giedeman (GVSU), is now available as a SSRN Working Paper.


We investigate the economic effects of three separate types of oil price shocks on the U.S. economy using a factor augmented vector autoregression framework and 185 monthly macroeconomic indicators from 1978 to 2017. We find that while increases in the price of crude oil triggered by oil supply shocks and oil demand shocks lead to a significant and permanent increase in the U.S. price level, the main drivers of fluctuations in the price of crude oil and the U.S. price level are oil-specific precautionary demand shocks. Further, while increases in the price of oil triggered by oil supply shocks are recessionary and lower U.S. economic activity, those triggered by oil demand shocks driven by global economic activity are associated with increased U.S. economic activity. We also find evidence that monetary policy-makers tighten monetary policy in response to oil demand shocks to mitigate inflationary effects, however we find no such evidence for oil supply shocks. Finally, we find the U.S. dollar real exchange rate depreciates in response to increases in the price of oil caused by both oil demand and supply shocks, however the effects from oil supply shocks are more permanent.

JERP Covid Call for Papers

The Journal of Economics, Race and Policy is soliciting manuscripts for a special issue on the COVID-19 pandemic. As the focus of the journal is the intersection of local and global issues concerning economic conditions around race, ethnicity, gender, linguistic, and tribal differences along with policy prescriptions that address economic disparities, we seek papers that consider COVID-19 within this context. The manuscripts can be theoretical, empirical, or descriptive.

To be considered for publication in the special issue, please submit your proposed paper abstract of no more than 250 words to Invited authors will need to submit completed manuscripts, not exceeding 7,000 words, via JERP’s online submission portal no later than August 1, 2020 for the highest consideration. All submissions will be peer-reviewed.

If you have questions, please contact the Guest Editor, Gregory N. Price at

JERP Call For Papers

The Journal of Economics, Race, and Policy announces a Call for Papers that examine trends in socioeconomic outcomes for indigenous groups compared to non-indigenous groups. The call is also interested in studies that explore determinants of socioeconomic outcomes for indigenous groups. Papers can also examine the gaps in socioeconomic outcomes between indigenous and non-indigenous groups over time. Possible socioeconomic outcomes could include, but are not limited to: education, employment, health and well-being, economic and social participation, community and family violence, and housing.

More information is available here.

Art Carden

Art Carden from Samford University visited the department last week to give a pair of talks including a seminar on “James M. Buchanan: Smithian Economist as Business Ethicist”. Art gave a great seminar and made for a super visit!! It was great catching up with you Art!