Max Gillman

Max Gillman is the Friedrich A. Hayek Professor of Economic History at the University of Missouri–St. Louis and a Research Professor at Corvinus University of Budapest. A leading voice in monetary theory, his 2023 work, The Spectre of Price Inflation, has been hailed by experts at the Bank of Finland and the Institute of International Monetary Research as a definitive indictment of modern central banking. It is featured prominently on the Cambridge Core platform. By 2026, the book has been cited in new research on monetary shocks and oil prices. Dr. Gillman, a University of Chicago PhD, previously held senior positions at Cardiff Business School and Central European University. His research continues to shape the understanding of how money and banking influence global economic growth.

The Spectre of Price Inflation, Agenda Publishing and Columbia University Press, 2023.

Advanced Modern Macroeconomics (AMM): Theory and Analysis, 2011, Pearson Financial Times.

Derives Ramsey, Solow, Lucas-Solow models of business cycles and growth, full closed-form solutions. Shows markets for goods, labor and capital graphically. Uses P/W as the relative price of goods as consistent with Ramsey; time per good is the microfounded price of goods. This relative price for output of time per good falls as productivity (Solow) or human capital (Lucas 1988) grows, and economies develop.

Principles of Macroeconomics: An Evolutionary Approach, 2017.

Reviews the whole evolution of Macroeconomics, from the Great Depression to the Great Recession, showing the bifurcation in theory starting from Irving Fisher and J. M. Keynes. Includes graphically the Keynesian Cross, IS-LM, and Cost-Push theories of AS-AD, but critiques their use by carefully spelling out their assumptions. Moves to Fisher's 2-period model, graphically, and then the full AS-AD of Ramsey, graphically.

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

Includes 20 of Lucas's classic papers, including the never-before published paper by Lucas on a monetary economy with prices set in advance. This last paper has not appeared in working paper form or any previously published form.

Reviewed favorably recently by Thomas Sargent in the Journal of Economic Literature.

Inflation Theory in Economics, 2009, Routledge; this is a collected papers volume of research articles from 1993 to 2008. Covers the banking approach to modeling exchange credit as a substitute to money that allows avoidance of the inflation tax.