Home

Karl Shell: Curriculum Vitae

February 10, 2011

Business Address:
Department of Economics                       karl.shell@cornell.edu
Cornell University                                  www.karlshell.com
402 Uris Hall                                         Telephone: 1-607-255 5277                 Ithaca NY 14853-7601 USA                    Fax: 1-607-255-8838


Earned Degrees:

Ph.D., Stanford University, 1965
A.B., Princeton University, 1960

Current Positions:

Thorne Professor of Economics, Cornell University, since 1986.

Editor, Journal of Economic Theory, since 1968.

Past Positions:

Professor of Economics, University of Pennsylvania, 1970-1987.

Associate Professor of Economics, University of Pennsylvania, 1968-1970.

Associate Professor of Economics, Massachusetts Institute of Technology, 1967-1968.

Assistant Professor of Economics, Massachusetts Institute of Technology, 1964-1967.

Visiting and Temporary Positions:

Visiting Professor of Economics, Southern Methodist University, Spring 2008.

Tan Chin Tuan Professor of Money and Banking, National University of Singapore, August 2005.

Visiting Professor of Economics, New York University, 1999-2000.

Visiting Professor of Economics, Doshisha University, Kyoto, Japan, May 1996

By-Fellow, Churchill College, Cambridge, UK, May 1995.

Visiting Professor of Economics, University of California, San Diego, Fall 1992.

Director, Center for Analytic Economics, Cornell University, 1987-1992.

Consultant, Research Department, Federal Reserve Bank of Minneapolis, July 1991.

Visiting Professor, Université de Paris I, May 1991.

Visiting Professor of Economics, Universitá Commerciale Bocconi, Milan, May 1990.

Co-director, Center for Analytic Research in Economics and the Social Sciences,
University of Pennsylvania, 1975-1986.

Fellow, Center for Advanced Study in the Behavioral Sciences, Stanford CA,
1984-1985.  

Adjunct Professor, Université Paris I, May 1981.

Adjunct Professor, Université Paris XII, May 1979.

Adjunct Researcher, CEPREMAP and Centre National de la Recherche Scientifique,
Paris, 1977-1978.

Visiting Professor of Economics, Stanford University, 1972-1973.

Acting Instructor in Economics, Stanford University, 1962-1963.

Staff Economist, Council of Economic Advisers, Washington DC, Summer 1962.

Systems Analyst, Procter and Gamble Company, Cincinnati, Summer 1959.

Honors:

Economic Theory Fellow, Society for the Advancement of Economic Theory, since 2011.

The Inaugural David Cass Memorial Lecturer, “The Political Economy of Excess
Volatility,” Society for the Advancement of Economic Theory, Faro, Portugal, June 2011.

Presentation, University of Durham, Durham, England, UK, "Sunspot Equilibrium: An Overview", October 12, 2010.

Presentation, Bank of England, "Banking Regulation: Growth versus Stability?”,
London, UK, December 7, 2009.  

Keynote Address, Growth-Innovation Conference, "Banking Regulation: Growth versus Stability?” Durham Business School, Durham, UK, December 5-6, 2009.

Discussant, Banking Conference, "Information Revelation in the Diamond-Dybvig
Model", Wisconsin Business School, Madison, WI, November 13-14, 2009.

Participant, Inter-American Development Bank Workshop, Banco Central Republica
Argentina, Buenos Aires, September 30, 2009.

Invited Lecturer, Latin American Meetings of the Econometric Society, "Financial
Stability", Buenos Aires, Argentina, October 1-3, 2009.

Invited Speaker, Southern Methodist University Economics Seminar, "3 Stochastic
Equilibrium Concepts", April 18, 2008.

Invited Speaker, Rice University Economics Seminar, “Sunspot Equilibrium, Lottery
Equilibrium, and Correlated Equilibrium”, March 27, 2008.

Invited Speaker, The I.W. Arthur Memorial Seminar, “Capital Gains”, Iowa State
University, February 12, 2007.

Invited Speaker, Singapore Economic Review Conference, "Capital Gains: Red and
Blue Machines", Singapore, August 5, 2005.

Keynote Speaker, International Conference on Money, Growth, and Distribution,

Academia Sinica, Taipei, "Equilibrium Bank Runs", September 5-9, 2001.

Plenary Lecture, "Sunspot Equilibrium," XVII Latin America Meeting of the Econometric Society, Cancún, México, August 1999.

Lecture, The Lippincott Symposium on Political Economy, "Economic Effects of
Restrictions on Government Budget Deficits", University of Minnesota, May 13, 1998.

Keynote Speaker, Third Midwest Macroeconomics Conference, The Pennsylvania State University, State College, "Technological Evolution," April 26, 1997.

Lecture, "Applications of General-Equilibrium Theory to Macroeconomics: The
Overlapping-Generations Model" and Round Table Participant, "The Future of Macroeconomics," Universita' Degli Studi di Cagliari, Cagliari, Sardinia, Italy, February 9, 1996.

Overseas Fellow, Churchill College, Cambridge, UK, elected for Easter Term 1995.
Institute for Policy Analysis Distinguished Speaker, Canadian Economic Theory
Conference, University of Toronto, Toronto, Canada, "Robustness of Sunspot
Equilibria," May 27, 1994.

The Inaugural L. Edwin Smart Lecturer, The Ohio State University,
"Robustness of Sunspot Equilibria," October 15, 1993.

Invited Speaker, Jacob Marschak Colloquium in the Social Sciences, UCLA, "Sunspot Equilibria," November 13, 1992.

Fulbright Scholar, Institut d'Analisi Economica, CSIC, Universitat Autonoma Barcelona, June 1989.

Miguel Sidrauski Memorial Lecturer, IXth Latin American Meeting of the Econometric Society, Santiago, Chile, "Sunspot Equilibrium," August 1989.

Fellow, Center for Advanced Study in the Behavioral Sciences, 1984-1985.

John Simon Guggenheim Memorial Foundation Fellowship, 1977-1978.

Fellow of the Econometric Society, since 1972.

M.A. (Hon.), University of Pennsylvania, 1971.

Ford Foundation Faculty Research Fellowship, 1967-1968.

Woodrow Wilson Foundation Dissertation Fellowship, 1963-1964.

Woodrow Wilson Foundation National Fellowship, 1960-1961.

Honors in Mathematics, Princeton University, 1960.

The Society of the Sigma Xi Research Prize, 1960.

International Telephone and Telegraph Prize Scholarship, 1959.

Professional Activities:

Site Reviewer, Economics Department, John Hopkins University, September 2011.

Member, Committee on Publication Ethics, London, UK, 2007-present.

Co-director (with Neil Wallace), Cornell/Penn State Semi-annual Macro Workshop,
1997–present.

Organizer, Workshop on Financial Fragility, Cornell University, September 26-27,
2009.

Consulting Editor, Academic Press (including series on Economic Theory, Mathematical Economics, and Econometrics), 1968-1994.

Reviewer, Mathematical Reviews, 1976-1993.

Co-organizer, Workshop on the Mathematical Theory of Modern Financial Markets,
Cornell University, July 19-22, 1989.

Co-organizer, Workshop on Economic Theory and Advanced Computation, Cornell
University, May 12-14, 1989.

Co-organizer (with William Burnett and Johns Geweke), International Symposium on Economics, Conference on Economic Complexity: Chaos, Sunspots, Bubbles, and Nonlinearity, Austin, Texas, 1987.

Co-organizer (with Robert J. Aumann), IMSSS All-Day Workshop on Correlated
Equilibrium and Sunspot Equilibrium, Stanford University, July 16, 1985.

Co-director, Workshop on Intertemporal Economics, Cornell University, August 1981.

Co-organizer (with David Cass), Mathematical Social Science Board seminars on the Structure of Dynamical Systems Arising in Economics, Holderness N.H. and Philadelphia, 1975 - 1977.

Program Chairman, North American Meeting of the Econometric Society,
New York, 1972.

Co-director (with Giorgio Szegö), International Summer School on Mathematical
Methods in Investment and Finance, Venice, Italy, September 1971.

Books:

Articles:   

       Reprinted in Assets, Beliefs,and Equilibria in Economic Dynamics:Essays in        Honor of Mordecai Kurz (C.D. Aliprantis, K.J. Arrow, P.J. Hammond, F. Kubler,        H.M. Wu, and N.C. Yannelis, eds.), Berlin: Springer-Verlag, 2004, 213-235.        (doi: 10.1007/s00199-002-0288-5)

       Reprinted in Equilibrium (D. A. Walker, ed.), Critical Ideas in Economics       Volume 3, London: Edward Elgar, 2000, 591-615.

      Reprinted in General Equilibrium Theory (G. Debreu, ed.), The International       Library of Critical Writings in Economics 67, London: Edgar Elgar Publishing,       1996, Vol. I, Chapter 17, 295-329.

      Appears in Spanish as "El modelo de generaciones sucesivas, I: el caso de       intercambio puro sin dinero" (translated by M. Santos), Cuadernos       Economicos de I.C.E., Vol. 35(1), 1987, 67-92.

      Reprinted as Essay III in The Hamiltonian Approach to Dynamic Economics       (D. Cass and K. Shell, eds.), New York: Academic Press, 1976, 31-70.

      Reprinted as Essay I in The Hamiltonian Approach to Dynamic Economics (D.       Cass and K. Shell, eds.), New York: Academic Press, 1976, 1-10.

      Reprinted in Growth Theory (R. Becker and E. Burmeister, eds.), The       International Library of Critical Writings in Economics 10, London: Edgar Elgar       Publishing, 1991, Vol. III (Equilibrium Growth Theories), Chapter 1, 3-12.
      Appears in Spanish as "Notas sobre las economias del infinito" (translated by       M. Santos), Cuadernos Economicos de I.C.E., Vol. 35(1), 1987, 31-39. 

      Appears in Italian as "La Politica Monetaria e Fiscale per lo Sviluppo       Economico Ottimale" (translated by D. Martellato), in Lo sviluppo economico       ottimale: teoria della planificazione (I. Musu, ed.), Milano: Franco Angeli       Editore, 1974, 238-264.

      Reprinted in Studies in Macroeconomic Theory, Vol. 2, Redistribution and       Growth (E.S. Phelps, ed.), New York: Academic Press, 1980, 24-45.

      Reprinted in Price Indexes and Quality Change (Z. Griliches, ed.), Cambridge,       Massachusetts: Harvard University Press, 1971, 16-54, and in Value, Capital       and Growth (J.N. Wolfe, ed.), Chicago: Aldine Transaction, 2006, 97-140.
      Also appears as Essay I in the Economic Theory of Price Indices: Two       Essays on the Effects of Taste, Quality and Technological Change (by       Franklin M. Fisher and Karl Shell), New York: Academic Press, 1972, 1-48.

Reviews:

Interviews:

Unpublished Research:

        Forthcoming as Vintage Unpublished Paper in Macroeconomic Dynamics         under the title "Money and Intertemporal Allocation: Sunspots".

  • "Some Reflections on the Theoretical Underpinnings of Price Indexes of the WPI-Type", mimeo., University of Pennsylvania, Philadelphia, prepared for the Bureau of Labor Statistics round-table discussion of the industrial price program (held in Washington, D.C. on October 17, 1975), October 3, 1975.

  • "A New Variant of the Educational Opportunity Bank Designed for Stability and Ease of Administration in 'Small-Scale' Application" (with Richard Berner and Michael B. Johnson), a report supported by Contract OS-70-155, U.S. Department of Health, Education and Welfare, Washington, D.C., mimeo., October 1972.

  • "Patterns of Technical Change and Capital Accumulation," Ph.D. Dissertation, Stanford University: Stanford, April 1965. (Supervised by Kenneth J. Arrow and Hirofumi Uzawa.)

  • "Untied Aid and the Balance of Payments" (with Richard N. Cooper), 4memorandum of the Council of Economic Advisers, mimeo., Washington, D.C., June 1962.

       This memo is cited and described in the Appendix to Chapter VI of the        volume The United States Balance of Payments in 1962 by Emile Despres,        Lawrence B. Krause, Alice M. Rivlin, Walter A. Salant, and Lorie Tarshis, The        Brookings Institution: Washington D.C., 1963, 275-277.

  • "Some Topics in Modern Decision Theory," Senior Thesis, Department of Mathematics, Fine Hall Library, Princeton University, Princeton, New Jersey, May 1960. (Supervised by Harold W. Kuhn.)

  • "Integral Solutions to Linear Programs," Junior Paper, Department of Mathematics, Fine Hall Library, Princeton University, Princeton, New Jersey, May 1959. (Supervised by Ralph E. Gomory.)

Research in Progress:

  • "Sunspot Equilibrium: Individually Rational Excess Economic Volatility," a monograph (joint with Aditya Goenka) to unify, extend, and popularize the subject.

  • “Financial Fragility”, extending “bank-run” models to different and more general contexts (joint with Huberto M. Ennis, Rodney J. Garratt, Chao Gu, Todd Keister, and James Peck).

  • “Price-Level Volatility: the Political Economy of Rational Excess Volatility" (joint with Guido Cozzi).

  • “David Cass, Economic Theorist,” to appear in the Journal of Economic Theory.

  • “Dynamic Consistency Revisited” (joint with Larry Selden).

  •  “Dave Cass on UBU: Utility-Based-Utility” (joint with Larry Selden).

  • "Bonafide Money Taxes: The Finite Economy Revisited".

  • "Bonafide Money Taxes: Infinite-Lived Families".

[Top]