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Research Interests
As a student of the history of economic thought, I specialize in applying the perspectives of that discipline to the analysis of the policy problems confronting the central bank.
Professional Experience
Tom Humphrey worked as an economist in the Research Department for 35 years. He retired from his position as senior economist and research advisor in 2005.
Humphrey served as the editor of the Richmond Fed’s academic journals for 30 years, as well as on the editorial advisory boards of History of Political Economy and the Atlantic Economic Journal. Humphrey published numerous journal articles and books during his career at the Richmond Fed and continues to write on monetary policy history, most recently about the Federal Reserve’s role as lender of last resort.
Education
Ph.D., Tulane University, 1970
M.S., University of Tennessee-Knoxville, 1960
B.S., University of Tennessee-Knoxville, 1958
“Knut Wicksell and Gustav Cassel on the Cumulative Process and the Price-Stabilizing Policy Rule.” Journal of the History of Economic Thought 25, no. 2 (June 2003): 199-220.
“The Choice of a Monetary Policy Framework: Lessons from the 1920s.” Cato Journal 21, no. 2 (Fall 2001): 285-313.
“Quantity Theory and Needs-of-Trade Measurements and Indicators for Monetary Policymakers in the 1920’s.” History of Political Economy 33, Suppl 1 (2001): 162-189.
“Exonerating Wicksell: A Comment on Ahiakpor.” American Journal of Economics and Sociology 58, no. 3 (July 1999): 459-465.
| 04-10 December 2004 |
Alfred Marshall and the Quantity Theory of Money |
Thomas M. Humphrey
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| 03-13 November 2003 |
Classical Deflation Theory |
Thomas M. Humphrey
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| 03-8 July 2003 |
James Pennington, (1777-1862): Classical Banking, Monetary, and Trade Theorist and Economic Policy Advisor |
Thomas M. Humphrey
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| 00-7 August 2000 |
Monetary Policy Frameworks and Indicators for the Federal Reserve in the 1920s |
Thomas M. Humphrey
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| 90-7 September 1990 |
Wicksell's Monetary Framework and Dynamic Stability |
Thomas M. Humphrey
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| 84-5 September 1984 |
Fisher, Thornton and the Analysis of the Inflation Premium | William Beranek Thomas M. Humphrey Richard H. Timberlake, Jr. |
| 84-3 June 1984 |
The Lender of Last Resort: A Historical Perspective |
Thomas M. Humphrey
Robert E. Keleher |
| 75-2 July 1975 |
Interest Rates, Expectations, and the Wicksellian Policy Rule |
Thomas M. Humphrey
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Research with Richard Timberlake on classical lender-of-last-resort theory and the Fed’s policy as a lender of last resort.
Articles on Fisher’s interest rate diagram and the Marshallian cross diagram for Famous Figures and Diagrams in Economics, edited by Mark Blaug and Peter Lloyd (forthcoming).
“Economic Analysis: The Quantity Theory of Money.” In The Elgar Companion to Alfred Marshall, edited Tiziano Raffaelli et al, 421-434. Cheltenham, U.K. and Northampton, Mass.: Edward Elgar Publishing, 2006.
“Monetary Policy Frameworks and Indicators for the Federal Reserve in the 1920s.” In volume 2 of The Economics of Deflation, edited by Pierre L. Siklos. 531-558. Northampton, Mass.: Edward Elgar Publishing, 2005.
Money, Exchange and Production: Further Essays in the History of Economic Thought. Cheltenham, U.K. and Northampton, Mass.: Edward Elgar Publishing, 1998.
Money, Banking and Inflation: Essays in the History of Monetary Thought. Aldershot, U.K.: Edward Elgar Publishing, 1993.
