Stephen Salant

Stephen Salant is an economist who has done extensive research in applied microeconomics (mostly in the fields of natural resources and industrial organization). His 1975 model of speculative attacks in the gold market (with Dale Henderson) was adapted by Paul Krugman and others to explain speculative attacks in foreign exchange markets. Hundreds of journal articles and books on financial speculative attacks followed.

In a series of six articles,[1][2][3][4][5][6] Salant has continued to focus instead on real speculative attacks. These may be divided into two categories: (1) speculative attacks induced by government policies such as total allowable catch quotas in fisheries, H1-B immigration quotas, commodity price ceilings, and most recently the proposed price-collars on tradable emissions permits; and (2) speculative attacks that are naturally occurring rather than induced by government policy such as the precipitous depletions of storable common properties (e.g. “oil rushes”).

In industrial organization, he has contributed to the literatures on horizontal mergers, price discrimination, durable goods monopoly, and cartels.

Salant also has a long-standing interest in the Alger Hiss case and has published in that area as well.

He earned his B.A. in mathematics at Columbia University in 1967, and his Ph.D. in economics at the University of Pennsylvania in 1973. He worked at the Federal Reserve Board and the Rand Corporation, where he coedited the Rand Journal of Economics. Currently, Dr. Salant is Professor of Economics at the University of Michigan and a nonresident fellow at Resources for the Future.

Publications

Besides his work on speculative attacks (see References), his papers include the following:

March 1998.

References

  1. ^ "Market anticipations of government policies and the price of gold" (with Dale Henderson), Journal of Political Economy 1978, 86, pp.627-48
  2. ^ "The vulnerability of price stabilization schemes to speculative attack," Journal of Political Economy 1983, 91, pp.1-38
  3. ^ "Recurrence of a modified random walk and its application to an economic model" (with Roberta Wenocur), SIAM Journal of Applied Mathematics, 1981, pp. 163-66
  4. ^ "Private storage of common property" (with Gerard Gaudet and Michel Moreaux), Journal of Environmental Economics and Management, 2002, 43, pp. 280-302
  5. ^ "The effects of periodic quotas limiting the stock of imports of durables" (with Gerard Gaudet), Journal of Economic Theory, 2003,109,pp.402-19
  6. ^ "The proposed cap-and-trade program to limit greenhouse gas emissiions: the case of the unbuttoned collar" (with Makoto Hasegawa), 2010