203.432.3715

John M. Musser Professor of Economics

Ray C. Fair is the John M. Musser Professor of Economics at Yale University and is a fellow at the Yale School of Management's International Center for Finance. He teaches Macroeconomic Theory and Econometrics, and his research is in the area of macroeconomic models.

Fellowships
Fellow, International Center for Finance at Yale, 2000-
Elected Fellow of the Econometric Society, 1977

Books
Estimating How the Macroeconomy Works, Harvard University Press, forthcoming

Predicting Presidential Elections and Other Things, Stanford University Press, 2002

Testing Macroeconometric Models, Harvard University Press, 1994

Selected Articles
"Estimates of the Effectiveness of Monetary Policy," Journal of Money, Credit and Banking, forthcoming

"Optimal Control and Stochastic Simulation of Large Nonlinear Models with Rational Expectations," Computational Economics, 245-256, June, 2003

"The Great Gatsby: Yale, Princeton, Columbia, Harvard, Oxford," Eastern Economic Journal, 159-163, Spring, 2003

"Shock Effects on Stocks, Bonds, and Exchange Rates," Journal of International Money and Finance, 307-341, 2003

"Events that Shook the Market," Journal of Business, 713-732, October, 2002

"On Modeling the Effects of Inflation Shocks," Contributions to Macroeconomics, Vol. 2, No. 1, Article 3, 2002

"Actual Federal Reserve Policy Behavior and Interest Rate Rules," FRBNY Economic Policy Review, 61-72, March, 2001

Working Papers
"Risk Aversion and Stock Prices"

"Comparing the Predictive Information Content of College Football Rankings" (with J. F. Oster)

Education
PhD Massachusetts Institute of Technology, 1968
BA Fresno State College, 1964