What will you find on this site?

Jerry Dwyer – more formally Gerald P. Dwyer – is an economist who currently is a Visiting Professor and BB&T Scholar at Clemson University. I also am an Adjunct Professor at the University of Carlos III in Madrid and at Trinity College, Dublin. From 1997 to 2012, I was a Vice President and Director of the Center for Financial Innovation and Stability at the Federal Reserve Bank of Atlanta.

Stock prices from 1990 to 2009

I am fascinated by financial developments such as the increases — and decreases — in stock prices illustrated on this page. Part of my research is on the why these things happen.

The crash in stock market prices in 2008 and 2009 was associated with the financial crisis in September and October, 2008. My related research on the financial crisis is discussed on the page Crises and banking.

The long-term increase in stock prices over this 25-year period is even more evident than the crisis. What role do stock markets play in economic growth? This is one of the questions examined in my research on economic growth discussed on the page on Growth.


100 trillion dollar Zimbabwean bill I also am very interested in monetary developments. Their mismanagement is graphically — and tragically — illustrated by this Zimbabwean 100 trillion dollar bill. Somewhat unfortunately for all, the source of this problem is well known and hard to avoid with government currencies: Printing money is a way to finance government expenditure. The simple but often ignored relationship between money and inflation is laid out on the page on Money and inflation.

For a long time, such developments have fed calls for something better. For many, this is a return to a gold standard. Personally, I am more excited by the recent development of private digital currencies such as Bitcoin. The page on the Digital revolution has my paper on Bitoin and other aspects of the Digital Revolution.


My recent research interests also include: banking and financial markets more generally than when they perform badly; economic growth and financial development. Research papers and data are available in the links.

Some code on random number generators also is available in the programming link. The code is useful to me and may be useful to you. The errors mentioned in the articles and avoided in the code still appear in commonly used programs. The code is in C, but it isn’t hard to translate to other languages.

Not surprisingly, these diverse topics are related in my mind. One tie between some of them is my interest in the Digital Revolution and its implications.

The pages at the links on the left have copies of recent working papers and descriptions of some recent published articles. The pages also have links to related material.

Some material related to courses is included in the courses link. I have been teaching time-series econometrics for Ph.D.s in the John. E. Walker Department of Economics at Clemson University for a couple of years. I also have taught monetary economics for undergraduates, master's students and Ph.D. students. For a decade now, I have been teaching a special-topics course for Ph.D. business students at the University of Carlos III in Madrid. Since 2009, I also have taught the Financial Econometrics course in the Masters in Finance program at Trinity College, Dublin. While at the Federal Reserve Bank of Atlanta, I also taught at the University of Rome, the University of Georgia, Emory University and Georgia State University. Some information related to these courses also is available at the courses link in the menu.

My vitae and some other less academic material are available at the link about me. Some material on a personal interest of mine – sailing – also is available there.

Files are opened into a separate window. You may have to enable popup windows for this site in order to download files.

I hope that you find the information here useful. Comments are welcome.