Stuart J. Fowler, Ph.D.

Teaching Areas

• Econ 2420, Microeconomic Principles
• Econ 3210, The Financial System and the Economy.
• Econ 3510, Intermediate Macroeconomic Theory.
• Econ 6110, Macroeconomic Theory I
• Econ 7110, Macroeconomic Theory II
• Econ 7710, Monetary Economics
• Econ 6630, Econometrics II
• Econ 7630, Econometrics III

Working Papers

• "Moral Hazard and Social Security Benefit Guarantees," with E. Young sfey1.pdf.
  We calculate the intergenerational welfare consequences resulting from partially privatized Social Security with safety nets -- guarantees are set such that total benefits are no smaller than the benefit that would be received before privatization. Our main contribution is the addition of moral hazard in the form of portfolio reallocations; with guarantees households choose riskier public portfolios. We find that a change from 3.2 to 2.0 workers per retiree and increased investment from partial privatization significantly decrease the real return to equity. We find, relative to equity's historical performance, the real return to equity falls from 7.29 to 5.49 percent per annum. Relative to a case in which the government can commit credibly to no bailouts ex ante but fund them ex post, safety nets decrease the probability of a fiscal revenue shortfall but increase the average size. On average, welfare increases and, relative to an economy without bailout guarantees, lifetime consumption variance decreases.

Lecture Notes

• Economic Computing Resources at MTSU, econcomp4.pdf.

Department Seminar Schedules and Working Paper Series

• Working Paper Series, working.html.

Of Interest to Graduate Students

• Compiled Thesis Research Advice, by Christian Zimmermann at UConn.

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