Karl Shell: Curriculum Vitae (html)

Karl Shell: Curriculum Vitae

February 28, 2017


Department of Economics
Cornell University
402D Uris Hall
109 Tower Road
Ithaca, NY 14853-7601 USA


Earned Degrees: 

  • Ph.D. (Economics), Stanford University, 1965.

  • A.B. (Mathematics), Princeton University, 1960.

Current Positions:

  • Thorne Professor of Economics, Cornell University, since 1986.

  • Center for Applied Mathematics, Cornell University, since 1987.

  • Founding Editor, Journal of Economic Theory, since 1968.

Past Positions:

  • Professor of Economics and Public Policy, University of Pennsylvania, 1970-1987.

  • Associate Professor of Economics, University of Pennsylvania, 1968-1970.

  • Associate Professor of Economics, Massachusetts Institute of Technology, 1967-1968.

  • Assistant Professor of Economics, Massachusetts Institute of Technology, 1964-1967.

Visiting and Temporary Positions:  

  • Visiting Professor of Economics, Southern Methodist University, Spring 2008.

  • Tan Chin Tuan Professor of Money and Banking, National University of Singapore, August 2005.

  • Visiting Professor of Economics, New York University, 1999-2000.

  • Visiting Professor of Economics, Doshisha University, Kyoto, Japan, May 1996.

  • By-Fellow, Churchill College, Cambridge, UK, May 1995.

  • Visiting Professor of Economics, University of California, San Diego, Fall 1992.

  • Director, Center for Analytic Economics (CAE), Cornell University, 1987-1992.

  • Consultant, Research Department, Federal Reserve Bank of Minneapolis, July 1991.

  • Visiting Professor, Université de Paris I, May 1991.

  • Visiting Professor of Economics, Universitá Commerciale Bocconi, Milan, May 1990.

  • Director, Center for Analytic Research in Economics and the Social Sciences (CARESS), University of Pennsylvania, 1975-1986.

  • Fellow, Center for Advanced Study in the Behavioral Sciences (CASBS), Stanford CA, 1984-1985.

  • Adjunct Professor, Université Paris I, May 1981.

  • Adjunct Professor, Université Paris XII, May 1979.

  • Adjunct Researcher, CEPREMAP and Centre National de la Recherche Scientifique (CNRS), Paris, 1977-1978.

  • Visiting Professor of Economics, Stanford University, 1972-1973.

  • Acting Instructor in Economics, Stanford University, 1962-1963.

  • Staff Economist, Council of Economic Advisers, Washington DC, Summer 1962.

  • Systems Analyst, Procter and Gamble Company, Cincinnati, Summer 1959.

Selected Honors:

  • Economic Theory Fellow, Society for the Advancement of Economic Theory (SAET), since 2011. Member of the inaugural class of fellows.

  • Fulbright Scholar, Institut d’Analisi Economica, CSIC, Universitat Autonoma Barcelona, June 1989.

  • Fellow, Center for Advanced Study in the Behavioral Sciences (CASBS), Stanford CA, 1984-1985.

  • John Simon Guggenheim Memorial Foundation Fellowship, 1977-1978.

  • Fellow of the Econometric Society, since 1972.

  • M.A. (Hon.), University of Pennsylvania, 1971.

  • Ford Foundation Faculty Research Fellowship, 1967-1968.

  • Woodrow Wilson Foundation Dissertation Fellowship, 1963-1964.

  • Woodrow Wilson Foundation National Fellowship, 1960-1961.

Professional Activities: 

  • Scientific Committee, The Future of General Equilibrium, NYU Abu Dhabi, December 2015.

  • Vice President, Society for Economic Measurement, 2013 – present.

  • Charter member, Executive Committee, Society for Economic Measurement, 2013-present.

  • Member, Scientific Committee, General Equilibrium Days, 2009–present.

  • Member, Committee on Publication Ethics, London, UK, 2007-present.

  • Consulting Editor, Academic Press (including the series “Economic Theory, Mathematical Economics, and Econometrics”), 1968-1994.

Selected Cornell Positions:

  • Chair, Graduate Placement Committee, Department of Economics, 2015–2017.

  • Member (sometimes Chair), Qualifying Examination Committee, Department of Economics, 1986–present.

  • Co-Director (with Neil Wallace): Cornell/Penn State semi-annual Macroeconomics Conference.

  • Member RPOC (Retirement Policy Operating Committee) Advisory Committee.

  • Advisor, Cornell Investment Banking Club.


  • Economic Analysis of Production Price Indexes (with Franklin M. Fisher), New York: Cambridge University Press (Hardcover, ISBN 0521554160, and softcover, ISBN 0521556236), 1998.

  • Economic Complexity: Chaos, Sunspots, Bubbles, and Nonlinearity (Editor with William A. Barnett and John Geweke), New York: Cambridge University Press, 1989. ISBN: 052135563X.

  • The Hamiltonian Approach to Dynamic Economics (Editor with David Cass), New York: Academic Press, 1976. ISBN: 012163650X.

  • Mathematical Methods in Investment and Finance (Editor with Giorgio P. Szegö), Amsterdam: North-Holland, 1972. ISBN: 0720430674 (North- Holland), 044410395 (American Elsevier).

  • The Economic Theory of Price Indices: Two Essays on the Effect of Taste, Quality, and Technological Change (with Franklin M. Fisher), New York: Academic Press, 1972. ISBN: 0122577505.

  • Essays on the Theory of Optimal Economic Growth (Editor), Cambridge, Massachusetts: MIT Press, 1967, ISBN 0262190362.




Unpublished Research: 

  • “Irrelevance of Government Debt Restrictions with Heterogeneous Credit Restrictions,” (with Christian Ghiglino), November 2, 2005.

  • “Further Evidence of the Necessity of Sunspots” (with Rod J. Garratt), Working Paper in Economics 6-93, Department of Economics, University of California, Santa Barbara, April 1993.

  • “Asymmetric Information and Sunspot Equilibria: A Family of Simple Examples” (with Robert J. Aumann and James Peck), Working Paper 88-34, Center for Analytic Economics, Cornell University, Ithaca, October 1988. Cited in “Sentiments and Aggregate Demand Fluctuations”, by Jess Benhabib, Pengfei Wang, and Yi Wen, Econometrica, Vol 83, Issue 2, March 2015.

  • “Market Uncertainty: Sunspot Equilibria in Imperfectly Competitive Economies” (with James Peck), Working Paper 85-21, Center for Analytic Research in Economics and the Social Sciences, University of Pennsylvania, Philadelphia, July 1985. (This version is more complete than the version in the RES.)

  • “Output Price Indices” (with Franklin M. Fisher), Working Paper #81-05, Center for Analytic Research in Economics and the Social Sciences, University of Pennsylvania, Philadelphia, February 28, 1981.

  • “The Theory of Price Indices and Subindices for Output and Input Deflation: Progess Report” (with Franklin M. Fisher), Working Paper 79-02, Center for Analytic Research in Economics and the Social Sciences, University of Pennsylvania, Philadelphia, February 1979.

  • “Monnaie et allocation intertemporelle” [title and abstract in French, text in English] mimeo, Séminaire Roy-Malinvaud, Centre National de la Recherche Scientifique, Paris, November 21, 1977. Forthcoming as a Vintage Unpublished Paper in Macroeconomic Dynamics under the title “Money and Intertemporal Allocation: Sunspots”.

  • “Some Reflections on the Theoretical Underpinnings of Price Indexes of the WPI-Type,” mimeo., University of Pennsylvania, Philadelphia, prepared for the Bureau of Labor Statistics round-table discussion of the industrial price program (held in Washington, D.C. on October 17, 1975), October 3, 1975.

  • “A New Variant of the Educational Opportunity Bank Designed for Stability and Ease of Administration in ‘Small-Scale’ Application” (with Richard Berner and Michael B. Johnson), a report supported by Contract OS-70-155, U.S. Department of Health, Education and Welfare, Washington, D.C., mimeo., October 1972.

  • “Patterns of Technical Change and Capital Accumulation,” Ph.D. Dissertation, Stanford University: Stanford, April 1965. (Supervised by Kenneth J. Arrow and Hirofumi Uzawa.)

  • “Untied Aid and the Balance of Payments” (with Richard N. Cooper), memorandum of the Council of Economic Advisers, mimeo., Washington, D.C., June 1962. This memo is cited and described in the Appendix to Chapter VI of the volume The United States Balance of Payments in 1962 by Emile Despres, Lawrence B. Krause, Alice M. Rivlin, Walter A. Salant, and Lorie Tarshis, The Brookings Institution: Washington D.C., 1963, 275-277.

  • “Some Topics in Modern Decision Theory,” Senior Thesis, Department of Mathematics, Fine Hall Library, Princeton University, Princeton, New Jersey, May 1960. (Supervised by Harold W. Kuhn.)

  • “Integral Solutions to Linear Programs,” Junior Paper, Department of Mathematics, Fine Hall Library, Princeton University, Princeton, New Jersey, May 1959. (Supervised by Ralph E. Gomory.)

Selected Works in Progress:

  • “Bailouts and Bank-Runs Revisited” (with Khai Zhi Sim)

  • “Overlapping-Generations Economics: Finger Exercises” (with Noah Kwicklis and Khai Zhi Sim)

  • “The Future of General Equilibrium Theory in Economics”.

  • “Bank Runs: The Post-Deposit Game” (with Yu Zhang), being prepared for re-submission to a top journal.

  • “Optimal Taxation and Price-level Volatility” (with Guido Cozzi. Aditya Goenka, and Minwook Kang). Being redrafted for submission to a top journal.

  • “Sunspot Equilibrium: Individually Rational Excess Economic Volatility,” a monograph to unify, extend, and popularize the subject.