Past Staff & Contributors

Tom Humphrey worked as an economist in the Research Department for 35 years. He retired from his position as senior economist and research advisor in 2005.

Humphrey published numerous journal articles and books during his career at the Richmond Fed. He continues to write on monetary policy history, most recently about the Federal Reserve's role as lender of last resort.

Mar/Apr, 1991

Nonneutrality of Money in Classical Monetary Thought

Thomas M. Humphrey

Jul/Aug, 1989

Precursors of the P-Star Model

Thomas M. Humphrey

Mar/Apr, 1989

Lender of Last Resort: The Concept in History

Thomas M. Humphrey

Sep/Oct, 1988

Rival Notions of Money

Thomas M. Humphrey

May/Jun, 1986

Cumulative Process Models from Thornton to Wicksell

Thomas M. Humphrey

Sep/Oct, 1985

The Early History of the Phillips Curve

Thomas M. Humphrey

Sep/Oct, 1984

Algebraic Quantity Equations before Fisher and Pigou

Thomas M. Humphrey

Sept/Oct, 1982

The Real Bills Doctrine

Thomas M. Humphrey

Jan/Feb, 1981

Keynes on Inflation

Thomas M. Humphrey

Sep/Oct, 1979

The Persistence of Inflation

Thomas M. Humphrey

May/Jun, 1979

The Purchasing Power Parity Doctrine

Thomas M. Humphrey

Jan/Feb, 1979

The Interest Cost-Push Controversy

Thomas M. Humphrey

Jan/Feb, 1978

Some Recent Developments in Phillips Curve Analysis

Thomas M. Humphrey

May/Jun, 1977

Factors Determining Exchange Rates: A Simple Model and Empirical Tests

Thomas M. Humphrey and Thomas A. Lawler

Jan/Feb, 1977

A Monetarist Model of Exchange Rate Determination

Thomas M. Humphrey

Nov/Dec, 1975

A Monetarist Model of the Inflationary Process

Thomas M. Humphrey

Jan/Feb, 1975

The Classical Concept of the Lender of Last Resort

Thomas M. Humphrey

December 2004, No. 04-10

Alfred Marshall and the Quantity Theory of Money

Thomas M. Humphrey

November 2003, No. 03-13

Classical Deflation Theory

Thomas M. Humphrey

September 1990, No. 90-7

Wicksell's Monetary Framework and Dynamic Stability

Thomas M. Humphrey

September 1984, No. 84-5

Fisher, Thornton and the Analysis of the Inflation Premium

Thomas M. Humphrey, William Beranek and Richard H. Timberlake, Jr.

June 1984, No. 84-3

The Lender of Last Resort: A Historical Perspective

Thomas M. Humphrey and Robert E. Keleher

July 1975, No. 75-2

Interest Rates, Expectations, and the Wicksellian Policy Rule

Thomas M. Humphrey

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