Bob Murphy's Picture

Robert G. Murphy

Associate Professor

Assistant Chair
Department of Economics
Boston College
Chestnut Hill, MA 02467

(617) 552 3688 |

Curriculum Vitae




Course Information:


ECON 2204 Macroeconomic Theory


EC 271 International Economic Relations


EC 304 Macroeconomic Policy


EC 375 Economic Growth and Development


ECON 4497-4498 Honors Seminar

UNCS 2245.13  Freshman Topic Seminar



Recent and Forthcoming Publications:

Rational Bias in Inflation Expectations,  Eastern Economic Journal (2018) 44: 153-171.  Final Working Paper version.

Explaining Inflation in the Aftermath of the Great Recession,  Journal of Macroeconomics 40 (2014) 228-244.  Final Working Paper version.

Instructor's Resources for Macroeconomics Tenth Edition, by N. G. Mankiw, Worth Publishers, New York, NY,  2019. (Table of Contents)

Instructor's Resources for Macroeconomics and the Financial System, by N. G. Mankiw and L. M. Ball, Worth Publishers, New York, NY, 2011.  (Table of contents)


Working Papers:

Why Has Inflation Been So Unresponsive to Economic Activity in Recent Years? Boston College Working Papers in Economics, 920, Revised October 2016. Bob Murphy's Homepage

Rational Bias in Inflation Expectations, Boston College Working Papers in Economics, 857, Revised September 2015,  SSRN Abstract.

Explaining Inflation in the Aftermath of the Great Recession, Boston College Working Papers in Economics, 823, Revised January 2014.

Government Policy and the Effectiveness of Foreign Aid, Boston College Working Papers in Economics, 647, Revised August 2006.

Access Published Works and Working Papers via RePEc | Google Scholar Citations


Recent Presentations:

Why Has Inflation Been So Unresponsive to Economic Activity in Recent Years? (Eastern Economic Association Annual Conference, February 24-26, 2017, New York, NY)

Rational Bias in Inflation Forecasts (American Economic Association Annual Meeting, January 3-5, 2015, Boston, MA)

Explaining Inflation During the Great Contraction (American Economic Association Annual Meeting, January 4-6, 2013, San Diego, CA)

Understanding the Policy Response to the Financial Crisis (Omicron Delta Epsilon Dinner, April 2, 2009, Boston College)

The Financial Crisis Forum (October 23, 2008, Boston College)

Perspectives on the U.S. Economy (Accessing the Economy Program, April 14, 2008, The Irish Institute, Boston College)


Improving the Coverage of Official Statistics in Undergraduate Economics Textbooks (The 2008 World Congress on National Accounts and Economic Performance Measures for Nations, Washington, DC, May 2008. Link to World Congress conference program)


The U.S. Economic Outlook (Institute for Real Estate Management, January 2006)


Social Security Forum (Boston College, April 2005)


Economic Development and Iraq (Model UN Conference, October 2004)



Selected Media Commentary:

How did the American economy do in the past three months? We'll find out Friday (CNN Business, October 25, 2018)

Students and Credit Cards (, October 8, 2018)

U.S. economy on a roll, Trump raves, but experts warn of trade war’s impact (Boston Herald, July 28, 2018)

U.S. GDP growth hit 4.1 percent in the second quarter (CBS MoneyWatch, July 27, 2018)

Trump has you to thank for those good GDP numbers (NPR Marketplace, July 27, 2018)

For small businesses, a tight labor market means workers are in short supply (NPR Marketplace, April 11, 2018)

Consumers are ready to spend this holiday season, right? (Associated Press, November 29, 2017)

Taxes, trade deficits and peanut butter (NPR Marketplace, November 17, 2017)

Ask the Experts: What are the Best Credit Cards for Bad Credit? (, June 12, 2017)

Fact-checking Trump’s latest tweet on the economy (NPR Marketplace, April 26, 2017)

The greenback challenges Donald Trump’s agenda (NPR Marketplace, March 2, 2017)

Does Donald Trump dislike economists? (NPR Marketplace, February 10, 2017)

Could The Way Unemployment Is Reported Change Under Trump? (Fast Company, February 8, 2017)

Will Trump team try to undermine official unemployment numbers? (CNN Money, January 25, 2017)

A record 75 straight months of job growth under Obama (CNN Money, January 6, 2017)

For small businesses, a tight labor market means workers are in short supply (NPR Marketplace, April 11, 2018)

Holiday Deals on New Cars with 0 Percent Interest Aren’t Necessarily Deals (Car and Driver, December 19, 2016)

America’s Economy Stayed on Track Before U.S. Election (CNN Money, November 4, 2016)

Soybean Exports Power U.S. Economy to Best Performance in Two Years (Reuters,  October 28, 2016)

Fed Officials Touch a Market Nerve (NPR Marketplace, September 12, 2016)

Janet Yellen Makes Case for Rate Hikes” (Boston Herald, August 27, 2016)

How the 'Brexit' Vote Could Impact Americans (ABC News, June 24, 2016)

The Fed Resembles a Defective Car -- Here's How to Fix It (CNBC, June 20, 2016)

Ask the Experts: Q2 2016 Auto Financing Report (WalletHub, May 25, 2016)

Economists React to Donald Trump's 'Massive Recession' Comments (ABC News, April 4, 2016)

Amid ISIS Worries, Voters Warm to Obama’s Economy (Roll Call, December 24, 2015)

Consumers Happy Now, But Unsure if Good Times Can Last (Boston Herald, December 21, 2015)

Financial Predictions for 2016 (WalletHub, December 16, 2015)

Heating Costs to Cool Down: Feds Predict this Winter will be Warmer (Boston Herald, October 7, 2015)

The Fed is Worried About Inflation, But Maybe It Shouldn’t Be (CNBC, September 27, 2015)

Stocks Slide Even as Fed Declines to Raise Rates (Boston Herald, September 18, 2015)

Fund values drop with panicked sale of stocks, Mutually bad for investors (Boston Herald, August 25, 2015)

Why Stocks Had Worst Day in Nearly 4 Years (ABC News, August 21, 2015)

Greece Bailout Deal: What It Means for the Country (ABC News, July 13, 2015)

Here are 5 Things to Know About Greece’s Latest Proposals (ABC News, July 10, 2015)

Greece Debt Crisis: Country Faces Another Round of Deadlines (ABC News, July 9, 2015)

BC Prof Says Greece Austerity Rejection Is A Victory For Democracy In The EU (WGBH Morning Edition, July 7, 2015)

Opportunity Could Arise from European Euro Crisis (Boston Herald, July 7, 2015)

Vote Stalls Greece Plan (Boston Herald, July 2, 2015)

Pressure Mounts on Greece Before Sunday Referendum (CBS MoneyWatch, July 1, 2015)

Economics Professor Discusses April Employment Report (The Financial Exchange WRKO Radio, May 8, 2015)

Economics Professor Discusses Government Shutdown's Impact on Economy (New England Cable News, October 18, 2013)

How Big a Deal Is a Default on the National Debt? (Boston Magazine, October 15, 2013)

What Does Breaching the Debt Limit Mean For You? (Talk Radio News Service, October 15, 2013)

What is the Debt Ceiling Anyway? (ABC News, October 10, 2013)

Exploring the Shutdown's Impact (Broadside: New England Cable News, October 2, 2013)

Will the U.S. Really Default on Its Loans? (New England Cable News, July 25, 2011)

Curious About U.S. Aid to Foreign Countries? (WBZ-TV, March 13, 2011)

This Week in Business: The Economic Climate (New England Cable News, May 3, 2009)

How Will President-Elect Obama Impact the Economy? (New England Cable News, November 5, 2008)

Effect of Rebate Checks on the Economy (New England Cable News, April 28, 2008)




Opinion Articles:


"Our Friend, the Trade Deficit" (May 21, 1999: The Washington Post)


"Don't Bury Old NAIRU Yet" (May 4, 1999: Wall Street Journal)


"Time for Japan to Inflate" (March 1999: Journal of Commerce)


"Will Privatizing Social Security Really Raise Returns?" (August 1998: Journal of Commerce)

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"No Jobless Rise from Minimum Wage" (June 15, 1998: Wall Street Journal)

"Don't Index Capital Gains" (July 1997: Journal of Commerce)

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"Diminishing Returns to Social Security" (November 1996: Journal of Commerce)

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"Economy Growing Faster than GDP Data Show" (August 1996: Journal of Commerce)

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Economics Department | Boston College