Edward Tower

Edward Tower

Professor with Tenure

External Address: 
228C Social Sciences Bldg, Box 90097, Durham, NC 27708
Internal Office Address: 
Box 90097, Durham, NC 27708-0097
(919) 660-1818

Professor Tower specializes in finance, computable general equilibrium modeling, macroeconomics, development economics, microeconomics, and managerial economics. He conducts a majority of his research within the study of trade and development, exploring a variety of variables from tariffs, quotas, and time zone arbitrage, to equities, mutual funds, and index mutual funds. Since he began publishing his work in 1965, he has contributed over 130 articles to leading academic journals and has had several books, chapters, and papers appear in print. Some of his more recent writings include, “School Choice: Money, Race, and Congressional Voting on Vouchers,” completed in collaboration with O. Gokcekus and J. Phillips; “Rational Pessimism: Predicting Equity Returns by Tobin’s q and Price/Earnings Ratio” with M. Harney; and “Predicting Equity Returns for 37 Countries: Tweaking the Gordon Formula” with K. Reinker. Much of his work pertaining to U.S. trade policy has been used to determine congressional voting on protectionist issues based on campaign contributions. His work on financial issues has also played an important role in determining the value of the U.S. stock market. His latest studies involved an investigation of congressional voting on importation of ethical drugs and predicting returns on both foreign and U.S. equity.


  • Ph.D., Harvard University 1971
  • M.A., Harvard University 1967
  • B.A., Harvard University 1964

Tower, E. “Money demand and the terms of trade.” Weltwirtschaftliches Archiv 111, no. 4 (December 1, 1975): 623–33. https://doi.org/10.1007/BF02696482. Full Text

Tower, Edward. “The Optimum Quota and Retaliation.” The Review of Economic Studies 42, no. 4 (October 1975): 623–623. https://doi.org/10.2307/2296799. Full Text

Tower, E. “On the functional relationship between tariffs and welfare.” Journal of International Economics 5, no. 2 (January 1, 1975): 189–99. https://doi.org/10.1016/0022-1996(75)90004-5. Full Text Open Access Copy

TOWER, E. “MAXIMUM REVENUE TARIFF.” Malayan Economic Review 20, no. 2 (1975): 33–37.

KEMP, M. C., and E. TOWER. “NONTRADED GOODS, FACTOR MARKET DISTORTIONS, AND GAINS FROM TRADE - COMMENT.” American Economic Review 65, no. 1 (1975): 249–50.

Tower, E. “Exchange-Rate Change and Foreign Portfolio Investment.” Economia Internazionale, August 1974, 564–71.

Tower, E., and M. M. Courtney. “Exchange Rate Flexibility and Macroeconomic Stability.” Review of Economics and Statistics, May 1974, 215–24.

Ross, R., and E. Tower. “More on the neutrality of forward market intervention.” Weltwirtschaftliches Archiv 109, no. 4 (December 1, 1973): 701–3. https://doi.org/10.1007/BF02700385. Full Text

Tower, E. “Commercial Policy under Fixed and Flexible Exchange Rates.” Quarterly Journal of Economics, August 1973, 436–54. Open Access Copy

DEAN, J. W., and E. TOWER. “REJOINDER.” Economic Inquiry 11, no. 2 (January 1, 1973): 240–240. https://doi.org/10.1111/j.1465-7295.1973.tb02009.x. Full Text