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

Loo, T., and E. Tower. “Agricultural liberalization, welfare, revenue and nutrition in developing countries.” Agricultural Trade Liberalization, January 1, 1990, 307–41.

Weber, C., and E. Tower. “Empirical models of the effects of United States protection: A survey of recent literature.” North American Review of Economics and Finance 1, no. 1 (January 1, 1990): 163–79. https://doi.org/10.1016/1042-752X(90)90012-5. Full Text

Copeland, B., E. Tower, and M. Webb. “Quota Wars and Tariff Wars.” Oxford Economic Papers, October 1989, 774–88.

Kaempfer, W. H., E. Tower, and T. D. Willett. “PERFORMANCE CONTINGENT PROTECTION.” Economics &Amp; Politics 1, no. 3 (January 1, 1989): 261–75. https://doi.org/10.1111/j.1468-0343.1989.tb00017.x. Full Text

Copeland, B., E. Tower, and M. Webb. “On negotiated quotas, tariffs, and transfers.” Oxford Economic Papers 41, no. 1 (January 1, 1989): 774–88. https://doi.org/10.1093/oxfordjournals.oep.a041927. Full Text

Tower, E. “Excise Tax Evasion: Comment on Panagariya and Narayana.” Public Finance, no. 3 (1989): 506–9.

Tower, by E., and R. E. Christiansen. “A Model of the Effect of a Fertilizer Subsidy on Income Distribution and Efficiency in Malawi.” Eastern Africa Economic Review, December 1988.

Tower, E. “Explaining the Yeh Paradox: A Comment.” Eastern Economic Journal, April 1988, 189–92.

Tower, E. “On the Dispersion of Optimum Tariffs on Goods with Fixed World Prices.” International Review of Economics and Business, April 1988, 407–12.

Csaplar, W. W., and E. Tower. “Trade and industrial policy under oligopoly: Comment.” Quarterly Journal of Economics 103, no. 3 (January 1, 1988): 599–602. https://doi.org/10.2307/1885547. Full Text Open Access Copy