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

Feldman, D. H., and E. Tower. “Optimal destabilizing speculation or why the optimum tariff may oscillate.” De Economist 134, no. 3 (September 1, 1986): 368–77. https://doi.org/10.1007/BF01856697. Full Text

TOWER, E. D. W. A. R. D. “INDUSTRIAL POLICY IN LESS DEVELOPED COUNTRIES.” Contemporary Economic Policy 4, no. 1 (January 1986): 23–35. https://doi.org/10.1111/j.1465-7287.1986.tb00830.x. Full Text

Feldman, David H., and Edward Tower. “The Welfare Economics of an Unstable Real Exchange Rate.” Southern Economic Journal 52, no. 3 (January 1986): 607–607. https://doi.org/10.2307/1059260. Full Text

Daniel, B. C., H. Fried, and E. Tower. “Adjustment Speeds under Tariffs and Quotas in a Monetary Model of Balance of Payments.” Journal of International Economics, May 1985, 373–80.

Appleyard, Dennis R., Alfred J. Field, and Edward Tower. “Further Analysis of the Effects of Offshore Assembly Provisions on the US Tariff Structure.” Journal of Economic Studies 12, no. 4 (April 1985): 62–65. https://doi.org/10.1108/eb002608. Full Text

Daniel, B. C., H. O. Fried, and E. Tower. “On the dynamic non-equivalence of tariffs and quotas in the monetary model of the balance of payments: Comment.” Journal of International Economics 18, no. 3–4 (January 1, 1985): 373–79. https://doi.org/10.1016/0022-1996(85)90062-5. Full Text

Fried, H., and E. Tower. “On Using a Single Tariff to Exploit Market Power on Many Traded Goods.” Economia Internazionale, 1985, 318–22.

Feldman, D. H., and E. Tower. “Profitable Destabilizing Speculation as Intertemporal Price Discrimination.” The American Economist, October 1984, 60–63.

Tower, E. “On the functional relationship between distortions and welfare.” Atlantic Economic Journal 12, no. 1 (March 1, 1984): 65–66. https://doi.org/10.1007/BF02309995. Full Text

Feldman, D. H., and E. Tower. “Welfare gain from a stable exchange rate: Comment.” Atlantic Economic Journal 12, no. 2 (January 1, 1984): 65. https://doi.org/10.1007/BF02306502. Full Text