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. “ON A QUICK AND DIRTY APPROACH TO ESTIMATING 2ND BEST OPTIMUM TARIFFS.” Rivista Internazionale Di Scienze Economiche E Commerciali 31, no. 3 (1984): 212–19.

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

Tower, E. “Some Empirical Results on Trade and National Prosperity: Comment on Kindleberger.” Cato Journal, December 1983, 639–44.

Tower, E. “Making the Best Use of Trade Restrictions in the Presence of Foreign Market Power.” Journal of International Economics, November 1983, 456–73.

Eaton, J., G. Grossman, W. H. Kaempfer, and E. Tower. “On the Lerner Symmetry Theorem under Monopoly: Comment [on Ray].” Quarterly Journal of Economics, August 1983, 529–37.

Tower, E. “On the best use of trade controls in the presence of foreign market power.” Journal of International Economics 15, no. 3–4 (January 1, 1983): 349–65. https://doi.org/10.1016/S0022-1996(83)80010-5. Full Text

Hartigan, James C., and Edward Tower. “Trade Policy and the American Income Distribution.” The Review of Economics and Statistics 64, no. 2 (May 1982): 261–261. https://doi.org/10.2307/1924305. Full Text Open Access Copy

Kaempfer, W. H., and E. Tower. “The balance of payments approach to trade tax symmetry theorems.” Weltwirtschaftliches Archiv 118, no. 1 (March 1, 1982): 148–65. https://doi.org/10.1007/BF02706083. Full Text

Tower, E. “Buffer stocks are better stabilizers than quotas.” Journal of International Economics 11, no. 1 (January 1, 1981): 113–15. https://doi.org/10.1016/0022-1996(81)90047-7. Full Text Open Access Copy

Allen, D. L., L. Lewis, and E. Tower. “"U.S. Concessions in the Kennedy Round and Short Run Labor Adjustment Costs: Still Further Evidence.” The Quarterly Review of Economics and Business, October 1980, 107–10.