Will Melick joined Kenyon in 1998 and teaches macroeconomics, money and financial markets, and econometrics. He has led seminars on the Global Financial Crisis, the economics of oil and gas, and sovereign debt. Melick researches the recovery of expectations from options markets, including applications to crude oil during the Gulf War, the impact of central bank intervention in foreign exchange markets and the response of the federal funds rate to monetary policy pronouncements.

Melick spent the 2001–2002 academic year as senior international economist at the President's Council of Economic Advisers and was a research associate with the Cleveland Fed for ten years. Prior to Kenyon, Melick was a Federal Reserve Board research economist for eleven years, spending one year at the Bank for International Settlements in Basel, Switzerland.

Areas of Expertise

Financial economics, monetary economics, econometrics

Education

1987 — Doctor of Philosophy from The Ohio State University

1984 — Master of Arts from The Ohio State University

1982 — Bachelor of Science from Indiana Univ Bloomington

Courses Recently Taught

This course studies national economic performance. Building upon the microeconomic theories of consumer and producer behavior developed in ECON 101, the course introduces models that focus on the questions of unemployment, inflation and growth. Topics covered include measurement of national income and inflation, macroeconomic models, saving and investment, money and banking, fiscal and monetary policy, and international trade and finance. This course is required for economics majors. Prerequisite: ECON 101. Offered every spring semester.

This course is a theoretical and applied study of the level of national income and employment. Prices, interest rates, unemployment rates, international trade relations, business cycles and the long-run growth of income significantly affect our standards of living. Diverse schools of macroeconomic thought are distinguished by theoretical concepts, priorities in performance goals, and empirical evidence. The course considers a variety of approaches and emphasizes the microeconomic foundations of macroeconomic theory. Government actively manages both domestic and international aspects of the macroeconomy, and the course considers current public policy issues. This course is required for the major. Prerequisite: ECON 101 and ECON 102, and a college level calculus course or a score of 4 or 5 on the Calculus AP exam. This course cannot be taken as pass/D/fail. Offered every spring semester.

Econometrics is the application of statistical techniques to test economic models. This course offers an introduction to the theoretical and practical aspects of econometrics. Emphasis will be given to linear regression techniques, special problems associated with linear regression, and the interpretation of results. In short, economic explanations of behavior are quantified and hypotheses are tested with data using statistical techniques. Students will make extensive use of Stata; a statistical software package that is popular among economists; to create and modify data sets and obtain experience learning to apply appropriate econometric methods. This course is required for the major. Prerequisite: ECON 101, 102 and a college course in statistics or a score of 4 or 5 on the Statistics AP exam. This course cannot be taken as pass/D/fail. Generally offered every semester.

This course examines U.S. money and financial markets and their interaction with and influence on prices, real output, employment and international trade. After an extensive discussion of fixed income pricing and the term structure, the class will consider the operations of financial institutions and the Federal Reserve System. The implementation of monetary policy and its effect on domestic and foreign financial markets, real output, and foreign trade also will be examined. In addition, alternative domestic and international monetary arrangements will be considered. While completing assignments, students will make fairly heavy use of a spreadsheet program such as Excel. Prerequisite: ECON 101 and 102. Generally offered every year.

This seminar will consider the markets for petroleum products from a variety of perspectives. Analyses of these markets have ranged from microeconomic investigations of the pricing of key products such as crude oil to macroeconomic considerations of the role of energy prices in generating economic booms and busts. The seminar will use models from microeconomics, macroeconomics, and finance to study the pricing of energy products and the role played by these products in economic development. Throughout the seminar, attention will also be paid to historical and political developments related to the economics of oil and gas. As part of the seminar, each student will prepare and present to the class an independent research paper. This counts toward the seminar requirement for the major. Prerequisite: ECON 101 and 102. Generally offered every three years.