Robert F. Graboyes, MSHA, PhD

Health Economist | rfgraboyes@gmail.com | www.robertgraboyes.com


Writings 1989-2001: written while I worked at the Federal Reserve Bank of Richmond.


Federal Reserve Bank of Richmond Working Papers


[1]   Our Money or Your Life: Indemnities vs. Deductibles in Health Insurance FRBR Working Papers. August 2000. Develops a theoretical model in which it is socially for some patients to decline high-cost, low-benefit medical treatment. (Adapted from doctoral dissertation.)

[2]   Getting Better, Feeling Worse: Cure Rates, Health Insurance, and Welfare FRBR Working Papers. August 2000.  Extends "Our Money or Your Life" by adjusting cure rates for the worse-off patients. Finds conditions under which technological improvement in medicine paradoxically makes society worse off. (Adapted from doctoral dissertation.)

[3]   Medicine Worse then the Malady: Cure Rates, Population Shifts, and Health Insurance FRBR Working Papers. August 2000. Extends "Our Money or Your Life" by adjusting cure rates for the worse-off patients. Finds conditions under which improved health status by some paradoxically worsens social welfare. (Adapted from doctoral dissertation.)

[4]   Wicksell's Monetary Framework and Dynamic Stability (co-author, Thomas M. Humphrey) FRBR Working Papers. 1990. Paper examines whether Knut Wicksell's interest rate-adjustment rule, coupled with his famous cumulative process mechanism of price level change, can stabilize prices (and interest rates). This paper finds that if the interest rate rule is properly specified, it can do so.


Economic Quarterly and Economic Review


[1]   Medical Care Price Indexes Economic Quarterly (FRBR). Fall 1994. Reprinted in Macroeconomic Data: A User's Guide, Roy H. Webb, ed. Catalogues methodologies for measure changes in the price of medical care. Focuses on the arbitrary nature of some measures.

[2]   The EMU: Forerunners and Durability Economic Review (FRBR). July/August 1990. English adaptation, French adaptation, German adaptation by Centre International de Formation Européenne, 1996. Examines the history and characteristics of monetary unions. Suggests events that could lead to the failure of the European monetary integration that (after this article was written) led to the introduction of the Euro.

[3]   A Yankee Recipe for a EuroFed Omelet Wall Street Journal/Europe, August 1, 1990. Reprinted in Economic Review (FRBR), July/August 1990. Reprinted in Central Banking, August 1990. Suggests that the nascent European Central Bank could be strengthened by dividing the bank in regional authorities whose boundaries do not coincide with national borders, much as Federal Reserve districts do not isolate states.

[4]   International Trade and Payments Data Economic Review (FRBR). Sept/Oct 1991. Reprinted in Macroeconomic Data: A User's Guide, Roy H. Webb, ed. Explains how international trade and finance data are constructed. Suggests weaknesses in the methodologies and recommends some skepticism about overly literal interpretations of international data.


Cross Sections


[1]   Derivatives Made E-Z Cross Sections (FRBR). Fall 1994. Reprinted in Readings on Financial Institutions and Markets, 1995-1996 Edition (Irwin), Peter S. Rose, ed. Reprinted by NY Fed. Cross Sections, Fall 94 A primer on financial derivatives (futures, forwards, options, swaps).

[2]   Security (not guns) and Butter; Cross Sections, FRBR, Winter 1992/93. Reprinted in Economics 93/94, ed. Don Cole, Dushkin Publishing Group; Guilford, CT, 1994. An essay on the post-Cold War "peace dividend."




[1]   Defense Downsizing Capitol Forum, 5/93, Regional implications of post-Cold War military downsizing

[2]   NAFTA, GATT y el Libre Comercio El Sol de Virginia, 1994, Introduction to the NAFTA agreement and its likely effects on the U.S. and Latin America.

[3]   Los Terremotos Latinos Causan Temblores en Virginia El Sol de Virginia, 1995. Analysis of spillover effects in the U.S. from Latin-American economic turbulence.    

[4]   Gush, Gush, Sweet Charlotte Richmond Times-Dispatch, 1990. Critique of simplistic intercity economic comparisons.


Equilibria: This was an economic education magazine that I created, edited, and wrote for.


[1]          Secondary Effects Matter Equilibria #1, 1996/97. The importance of considering secondary effects of economic events.

[2]          Does the Fed Drive Interest Rates? Equilibria #1, 1996/97. The Fed's limited capacity to influence interest rates and real growth.

[3]          Public Choice: The Economics of Government Equilibria #1. Introduction to public choice economics.

[4]          Viewer, Puzzler, Pleader, Seer Equilibria #2. 1996/97. When economists wear too many hats.

[5]          Inflation, Health Care, and Quality Equilibria #2. 1996/97. Problematic measures of health care inflation.

[6]          Health Economics: The Physician's Visitor, Equilibria #2. 1996/97. Physicians don’t like thinking about costs

[7]          Rear Windows, Trade Deficits Equilibria #3, 1997/98. Simplistic readings of trade data and Alfred Hitchcock's Rear Window

[8]          The Free Trade Debate: 221 Years Running Equilibria #3, 1997/98. Why economists have trouble explaining the virtues of free trade.

[9]          The Loneliest Teacher Equilibria #4, 1997/98. The isolated high school economics teacher.

[10]       Grandpa's Neighbor Equilibria #4, 1997/98. How inflation complicates conversations with your grandfather.

[11]       George, Mickey, Michael, and Money Equilibria #4, 1997/98. How currency resembles Mickey Mantle or Michael Jordan cards.

[12]       Experimental Economics: Games Economists Play Equilibria #4, 1997/98. Primer on experimental economics.

[13]       Seeing Economics at Gallaudet Equilibria #5, 1998/99. The Center for Economic Education at Gallaudet University.

[14]       The Economics of Language Equilibria #5, 1998/99.  The interrelationships between language and economics.

[15]       The Bank at the End of the Universe Equilibria #5, 1998/99. How compound interest casts doubt on the possibility of time travel.

[16]       Non-sedating Economics: Three Book Reviews Equilibria #5, 1998/99. Reviews of three excellent layman's introductions to economics

[17]       You Paid How Much for that Seat? Equilibria #6, 1998/99. Why adjacent passengers on a flight pay vastly different fares?

[18]       Cattle Drive Contracts: Economics in Literature Equilibria #6, 1998/99. The economics of 19th century cattle drives via B. Traven.

[19]       Selling Short: Fruit 'n' Finance Equilibria #6, 1998/99. Why short selling is an essential component of finance. 

[20]       Why We Want What We Want Equilibria #7. 2001/02. A brief introduction to behavioral economics.

[21]       ... And Why What We Want Bugs Economists Equilibria #7,2001/02. Why behavioral economics bothers mainstream economists.

[22]       Why Vote? (Alex Rothenberg, co-author) Equilibria #7, 2001/02, Is it rational to vote?