David VanHoose earned his Ph.D. at the University of North Carolina at Chapel Hill and is Herman W. Lay Professor of Private Enterprise at Baylor University. He has published articles in such journals as the Quarterly Journal of Economics, the International Economic Review, the Southern Economic Journal, the Journal of Money, Credit, and Banking, Economic Inquiry, and the Scandinavian Journal of Economics. VanHoose served as a Visiting Economist at the Board of Governors of the Federal Reserve System in 1988 and as a Visiting Scholar at the Federal Reserve Bank of Kansas City in 1989. In 1991