Stephen Grubaugh

  • Professor Emeritus, Economics
  • Ph.D. University of Chicago
  • MA University of Chicago
  • BA University of Missouri
  • Office: Adamian Academic Center - 197 | 781.891.2539 | sgrubaugh@bentley.edu
  • Department Phone: 781.891.2429 | Department Fax: 781.891.2896

Teaching Interests

International Economics; Quantitative Methods; Time-Series Analysis and Forecasting

Research Interests

International Economics; Multinational Firms; Econometrics; Time Series Analysis and Forecasting

Consulting/Practice Interests

Business Forecasting

Bio

Major areas of interest are international trade and finance, multinational corporations and quantitative methods. Currently work is in the area of the volatility of Foreign Direct and Portfolio Investment. Articles have appeared in The Review of Economics and Statistics, The Economic Journal, The Journal of Money, Credit and Banking, and The Southern Economic Journal.

Professional Memberships

  • American Economic Association Present
  • Awards and Honors

  • 1990, Scholar of the Year, Bentley College
  • 1988, Bentley Innovation in Teaching Award
  • Publications

    Journal Articles


  • Deichmann, J. I., Grubaugh, S. G., Scholten, P. A. (2022). FDI Propensity and Geo-Cultural Interaction in Former Yugoslavia: Pairwise Analysis of Origin and Destination Countries. Eurasian Economic Review. March 1-31. (Link)
  • Grubaugh, S. G. (2019). FDI, Growth and Level of Development: Analysis of 76 countries for the period 1980 - 2010. Applied Econometrics and International Development, (19) 2 5-18. (Link)
  • Grubaugh, S. G. (2015). Economic Growth and Growth in Human Development. Applied Econometrics and International Development, (15) 2 5-16. (Link)
  • Grubaugh, S. G. (2013). Determinants of Inward Foreign Direct Investment: A Dynamic Panel Study. International Journal of Economics and Finance, (5) 12 104-109. (Link)
  • Grubaugh, S. G., Santerre, R. (1996). Lowering Infant Mortality in Western Europe: National Health Service vs Social Security Systems. American Journal of Public Health, (86) 12 1823-1824.
  • Grubaugh, S. G., Santerre, R. (1994). Comparing the Performance of Health Care Systems: An Alternative Approach. Southern Economic Journal, (60) 4 1030-1042.
  • Grubaugh, S. G., Santerre, R., Stollar, A. (1991). Comparing the Performance of Health Care Systems: An Alternative Approach. The Cato Journal, (11) 1 1-12.
  • Grubaugh, S. G., Chowdhury, A., Stollar, A. (1990). Money in the Yugoslavian Economy. Journal of Post-Keynesian Economics, (12) 4 636-646.
  • Asabere, P., Hachey, G. A., Grubaugh, S. G. (1989). Architecture, Historic Zoning, and the Value of Homes. Journal of Real Estate Finance and Economics, (2) 181-195.
  • Sumner, S. B., Grubaugh, S. G. (1989). Commodity Prices, Money Surprises, and Fed Credibility. Journal of Money, Credit and Banking, (21) 3 407-408.
  • Grubaugh, S. G., Stollar, A., Thompson, G. R. (1989). Socialist Structural Gaps: A Simultaneous Inference Analysis. The Review of Economics and Statistics, (71) 4 693-698.
  • Grubaugh, S. G. (1987). The Determinants of Direct Foreign Investment. The Review of Economics and Statistics, (49) 1 149-152.
  • Grubaugh, S. G. (1987). The Process of Direct Foreign Investment. Southern Economic Journal, (54) 1 351-360.
  • Stollar, A., Grubaugh, S. G., Thompson, G. R. (1987). Utilisation of Direct and Indirect Estimates of Real GDP Per Capita: Implications of the Errors in the Variables Model. Economic Journal, (97) 386 468-478.
  • Long, T., Fischelson, G., Grubaugh, S. G. (1978). Economic Determinants of the Use of Energy and Materials in the U.S. and Japanese Iron and Steel Industries. Eneergy, (3) 4 451-460.

    Book Chapters


  • Grubaugh, S. G., Sumner, S. (1990). Monetary Policy and the US Trade Deficit In Joseph Hogan, (Eds.) . 237-258. Manchester, UK: Manchester University Press

  • Book Reviews


  • Grubaugh, S. G. (1988). [Review of the book Book Review ]. Southern Economic Journal, (55) 2

  • Conference Papers


  • Grubaugh, S. G., Stollar, A., Santerre, R. (1993). Western Economic Association, Western Economic Association Meeting.
  • Grubaugh, S. G., Stollar, A., Santerre, R. (1992). Is the U.S. Health Care System Structurally Sound? A Comparative AnalysisEastern Economic Association, Eastern Economic Association Meeting.
  • Grubaugh, S. G., Stollar, A., Thompson, G. R. (1991). Atlantic Economic Society, Atlantic Economic Meeting.
  • Grubaugh, S. G., Stollar, A., Santerre, R. (1990). Eastern Economic Association, Easstern Economic Meeting.
  • Grubaugh, S. G., Stollar, A., Thompson, G. R. (1989). Measuring Differences in Socialist and Market EconomiesAtlantic Economic Society, Atlantic Economic Meetings.
  • Grubaugh, S. G., Stollar, A., Chowdhury, A. (1988). Money in the Yugoslavian EconomyEastern Economic Association, Eastern Economic Meeting.
  • Grubaugh, S. G., Stollar, A., Thompson, G. R. (1987). Socialist Structural Gaps: A Simultaneous Inference AnalysisAtlantic Economic Society, Atlantic Economic Meeting.
  • Grubaugh, S. G. (1986). The Process of Direct Foreign InvestmentEastern Economic Association, Eastern Economic Meeting.
  • Grubaugh, S. G., Stollar, A., Thompson, G. R. (1985). Utilization of Indirect Estimates of Real GDP: Forecasting Implications of the Errors in the Variables ModelInternational Forecasting Association, International Symposium on Forecasting.
  • Grubaugh, S. G. (1984). The Process of Direct Foreign InvestmentAtlantic Economic Society, Atlantic Economic Meeting.
  • Grubaugh, S. G. (1983). Determinants of Direct Foreign Investment: An Empirical StudyEastern Economic Association, Eastern Economic Meeting.

  • Presentations

  • Grubaugh, S. G. (2014). “Economics Growth and Growth in Human Development” Presented at the Eastern Economic Associationa Eastern Economic Association Meetings Boston, MA
  • Grubaugh, S. G. (2012). “The Relationship of Foreign Direct Investment and Economic Growth: An Analysis of the Stability of the Coefficient Estimates” Presented at the International Association of Business and Economics IABE Summer Meeting Venice, Italy
  • Kuntz, D. F., Grubaugh, S. G. (2011). “Freedom and Growth as Dimensions of Human Development” Presented at the International Atlantic Economic Asssociation Atlantic Economic Conference Washington DC
  • Grubaugh, S. G. (2011). “A Dynamic-Panel Study of the Affect of Foreign Direct Investment on Economic Growth” Presented at the World Academy of Social Science, Australia Global Economics, Finance and Management Conference Toronto, Canada
  • Grubaugh, S. G., Stollar, A. (2001). “Structural Transformation for Transition Economies” Presented at the Eastern Economic Association Eastern Economic Association Meeting New York, NY
  • Grubaugh, S. G., Stollar, A. (2000). “Structural Change for Trnasition Economies, Preliminary Evidence” Presented at the Atlantic Economic Association Atlantic Economic Confernce Munich, Germany
  • Grubaugh, S. G., Stollar, A. (1994). “The Transition of Former CPEs: Some Empirical Evidence” Presented at the Eastern Economic Association Eastern Economic Association Meeting Boston, MA
  • Grubaugh, S. G., Stollar, A., Santerre, R. (1993). Presented at the Western Economic Association Western Economic Association Meeting Lake Tahoe, NV
  • Grubaugh, S. G., Stollar, A., Santerre, R. (1992). “Is the U.S. Health Care System Structurally Sound? A Comparative Analysis” Presented at the Eastern Economic Association Eastern Economic Association Meeting New York, NY
  • Grubaugh, S. G., Stollar, A., Schmidt, A. (1992). “Political systems and Economic Outcomes” Presented at the Eastern Economic Association Eastern Economic Association Meeting New York, NY
  • Grubaugh, S. G., Stollar, A., Thompson, G. R. (1991). Presented at the Atlantic Economic Society Atlantic Economic Meeting Washington, DC
  • Grubaugh, S. G., Stollar, A., Chowdhury, A. (1991). “A Test of Wagner's Hypothesis Hypothesis in a Correlated Measurement Errors Cpmtext” Presented at the Eastern Economic Association Eastern Economic Meeting Pittsburgh, PA
  • Grubaugh, S. G., Stollar, A., Santerre, R. (1990). Presented at the Eastern Economic Association Easstern Economic Meeting Cincinnati, OH
  • Grubaugh, S. G., Stollar, A., Thompson, G. R. (1989). “Measuring Differences in Socialist and Market Economies” Presented at the Atlantic Economic Society Atlantic Economic Meetings Montreal, Canada
  • Grubaugh, S. G., Gabhart, D., Volkert, J. (1989). “Effectiveness of Fixed Asset Investment” Presented at the Western Decision Science Association Western Decision Sciences Meeting Monterrey, CA
  • Grubaugh, S. G., Chowdhury, A., Stollar, A. (1988). “Wagners Hypothesis and Real Gross Domestic Product: An Errors-in=the-Variables Analysis” Presented at the Atlantic Economic Society Atlantic Economic Meeting Philadelphia, PA
  • Grubaugh, S. G. (1988). “Using Preliminary Data to Forecast Exchange Rates” Presented at the International Association of Business Forecasters Business Forecasting Meeting Washington, DC
  • Grubaugh, S. G. (1988). “Data Revisions and Forecast Errors” Presented at the International Association of Forecasting Eighth International Symposium on Forecasting Amsterdam, Netherlands
  • Grubaugh, S. G., Stollar, A., Chowdhury, A. (1988). “Money in the Yugoslavian Economy” Presented at the Eastern Economic Association Eastern Economic Meeting Boston, MA
  • Grubaugh, S. G., Stollar, A., Thompson, G. R. (1987). “Socialist Structural Gaps: A Simultaneous Inference Analysis” Presented at the Atlantic Economic Society Atlantic Economic Meeting New York, NY
  • Grubaugh, S. G. (1987). “The Locational Decisions of U.S. Multinationals” Presented at the Eastern Economic Association Eastern Economic Meeting Washington, DC
  • Grubaugh, S. G. (1986). “Changes in Exchange Rates and Flows of Direct Foreign Investment” Presented at the Eastern Economic Association Eastern Economic Meeting Pittsburgh, PA
  • Grubaugh, S. G. (1986). “The Process of Direct Foreign Investment” Presented at the Eastern Economic Association Eastern Economic Meeting Philadelphia, PA
  • Grubaugh, S. G., Stollar, A., Thompson, G. R. (1985). “Utilization of Indirect Estimates of Real GDP: Forecasting Implications of the Errors in the Variables Model” Presented at the International Forecasting Association International Symposium on Forecasting Montreal, Canada
  • Grubaugh, S. G. (1984). “The Process of Direct Foreign Investment” Presented at the Atlantic Economic Society Atlantic Economic Meeting Montreal, Canada
  • Grubaugh, S. G. (1983). “Determinants of Direct Foreign Investment: An Empirical Study” Presented at the Eastern Economic Association Eastern Economic Meeting New York, NY
  • Grubaugh, S. G. (1983). “Scale and Factor Bias in Process Innovation” Presented at the Bentley College Small Business Research Conference Waltham, MA
  • Ozatalay, S., Grubaugh, S. G., Long, T. (1979). “Energy Substitution and National Energy Policy” Presented at theAmerican Economic Association Chicago, IL
  • Service

    Department Service


  • Committee Chair for Department of Economics 2015 - 2019
  • Major Advisor for Department of Economics 2010 - 2019
  • University Service


  • Committee Member for Academic Integrity Council 2015 - Present
  • Committee Member for Curriculum Implementation Committee 2018 - 2019
  • Committee Member for Faculty Senate 2016 - 2019
  • Committee Member for Board of Trustees, Physical Facilities Committee 2017 - 2018
  • Committee Member for Curriculum Policy Committee 2012 - 2017
  • Professional Service


  • Reviewer, Journal Article for Journal of Energy Research and Review 2019 - 2019
  • Reviewer, Journal Article for International Journal of Financial Studies 2019 - 2019
  • Reviewer, Journal Article for Journal of Economics, Management and Trade 2018 - 2018
  • Reviewer, Journal Article for Current Journal of Applied Science and Technology 2018 - 2018
  • Reviewer, Journal Article for Asian Journal of Economics, Business and Accounting 2017 - 2017
  • Reviewer, Journal Article for Economies Open Access Journal 2017 - 2017
  • Reviewer, Journal Article for Asian Journal of Economics, Business and Accounting 2017 - 2017
  • Reviewer, Journal Article for Economies Open Access Journal 2017 - 2017
  • Reviewer, Journal Article for Journal of Basic Applied Research International 2016 - 2016
  • Reviewer, Journal Article for The World Economy 2015 - 2015
  • Reviewer, Ad Hoc Reviewer for Portland State University 2015 - 2015
  • Reviewer, Journal Article for International Trade Journal 2015 - 2015
  • Reviewer, Journal Article for Multinational Finance Journal 2014 - 2014
  • Reviewer, Ad Hoc Reviewer for The American University in Cairo 2012 - 2012