Dr. Nathaniel Cline

Assistant Professor

Areas of expertise

U.S. macroeconomy

Bitcoin and cryptocurrency

Consumer Price Index

International finance

Economic history


Ph.D. Economics, University of Utah

M.A. Economics, University of Utah

BA, Economics, Earlham College

Expert for the Media

Subject and research experts are available for news media interviews and to provide expert commentary on a broad range of topics. Contact Media Relations at 909.748.8857 or by email at media@redlands.edu


Duke Hall
P: 909.748.8563
E: nathaniel_cline@redlands.edu

Meet Dr. Nathaniel Cline

Dr. Cline's current research explores both the United States and international macroeconomics. 

"In the U.S. I explore the determinants of inflation and its relationship to income distribution. In particular, I find that much of the moderate inflation of the 1990s and 2000s was based on low wages and worker bargaining power. I am also currently exploring the roots of financial development in the United States over the 19th century in comparison to countries who have remained on the periphery of global finance. 

"Internationally, I am in interested in how government debt markets have evolved over time and the causes of international debt crises. My current work is exploring the historical roots of what is called 'original sin' in economics. That is, some countries are able to issue debt in their own currency while some are not — and the two clubs have had essentially the same members since the emergence of sovereign debt markets in the early 19th century. The inability to issue debt in domestic currency puts a severe constraint on governments and the private sector and has in many cases been at the root of various crises. I have argued that often it is external financial conditions and commodity prices that are at the root of international debt crises regardless of the 'fiscal responsibility' of the country in crisis."

Degrees held

  • Ph.D. Economics, University of Utah 2012

    M.A. Economics, University of Utah 2012

    B.A. Economics, Earlham College 2005



2012-present:  Assistant Professor of Economics, University of Redlands

Previous Positions

2007-2012 Graduate Student Instructor, University of Utah

2010-2012 Adjunct Instructor, Westminister College

Courses Offered

Economics and society

Macroeconomic theory

International finance

Economic history

Economic development


Peer Reviewed

“The persistence of mainstream economics in policy advice" with Matias

Vernengo and Kirsten Ford. Journal of Philosophical Economics. Vol III,

Issue 2 Spring 2010.

"Wages, Exchange Rates, and the Great Inflation Moderation" with

Nathan Perry. forthcoming in Review of Keynesian Economics

Working Papers

“Interest rates, terms of trade and currency crises: Are we on the verge

of a new crisis in the periphery?” with Matias Vernengo, Political

Economy Research Institute Working Paper Series, July 2015

"Wages, Exchange Rates, and the Great Inflation Moderation" with

Nathan Perry, Levy Economics Institute Working Papers Collection, No.

759, March 2013

Book Chapters

“Interest rates, terms of trade and currency crises: Are we on the verge

of a new crisis in the periphery?”with Matias Vernengo, in Financial

Deepening and Post-Crisis Development in Emerging Markets,

Louis-Philippe Rochon and Sergio Rossi eds. 2015

“The National Banking Acts” and “Nicholas Biddle”, in The Encyclopedia

of Central Banking, Louis-Philippe Rochon and Sergio Rossi eds. 2015

“The Economic History of Inequality” with Thomas N. Maloney, in

Handbook of Modern Economic History, Robert Whaples and Randall

Parker eds. 2012.

Papers in Progress

“Fiscal Systems, Organizational Capacity and Crisis: A Political Balance

of Payments Approach” with Nathan Cedric Tankus

“Inflation and Endogenous Productivity Growth”

“The Case for Regional Policies under US Monetary Sovereignty” with

David Fields

“Relative Income and Segregation: An Investigation of Consumption

Before the Crisis” with Ethan Doetsch

Awards, Honors, Grants

Spatial Community of Practice, internal grant 2015-16, with Gregory

Thorson and Eric Mclaughlin

Graduate Assistantship Award, University of Utah, 2007- 2010.

E.K. Hunt Award for Best Paper in Political Economy, University of 

Utah, 2009.


Professional Service

Reviewer, Review of Keynesian Economics, 2013 - present

External Collaborator, Capabilities, productive transformation and

development, International Labour Office, Geneva. 2012.

Professional Affiliations

American Economic Assocation

Eastern Economic Assocation